Document:

Second Amendment to Agreement for the Provision of a Loan Facility

 Exhibit 10.37 
 SECOND AMENDMENT TO AGREEMENT FOR THE PROVISION 
 OF A LOAN FACILITY OF UP
TO EURO 7,500,000 
 THIS SECOND AMENDMENT TO
AGREEMENT FOR THE PROVISION OF A LOAN FACILITY OF UP TO EURO 7,500,000
(“Amendment”) is made and entered into as of June 2, 2011 by and between HORIZON PHARMA AG, F/K/A NITEC PHARMA AG,
a company incorporated in Switzerland with number CH-280.3.007.771-0/ (“Borrower”), and KREOS CAPITAL III (UK) LIMITED, a company incorporated in England
and Wales whose company number is 05981165 (“Lender”). 
 RECITALS 

A. Borrower and Lender have entered into that certain Agreement for the Provision of a Loan Facility of up to Euro 7,500,000 dated
August 15, 2008 as modified by an amendment agreement dated 1 April 2010 (the “First Amendment”) and entered by and between the Borrower and the Lender (the “Loan Agreement”) pursuant to
which Lender has agreed to extend and make available to Borrower certain advances of money. 
 B. Borrower desires that
Lender amend the Loan Agreement and the Security Documents (as defined therein) upon the terms and conditions more fully set forth herein. 
 C. Subject to the representations and warranties of Borrower herein and upon the terms and conditions set forth in this Amendment, Lender is willing to so amend the Loan Agreement and the Security
Documents. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants herein set forth and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, Borrower and Lender hereby agree to amend the Loan Agreement and the Security Documents as follows: 

1. Definitions.  
 1.1 Unless otherwise defined herein, all terms defined in the Loan Agreement, the Pledge Agreement and/or the Receivables Assignment Agreement have the same meaning when used herein. 

1.2 References to the Loan Agreement, Security Documents, Secured Liabilities and Charged Assets shall refer to
the Loan Agreement, Security Documents, Secured Liabilities and Charged Assets as amended by or pursuant to this Amendment. 

2. No Waiver 
 Except as expressly set-out in this Amendment, the Borrower confirms and agrees that this Amendment shall not constitute a waiver of any rights of the Lender under the

  
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Loan Agreement, the Security Documents (as defined in the Loan Agreement) or any other documents referred to in the Loan Agreement and furthermore, the Borrower confirms and agrees that the Loan
Agreement, the Security Documents (as defined in the Loan Agreement) or any other documents referred to in the Loan Agreement remain in full force and effect. 
 3. Consent to Refinancing of 2010 Loan Agreement and Security Agreement. 

Conditional upon receipt by the Lender (in a form and substance satisfactory to the Lender) of: 

3.1 payment in full in cash of all financial indebtedness and other sums outstanding under the 2010 Loan Agreement
or delivery to the Lender of a copy of instructions to pay such indebtedness by “SWIFT” transfer for value on the next following business day; 
 3.2 an original signed copy of this Amendment; 
 3.3
an original signed copy of a warrant to purchase one hundred thousand shares of Series B Preferred Stock in Horizon Pharma, Inc. signed by Horizon Pharma, Inc.; 
 3.4 an original signed copy of the deed of assignment and postponement between the Lender, Horizon Pharma, Inc., the Borrower and Oxford Finance LLC dated on or about the date of this Amendment;

 3.5 an original signed copy of the share pledge agreement regarding the pledge in shares of the
Borrower between Horizon Pharma, Inc. and the Lender dated on or about the date of this Amendment (the “Share Pledge Agreement”); 
 3.6 an original signed copy of the assignment of royalties between the Borrower and the Lender dated on or about the date of this Amendment; 

3.7 a certificate signed by a director of the Borrower attaching a copy of the board resolutions of the Borrower
and confirming that such board resolutions are in full force and effect and have not been revoked, varied or modified in any way; and 
 3.8 a certificate signed by a director of Horizon Pharma, Inc. attaching a copy of the board resolutions of Horizon Pharma, Inc. and confirming that such board resolutions are in full force and
effect and have not been revoked, varied or modified in any way; 
 (together the “Conditions”), the
Lender hereby consents to the refinancing of the indebtedness incurred by Borrower and Horizon Pharma USA, Inc., a Delaware corporation (“Horizon USA”) pursuant to that certain Loan and Security Agreement dated as of
April 1, 2010 among Borrower, Horizon USA, Horizon Pharma, Inc. (“Parent”), Lender and Silicon Valley Bank (the “2010 Loan Agreement”), and the

  
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incurrence by Horizon USA, Parent, and Horizon Pharma (UK) Limited of the indebtedness pursuant to that certain Loan and Security Agreement dated as of June 2, 2011 among Horizon USA,
Parent, Horizon Pharma (UK) Limited, Oxford Finance LLC, and Silicon Valley Bank and the granting of liens by Horizon USA, Parent and Horizon Pharma (UK) in their respective assets to secure such indebtedness. Without limiting the foregoing, upon
the satisfaction of the Conditions, the Lender agrees that the completion of such transactions shall not constitute an Event of Default under the Loan Agreement or give rise to the consequences set forth in clauses 9.2.1 and 9.2.2 of the Loan
Agreement. 
 4. Amendments to Loan Agreement. 

4.1 Clause 1.16 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

 ““Group” means the Borrower and its subsidiaries (if any) from time to time and
“Group Company” means any member of the Group” 
 4.2 Clause 1.24 of the Loan
Agreement is hereby amended and restated in its entirety to read as follows: 
 ““Security
Documents” means: (i) the assignment by the Borrower to the Lender of its trade receivables under the Receivables Assignment Agreement, (ii) the pledge granted by the Borrower in favour of the Lender over its intellectual property
rights under the Pledge Agreement, (iii) the Share Pledge Agreement, and (iv) the Agreement of the Assignment of Royalties.” 
 4.3 The Loan Agreement is hereby amended by inserting a new Clause 1.31 to read as follows: 
 ““Share Pledge Agreement” means the share pledge agreement regarding the pledge in shares of the Borrower between Horizon Pharma, Inc. and the Lender dated June 2, 2011.”

 4.4 The Loan Agreement is hereby amended by inserting a new Clause 1.32 to read as follows:

 ““Agreement of the Assignment of Royalties” means the agreement on the assignment of
royalties between the Borrower and the Lender dated June 2, 2011.” 
 4.5 Clause 3.7.3 of
the Loan Agreement is hereby amended and restated in its entirety to read as follows: 
 “Upon the loan
being discharged in full and the Lender under no further obligation to make any financial accommodation or loan facility to the Borrower under this Loan Agreement the Charged Assets shall be released, at the request of the Borrower, to the Borrower
or such other Party as designated by the Borrower. Such release shall be deemed to be conditional on no payment being received by the Lender in discharge of all 

  
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or part of the Loan being avoided, reduced or ordered to be refunded pursuant to any law relating to insolvency, bankruptcy, winding-up, administration, receivership or otherwise. Despite any
such release, discharge or settlement, should any payment received by the Lender be avoided, reduced or ordered to be refunded, the Lender may recover the value or amount of such security or payment from the Borrower subsequently as if such a
release, discharge or settlement had not occurred. ” 
 4.6 Clause 5.2 of the Loan Agreement
is hereby amended and restated in its entirety to read as follows: 
 “5.2 The Borrower shall repay
the amount drawn down under the Loan by way of 28 monthly payments (being principal and interest accrued thereon), each such payment in the amount shown on Schedule 5.2 attached hereto at Exhibit A, to be paid to the Lender on the first
Business Day of each calendar month, commencing on 1 July 2011. Any amount repaid or prepaid may not be redrawn.” 
 4.7 Clause 8.1.8 of the Loan Agreement is hereby amended by deleting “no later than before the start of each financial year” and substituting “no later than 90 days after the
start of each financial year” therefor. 
 4.8 Clause 8.1.15.4 and Clause 8.1.15.5 of
the Loan Agreement are hereby amended and restated in their entirety to read as follows: 
 “8.1.15.4
that certain subordinated promissory note dated June 28, 2010 issued by Borrower to Horizon Pharma, Inc. in the original principal amount of $5,500,000 (as the same may be amended from time to time); or 

8.1.15.5 that certain intercompany note dated June 2, 2011 issued by Borrower to Horizon Pharma, Inc. in the
original principal amount of €1,000,000;” 
 4.9 Clause 8.1.16 of the Loan Agreement is
hereby amended by inserting the following to the end thereof: “it being understood that the terms of the Financial Indebtedness described in clauses 8.1.15.4 and 8.1.15.5 are satisfactory to the Lender” 

4.10 Clause 8.1.19 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

 “8.1.19 Clauses 8.1.3, 8.1.4, 8.1.17 and 8.1.18 do not apply to: 

8.1.19.1 Security provided to the Lender under the Loan Agreement or any Security Document; 

8.1.19.2 any netting or set-off arrangement entered into by any Group Company in the ordinary course of its banking
arrangements for the purpose of netting debit and credit balances; 

  
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 8.1.19.3 any lien arising by operation of law and in the ordinary course of
trading, including liens of carriers, warehousemen, suppliers, or other persons that are possessory in nature and liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like
obligations; 
 8.1.19.4 any lien for taxes, fees, assessments or other government charges or levies, either not
due and payable or being contested in good faith and for which the Borrower or other Group Company (as the case may be) maintains adequate reserves on its books; provided that no notice of any such lien has been filed or recorded by any government
authority; and 
 8.1.19.5 liens arising solely by virtue of any statutory or common law provision relating to
banker’s liens, rights of setoff or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution; 
 8.1.19.6 Clauses 8.1.3, 8.1.4, 8.1.17, 8.1.18, and 8.1.22 do not apply to non-exclusive or exclusive licenses granted by the Borrower or any Group Company to Borrower or a Group Company or a third party
over any of its Intellectual Property rights provided that (i) such licenses are granted for full market value and (ii) such licenses are granted in arms’ length transactions in the ordinary course of business for the development,
manufacture, marketing, distribution and/or commercialization of DUEXA and/or LODOTRA.” 
 4.11
Clause 9.1.5 of the Loan Agreement is hereby amended and restated in its entirety to read as follows: 

“financial indebtedness of the Borrower, Horizon Pharma Inc., Horizon Pharma USA, Inc. or Horizon Pharma (UK) Limited
in any amount which may reasonably be considered to be material is not paid when due as a consequence of a default with respect thereto or any security interest over any asset of Borrower, Horizon Pharma Inc., Horizon Pharma USA, Inc. or Horizon
Pharma (UK) Limited is lawfully enforced; or” 
 4.12 Clause 14.4 of the Loan Agreement is
amended by inserting the following language to the beginning thereof: “Except for the Financial Indebtedness permitted under clause 8.1.15” 
 4.13 Clause 14.7(i) of the Loan Agreement is hereby amended and restated in its entirety to read as follows: 

“(i) to the Lender’s address, with a copy to Donatella Callegaris, Kreos Capital, 39-40 Albermarle Street,
London, W1S 4TE and Chris Putt, Speechly Bircham LLP, 6 New Street Square, London, EC4A 3LX; and” 
 5. Amendment to
Pledge Agreement. 
 5.1 Clause 3.2 of the Pledge Agreement is hereby amended by deleting the
following language at the end thereof: 

  
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 “In addition, this clause 3.2 shall no longer have any force and
effect, and shall be deemed to be automatically deleted from this Agreement, upon the later of the completion by the holding company of the Borrower of a Qualified IPO or the issuance by the FDA of marketing approval for either DUEXA or
LODOTRA”. 
 5.2 Clause 3.3 of the Pledge Agreement is hereby amended by deleting the
following language at the end thereof: 
 “In addition, this clause 3.3 shall no longer have any force and
effect, and shall be deemed to be automatically deleted from this Agreement, upon the later of the completion by the holding company of the Borrower of a Qualified IPO or the issuance by the FDA of marketing approval for either DUEXA or
LODOTRA”. 
 5.3 Clause 5.1 of the Pledge Agreement is hereby amended and restated in its
entirety to read as follows: 
 “Upon the Secured Liabilities being discharged in full and the Pledgee being
under no further obligation to make any financial accommodation or loan facility to the Pledgor under the Loan Agreement, the Pledged Assets or any remainder thereof shall be released and re-assigned at the request of the Pledgor, to the Pledgor or
such other party as designated by the Pledgor. Such release and re-assignment shall be deemed to be conditional on no payment or security received by the Pledgee in respect of the Secured Liabilities being avoided, reduced or ordered to be refunded
pursuant to any law relating to insolvency, bankruptcy, winding-up, administration, receivership or otherwise. Despite any such release, re-assignment, discharge or settlement, should any payment received by the Pledgee be avoided, reduced or
ordered to be refunded, the Pledgee may recover the value or amount of such security or payment from the Pledgor subsequently as if such a release or re-assignment had not occurred.” 

5.4 Schedule 1 of the Pledge Agreement is hereby amended by deleting the Patents listed thereto and the
insertion of the patents schedule detailing all the patents which are applied for or registered in the name of the Pledgor and all other patents attached hereto at Exhibit B in its place. 

5.5 Schedule 2 of the Pledge Agreement is hereby amended by deleting the Trademarks listed thereto and the
insertion of the trademark schedule detailing all the trademarks which are applied for or registered in the name of the Pledgor and all other trademarks attached hereto at Exhibit C in its place. 

6. Amendment to Receivables Assignment Agreement. 

6.1 Clause 1.1 is hereby amended inserting by the following language to the end thereof: 

““Assigned Bank Accounts” means the Assignor’s present and future Bank Accounts assigned to the
Assignee under this Agreement. 

  
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 “Banks” means any and all banks at which the Assignor holds
any Bank Accounts. 
 “Bank Accounts” means any and all of the Assignor’s present and
future accounts and deposits with any Bank which are assigned to the Assignee under this Agreement.” 

6.2 The Receivables Assignment Agreement is hereby amended by inserting a new Clause 2A to read as follows:

 “2A Assignment of Bank Accounts 

2A.1 The Assignor hereby assigns to the Assignee, as security for the Secured Liabilities, its Bank Accounts, together
with all subsidiary and preferential rights attaching thereto, and accrued, current and future interest. 
 2A.2
On the occurrence of an Event of Default or at any time when the Assignee has reason to believe that an Event of Default is likely to occur, the Assignee shall be entitled to inform the Banks of the assignment. 

2A.3 The Assignor undertakes to disclose to the Assignee, at the end of each quarter, the aggregate balance on the Bank
Accounts. At the end of each year, the Assignor shall provide the Assignee with a detailed statement of all the Banks and Bank Accounts. 
 2A.4 At any time upon the Assignee’s request, the Assignor shall provide the Assignee with all information with respect to the Bank Accounts or the Banks that the Assignee may reasonably require.

 2A.5 The Assignee is entitled to enforce the Secured Liabilities secured by this assignment independently of
and prior to the Bank Accounts assigned. 
 2A.6 Until the occurrence of an Event of Default, the Assignor shall
be entitled to collect and receive on its behalf and for its own account any payments by the Banks in respect with the Bank Accounts. 
 2A.7 Upon the occurrence of an Event of Default, the Assignor undertakes and confirms hereby that any such payments received forthwith by the Assignor in respect of the Bank Accounts will be immediately
transferred to the Assignee, and the Assignee shall be entitled to exercise all rights over such Bank Accounts including amending signatories thereon and directing any payments from such accounts, including in particular paying off any indebtedness
owing to it under the Loan Agreement. 
 2A.8 The Assignor undertakes, except as provided for by mandatory
provisions of Swiss law or as permitted under the Loan Agreement, not to create or allow to subsist any security interest over or in respect of the Bank Accounts.” 

  
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 6.3 Clause 3.1 of the Receivables Assignment Agreement is
hereby amended and restated in its entirety to read as follows: 
 “All the rights of the Assignor to the
Receivables and the Bank Accounts hereby pass to the Assignee”. 
 6.4 Clause 4.1 of the
Receivables Assignment Agreement is hereby amended and restated in its entirety to read as follows: 
 “Upon
the Secured Liabilities being discharged in full and provided that the Assignee is not under any further actual or contingent obligation to make advances or provide loan facilities to the Assignor under the Loan Agreement, the remainder of the
proceeds collected from the Receivables or the Bank Accounts will be refunded by the Assignee to the Assignor or such other party as designated by the Assignor. Such refund shall be deemed to be conditional on no payment or security received by the
Assignee in respect of the Secured Liabilities being avoided, reduced or ordered to be refunded pursuant to any law relating to insolvency, bankruptcy, winding-up, administration, receivership or otherwise. Despite any such refund, discharge or
settlement, should any payment received by the Assignee be avoided, reduced or ordered to be refunded, the Assignee may recover the value or amount of such security or payment from the Assignor subsequently as if such a release, discharge or
settlement had not occurred.” 
 6.5 Clause 5.1 of the Receivables Assignment Agreement is
hereby amended and restated in its entirety to read as follows: 
 “Upon the Secured Liabilities being
discharged in full and the Assignee being under no further actual or contingent obligation to make any financial accommodation or loan facility to the Assignor under the Loan Agreement, the Assigned Receivables and the Assigned Bank Accounts or any
remainder thereof shall be released at the request of the Assignor, to the Assignor or such other party as designated by the Assignor. Such release shall be deemed to be conditional on no payment or security received by the Assignee in respect of
the Secured Liabilities being avoided, reduced or ordered to be refunded pursuant to any law relating to insolvency, bankruptcy, winding-up, administration, receivership or otherwise. Despite any such release, discharge or settlement, should any
payment received by the Assignee be avoided, reduced or ordered to be refunded, the Assignee may recover the value or amount of such security or payment from the Assignor subsequently as if such a release, discharge or settlement had not
occurred.” 
 6.6 Clause 5.2 of the Receivables Assignment Agreement is hereby amended and
restated in its entirety to read as follows: 
 “Any assigned Receivables and/or Bank Accounts to be
released to the Assignor or any third party as designated by the Assignor in accordance with section 5.1 shall be released free and clear, on the date of the release, of any and all liens, charges and encumbrances arising from the Assignee’s
acts.” 

  
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 6.7 Clause 6.1 of the Receivables Assignment Agreement is
hereby amended and restated in its entirety to read as follows: 
 “it has legitimate right to each of the
Receivables and the Bank Accounts.” 
 6.8 Clause 6.3 of the Receivables Assignment Agreement
is hereby amended and restated in its entirety to read as follows: 
 “such Receivables and Bank Accounts
are free of any right of sale or assignment or any third party right (including any security interest) of any kind or any other type of preferential arrangement except for the security interest created by the present Agreement, or as otherwise
permitted under the Loan Agreement.” 
 6.9 Clause 6.4 of the Receivables Assignment Agreement is
hereby amended and restated in its entirety to read as follows: 
 “this Agreement constitutes (i) the
Assignor’s legal, valid and binding obligations enforceable against it pursuant to its terms and (ii) a valid and effective assignment of the Receivables and the Bank Accounts in favour of the Assignee.” 

6.10 The Receivables Assignment Agreement is hereby amended by inserting a new Clause 6A to read as follows:

 “6A. Power of Attorney 
 The Assignor hereby authorizes the Assignee to execute, deliver and perfect in the name and on behalf of the Assignor all documents and exercise voting rights and do all things that are necessary for
carrying out any obligation imposed on the Assignor under this Agreement, or as may be needed in connection with exercising any of the rights conferred on the Assignee by this Agreement or by law, in particular in connection with a private
realization (Privatverwertung) but in any case only upon the occurrence and during the continuance of an Event of Default.” 
 6.11 Schedule 1 of the Receivables Assignment Agreement is hereby amended by deleting the List of Assigned Receivables listed thereto and the insertion of the List of Assigned Receivables
attached hereto at Exhibit D in its place. 
 6.12 The Receivables Assignment Agreement is hereby amended
by inserting a new Schedule 2 being the insertion of the list of Bank Accounts attached hereto at Exhibit E in its place. The Assignor hereby represents and warrants to the Assignee that as at the date of this Amendment, that the new Schedule
2 contains details of all of the Bank Accounts (as defined in paragraph 4.1 above). 
 7. Ratification and
Reaffirmation of Liens. Borrower hereby ratifies and reaffirms the validity and enforceability of all of the liens and security interests heretofore granted pursuant to the Security Documents, as collateral security for the Secured Liabilities
(as defined therein), and acknowledges that all of such liens and security interests, and all Charged Assets heretofore pledged as security for the Secured 

  
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Liabilities continue to be and remain subject to the Security Documents from and after the date hereof until released as provided in the Loan Agreement and the Security Documents. 

8. Representations And Warranties. Borrower represents and warrants that its representations and warranties in the Loan
Agreement and the Security Documents continue to be true and complete in all material respects as of the date hereof after giving effect to this Amendment and that the execution, delivery and performance of this Amendment are duly authorized, do not
require the consent or approval of any governmental body or regulatory authority and are not in contravention of or in conflict with any law or regulation or any term or provision of any other agreement entered into by Borrower. 

9. Full Force And Effect; Entire Agreement. Except to the extent expressly provided in this Amendment, the terms and
conditions of the Loan Agreement and the Security Documents shall remain in full force and effect. This Amendment constitutes and contains the entire agreement of the parties hereto and supersedes any and all prior agreements, negotiations,
correspondence, understandings and communications between the parties, whether written or oral, respecting the subject matter hereof. The parties hereto further agree that the Loan Agreement (as amended hereby), the Security Documents, and the
Warrant issued in connection with the First Amendment and this Amendment comprise the entire agreement of the parties thereto and supersede any and all prior agreements, negotiations, correspondence, understandings and other communications between
the parties thereto, whether written or oral respecting the extension of credit by Lender to Borrower. 
 10.
Counterparts; Effectiveness. This Amendment may be executed in any number of counterparts, each of which when so delivered shall be deemed an original, but all such counterparts taken together shall constitute but one and the same
instrument. This Amendment shall be deemed effective as of the date first written above. 
 11. Warrant. In
consideration of this Amendment, Horizon Pharma, Inc., the parent of the Borrower, shall issue to Kreos Capital III Limited a warrant to purchase one hundred thousand (100,000) Series B Preferred Stock in Horizon Pharma, Inc., in the form
attached hereto as Exhibit F. 
 12. Further Assurance. Each party to this Amendment shall do, or procure the
doing of, all acts and things and execute, or procure the execution of, all documents as may reasonably be required to give full effect to this Amendment. 
 13. Costs. The Borrower shall pay all costs and expenses incurred by the Lender in connection with the negotiation, preparation, execution and performance of this Amendment (and any
documents referred to in it). 
 14. Governing Law. This Amendment shall be governed by the laws of England
and the parties accept the non-exclusive jurisdiction of the courts of England. 

  
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 15. Power of Attorney. The Borrower hereby grants to the Lender an irrevocable
power of attorney to take all such acts and execute all such documents as may be required to carry out any obligation of the Borrower or to enforce its rights or otherwise protect its security following the occurrence of and continuation of an event
of default under any of the Security Documents. 
 [signature page to follow] 

  
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 IN WITNESS
WHEREOF, each of the parties hereto has caused this Amendment to be executed and delivered by its duly authorized officer as of the date first written above. 

BORROWER: 
  

					
	 SIGNED AND EXECUTED as a DEED on behalf of HORIZON PHARMA AG, a company incorporated in Switzerland,
by
	 		 	
	 		 	/s/ Timothy P. Walbert
	 		 	Authorised signatory

 Timothy P. Walbert

  

	
	, being a person who, in accordance with the laws of that territory, is acting under the authority of the company
	
	in the presence of:
	
	/s/ Barry Golombik
	Witness:
	
	Barry Golombik
	Witness Name:
	
	1083 Millcreek, Incline Village, NV 89451
	Witness Address:
	
	Consultant
	Witness Occupation:

  
 1. 

 LENDER: 

 

					
	 SIGNED AND EXECUTED as a DEED by
 KREOS CAPITAL III (UK) LIMITED acting by Maurizio
	 		 	/s/ Maurizio Petitbon
	 Petitbon
 , a director,
	 		 	Director
	 		 	 

  

	
	in the presence of:
	
	/s/ David Rothera
	Witness:
	
	David Rothera
	Witness Name:
	
	Speechly Bircham, 6 New St. Sq. London
	Witness Address:
	
	Solicitor
	Witness Occupation:

  
 2. 

 Exhibit A 
 SCHEDULE 5.2 
 All amounts are stated in Euros 

 

															
	Principal	 	  	Interest	 	  	Due Date	 	  	Repayment Amount	 
	 	86,279.09	  	  	 	62,720.91	  	  	 	01-Jul-11	  	  	 	149,000.00	  
	 	87,134.69	  	  	 	61,865.31	  	  	 	01-Aug-11	  	  	 	149,000.00	  
	 	87,998.77	  	  	 	61,001.23	  	  	 	01-Sep-11	  	  	 	149,000.00	  
	 	88,871.43	  	  	 	60,128.57	  	  	 	01-Oct-11	  	  	 	149,000.00	  
	 	89,752.74	  	  	 	59,247.26	  	  	 	01-Nov-11	  	  	 	149,000.00	  
	 	90,642.78	  	  	 	58,357.22	  	  	 	01-Dec-11	  	  	 	149,000.00	  
	 	91,541.66	  	  	 	57,458.34	  	  	 	01-Jan-12	  	  	 	149,000.00	  
	 	92,449.45	  	  	 	56,550.55	  	  	 	01-Feb-12	  	  	 	149,000.00	  
	 	93,366.24	  	  	 	55,633.76	  	  	 	01-Mar-12	  	  	 	149,000.00	  
	 	94,292.12	  	  	 	54,707.88	  	  	 	01-Apr-12	  	  	 	149,000.00	  
	 	95,227.18	  	  	 	53,772.82	  	  	 	01-May-12	  	  	 	149,000.00	  
	 	96,171.52	  	  	 	52,828.48	  	  	 	01-Jun-12	  	  	 	149,000.00	  
	 	97,125.22	  	  	 	51,874.78	  	  	 	01-Jul-12	  	  	 	149,000.00	  
	 	98,088.38	  	  	 	50,911.62	  	  	 	01-Aug-12	  	  	 	149,000.00	  
	 	99,061.09	  	  	 	49,938.91	  	  	 	01-Sep-12	  	  	 	149,000.00	  
	 	100,043.44	  	  	 	48,956.56	  	  	 	01-Oct-12	  	  	 	149,000.00	  
	 	101,035.54	  	  	 	47,964.46	  	  	 	01-Nov-12	  	  	 	149,000.00	  
	 	102,037.48	  	  	 	46,962.52	  	  	 	01-Dec-12	  	  	 	149,000.00	  
	 	103,049.35	  	  	 	45,950.65	  	  	 	01-Jan-13	  	  	 	149,000.00	  
	 	104,071.25	  	  	 	44,928.75	  	  	 	01-Feb-13	  	  	 	149,000.00	  
	 	105,103.29	  	  	 	43,896.71	  	  	 	01-Mar-13	  	  	 	149,000.00	  
	 	106,145.57	  	  	 	42,854.43	  	  	 	01-Apr-13	  	  	 	149,000.00	  
	 	107,198.18	  	  	 	41,801.82	  	  	 	01-May-13	  	  	 	149,000.00	  
	 	108,261.23	  	  	 	40,738.77	  	  	 	01-Jun-13	  	  	 	149,000.00	  
	 	109,334.82	  	  	 	39,665.18	  	  	 	01-Jul-13	  	  	 	149,000.00	  
	 	110,419.05	  	  	 	38,580.95	  	  	 	01-Aug-13	  	  	 	149,000.00	  
	 	111,514.04	  	  	 	37,485.96	  	  	 	01-Sep-13	  	  	 	149,000.00	  
	 	112,619.89	  	  	 	57,630.11	  	  	 	01-Oct-13	  	  	 	170,250.00	  

  
 3. 

 Exhibit F 

  
 4. 

 THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED PURSUANT TO REGULATION S OF THE SECURITIES ACT OF
1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE THEREWITH, PURSUANT TO A REGISTRATION UNDER THE ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION.
THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. IN ADDITION,
NO HEDGING TRANSACTION MAY BE CONDUCTED WITH RESPECT TO THESE SECURITIES UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE ACT. 
 HORIZON PHARMA, INC. 
 WARRANT TO PURCHASE SERIES B PREFERRED STOCK

  

			
	 No. PBW-        
	  	June [__], 2011

Void After June [__], 2021 
 THIS CERTIFIES THAT, for value received, Kreos Capital III Limited, with its principal office at 47 Esplanade, St-Helier, Jersey or
assigns (the “Holder”), is entitled to subscribe for and purchase at the Exercise Price (defined below) from HORIZON PHARMA, INC., a Delaware corporation, with its principal
office at 1033 Skokie Boulevard, Suite 355, Northbrook, Illinois 60062 (the “Company”) up to One Hundred Thousand (100,000) shares of the Series B Preferred Stock of the Company (the “Series B
Stock”) or if the outstanding Series B Preferred Stock is converted into Common Stock of the Company, then the number of shares of Common Stock of the Company (the “Common Stock”) into which such Series B Stock
would have been converted had the Warrant been exercised immediately prior to the conversion of the outstanding Series B Preferred Stock into Common Stock. 
 DEFINITIONS. As used herein, the following terms shall have the following respective meanings: 

“Current Market Price” as of a specified date shall mean: (i) if the Warrant is exercisable
for Common Stock and the Common Stock is publicly traded on such date, the average closing price per share over the preceding five trading days (or, if less than five days, the average closing price per share of all trading days since the stock
became publicly traded) as reported on the principal stock exchange or quotation system on which the stock is listed or quoted; or (ii) if the Series B Stock (as adjusted herein) is not publicly traded on such date, the Board of Directors of
the Company shall determine Current Market Price in its reasonable good faith judgment. 
 “Exercise
Period” means the period commencing with the date hereof and ending on June [__], 2021, unless sooner terminated as provided below. 

  
 5. 

 “Exercise Price” means U.S. $0.01 per share, subject
to adjustment pursuant to Section 6 below. If the outstanding Series B Stock converts into Common Stock at a conversion rate that is more or less than one share for one share, then the per share Exercise Price shall be adjusted by dividing the
aggregate Exercise Price of all of the Exercise Shares immediately prior to the conversion by the number of Exercise Shares immediately following the conversion. 

“Exercise Shares” means as applicable the shares of the Series B Stock or shares of Common Stock
issuable upon exercise of this Warrant, subject to adjustment pursuant to the terms herein, including but not limited to adjustment pursuant to Section 6 below. 

“United States” means the United States of America, its territories and possessions, any
State of the United States, and the District of Columbia. 
 (e) “U.S. Person”
means (i) any natural person resident in the United States, (ii) any partnership or corporation organized or incorporated under the laws of the United States (iii) any estate of which any executor or administrator is a U.S. Person,
(iv) any trust of which any trustee is a U.S. Person, (v) any agency or branch of a foreign entity located in the United States, (vi) any non-discretionary account or similar account (other than an estate or trust) held by a dealer or
other fiduciary for the benefit or account of a U.S. Person, (vii) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the
United States, and (viii) any partnership or corporation if: (1) organized or incorporated under the laws of any foreign jurisdiction; and (2) formed by a U.S. Person principally for the purpose of investing in securities not
registered under the Act (as defined below), unless it is organized or incorporated, and owned, by accredited investors (as defined in Regulation D under the Act) who are not natural persons, estates or trusts, provided, however, the
following are not “U.S. Persons”: (i) any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-U.S. Person by a dealer or other professional fiduciary organized,
incorporated, or (if an individual) resident in the United States, (ii) any estate of which any professional fiduciary acting as executor or administrator is a U.S. Person if: (1) an executor or administrator of the estate who is not a
U.S. Person has sole or shared investment discretion with respect to the assets of the estate; and (2) the estate is governed by foreign law, (iii) any trust of which any professional fiduciary acting as trustee is a U.S. Person, if a
trustee who is not a U.S. Person has sole or shared investment discretion with respect to the trust assets, and no beneficiary of the trust (and no settler if the trust is revocable) is a U.S. Person, (iv) an employee benefit plan established
and administered in accordance with the law of a country other than the United States and customary practices and documentation of such country, (v) any agency or branch of a U.S. Person located outside the United States if: (1) the agency
or branch operates for valid business reasons; and (2) the agency or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located; and
(vi) the International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations, and their agencies, affiliates
and pension plans, and any other similar international organizations, their agencies, affiliates and pension plans. 

EXERCISE OF WARRANT. The rights represented by this Warrant may be exercised in whole
or in part at any time during the Exercise Period, by delivery of the following to the 

  
 6. 

 
Company at its address set forth above (or at such other address as it may designate by notice in writing to the Holder): 

An executed Notice of Exercise in the form attached hereto; 

Payment of the Exercise Price either (i) in cash or by check, (ii) by cancellation of indebtedness, or
(iii) as provided in Section 2.1; and 
 This Warrant. 

Upon the exercise of the rights represented by this Warrant, a certificate or certificates for the Exercise Shares so purchased,
registered in the name of the Holder or persons affiliated with the Holder, if the Holder so designates, shall be issued and delivered to the Holder within a reasonable time after the rights represented by this Warrant shall have been so exercised.

 The person in whose name any certificate or certificates for Exercise Shares are to be issued upon exercise of this Warrant
shall be deemed to have become the holder of record of such shares on the date on which this Warrant was surrendered and payment of the Exercise Price was made, irrespective of the date of delivery of such certificate or certificates, except that,
if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock
transfer books are open. 
 Net Exercise. Notwithstanding any provisions herein to the contrary, if the
fair market value of one share of the Series B Stock (or as applicable one share of Common Stock) is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant by payment of cash, the Holder
may elect to receive shares equal to the value (as determined below) of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise
in which event the Company shall issue to the Holder a number of shares of Series B Stock or Common Stock computed using the following formula: 
  

			
	X = 	  	Y (A-B)
		  	      A

  

			
		
	 Where X =
	  	the number of shares of Series B Stock to be issued to the Holder
		
	 Y =
	  	the number of shares of Series B Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the
date of such calculation)
		
	 A =
	  	Current Market Price (at the date of such calculation)
		
	 B =
	  	Exercise Price (as adjusted to the date of such calculation)

 Automatic Exercise. Notwithstanding any provisions herein to the contrary, if the Holder of this Warrant has not elected to exercise this Warrant prior to expiration of this Warrant pursuant to
Section 8, then this Warrant shall automatically (without any act on the part 

  
 7. 

 
of the Holder) be exercised pursuant to Section 2.1 effective immediately prior to the expiration of the Warrant to the extent such net issue exercise would result in the issuance of
Exercise Shares unless Holder shall earlier provide written notice to the Company that the Holder desires that this Warrant expire unexercised. If this Warrant is automatically exercised, the Company shall notify the Holder of the automatic exercise
as soon as reasonably practicable, and the Holder shall surrender the Warrant to the Company in accordance with the terms hereof. 
 COVENANTS OF THE COMPANY. 
 Covenants as to Exercise Shares. The Company covenants and agrees that all Exercise Shares that may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be
validly issued and outstanding, fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issuance thereof. The Company further covenants and agrees that the Company will at all times during the Exercise Period,
have authorized and reserved, free from preemptive rights, a sufficient number of shares of its Series B Stock and Common Stock to provide for the exercise of the rights represented by this Warrant and the conversion of the Series B Stock into
Common Stock. If at any time during the Exercise Period the number of authorized but unissued shares of Series B Stock or Common Stock, as applicable, shall not be sufficient to permit exercise of this Warrant, the Company will take such corporate
action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Series B Stock or Common Stock to such number of shares as shall be sufficient for such purposes. 

Rights under the Investor Rights Agreement. The Holder shall be entitled to registration rights with respect to the
Exercise Shares, or the Common Stock issuable upon conversion thereof, as set forth in that certain Investors’ Rights Agreement, dated as of April 1, 2010, a true and complete copy of which is attached hereto as Appendix I (the
“Investor Rights Agreement”), as such may from time to time be amended, for purposes of Sections 1 (with the exception of Section 1.2) and 3 only. The Exercise Shares shall also be deemed “Registrable
Securities” as that term is defined in the Investor Rights Agreement, and the Holder shall be deemed a “Holder,” subject to all of the rights and obligations thereunder, in each case only for the purposes of those sections listed
above. The Holder shall perform such steps as are required by the Company to make it a party to the Investor Rights Agreement as described in this Section 3.2. The Company agrees that no amendments will be made to the Investor Rights Agreement
which would have an adverse impact on Holder’s registration rights thereunder different from the impact on the rights of other Holders (as defined in the Rights Agreement) of the Company’s stock without the consent of Holder. By acceptance
of this Warrant, Holder shall be deemed to be a party to the Investor Rights Agreement solely for the purposes of the above-mentioned registration rights. 
 REPRESENTATIONS OF HOLDER. 
 Acquisition of Warrant for Personal Account.  

(a) The Holder represents and warrants that it is acquiring the Warrant and the Exercise Shares solely for its
account for investment, not as a nominee or agent, and not for the account or benefit of, a U.S. Person, and not with a view to or for sale or distribution of 

  
 8. 

 
said Warrant or Exercise Shares or any part thereof in the United States or to a U.S. Person. The Holder also represents that the entire legal and beneficial interests of the
Warrant and Exercise Shares the Holder is acquiring is being acquired for, and will be held for, its account only. 
 (b) The Holder represents and warrants that it does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any
third person in the United States or to a U.S. Person, or any hedging transaction with any third person in the United States or to a United States resident, with respect to the Warrant or any of the Exercise Shares. 

(c) The Holder is a person or entity that is not a U.S. Person. 

(d) The Holder understands that it could lose its entire investment in the Company. 

Securities Are Not Registered. 

The Holder understands that the Warrant and the Exercise Shares have not been registered under the Securities Act of 1933,
as amended (the “Act”), on the basis that the issuance of the Warrant and the Exercise Shares are exempt from registration under the Act pursuant to Regulation S thereof. The Holder realizes that the basis for the exemption may not be
present if, notwithstanding its representations, the Holder has a present intention of acquiring the securities for a fixed or determinable period in the future, selling (in connection with a distribution or otherwise), granting any participation
in, or otherwise distributing the securities. The Holder has no such present intention. 
 The Holder recognizes
that the Warrant and the Exercise Shares must be held indefinitely unless they are subsequently registered under the Act in accordance with the provisions of Regulations S, or an exemption from such registration is available. The Holder recognizes
that the Company has no obligation to register the Warrant or the Exercise Shares of the Company, or to comply with any exemption from such registration. 
 The Holder is aware that neither the Warrant nor the Exercise Shares may be sold pursuant to Rule 144 adopted under the Act unless certain conditions are met, including, among other things, the existence
of a public market for the shares, the availability of certain current public information about the Company, the resale following the required holding period under Rule 144 and the number of shares being sold during any three month period not
exceeding specified limitations. Holder is aware that the conditions for resale set forth in Rule 144 have not been satisfied and that the Company presently has no plans to satisfy these conditions in the foreseeable future. 

Disposition of Warrant and Exercise Shares. 

The Holder will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers
to buy, purchase or otherwise acquire or take a pledge of) this Warrant or any of the Exercise Shares except in compliance with the Act, applicable blue 

  
 9. 

 
sky laws, and the rules and regulations promulgated thereunder. The Holder further agrees not to engage in hedging transactions with regard to such securities unless in compliance with the Act.

 The Holder further agrees not to make any disposition of all or any part of the Warrant or Exercise Shares in
any event unless and until: 
 The Company shall have received a letter secured by the Holder from the
Securities and Exchange Commission stating that no action will be recommended to the Commission with respect to the proposed disposition; 
 There is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made in accordance with said registration statement, or pursuant to an exemption
from registration; or 
 The Holder shall have notified the Company of the proposed disposition and shall have
furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, the Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to
the Company, for the Holder to the effect that such disposition will not require registration of such Warrant or Exercise Shares under the Act or any applicable state securities laws. 

The Holder understands and agrees that all certificates evidencing the shares to be issued to the Holder may bear the
following legend (in addition to any legend required under applicable state or foreign securities laws): 
 THE SHARES
REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED PURSUANT TO REGULATION S OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE OFFERED, SOLD, MORTGAGED OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT IN
ACCORDANCE WITH REGULATION S, PURSUANT TO A REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE
ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE SECURITIES LAWS. 

REPRESENTATIONS OF COMPANY. The Company represents and warrants to the
Holder that: 
 Authorization. All corporate action on the part of the Company, its officers, directors
and stockholders necessary for the authorization, execution and delivery of this Warrant, the performance of all obligations of the Company hereunder and the authorization, issuance (or reservation for issuance), sale and delivery of the Exercise
Shares has been taken, and this Warrant, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with its terms except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting 

  
 10.

 
the enforcement of creditors’ rights generally or (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

 Organization. The Company is a corporation duly organized, validly existing and in good standing under
the laws of the State of Delaware and has all requisite corporate power and authority to own its properties and assets, to carry on its business as presently conducted or as proposed to be conducted. 

ADJUSTMENT OF EXERCISE PRICE, ETC.  

Adjustments for Reclassification, Exchange or Substitution, etc. In the event of changes in the outstanding Series
B Stock or as applicable the outstanding Common Stock of the Company by reason of stock dividends, split-ups, recapitalizations, reclassifications, combinations or exchanges of shares, separations, reorganizations, liquidations, or the like, the
number and class of shares available under the Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of the Warrant, on exercise for the same aggregate Exercise Price, the total number, class, and kind
of shares as the Holder would have owned had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring adjustment; provided, however, that such adjustment shall not be made with
respect to, and, except as otherwise provided in Section 2.2 above, this Warrant shall terminate if not exercised prior to, the events set forth in Section 8 below. The form of this Warrant need not be changed because of any adjustment in
the number of Exercise Shares subject to this Warrant. 
 FRACTIONAL SHARES. No fractional
shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Exercise Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the
exercise would result in the issuance of any fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled
to such fraction a sum in cash equal to the product resulting from multiplying the then current fair market value of an Exercise Share by such fraction. 
 EARLY TERMINATION. If after the date hereof the Company shall enter into any Reorganization (as hereinafter defined), then, as a condition of such Reorganization,
lawful provisions shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall thereafter have the right to purchase, at a total price not to exceed that
payable upon the exercise of this Warrant in full, the kind and amount of shares of stock and other securities and property receivable upon such Reorganization by a holder of the number of shares of Series B Stock which might have been purchased by
the Holder immediately prior to such Reorganization, and in any such case appropriate provisions shall be made with respect to the rights and interest of the Holder to the end that the provisions hereof (including without limitation, provisions for
the adjustment of the Exercise Price and the number of shares issuable hereunder and the provisions relating to the net issue election) shall thereafter be applicable in relation to any shares of stock or other securities and property thereafter
deliverable upon exercise hereof. For the purposes of this Section 8, the term “Reorganization” shall include without limitation any reclassification, capital reorganization 

  
 11.

 
or change of the Series B Stock (other than by reason of stock dividends, split-ups, recapitalizations, reclassifications, combinations or exchanges of shares, separations, reorganizations,
liquidations, or the like provided for in Section 6 hereof), or any consolidation of the Company with, or merger of the Company into, another corporation or other business organization (other than a merger in which the Company is the surviving
corporation and which does not result in any reclassification or change of the outstanding Series B Stock), or any sale or conveyance to another corporation or other business organization of all or substantially all of the assets of the Company.

 MARKET STANDOFF. Holder agrees, in connection with the Company’s sale of its Common
Stock in a firm underwritten public offering pursuant to a registration statement under the Act, Holder agrees to consider a request by the Company and its underwriters that (i) the Holder enter into an agreement that it shall not sell, make
any short sale of, loan, grant any option for the purchase of, enter into any hedging or similar transaction with the same economic effect as a sale, or otherwise dispose of any of the Company’s capital stock (or any securities convertible into
the Company’s capital stock) held by Holder, however or whenever acquired (other than those included in the registration or purchased subsequent to the initial public offering) without the prior written consent of Company or such underwriters,
as the case may be, for such period of time (not to exceed one hundred and eighty (180) days, but subject to such extension or extensions as may be required by the underwriters in order to publish research reports while complying with the Rule
2711 of the National Association of Securities Dealers, Inc., such extension or extensions not to exceed thirty-four (34) days after the expiration of such 180-day period) from the effective date of such registration statement as may be
requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Company’s initial public offering and (ii) that Holder provide such
information as may be required by the Company or such representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Act. 

NOTIFICATION OF CERTAIN EVENTS. Prior to the expiration
of this Warrant pursuant to Section 8, in the event that the Company shall authorize: 
 (a) the
issuance of any dividend or other distribution on the capital stock of the Company (other than (i) dividends or distributions otherwise provided for in Section 6, (ii) repurchases of common stock issued to or held by employees,
officers, directors or consultants of the Company or its subsidiaries upon termination of their employment or services pursuant to agreements providing for the right of said repurchase; (iii) repurchases of common stock issued to or held by
employees, officers, directors or consultants of the Company or its subsidiaries pursuant to rights of first refusal or first offer contained in agreements providing for such rights; or (iv) repurchases of capital stock of the Company in
connection with the settlement of disputes with any stockholder), whether in cash, property, stock or other securities; 
 (b) the voluntary liquidation, dissolution or winding up of the Company; 
 (c) any transaction resulting in the expiration of this Warrant pursuant to Section 8; or 

  
 12.

 (d) receipt by the Company of any request for registration made
pursuant to Section 1.2 or 1.4 of the Investor Rights Agreement; 
 the Company shall send to the Holder of this Warrant at least ten
(10) days prior written notice of the date on which a record shall be taken for any such dividend or distribution specified in clause (a) or the expected effective date of any such other event specified in clause (b), (c) or
(d) as applicable. The notice provisions set forth in this section may be shortened or waived prospectively or retrospectively with the consent of the Holder. In addition, the Company shall deliver to the Holder copies of any proxy or
information statements or other communications delivered to shareholders generally. 
 NO
STOCKHOLDER RIGHTS. This Warrant in and of itself shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company. 

TRANSFER OF WARRANT. Subject to applicable laws and the restriction on transfer set
forth on the first page of this Warrant, this Warrant and all rights hereunder are transferable, by the Holder in person or by duly authorized attorney, upon delivery of this Warrant and the form of assignment attached hereto to any transferee
designated by Holder. The transferee shall sign an investment letter in form and substance satisfactory to the Company. 

LOST, STOLEN, MUTILATED OR DESTROYED
WARRANT. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute an original contractual obligation of the Company, whether or not the allegedly lost, stolen,
mutilated or destroyed Warrant shall be at any time enforceable by anyone. 
 NOTICES, ETC.
All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed telex or facsimile if sent during normal business
hours of the recipient, if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a
nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at the address listed on the signature page and to Holder at the addresses listed for Holder
above or at such other address as the Company or Holder may designate by ten (10) days advance written notice to the other parties hereto. 
 ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein. 

GOVERNING LAW. This Warrant and all rights, obligations and liabilities hereunder shall be governed
by the laws of the State of Delaware. 

  
 13.

 IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its duly authorized officer as of                     , 2011. 

 

			
	HORIZON PHARMA, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	Address:	 	 

  
 14.

 NOTICE OF EXERCISE 
 TO: HORIZON PHARMA, INC. 

(1)  ̈ The undersigned hereby elects to purchase
             shares of the Series B Preferred Stock of Horizon Pharma, Inc. (the “Company”) pursuant to the terms of the attached Warrant, and tenders herewith payment of
the exercise price in full, together with all applicable transfer taxes, if any. 

 ̈ The undersigned hereby elects to purchase
             shares of the Series B Preferred Stock of the Company pursuant to the terms of the net exercise provisions set forth in Section 2.1 of the attached Warrant, and
shall tender payment of all applicable transfer taxes, if any. 
 (2) Please issue a certificate or certificates
representing said shares of Series B Preferred Stock in the name of the undersigned or in such other name as is specified below: 

________________________ 
 (Name) 
 ________________________ 

________________________ 
 (Address) 
 (3) The undersigned hereby restates and reaffirms the
representations and covenants in Section 4 of the Warrant with respect to the Exercise Shares to be received pursuant to this Notice of Exercise. 
  

					
	  	 		 	  
	(Date)	 		 	(Signature)
			
		 		 	 
		 		 	(Print name)
			
	  	 		 	  
	(Date)	 		 	(Signature)
			
		 		 	 
		 		 	(Print name)

  
 4. 

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form 
 and supply required information. Do not use this 
 form to purchase shares.)

 FOR VALUE RECEIVED, the foregoing Warrant and all rights
evidenced thereby are hereby assigned to 
  

			
	 Name:
	  	 
		  	(Please Print)
	 Address:
	  	 
		  	(Please Print)
	 Dated: __________, 20__

 

			
	 Holder’s
	 	
	 Signature:
	 	 
		 	
	 Holder’s
	 	
	 Address:
	 	 
		 	
	 Holder’s
	 	
	 Signature:
	 	 
		 	
	 Holder’s
	 	
	 Address:
	 	 
		 	

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the
Warrant, without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant. 

  
 5.Separation Agreement and Release between the Company and Mansour Izadinia

 Exhibit 10.31 
 SEPARATION AGREEMENT AND RELEASE 
 This Separation Agreement and Release
(“Agreement”) is entered into by and between Mansour Izadinia, an individual, (hereinafter referred to as “Employee”) and Integrated Device Technology, Inc., a Delaware corporation (hereinafter referred to as “IDT”, the
“Company”, or “Releasees”). “IDT” or “Company” as used at all times in this Agreement, refers to IDT’s parent, subsidiary, affiliated, related, successor or predecessor companies or divisions, past or
present shareholders, directors, officers, employees, attorneys, and agents of IDT. “Employee” as used at all times in this Agreement, refers to Mansour Izadinia and his assigns, heirs, executors, administrators, agents, successors, and
legal representatives. Employee and IDT collectively will be hereinafter referred to as “the Parties.” 
 RECITALS

 WHEREAS, a change in the business and organizational requirements of IDT has resulted in a change of IDT’s
employment requirements of Employee and will result in Employee’s termination from IDT; 
 WHEREAS, Employee’s last
day of employment with IDT shall be January 7, 2011 (the “Termination Date”); 
 NOW, THEREFORE, in consideration
of the mutual covenants, agreements and promises contained herein and other good and valuable consideration, the adequacy of which is hereby acknowledged, the Parties agree as follows: 

AGREEMENT 

1. Separation Pay. In accordance with IDT’s policies, and in consideration of Employee’s acceptance of this Agreement,
including the release and waiver of claims in Paragraphs 3, 5 and 12 below, IDT shall provide to Employee the following separation pay, subject to the execution and non-revocation of this Agreement: 

(1) twelve (12) months of current salary, in a lump sum payment, less applicable taxes, which will be paid within 21
days of IDT’s receipt of Employee’s signed Agreement; and 
 (2) paid COBRA premiums for existing
medical, dental, and vision coverage for twelve (12) months beginning on February 1, 2011 (Employee must elect the COBRA benefit pursuant to the information in the termination package in order to continue benefits coverage through COBRA)
(collectively the “Separation Payment”). 
 Employee will receive the same treatment relative to vested stock options
as those employees under a designated Qualified Reduction in Force. 
 2. Payment of Salary and other Benefits. Upon
termination of Employee’s employment on the Termination Date, Employee will receive his final paycheck plus any accrued and unused vacation hours. In addition, Employee will be paid all reimbursable expenses (which are submitted prior to the
Termination Date) within 30 days of the Termination Date. Employee acknowledges and represents that IDT has paid all salary, wages, bonuses, and accrued vacation; has provided all requested leaves of absence to which Employee is entitled under
applicable law, and has provided any and all other benefits due to Employee once the payments and benefits as set forth in Paragraph 1 are received. 

 3. Employee’s Release. Employee releases and forever waives as against IDT any
and all claims of any and every kind, nature and character, whether known or unknown, suspected or unsuspected, including any and all claims for damages, attorneys’ fees and/or costs which Employee may now have or has ever had which arise in
whole or in part from Employee’s employment relationship with IDT, the termination of that employment relationship and/or any other employment-related dealings between Employee and IDT that have occurred during Employee’s term of
employment with IDT, whether based on tort, contract (express or implied) or any federal, state, or local law, statute, or regulation (the “Released Claims”). By way of example and not in limitation of the foregoing, Released Claims shall
include any and all claims, rights, demands, and causes of action for employment discrimination or harassment on the basis of race, color, national origin, religion, age, sex, disability, sexual orientation, marital status, or any other category
protected by federal, state, local or common law, retaliation, breach of any agreement entered into between the Parties, including but not limited to, any and all employment agreements and any and all stock option agreements, violation of the WARN
Act, constructive discharge of employment, wrongful termination, breach of the covenant of good faith and fair dealing, fraud, misrepresentation, defamation, intentional or negligent infliction of emotional distress, failure to pay wages,
commissions, benefits, vacation pay, severance or other compensation of any sort, failure to reimburse expenses, and/or violation of any and all statutes, rules, regulations or ordinances whether federal, state, or local. Notwithstanding the
foregoing, this Agreement does not waive rights or claims (1) that may arise after the date the Agreement is executed by Employee, and (2) which are prohibited from release as a matter of law, and it does not restrict or limit
Employee’s right to challenge the validity of this Agreement. Nor does this Agreement waive rights or claims under federal or state law that Employee cannot waive by private agreement, such as a right of indemnification. This agreement also
does not release: (1) any obligations arising out of this Agreement, (2) any obligation IDT or any insurer or other person or entity may have to indemnify Employee pursuant to the articles and bylaws of IDT, any written agreement with IDT,
any applicable document or insurance policy or applicable law, (3) Employee’s rights in and to any retirement plan benefits (e.g. 401(k) plan benefits) pursuant to the terms of the Plan(s), and (4) Employee’s right in and to
Employee’s equity in IDT, including without limitation, Employee’s right to exercise, hold and/or sell Employee’s IDT stock options, restricted stock or stock. Additionally, nothing in this Agreement precludes Employee from filing a
charge or complaint with or participating in any investigation or proceeding before any federal or state agency, including the Equal Employment Opportunity Commission. However, while Employee may file a charge and participate in any proceeding
conducted by a state or federal agency, by signing this Agreement, Employee waives Employee’s right to bring a lawsuit against Releasees and waives Employee’s right to any individual monetary recovery in any action or lawsuit initiated by
a federal or state agency, such as the Equal Employment Opportunity Commission. 
 4. IDT’s Release. IDT hereby
releases Employee from all claims that may exist against Employee. 
 5. Waiver of Unknown Claims. As to those matters
being released herein, excluding the obligations and rights arising pursuant to this Agreement, the Parties waive any and all rights which they may have under the provisions of California Civil Code §1542 or under any comparable federal or
state statute or rule of law. California Civil Code §1542 provides: 
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES
NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN TO HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR. 

  
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 6. Nondisclosure/Nonsolicitation. During the course of Employee’s employment
with IDT, Employee has had access to or been exposed to certain confidential, proprietary and trade secret information. Confidential information includes, but is not limited to, business development strategy, designs, mask works, plans, proposals,
marketing and sales data, financial information, cost and pricing information, customer lists, trade secrets, M & A data, including any past or upcoming deals, personnel information, policies and procedures, organizational charts, telephone
directories, and concepts and ideas related to past, present and future business of IDT which have not been publicly released by duly authorized representatives of IDT (“Confidential Information”). Employee agrees that he will not use for
himself or others or disclose or divulge to others any trade secrets or any other Confidential Information of IDT. Employee agrees that he will return to IDT all Company documents, including but not limited to reports, manuals, journals, log books,
correspondence, customer lists, computer programs and all of the materials and all copies thereof relating in any way to IDT’s business or in any way obtained by Employee during the course of Employee’s employment with IDT. Employee agrees
that for a period of twelve (12) months immediately following the Termination Date, Employee shall not either directly or indirectly solicit, induce, recruit or encourage any of the Company’s employees or consultants to leave their
employment, or attempt to do so, either for himself or any other person or entity. Employee further acknowledges the terms of his Employee Confidentiality and Invention Agreement with IDT (“Confidentiality Agreement”) shall remain in
effect after the Termination Date. 
 7. Confidentiality. Each Party agrees to keep in confidence the terms and
conditions of this Agreement. The Parties hereto agree that they will not, without compulsion of legal process, reveal directly or indirectly any of the terms of this Agreement to any person or entity except in confidence to those individuals or
entities to whom the disclosure is necessary to affect the purposes of this Agreement, including, but not limited to, spouses, attorneys, tax preparers, accountants, banks and other financial institutions and government agencies which request a copy
of this Agreement. 
 8. Non-Disparagement. Employee and IDT agree to respect the reputation of the other Party and to
not disparage the other Party. 
 9. Successors and Assigns. The Parties to this Agreement understand and agree that this
Agreement shall be binding upon and shall inure to the benefit of the respective successors, assigns, heirs, administrators, representatives and transferees of the Parties to this Agreement. 

10. Tax Considerations. The Parties to this Agreement understand and agree that Employee shall accept and assume full
responsibility for any and all tax consequences to Employee resulting from any payments made by IDT under this Agreement. Employee warrants and represents that Employee is not relying upon any tax advice from IDT or IDT’s counsel concerning the
tax consequences of the payment specified in this Agreement. 
 11. Covenant Not to Sue. Except for the enforcement of
obligations arising out of this Agreement and rights carved out of the release contained in this Agreement, Employee and Employee’s respective agents, employees, representatives, assigns, attorneys, spouses, and each of them agree not to sue
IDT, or any of the past or present agents, employees, representatives, officers, directors, shareholders or attorneys of IDT, or any other past or present representative of any kind or in any capacity of IDT, on account of any claim, cause of action
or controversy arising out of or relating to any of the facts, relationships, or transactions existing between Employee and IDT. 

  
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 12. Waiver of Age Discrimination Claims. Employee understands and agrees that by
entering into this Agreement, Employee: (1) is knowingly and voluntarily waiving any rights or claims he might otherwise have against IDT based on age discrimination or harassment under the Age Discrimination in Employment Act, as amended by
the Older Workers Benefit Protection Act; (2) has received consideration beyond that to which he was previously entitled; (3) was advised and hereby is advised in writing to consider the terms of this Agreement and consult with an attorney
of Employee’s choice prior to signing this Agreement; (4) has carefully read and fully understands all of the provisions of this Agreement; (5) has been offered the opportunity of a full twenty-one (21) days from the Effective
Date of this Agreement within which to consider its terms before signing it, and that if Employee has not taken that full time period that Employee has failed to do so knowingly and voluntarily, expressly waives this time period, and will not assert
the invalidity of this Agreement or any portion thereof on this basis; (6) has a full seven (7) days following the execution of this Agreement to revoke this Agreement (“Revocation Period”) by written notice to the General
Counsel, and has been and hereby is advised in writing that this Agreement, all of its terms, and all of the obligations of the Company contained herein, shall not become effective or enforceable until the Revocation Period has expired; and
(7) has been informed that nothing shall prevent or preclude Employee from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor will it impose any condition precedent, penalties or costs from
doing so, unless specifically authorized by federal law. 
 13. Post-Employment Reference Requests. Employee shall direct
all requests for references from prospective employers to the IDT Human Resources Department. In such event, IDT will provide only Employee’s dates of employment and title. 

14. No Admission of Liability. Nothing contained herein shall constitute an admission of liability on the part of either Party,
which liability either Party expressly denies. 
 15. Code Section 409A. The payments and benefits described in
Section 1 are not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code. To the extent applicable, this Agreement shall be interpreted in accordance with the applicable
requirements of, and exemptions from, Section 409A of the Code and treasury regulations and other interpretive guidance issued thereunder. If IDT and Employee determine that any compensation or benefits payable under this Agreement may be or
become subject to Section 409A of the Code, IDT and Employee agree to amend this Agreement or adopt other policies or procedures (including amendments, policies and procedures with retroactive effect), or take such other actions as IDT and
Employee deem necessary or appropriate to (1) exempt the compensation and benefits payable under this Agreement from Section 409A of the Code and/or preserve the intended tax treatment of the compensation and benefits provided with respect
to this Agreement, or (2) comply with the requirements of Section 409A of the Code and related treasury guidance; provided, however, that this section does not create an obligation on the part of IDT to make any such amendment. 

16. Choice of Law. This Agreement is made and entered into in the State of California and shall in all respects be governed by the
laws of the State of California without regard to choice-of-law provisions. Employee hereby consents to personal and exclusive jurisdiction and venue in the County of Santa Clara, State of California. 

17. Integration. This Agreement and documents referenced in this Agreement set forth the entire Agreement between the Parties
hereto and fully supersedes any and all prior agreements or understandings between the Parties pertaining to any subject matter contained in this Agreement, with the exception of Employee’s stock option and restricted stock agreements and
Confidentiality 
 Agreement. Any amendments or modifications to this Agreement must be made in writing and signed by all parties. 

  
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 18. Severability. If any provision of this Agreement is found to be unenforceable,
those provisions shall be considered severable, and the remaining provisions shall remain in effect. 
 19. Mitigation.
Employee shall have no duty to mitigate a breach of this Agreement by the Company. 
 20. Acknowledgment of
Understanding. The signatories have carefully read this entire Agreement. The signatories understand the final and binding effect of this Agreement. The only promises made to any signatory about this Agreement are contained in this Agreement.
All signatories are signing this Agreement knowingly and voluntarily. 
 21. Counterparts. This Agreement may be executed
by facsimile signature or by signing, scanning and emailing, and in multiple counterparts, each of which shall be an original, but all of which together shall constitute one and the same agreement. A duplicate copy of a signature shall be deemed an
original. 
  

					
	Employee	 		 	Integrated Device Technology, Inc.
			
	 /s/ Mansour Izadinia
	 		 	 /s/ Kelley Steven-Waiss

	Mansour Izadinia	 		 	Kelley Steven-Waiss
		 		 	Vice President, Human Resources
			
	 January 9, 2011
	 		 	 January 10, 2011

	Date	 		 	Date

  
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