Document:

Exhibit 10.2

 

amended &
restated

EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(the “Agreement”) is made by and between COLLEGIUM PHARMACEUTICAL, INC. (the “Company”) and
PAUL BRANNELLY (the “Executive”).

 

WHEREAS, the Company
and the Executive are parties to an Employment Agreement dated as of August 4, 2015 (the “Existing Agreement”);
and

 

WHEREAS, the Company
and the Executive desire to amend and restate the Existing Agreement and enter into this Agreement pursuant to which the Company
will continue to employ Executive.

 

NOW, THEREFORE, in
consideration of the foregoing and intending to be bound hereby, the parties agree as follows:

 

1.            
Duration of Agreement. This Agreement is effective as of January 1, 2021 and has no specific expiration date. Unless
terminated by agreement of the parties, this Agreement will govern Executive’s continued employment by the Company until
that employment ceases.

 

2.            
Title; Duties. Executive will continue to be employed as the Company’s Chief Financial Officer, reporting directly
to the Company’s Chief Executive Officer. Executive will devote his best efforts and substantially all of his business time
and services to the Company and its affiliates to perform such duties as may be customarily incident to his position and as may
reasonably be assigned to him from time to time. Executive will not, in any capacity, engage in other business activities or perform
services for any other individual, firm or corporation without the prior written consent of the Company; provided, however,
that without such consent, Executive may engage in charitable, non-profit and public service activities, so long as such activities
do not in any respect interfere or conflict with Executive’s performance of his duties and obligations to the Company.

 

3.           
Place of Performance. Executive will perform his services hereunder at the principal executive offices of the Company
in Stoughton, Massachusetts; provided, however, that Executive may be required to travel from time to time for business
purposes.

 

4.            
Compensation and Indemnification.

 

4.1             
Base Salary. Executive’s annual salary will be $439,900 (the “Base Salary”), paid in accordance
with the Company’s payroll practices as in effect from time to time. The Base Salary will be reviewed annually by the Compensation
Committee of the Company’s Board of Directors (the “Committee”).

 

     

     

    

 

4.2             
Annual Bonuses.

 

4.2.1        For
each fiscal year ending during his employment, Executive will be eligible to earn an annual bonus. The target amount of that
bonus will be 50% of Executive’s Base Salary for the applicable fiscal year. The actual bonus payable with respect to a
particular year will be determined by the Committee, based on the achievement of corporate and /or individual performance
objectives established by the Committee. Any bonus payable under this paragraph will be paid during the calendar year
immediately following the fiscal year in respect of which the bonus is payable and, except as otherwise provided in Section
5.1.1, will only be paid if Executive remains continuously employed by the Company through the actual bonus payment
date.

 

4.2.2       
For purposes of determining any bonus payable to Executive, the measurement of corporate and individual performance will
be performed by the Committee in good faith. From time to time, the Committee may, in its sole discretion, make adjustments to
corporate or individual performance goals, so that required departures from the Company’s operating budget, changes in accounting
principles, acquisitions, dispositions, mergers, consolidations and other corporate transactions, and other factors influencing
the achievement or calculation of such goals do not affect the operation of this provision in a manner inconsistent with its intended
purposes.

 

4.3             
Employee Benefits. During Executive’s employment, Executive will be eligible to participate in all employee
benefit plans and programs made available by the Company from time to time to employees generally, subject to applicable plan terms
and policies. The Company periodically reviews its benefits, policies, benefits providers and practices and may terminate, alter
or change them at its discretion from time to time.

 

4.4             
Reimbursement of Expenses. The Executive will be reimbursed by the Company for all reasonable business expenses incurred
by Executive in accordance with the Company’s customary expense reimbursement policies as in effect from time to time. Notwithstanding
anything herein to the contrary, to the extent any expense, reimbursement or in-kind benefit provided to the Executive constitutes
a “deferral of compensation” within the meaning of Section 409A of the Internal Revenue Code (the “ Code”)
(i) the amount of expenses eligible for reimbursement or in- kind benefits provided to the Executive must be incurred during the
Executive’s term of employment; (ii) the amount of expenses eligible for reimbursement or in-kind benefits provided to the
Executive during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided
to the Executive in any other calendar year, (iii) the reimbursements for expenses for which the Executive is entitled to be reimbursed
shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred
and (iv) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit.

 

5.            
Termination. Executive’s employment with the Company may be terminated by the Company or Executive at any time
and for any reason. Upon any cessation of his employment with the Company, Executive will be entitled only to such compensation
and benefits as described in this Section 5. Upon any cessation of his employment for any reason, unless otherwise requested
by the Company, Executive agrees to resign immediately from all officer and director positions he then holds with the Company and
its affiliates.

 

5.1              Termination
without Cause or for Good Reason. If Executive’s employment by the Company ceases due to a termination by the
Company without Cause (as defined below) or a resignation by Executive for Good Reason (as defined below), Executive will be
entitled to:

 

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5.1.1       
payment of any annual bonus otherwise payable (but for the cessation of Executive’s employment) with respect to a
year ended prior to the cessation of Executive’s employment;

 

5.1.2       
continuation of Executive’s Base Salary for a period equal to twelve (12) months, payable in accordance with the Company’s
standard payroll practices;

 

5.1.3       
payment equal to Executive’s target annual bonus described in Section 4.2.1, paid in twelve (12) substantially equal
installments over a twelve-month period and in accordance with the Company’s standard payroll practices;

 

5.1.4       
accelerated vesting of any unvested restricted stock, stock options and other equity incentives awarded to Executive by
the Company that are solely subject to time-based vesting criteria equal to what would have vested had Executive remained employed
for twelve (12) additional months; and

 

5.1.5       
waiver of the applicable premium otherwise payable for COBRA continuation coverage for Executive (and, to the extent covered
immediately prior to the date of such cessation, his eligible dependents) for a period equal to twelve (12) months.

 

Except as otherwise provided in this Section
5.1, and except for payment of all (i) accrued and unpaid Base Salary through the date of such cessation, (ii) any expense
reimbursements to be paid in accordance with Company policy and (iii) payments for any accrued but unused paid time off in accordance
with the Company’s policies and applicable law, all compensation and benefits will cease at the time of such cessation and
the Company will have no further liability or obligation by reason of such cessation. The payments and benefits described in this
Section 5.1 are in lieu of, and not in addition to, any other severance arrangement maintained by the Company. For avoidance
of doubt, any unvested restricted stock, stock options and other equity incentives awarded to Executive by the Company that are
subject to performance-based vesting shall become vested, if at all, in accordance with the Company’s Amended and Restated
2014 Stock Incentive Plan (or any successor provision or plan) (the “Plan”) and the applicable award agreement.

 

Notwithstanding any provision of this Agreement,
the payments and benefits described in Section 5.1 are conditioned on: (a) the Executive’s execution and delivery
to the Company and the expiration of all applicable statutory revocation periods, by the 45th day following the effective date
of his cessation of employment, of a general release of claims against the Company and its affiliates in a form reasonably prescribed
by the Company (the “Release”); and (b) the Executive’s continued compliance with the Restrictive Covenants
(as defined below). Subject to Section 5.4, below, the benefits described in Section 5.1 will be paid or provided
(or begin to be paid or provided) as soon as administratively practicable (or determinable in the case of the benefits described
in Section 5.1.1) after the Release becomes irrevocable, provided that if the 45 day period described above begins in one
taxable year and ends in a second taxable year such payments or benefits shall not commence until the second taxable year.

 

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5.2             
 Termination Following a Change in Control. If Executive’s employment by the Company ceases due to a termination
by the Company without Cause or a resignation by Executive for Good Reason during the twelve (12) month period immediately following
the occurrence of a Change in Control (as defined below), (i) all unvested restricted stock, stock options and other equity incentives
awarded to Executive by the Company that are subject only to time-based vesting will become immediately and automatically fully
vested and exercisable (as applicable), (ii) in lieu of the salary continuation described in Section 5.1.2, the Executive shall
receive eighteen (18) months of his Base Salary, paid in a lump sum; (iii) in lieu of the bonus described in Section 5.1.3, the
Executive shall receive 1.5 times his then-current target annual bonus payable in a lump sum, and (iv) the COBRA continuation period
described in Section 5.1.5 will be eighteen (18) months in lieu of twelve (12). Any unvested restricted stock, stock options and
other equity incentives awarded to Executive by the Company that are subject to performance-based vesting shall become vested,
if at all, in accordance with the Plan and the applicable award agreement.

 

Any benefits received
under this Section 5.2 shall be governed by the terms and conditions described in Section 5.1 above, including without
limitation the requirement that Executive timely execute a Release and comply with the Restrictive Covenants.

 

5.3             
Other Terminations. If Executive’s employment with the Company ceases for any reason other than as described
in Section 5.1 or Section 5.2, above (including, but not limited to, termination (i) by the Company for Cause, (ii)
as a result of Executive’s death, (iii) as a result of Executive’s Disability or (iv) by Executive without Good Reason,
then the Company’s obligation to Executive will be limited solely to (a) accrued and unpaid Base Salary through the date
of such cessation, (b) any expense reimbursements to be paid in accordance with Company policy and (c) payments for any accrued
but unused paid time off in accordance with the Company’s policies and applicable law. All compensation and benefits will
cease at the time of such cessation and, except as otherwise provided by COBRA or this Section 5.3, the Company will have
no further liability or obligation by reason of such termination. The foregoing will not be construed to limit Executive’s
right to payment or reimbursement for claims incurred prior to the date of such termination under any insurance contract funding
an employee benefit plan, policy or arrangement of the Company in accordance with the terms of such insurance contract.

 

5.4              Compliance
with Section 409A. If the termination giving rise to the payments described in Section 5.1 or Section 5.2
is not a “Separation from Service” within the meaning of Treas. Reg. § 1.409A-1(h)(1) (or any successor
provision), then the amounts otherwise payable pursuant to that section will instead be deferred without interest and will
not be paid until Executive experiences a Separation from Service. To the maximum extent permitted under Section 409A of the
Code and its corresponding regulations, the cash severance benefits payable under this Agreement are intended to meet the
requirements of the short-term deferral exemption under Section 409A of the Code and the “separation pay
exception” under Treas. Reg. §1.409A-1(b)(9)(iii). To the extent compliance with the requirements of Treas. Reg.
 § 1.409A-3(i)(2) (or any successor provision) is necessary to avoid the application of an additional tax under Section
409A of the Internal Revenue Code to payments due to Executive upon or following his Separation from Service, then
notwithstanding any other provision of this Agreement (or any otherwise applicable plan, policy, agreement or arrangement),
any such payments that are otherwise due within six months following Executive’s Separation from Service (taking into
account the preceding sentence of this paragraph) will be deferred without interest and paid to Executive in a lump sum
immediately following that six month period. For purposes of the application of Treas. Reg. § 1.409A-1(b)(4)(or any
successor provision), each payment in a series of payments will be deemed a separate payment.

 

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5.5             
PPACA. Notwithstanding anything in this Agreement to the contrary, the waiver in respect of COBRA premiums pursuant
to Sections 5.1 and 5.2 shall cease to the extent required to avoid adverse consequences to the Company under the
Patient Protection and Affordable Care Act of 2010 and regulations thereunder.

 

5.6             
Section 280G. If any payment or distribution by the Company to or for the benefit of the Executive, whether paid
or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any
other agreement, policy, plan, program or arrangement or the lapse or termination of any restriction on or the vesting or exercisability
of any payment or benefit (each a “Payment”), would be subject to the excise tax imposed by Section 4999 of
the Code (or any successor provision thereto) or to any similar tax imposed by state or local law (such tax or taxes are hereafter
collectively referred to as the “Excise Tax”), then the aggregate amount of Payments payable to Executive shall be
reduced to the aggregate amount of Payments that may be made to the Executive without incurring an excise tax (the “ Safe-Harbor
Amount”) in accordance with the immediately following sentence; provided that such reduction shall only be imposed
if the aggregate after-tax value of the Payments retained by Executive (after giving effect to such reduction) is equal to or greater
than the aggregate after-tax value (after giving effect to the Excise Tax) of the Payments to Executive without any such reduction.
Any such reduction shall be made in the following order: (i) first, any future cash payments (if any) shall be reduced (if necessary,
to zero); (ii) second, any current cash payments shall be reduced (if necessary, to zero); (iii) third, all non-cash payments (other
than equity or equity derivative related payments) shall be reduced (if necessary, to zero); and (iv) fourth, all equity or equity
derivative payments shall be reduced.

 

5.7             
Definitions. For purposes of this Agreement:

 

5.7.1       
“Cause” means (a) commission or conviction of any felony or any crime involving dishonesty; (b) commission
of any fraud against the Company; (c) intentional and material damage to any material property of the Company; (d) Executive’s
material breach of any agreement with or duty owed to the Company or any of its affiliates (including, without limitation, Executive’s
material breach of any of the Restrictive Covenants, as defined below); or (e) refusal to perform the lawful, reasonable and material
directives of the Company’s Board of Directors (the “Board”) or the Company’s Chief Executive Officer.
Before “Cause” under clause (c), (d) or (e) has been deemed to have occurred, the Board must provide the Executive
with written notice detailing why the Board has determined that Cause has occurred and the actions required to cure the same, to
the extent reasonably subject to cure. The Executive shall then, where the grounds for Cause are reasonably subject to cure within
such time, have thirty (30) days after the Executive’s receipt of written notice to cure the item cited in the written notice
so that “Cause” will have not formally occurred with respect to the event in question until such period, where applicable,
shall have expired.

 

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5.7.2       
 “Change in Control” means the first to occur of any of the events described in Section 1(g) of the Plan.

 

5.7.3       
“Disability” means a condition entitling the Executive to benefits under the Company’s long term
disability plan, policy or arrangement; provided, however, that if no such plan, policy or arrangement is then maintained
by the Company and applicable to the Executive, “Disability” will mean the Executive’s inability to perform
his duties under this Agreement due to a mental or physical condition that can be expected to result in death or that can be expected
to last (or has already lasted) for a continuous period of 90 days or more, or for 120 days in any 180 consecutive day period.
Termination as a result of a Disability will not be construed as a termination by the Company “without Cause.”

 

5.7.4       
“Good Reason” means any of the following, without the Executive’s prior consent: (a) a material
diminution of the Executive’s duties or authority with the Company, reporting relationships or the assignment of duties and
responsibilities inconsistent with Executive’s status at the Company; (b) a reduction in Base Salary; or (c) the relocation
of the Executive’s primary place of employment to a location that is (i) more than 50 miles from the location of the Executive’s
permanent primary place of employment prior to such relocation and (ii) more than 50 miles from the location of the Executive’s
residence. However, none of the foregoing events or conditions will constitute Good Reason unless the Executive provides the Company
with written objection to the event or condition within 30 days following the occurrence thereof, the Company does not reverse
or otherwise cure the event or condition within 30 days of receiving that written objection, and the Executive resigns Executive’s
employment within 30 days following the expiration of that cure period.

 

6.           
Restrictive Covenants. To induce the Company to enter into this Agreement and in recognition of the compensation
to be paid to the Executive pursuant to Sections 4 and 5 of this Agreement, the Executive agrees to be bound by the provisions
of this Section 6 (the “Restrictive Covenants”). These Restrictive Covenants will apply without regard
to whether any termination or cessation of the Executive’s employment is initiated by the Company or the Executive, and without
regard to the reason for that termination or cessation.

 

6.1             
Covenant Not To Compete. The Executive covenants that, during his employment by the Company and for a period of twelve
(12) months following immediately thereafter (the “Restricted Period”), the Executive will not (except in his
capacity as an employee or director of the Company) do any of the following, directly or indirectly:

 

6.1.1       
engage or participate in any Competing Business (as defined below) wherever the Company or its affiliates do business, do
or plan to do business or sell or market their products or services;

 

6.1.2       
become interested in (as owner, stockholder, lender, partner, co-venturer, director, officer, employee, agent or consultant)
any person, firm, corporation, association or other entity engaged in a Competing Business. Notwithstanding the foregoing, the
Executive may hold up to 1% of the outstanding securities of any class of any publicly-traded securities of any company;

 

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6.1.3       
 influence or attempt to influence any employee, consultant, supplier, licensor, licensee, contractor, agent, strategic
partner, distributor, customer or other person to terminate or modify any written or oral agreement, arrangement or course of dealing
with the Company or any of its affiliates; or

 

6.1.4       
solicit for employment or retention as an independent contractor (or arrange to have any other person or entity solicit
for employment or retention) any person employed or retained by the Company or any of its affiliates.

 

Executive acknowledges
that the consideration described in Sections 4 and 5 constitutes mutually-agreed upon consideration with respect
to the covenants set forth in Sections 6.1.1 and 6.1.2 for purposes of Section 24L(b)(vii) of Chapter 149 of the
Massachusetts General Laws.

 

6.2             
Confidentiality. The Executive recognizes and acknowledges that the Proprietary Information (as defined in below)
is a valuable, special and unique asset of the business of the Company and its affiliates. As a result, both during the term of
the Executive’s employment and thereafter, the Executive will not, without the prior written consent of the Company, for
any reason divulge to any third-party or use for his own benefit, or for any purpose other than the exclusive benefit of the Company
and its affiliates, any Proprietary Information. Notwithstanding the foregoing, nothing in this Agreement prohibits Executive from
initiating communications directly with, responding to any inquiries from, providing testimony before, providing confidential information
to, reporting possible violations of law or regulation to, or from filing a claim or assisting with an investigation directly with
a self-regulatory authority or a government agency or entity, including the U.S. Equal Employment Opportunity Commission, the Department
of Labor, the National Labor Relations Board, the Department of Justice, the Securities and Exchange Commission, the Congress,
and any agency Inspector General (collectively, the “Regulators”), or from making other disclosures that are
protected under the whistleblower provisions of state or federal law or regulation. In connection with any such activity, the Executive
must identify any information that is confidential and ask the Regulator for confidential treatment of such information. Despite
the foregoing, Executive is not permitted to reveal to any third party, including any governmental, law enforcement, or regulatory
authority, information employee came to learn during the course of the Executive’s employment with the Company that is protected
from disclosure by any applicable privilege, including but not limited to the attorney-client privilege, attorney work product
doctrine and/or other applicable legal privileges. The Company and its affiliates do not waive any applicable privileges or the
right to continue to protect its privileged attorney-client information, attorney work product, and other privileged information.
Notwithstanding any other provisions of this Agreement, pursuant to 18 USC Section 1833(b), Executive shall not be held criminally
or civilly liable under any federal or state trade secret law for the disclosure of the Company’s or its affiliate’s
trade secret that is made: (a) confidentially to a federal, state, or local government official, either directly or indirectly,
or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (b) in a complaint
or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Executive files a lawsuit for retaliation
by the Company for reporting a suspected violation of law, Executive may disclose a trade secret to the Executive’s attorney
and use the trade secret information in related court proceedings, provided that Executive files any document containing the trade
secret information under seal and does not disclose the trade secret, except pursuant to court order.

 

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6.3             
 Property of the Company.

 

6.3.1       
Proprietary Information. All right, title and interest in and to Proprietary Information will be and remain the sole
and exclusive property of the Company and its affiliates. The Executive will not remove from the Company’s or its affiliates’
offices or premises any documents, records, notebooks, files, correspondence, reports, memoranda or similar materials of or containing
Proprietary Information, or other materials or property of any kind belonging to the Company or its affiliates unless necessary
or appropriate in the performance of his duties to the Company and its affiliates. If the Executive removes such materials or property
in the performance of his duties, he will return such materials or property promptly after the removal has served its purpose.
The Executive will not make, retain, remove and/or distribute any copies of any such materials or property, or divulge to any third
person the nature of and/or contents of such materials or property, except to the extent necessary to satisfy contractual obligations
of the Company or its affiliates or to perform his duties on behalf of the Company and its affiliates, or pursuant to the exceptions
set forth in Section 6.2. Upon termination of the Executive’s employment with the Company, he will leave with the
Company and its affiliates or promptly return to the Company and its affiliates all originals and copies of such materials or property
then in his possession.

 

6.3.2       
Intellectual Property. The Executive agrees that all the Intellectual Property (as defined below) will be considered
 “works made for hire” as that term is defined in Section 101 of the Copyright Act (17 U.S.C. § 101) and that all
right, title and interest in such Intellectual Property will be the sole and exclusive property of the Company and its affiliates.
To the extent that any of the Intellectual Property may not by law be considered a work made for hire, or to the extent that, notwithstanding
the foregoing, the Executive retains any interest in the Intellectual Property, the Executive hereby irrevocably assigns and transfers
to the Company and its affiliates any and all right, title, or interest that the Executive may now or in the future have in the
Intellectual Property under patent, copyright, trade secret, trademark or other law, in perpetuity or for the longest period otherwise
permitted by law, without the necessity of further consideration. The Company and its affiliates will be entitled to obtain and
hold in its own name all copyrights, patents, trade secrets, trademarks and other similar registrations with respect to such Intellectual
Property. The Executive further agrees to execute any and all documents and provide any further cooperation or assistance reasonably
required by the Company, at the Company’s expense, to perfect, maintain or otherwise protect its rights in the Intellectual
Property. If the Company or its affiliates, as applicable, are unable after reasonable efforts to secure the Executive’s
signature, cooperation or assistance in accordance with the preceding sentence, whether because of the Executive’s incapacity
or any other reason whatsoever, the Executive hereby designates and appoints the Company, the appropriate affiliate, or their respective
designee as the Executive’s agent and attorney-in-fact, to act on his behalf, to execute and file documents and to do all
other lawfully permitted acts necessary or desirable to perfect, maintain or otherwise protect the Company’s or its affiliates’
rights in the Intellectual Property. The Executive acknowledges and agrees that such appointment is coupled with an interest and
is therefore irrevocable.

 

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6.4             
Definitions. For purposes of this Agreement:

 

6.4.1       
 “Competing Business” means any person, firm, corporation, partnership, association or other entity engaged
in developing, manufacturing, marketing, distributing or selling, directly or indirectly, pharmaceutical abuse-deterrent products
or any other product for pain indications that directly competes with a product developed, manufactured, marketed, distributed
or sold by the Company. A division, subsidiary or similar business unit of an entity that does not engage in the business activities
described in this definition will not be considered a Competing Business even if another separate division, subsidiary or similar
business unit does engage in such activities.

 

6.4.2       
“Intellectual Property” means (a) all inventions (whether patentable or unpatentable and whether or not
reduced to practice), all improvements thereto, and all patents and patent applications claiming such inventions, (b) all trademarks,
service marks, trade dress, logos, trade names, fictitious names, brand names, brand marks and corporate names, together with all
translations, adaptations, derivations, and combinations thereof and including all goodwill associated therewith, and all applications,
registrations, and renewals in connection therewith, (c) all copyrightable works, all copyrights, and all applications, registrations,
and renewals in connection therewith, (d) all mask works and all applications, registrations, and renewals in connection therewith,
(e) all trade secrets (including research and development, know-how, formulas, compositions, manufacturing and production processes
and techniques, methodologies, technical data, designs, drawings and specifications), (f) all computer software (including data,
source and object codes and related documentation), (g) all other proprietary rights, (h) all copies and tangible embodiments thereof
(in whatever form or medium), or (i) similar intangible personal property which have been or are developed or created in whole
or in part by the Executive (1) at any time and at any place while the Executive is employed by Company and which, in the case
of any or all of the foregoing, are related to and used in connection with the business of the Company or its affiliates, or (2)
as a result of tasks assigned to the Executive by the Company or its affiliates.

 

6.4.3       
“Proprietary Information” means any and all proprietary information developed or acquired by the Company
or any of its subsidiaries or affiliates that has not been specifically authorized to be disclosed. Such Proprietary Information
shall include, but shall not be limited to, the following items and information relating to the following items: (a) all intellectual
property and proprietary rights of the Company (including, without limitation, the Intellectual Property), (b) computer codes and
instructions, processing systems and techniques, inputs and outputs (regardless of the media on which stored or located) and hardware
and software configurations, designs, architecture and interfaces, (c) business research, studies, procedures and costs, (d) financial
data, (e) distribution methods, (f) marketing data, methods, plans and efforts, (g) the identities of actual and prospective suppliers,
(h) the terms of contracts and agreements with, the needs and requirements of, and the Company’s or its affiliates’
course of dealing with, actual or prospective suppliers, (i) personnel information, (j) customer and vendor credit information,
and (k) information received from third parties subject to obligations of non-disclosure or non-use. Failure by the Company or
its affiliates to mark any of the Proprietary Information as confidential or proprietary shall not affect its status as Proprietary
Information.

 

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6.5              Acknowledgements.
The Executive acknowledges that the Restrictive Covenants are reasonable and necessary to protect the legitimate interests of
the Company and its affiliates, that the duration and geographic scope of the Restrictive Covenants are reasonable given the
nature of this Agreement and the position the Executive holds within the Company, and that the Company would not enter into
this Agreement or otherwise employ or continue to employ the Executive unless the Executive agrees to be bound by the
Restrictive Covenants set forth in this Section 6.

 

6.6             
Remedies and Enforcement Upon Breach.

 

6.6.1       
Specific Enforcement. The Executive acknowledges that any breach by him, willfully or otherwise, of the Restrictive
Covenants will cause continuing and irreparable injury to the Company or its affiliates for which monetary damages would not be
an adequate remedy. The Executive shall not, in any action or proceeding to enforce any of the provisions of this Agreement, assert
the claim or defense that such an adequate remedy at law exists. In the event of any such breach or threatened breach by the Executive
of any of the Restrictive Covenants, the Company or its affiliates, as applicable, shall be entitled to injunctive or other similar
equitable relief in any court, without any requirement that a bond or other security be posted, and this Agreement shall not in
any way limit remedies of law or in equity otherwise available to the Company and its affiliates.

 

6.6.2       
Judicial Modification. If any court determines that any of the Restrictive Covenants, or any part thereof, is unenforceable
because of the duration or geographical scope of such provision, such court shall have the power to modify such provision and,
in its modified form, such provision shall then be enforceable.

 

6.6.3       
Enforceability. If any court holds the Restrictive Covenants unenforceable by reason of their breadth or scope or
otherwise, it is the intention of the parties hereto that such determination not bar or in any way affect the right of the Company
and its affiliates to the relief provided above in the courts of any other jurisdiction within the geographic scope of such Restrictive
Covenants.

 

6.6.4       
Disclosure of Restrictive Covenants. The Executive agrees to disclose the existence and terms of the Restrictive
Covenants to any employer that the Executive may work for during the Restricted Period.

 

6.6.5       
Extension of Restricted Period. If the Executive breaches Section 6.1 in any respect, the restrictions contained
in that section will be extended for a period equal to the period that the Executive was in breach.

 

7.            
Miscellaneous.

 

7.1             
Right to Consult Counsel. Executive understands and acknowledges that Executive has the right to consult with counsel
prior to signing this Agreement. Executive further represents that Executive is signing this Agreement freely and voluntarily in
exchange for the benefits provided herein.

 

7.2              Other
Agreements. Executive represents and warrants to the Company that there are no restrictions, agreements or understandings
whatsoever to which he is a party that would prevent or make unlawful his execution of this Agreement, that would be
inconsistent or in conflict with this Agreement or Executive’s obligations hereunder, or that would otherwise prevent,
limit or impair the performance by Executive of his duties under this Agreement.

 

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7.3             
Successors and Assigns. The Company may assign this Agreement to any successor to its assets and business by means
of liquidation, dissolution, sale of assets or otherwise. The duties of Executive hereunder are personal to Executive and may not
be assigned by him.

 

7.4             
Governing Law and Enforcement. This Agreement will be governed by and construed in accordance with the laws of the
Commonwealth of Massachusetts, without regard to the principles of conflicts of laws. Any legal proceeding arising out of or relating
to this Agreement will be instituted in a state or federal court in the Commonwealth of Massachusetts, and Executive and the Company
hereby consent to the personal and exclusive jurisdiction of such court(s) and hereby waive any objection(s) that they may have
to personal jurisdiction, the laying of venue of any such proceeding and any claim or defense of inconvenient forum. Notwithstanding
the foregoing, any action that is commenced by either party to resolve any matter arising under Section 6.1 of this Agreement,
shall be commenced only in the Massachusetts Superior Court located in Suffolk County, Massachusetts and the parties each consent
to the jurisdiction of such court.

 

7.5             
Waivers. The waiver by either party of any right hereunder or of any breach by the other party will not be deemed
a waiver of any other right hereunder or of any other breach by the other party. No waiver will be deemed to have occurred unless
set forth in a writing. No waiver will constitute a continuing waiver unless specifically stated, and any waiver will operate only
as to the specific term or condition waived.

 

7.6             
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective
and valid under applicable law. However, if any provision of this Agreement is held to be invalid, illegal or unenforceable in
any respect, such invalidity, illegality or unenforceability will not affect any other provision, and this Agreement will be reformed,
construed and enforced as though the invalid, illegal or unenforceable provision had never been herein contained.

 

7.7             
Survival. This Agreement will survive the cessation of Executive’s employment to the extent necessary to fulfill
the purposes and intent the Agreement.

 

7.8             
Notices. Any notice or communication required or permitted under this Agreement will be made in writing and (a) sent
by overnight courier, (b) mailed by overnight U.S. express mail, return receipt requested or (c) sent by telecopier. Any notice
or communication to Executive will be sent to the address contained in his personnel file. Any notice or communication to the Company
will be sent to the Company’s principal executive offices, to the attention of its Chief Executive Officer. Notwithstanding
the foregoing, either party may change the address for notices or communications hereunder by providing written notice to the other
in the manner specified in this paragraph.

 

7.9              Entire
Agreement; Amendments. This Agreement contains the entire agreement and understanding of the parties hereto relating to
the subject matter hereof, and merges and supersedes all prior and contemporaneous discussions, agreements and understandings
of every nature relating to that subject matter (including, without limitation, the Existing Agreement). This Agreement may
not be changed or modified, except by an agreement in writing signed by each of the parties hereto.

 

    -11-

     

    

 

7.10         
Withholding. All payments (or transfers of property) to Executive will be subject to tax withholding to the extent
required by applicable law.

 

7.11         
Section Headings. The headings of sections and paragraphs of this Agreement are inserted for convenience only and
will not in any way affect the meaning or construction of any provision of this Agreement.

 

7.12         
Counterparts; Facsimile. This Agreement may be executed in multiple counterparts (including by facsimile signature),
each of which will be deemed to be an original, but all of which together will constitute but one and the same instrument. Counterparts
may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall
be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

<remainder of page intentionally
left blank; signature page follows>

 

    -12-

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Agreement to be executed by its duly authorized officer, and Executive has executed this Agreement,
on the date(s) indicated below.

 

	 	COLLEGIUM
    PHARMACEUTICAL, INC.
	 	 
	 	By:	/s/ Shirley Kuhlmann                                      
	 	Name:  	Shirley Kuhlmann
	 	Title:	EVP and General Counsel
	 	Date:	12/28/2020
	 	 
	 	PAUL
    BRANNELLY
	 	 
	 	/s/
Paul Brannelly
	 	CFO
	 	 
	 	Date:	12/27/2020

 

[Signature Page to Employment Agreement]Exhibit 10.3

 

amended
 & restATED

EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(the “Agreement”) is made by and between COLLEGIUM PHARMACEUTICAL, INC. (the “Company”) and
SCOTT DREYER (the “Executive”).

 

WHEREAS, the Company
and the Executive are parties to an Employment Agreement dated as of July 10, 2018 (the “Existing Agreement”);
and

 

WHEREAS, the Company
and the Executive desire to amend and restate the Existing Agreement and enter into this Agreement pursuant to which the Company
will continue to employ Executive.

 

NOW, THEREFORE, in
consideration of the foregoing and intending to be bound hereby, the parties agree as follows:

 

1.                 
Duration of Agreement. This Agreement shall be effective as of January 1, 2021 and has no specific expiration date.
Unless terminated by agreement of the parties, this Agreement will govern Executive’s continued employment by the Company
until that employment ceases.

 

2.                 
Title; Duties. Executive will continue to be employed as the Company’s Executive Vice President and Chief Commercial
Officer, reporting directly to the Company’s Chief Executive Officer. Executive will devote his best efforts and substantially
all of his business time and services to the Company and its affiliates to perform such duties as may be customarily incident to
his position and as may reasonably be assigned to him from time to time. Executive will not, in any capacity, engage in other business
activities or perform services for any other individual, firm or corporation without the prior written consent of the Company;
provided, however, that without such consent, Executive may engage in charitable, non-profit and public service activities,
so long as such activities do not in any respect interfere or conflict with Executive’s performance of his duties and obligations
to the Company.

 

3.                 
Place of Performance. Executive will perform his services hereunder at the principal executive offices of the Company
in Stoughton, Massachusetts; provided, however, that Executive may be required to travel from time to time for business
purposes.

 

4.                 
Compensation and Indemnification.

 

4.1             
Base Salary. Executive’s annual salary will be $395,900 (the “Base Salary”), paid in accordance
with the Company’s payroll practices as in effect from time to time. The Base Salary will be reviewed annually by the Compensation
Committee of the Company’s Board of Directors (the “Committee”).

 

4.2             
Annual Bonuses.

 

4.2.1        For
each fiscal year ending during his employment, Executive will be eligible to earn an annual bonus. The target amount of the
annual bonus will be 50% of Executive’s Base Salary for the applicable fiscal year. The actual bonus payable with
respect to a particular year will be determined by the Committee, based on the achievement of corporate and /or individual
performance objectives established by the Committee. Any bonus payable under this paragraph will be paid during the calendar
year immediately following the fiscal year in respect of which the bonus is payable and, except as otherwise provided in Section
5.1.1, will only be paid if Executive remains continuously employed by the Company through the actual bonus payment
date.

 

     

     

    

 

4.2.2       
For purposes of determining any bonus payable to Executive, the measurement of corporate and individual performance will
be performed by the Committee in good faith. From time to time, the Committee may, in its sole discretion, make adjustments to
corporate or individual performance goals, so that required departures from the Company’s operating budget, changes in accounting
principles, acquisitions, dispositions, mergers, consolidations and other corporate transactions, and other factors influencing
the achievement or calculation of such goals do not affect the operation of this provision in a manner inconsistent with its intended
purposes.

 

4.3             
Employee Benefits. During Executive’s employment, Executive will be eligible to participate in all employee
benefit plans and programs made available by the Company from time to time to employees generally, subject to applicable plan terms
and policies. The Company periodically reviews its benefits, policies, benefits providers and practices and may terminate, alter
or change them at its discretion from time to time.

 

4.4             
Reimbursement of Expenses. The Executive will be reimbursed by the Company for all reasonable business expenses incurred
by Executive in accordance with the Company’s customary expense reimbursement policies as in effect from time to time. Notwithstanding
anything herein to the contrary, to the extent any expense, reimbursement or in-kind benefit provided to the Executive constitutes
a “deferral of compensation” within the meaning of Section 409A of the Internal Revenue Code (the “Code”)
(i) the amount of expenses eligible for reimbursement or in-kind benefits provided to the Executive must be incurred during the
Executive’s term of employment; (ii) the amount of expenses eligible for reimbursement or in-kind benefits provided to the
Executive during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided
to the Executive in any other calendar year, (iii) the reimbursements for expenses for which the Executive is entitled to be reimbursed
shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred
and (iv) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit.

 

5.                 
Termination. Executive’s employment with the Company may be terminated by the Company or Executive at any time
and for any reason. Upon any cessation of his employment with the Company, Executive will be entitled only to such compensation
and benefits as described in this Section 5. Upon any cessation of his employment for any reason, unless otherwise requested
by the Company, Executive agrees to resign immediately from all officer and director positions he then holds with the Company and
its affiliates.

 

5.1             
Termination without Cause or for Good Reason. If Executive’s employment by the Company ceases due to a termination
by the Company without Cause (as defined below) or a resignation by Executive for Good Reason (as defined below), Executive will
be entitled to:

 

    -2-

     

    

 

5.1.1       
 payment of any annual bonus otherwise payable (but for the cessation of Executive’s employment) with respect to a
year ended prior to the cessation of Executive’s employment;

 

5.1.2       
continuation of Executive’s Base Salary for a period equal to twelve (12) months, payable in accordance with the Company’s
standard payroll practices;

 

5.1.3       
payment equal to Executive’s target annual bonus described in Section 4.2.1, paid in twelve (12) substantially
equal installments over a twelve-month period and in accordance with the Company’s standard payroll practices;

 

5.1.4       
accelerated vesting of any unvested restricted stock, stock options and other equity incentives awarded to Executive by
the Company that are solely subject to time-based vesting criteria equal to what would have vested had Executive remained employed
for twelve (12) additional months; and

 

5.1.5       
waiver of the applicable premium otherwise payable for COBRA continuation coverage for Executive (and, to the extent covered
immediately prior to the date of such cessation, his eligible dependents) for a period equal to twelve (12) months.

 

Except as otherwise provided in this Section
5.1, and except for payment of all (i) accrued and unpaid Base Salary through the date of such cessation, (ii) any expense
reimbursements to be paid in accordance with Company policy and (iii) payments for any accrued but unused paid time off in accordance
with the Company’s policies and applicable law, all compensation and benefits will cease at the time of such cessation and
the Company will have no further liability or obligation by reason of such cessation. The payments and benefits described in this
Section 5.1 are in lieu of, and not in addition to, any other severance arrangement maintained by the Company. For avoidance
of doubt, any unvested restricted stock, stock options and other equity incentives awarded to Executive by the Company that are
subject to performance-based vesting shall become vested, if at all, in accordance with the Company’s Amended and Restated
2014 Stock Incentive Plan (or any successor provision or plan) (the “Plan”) and the applicable award agreement.

 

Notwithstanding any provision of this Agreement,
the payments and benefits described in Section 5.1 are conditioned on: (a) the Executive’s execution and delivery
to the Company and the expiration of all applicable statutory revocation periods, by the 45th day following the effective date
of his cessation of employment, of a general release of claims against the Company and its affiliates in a form reasonably prescribed
by the Company (the “Release”); and (b) the Executive’s continued compliance with the Restrictive Covenants
(as defined below). Subject to Section 5.4, below, the benefits described in Section 5.1 will be paid or provided
(or begin to be paid or provided) as soon as administratively practicable (or determinable in the case of the benefits described
in Section 5.1.1) after the Release becomes irrevocable, provided that if the 45 day period described above begins in one
taxable year and ends in a second taxable year such payments or benefits shall not commence until the second taxable year.

 

    -3-

     

    

 

5.2              Termination
Following a Change in Control. If Executive’s employment by the Company ceases due to a termination by the Company
without Cause or a resignation by Executive for Good Reason during the twelve (12) month period immediately following the
occurrence of a Change in Control (as defined below), (i) all unvested restricted stock, stock options and other equity
incentives awarded to Executive by the Company that are subject only to time-based vesting will become immediately and
automatically fully vested and exercisable (as applicable), (ii) in lieu of the salary continuation described in Section
5.1.2, the Executive shall receive eighteen (18) months of his Base Salary, paid in a lump sum; (iii) in lieu of the
bonus described in Section 5.1.3, the Executive shall receive 1.5 times his then-current target annual bonus payable
in a lump sum, and (iv) the COBRA continuation period described in Section 5.1.5 will be eighteen (18) months in lieu
of twelve (12). Any unvested restricted stock, stock options and other equity incentives awarded to Executive by the Company
that are subject to performance-based vesting shall become vested, if at all, in accordance with the Plan and the applicable
award agreement.

 

Any benefits received
under this Section 5.2 shall be governed by the terms and conditions described in Section 5.1 above, including without
limitation the requirement that Executive timely execute a Release and comply with the Restrictive Covenants.

 

5.3             
Other Terminations. If Executive’s employment with the Company ceases for any reason other than as described
in Section 5.1 or Section 5.2 above, including, but not limited to, termination (i) by the Company for Cause, (ii)
as a result of Executive’s death, (iii) as a result of Executive’s Disability or (iv) by Executive without Good Reason,
then the Company’s obligation to Executive will be limited solely to (a) accrued and unpaid Base Salary through the date
of such cessation, (b) any expense reimbursements to be paid in accordance with Company policy and (c) payments for any accrued
but unused paid time off in accordance with the Company’s policies and applicable law. All compensation and benefits will
cease at the time of such cessation and, except as otherwise provided by COBRA or this Section 5.3, the Company will have
no further liability or obligation by reason of such termination. The foregoing will not be construed to limit Executive’s
right to payment or reimbursement for claims incurred prior to the date of such termination under any insurance contract funding
an employee benefit plan, policy or arrangement of the Company in accordance with the terms of such insurance contract.

 

5.4              Compliance
with Section 409A. If the termination giving rise to the payments described in Section 5.1 or Section 5.2
is not a “Separation from Service” within the meaning of Treas. Reg. § 1.409A-1(h)(1) (or any successor
provision), then the amounts otherwise payable pursuant to that section will instead be deferred without interest and will
not be paid until Executive experiences a Separation from Service. To the maximum extent permitted under Section 409A of the
Code and its corresponding regulations, the cash severance benefits payable under this Agreement are intended to meet the
requirements of the short-term deferral exemption under Section 409A of the Code and the “separation pay
exception” under Treas. Reg. §1.409A- 1(b)(9)(iii). To the extent compliance with the requirements of Treas. Reg.
 § 1.409A-3(i)(2) (or any successor provision) is necessary to avoid the application of an additional tax under Section
409A of the Internal Revenue Code to payments due to Executive upon or following his Separation from Service, then
notwithstanding any other provision of this Agreement (or any otherwise applicable plan, policy, agreement or arrangement),
any such payments that are otherwise due within six months following Executive’s Separation from Service (taking into
account the preceding sentence of this paragraph) will be deferred without interest and paid to Executive in a lump sum
immediately following that six month period. For purposes of the application of Treas. Reg. § 1.409A-1(b)(4)(or any
successor provision), each payment in a series of payments will be deemed a separate payment.

 

    -4-

     

    

 

5.5             
PPACA. Notwithstanding anything in this Agreement to the contrary, the waiver in respect of COBRA premiums pursuant
to Sections 5.1 and 5.2 shall cease to the extent required to avoid adverse consequences to the Company under the
Patient Protection and Affordable Care Act of 2010 and regulations thereunder.

 

5.6             
Section 280G. If any payment or distribution by the Company to or for the benefit of the Executive, whether paid
or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any
other agreement, policy, plan, program or arrangement or the lapse or termination of any restriction on or the vesting or exercisability
of any payment or benefit (each a “Payment”), would be subject to the excise tax imposed by Section 4999 of
the Code (or any successor provision thereto) or to any similar tax imposed by state or local law (such tax or taxes are hereafter
collectively referred to as the “Excise Tax”), then the aggregate amount of Payments payable to Executive shall
be reduced to the aggregate amount of Payments that may be made to the Executive without incurring an excise tax in accordance
with the immediately following sentence; provided that such reduction shall only be imposed if the aggregate after-tax value
of the Payments retained by Executive (after giving effect to such reduction) is equal to or greater than the aggregate after-tax
value (after giving effect to the Excise Tax) of the Payments to Executive without any such reduction. Any such reduction shall
be made in the following order: (i) first, any future cash payments (if any) shall be reduced (if necessary, to zero); (ii) second,
any current cash payments shall be reduced (if necessary, to zero); (iii) third, all non-cash payments (other than equity or equity
derivative related payments) shall be reduced (if necessary, to zero); and (iv) fourth, all equity or equity derivative payments
shall be reduced.

 

5.7             
Definitions. For purposes of this Agreement:

 

5.7.1       
“Cause” means (a) commission or conviction of any felony or any crime involving dishonesty; (b) commission
of any fraud against the Company; (c) intentional and material damage to any material property of the Company; (d) Executive’s
material breach of any agreement with or duty owed to the Company or any of its affiliates (including, without limitation, Executive’s
material breach of any of the Restrictive Covenants, as defined below); or (e) refusal to perform the lawful, reasonable and material
directives of the Company’s Board of Directors (the “Board”) or the Company’s Chief Executive Officer.
Before “Cause” under clause (c), (d) or (e) has been deemed to have occurred, the Board must provide the Executive
with written notice detailing why the Board has determined that Cause has occurred and the actions required to cure the same, to
the extent reasonably subject to cure. The Executive shall then, where the grounds for Cause are reasonably subject to cure within
such time, have thirty (30) days after the Executive’s receipt of written notice to cure the item cited in the written notice
so that “Cause” will have not formally occurred with respect to the event in question until such period, where applicable,
shall have expired.

 

5.7.2       
“Change in Control” means the first to occur of any of the events described in Section l(g) of the Plan.

 

    -5-

     

    

 

5.7.3       
 “Disability” means a condition entitling the Executive to benefits under the Company’s long term
disability plan, policy or arrangement; provided, however, that if no such plan, policy or arrangement is then maintained
by the Company and applicable to the Executive, “Disability” will mean the Executive’s inability to perform
his duties under this Agreement due to a mental or physical condition that can be expected to result in death or that can be expected
to last (or has already lasted) for a continuous period of 90 days or more, or for 120 days in any 180 consecutive day period.
Termination as a result of a Disability will not be construed as a termination by the Company “without Cause.”

 

5.7.4       
“Good Reason” means any of the following, without the Executive’s prior consent: (a) a material
diminution of the Executive’s duties or authority with the Company, reporting relationships or the assignment of duties and
responsibilities inconsistent with Executive’s status at the Company; (b) a reduction in Base Salary; or (c) the relocation
of the Executive’s primary place of employment to a location that is (i) more than 50 miles from the location of the Executive’s
permanent primary place of employment prior to such relocation and (ii) more than 50 miles from the location of the Executive’s
residence. However, none of the foregoing events or conditions will constitute Good Reason unless the Executive provides the Company
with written objection to the event or condition within 30 days following the occurrence thereof, the Company does not reverse
or otherwise cure the event or condition within 30 days of receiving that written objection, and the Executive resigns Executive’s
employment within 30 days following the expiration of that cure period.

 

6.                 
Restrictive Covenants. To induce the Company to enter into this Agreement and in recognition of the compensation
to be paid to the Executive pursuant to Sections 4 and 5 of this Agreement, the Executive agrees to be bound by the provisions
of this Section 6 (the “Restrictive Covenants”). These Restrictive Covenants will apply without regard
to whether any termination or cessation of the Executive’s employment is initiated by the Company or the Executive, and without
regard to the reason for that termination or cessation.

 

6.1             
Covenant Not To Compete. The Executive covenants that, during his employment by the Company and for a period of twelve
(12) months following immediately thereafter (the “Restricted Period”), the Executive will not (except in his
capacity as an employee or director of the Company) do any of the following, directly or indirectly:

 

6.1.1       
engage or participate in any Competing Business (as defined below) wherever the Company or its affiliates do business, do
or plan to do business or sell or market their products or services;

 

6.1.2       
become interested in (as owner, stockholder, lender, partner, co-venturer, director, officer, employee, agent or consultant)
any person, firm, corporation, association or other entity engaged in a Competing Business. Notwithstanding the foregoing, the
Executive may hold up to 1% of the outstanding securities of any class of any publicly-traded securities of any company;

 

6.1.3        influence
or attempt to influence any employee, consultant, supplier, licensor, licensee, contractor, agent, strategic partner,
distributor, customer or other person to terminate or modify any written or oral agreement, arrangement or course of dealing
with the Company or any of its affiliates; or

 

    -6-

     

    

 

6.1.4       
solicit for employment or retention as an independent contractor (or arrange to have any other person or entity solicit
for employment or retention) any person employed or retained by the Company or any of its affiliates.

 

Executive acknowledges
that the consideration described in Sections 4 and 5 constitutes mutually-agreed upon consideration with respect
to the covenants set forth in Sections 6.1.1 and 6.1.2 for purposes of Section 24L(b)(vii) of Chapter 149 of the
Massachusetts General Laws.

 

6.2             
Confidentiality. The Executive recognizes and acknowledges that the Proprietary Information (as defined in below)
is a valuable, special and unique asset of the business of the Company and its affiliates. As a result, both during the term of
this Agreement and thereafter, the Executive will not, without the prior written consent of the Company, for any reason divulge
to any third-party or use for his own benefit, or for any purpose other than the exclusive benefit of the Company and its affiliates,
any Proprietary Information. Notwithstanding the foregoing, nothing in this Agreement prohibits the Executive from initiating communications
directly with, responding to any inquiries from, providing testimony before, providing confidential information to, reporting possible
violations of law or regulation to, or from filing a claim or assisting with an investigation directly with a self- regulatory
authority or a government agency or entity, including the U.S. Equal Employment Opportunity Commission, the Department of Labor,
the National Labor Relations Board, the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency
Inspector General (collectively, the “Regulators”), or from making other disclosures that are protected under
the whistleblower provisions of state or federal law or regulation. In connection with any such activity, the Executive must identify
any information that is confidential and ask the Regulator for confidential treatment of such information. Despite the foregoing,
Executive is not permitted to reveal to any third party, including any governmental, law enforcement, or regulatory authority,
information employee came to learn during the course of Executive’s employment with the Company that is protected from disclosure
by any applicable privilege, including but not limited to the attorney-client privilege, attorney work product doctrine and/or
other applicable legal privileges. The Company does not waive any applicable privileges or the right to continue to protect its
privileged attorney-client information, attorney work product, and other privileged information. Notwithstanding any other provisions
of this Agreement, pursuant to 18 USC Section 1833(b), Executive shall not be held criminally or civilly liable under any federal
or state trade secret law for the disclosure of a trade secret that is made: (a) confidentially to a federal, state, or local government
official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected
violation of law; or (b) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under
seal. If Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose
a trade secret of the Company to Executive’s attorney and use the trade secret information in related court proceedings,
provided that Executive files any document containing the trade secret information under seal and does not disclose the trade secret,
except pursuant to court order.

 

    -7-

     

    

 

6.3             
Property of the Company.

 

6.3.1       
 Proprietary Information. All right, title and interest in and to Proprietary Information will be and remain the
sole and exclusive property of the Company and its affiliates. The Executive will not remove from the Company’s or its affiliates’
offices or premises any documents, records, notebooks, files, correspondence, reports, memoranda or similar materials of or containing
Proprietary Information, or other materials or property of any kind belonging to the Company or its affiliates unless necessary
or appropriate in the performance of his duties to the Company and its affiliates. If the Executive removes such materials or property
in the performance of his duties, he will return such materials or property promptly after the removal has served its purpose.
The Executive will not make, retain, remove and/or distribute any copies of any such materials or property, or divulge to any third
person the nature of and/or contents of such materials or property, except to the extent necessary to satisfy contractual obligations
of the Company or its affiliates or to perform his duties on behalf of the Company and its affiliates or pursuant to the exceptions
set forth in Section 6.2. Upon termination of the Executive’s employment with the Company, he will leave with the
Company and its affiliates or promptly return to the Company and its affiliates all originals and copies of such materials or property
then in his possession.

 

6.3.2       
Intellectual Property. The Executive agrees that all the Intellectual Property (as defined below) will be considered
 “works made for hire” as that term is defined in Section 101 of the Copyright Act (17 U.S.C. § 101) and that all
right, title and interest in such Intellectual Property will be the sole and exclusive property of the Company and its affiliates.
To the extent that any of the Intellectual Property may not by law be considered a work made for hire, or to the extent that, notwithstanding
the foregoing, the Executive retains any interest in the Intellectual Property, the Executive hereby irrevocably assigns and transfers
to the Company and its affiliates any and all right, title, or interest that the Executive may now or in the future have in the
Intellectual Property under patent, copyright, trade secret, trademark or other law, in perpetuity or for the longest period otherwise
permitted by law, without the necessity of further consideration. The Company and its affiliates will be entitled to obtain and
hold in its own name all copyrights, patents, trade secrets, trademarks and other similar registrations with respect to such Intellectual
Property. The Executive further agrees to execute any and all documents and provide any further cooperation or assistance reasonably
required by the Company, at the Company’s expense, to perfect, maintain or otherwise protect its rights in the Intellectual
Property. If the Company or its affiliates, as applicable, are unable after reasonable efforts to secure the Executive’s
signature, cooperation or assistance in accordance with the preceding sentence, whether because of the Executive’s incapacity
or any other reason whatsoever, the Executive hereby designates and appoints the Company, the appropriate affiliate, or their respective
designee as the Executive’s agent and attorney-in-fact, to act on his behalf, to execute and file documents and to
do all other lawfully permitted acts necessary or desirable to perfect, maintain or otherwise protect the Company’s or its
affiliates’ rights in the Intellectual Property. The Executive acknowledges and agrees that such appointment is coupled with
an interest and is therefore irrevocable.

 

6.4             
Definitions. For purposes of this Agreement:

 

6.4.1        “Competing
Business” means any person, firm, corporation, partnership, association or other entity engaged in developing,
manufacturing, marketing, distributing or selling, directly or indirectly, pharmaceutical abuse-deterrent products or any
other product for pain indications that directly competes with a product developed, manufactured, marketed, distributed or
sold by the Company. A division, subsidiary or similar business unit of an entity that does not engage in the business
activities described in this definition will not be considered a Competing Business even if another separate division,
subsidiary or similar business unit does engage in such activities.

 

    -8-

     

    

 

6.4.2       
“Intellectual Property” means (a) all inventions (whether patentable or unpatentable and whether or not
reduced to practice), all improvements thereto, and all patents and patent applications claiming such inventions, (b) all trademarks,
service marks, trade dress, logos, trade names, fictitious names, brand names, brand marks and corporate names, together with all
translations, adaptations, derivations, and combinations thereof and including all goodwill associated therewith, and all applications,
registrations, and renewals in connection therewith, (c) all copyrightable works, all copyrights, and all applications, registrations,
and renewals in connection therewith, (d) all mask works and all applications, registrations, and renewals in connection therewith,
(e) all trade secrets (including research and development, know-how, formulas, compositions, manufacturing and production processes
and techniques, methodologies, technical data, designs, drawings and specifications), (f) all computer software (including data,
source and object codes and related documentation), (g) all other proprietary rights, (h) all copies and tangible embodiments thereof
(in whatever form or medium), or (i) similar intangible personal property which have been or are developed or created in whole
or in part by the Executive (1) at any time and at any place while the Executive is employed by Company and which, in the case
of any or all of the foregoing, are related to and used in connection with the business of the Company or its affiliates, or (2)
as a result of tasks assigned to the Executive by the Company or its affiliates.

 

6.4.3       
“Proprietary Information” means any and all proprietary information developed or acquired by the Company
or any of its subsidiaries or affiliates that has not been specifically authorized to be disclosed. Such Proprietary Information
shall include, but shall not be limited to, the following items and information relating to the following items: (a) all intellectual
property and proprietary rights of the Company (including, without limitation, the Intellectual Property), (b) computer codes and
instructions, processing systems and techniques, inputs and outputs (regardless of the media on which stored or located) and hardware
and software configurations, designs, architecture and interfaces, (c) business research, studies, procedures and costs, (d) financial
data, (e) distribution methods, (f) marketing data, methods, plans and efforts, (g) the identities of actual and prospective suppliers,
(h) the terms of contracts and agreements with, the needs and requirements of, and the Company’s or its affiliates’
course of dealing with, actual or prospective suppliers, (i) personnel information, (j) customer and vendor credit information,
and (k) information received from third parties subject to obligations of non-disclosure or non-use. Failure by the Company or
its affiliates to mark any of the Proprietary Information as confidential or proprietary shall not affect its status as Proprietary
Information.

 

6.5             
Acknowledgements. The Executive acknowledges that the Restrictive Covenants are reasonable and necessary to protect
the legitimate interests of the Company and its affiliates, that the duration and geographic scope of the Restrictive Covenants
are reasonable given the nature of this Agreement and the position the Executive holds within the Company, and that the Company
would not enter into this Agreement or otherwise employ or continue to employ the Executive unless the Executive agrees to be bound
by the Restrictive Covenants set forth in this Section 6.

 

    -9-

     

    

 

6.6             
 Remedies and Enforcement Upon Breach.

 

6.6.1       
Specific Enforcement. The Executive acknowledges that any breach by him, willfully or otherwise, of the Restrictive
Covenants will cause continuing and irreparable injury to the Company or its affiliates for which monetary damages would not be
an adequate remedy. The Executive shall not, in any action or proceeding to enforce any of the provisions of this Agreement, assert
the claim or defense that such an adequate remedy at law exists. In the event of any such breach or threatened breach by the Executive
of any of the Restrictive Covenants, the Company or its affiliates, as applicable, shall be entitled to injunctive or other similar
equitable relief in any court, without any requirement that a bond or other security be posted, and this Agreement shall not in
any way limit remedies of law or in equity otherwise available to the Company and its affiliates.

 

6.6.2       
Judicial Modification. If any court determines that any of the Restrictive Covenants, or any part thereof, is unenforceable
because of the duration or geographical scope of such provision, such court shall have the power to modify such provision and,
in its modified form, such provision shall then be enforceable.

 

6.6.3       
Enforceability. If any court holds the Restrictive Covenants unenforceable by reason of their breadth or scope or
otherwise, it is the intention of the parties hereto that such determination not bar or in any way affect the right of the Company
and its affiliates to the relief provided above in the courts of any other jurisdiction within the geographic scope of such Restrictive
Covenants.

 

6.6.4       
Disclosure of Restrictive Covenants. The Executive agrees to disclose the existence and terms of the Restrictive
Covenants to any employer that the Executive may work for during the Restricted Period.

 

6.6.5       
Extension of Restricted Period. If the Executive breaches Section 6.1 in any respect, the restrictions contained
in that section will be extended for a period equal to the period that the Executive was in breach.

 

7.                 
Miscellaneous.

 

7.1             
Right to Consult Counsel. Executive understands and acknowledges that Executive has the right to consult with counsel
prior to signing this Agreement. Executive further represents that Executive is signing this Agreement freely and voluntarily in
exchange for the benefits provided herein.

 

7.2             
Other Agreements. Executive represents and warrants to the Company that there are no restrictions, agreements or
understandings whatsoever to which he is a party that would prevent or make unlawful his execution of this Agreement, that would
be inconsistent or in conflict with this Agreement or Executive’s obligations hereunder, or that would otherwise prevent,
limit or impair the performance by Executive of his duties under this Agreement.

 

7.3             
Successors and Assigns. The Company may assign this Agreement to any successor to its assets and business by means
of liquidation, dissolution, sale of assets or otherwise. The duties of Executive hereunder are personal to Executive and may not
be assigned by him.

 

    -10-

     

    

 

7.4             
 Governing Law and Enforcement. This Agreement will be governed by and construed in accordance with the laws of the
Commonwealth of Massachusetts, without regard to the principles of conflicts of laws. Any legal proceeding arising out of or relating
to this Agreement will be instituted in a state or federal court in the Commonwealth of Massachusetts, and Executive and the Company
hereby consent to the personal and exclusive jurisdiction of such court(s) and hereby waive any objection(s) that they may have
to personal jurisdiction, the laying of venue of any such proceeding and any claim or defense of inconvenient forum. Notwithstanding
the foregoing, any action that is commenced by either party to resolve any matter arising under Section 6.1 of this Agreement,
shall be commenced only in the Massachusetts Superior Court located in Suffolk County, Massachusetts and the parties each consent
to the jurisdiction of such court.

 

7.5             
Waivers. The waiver by either party of any right hereunder or of any breach by the other party will not be deemed
a waiver of any other right hereunder or of any other breach by the other party. No waiver will be deemed to have occurred unless
set forth in a writing. No waiver will constitute a continuing waiver unless specifically stated, and any waiver will operate only
as to the specific term or condition waived.

 

7.6             
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective
and valid under applicable law. However, if any provision of this Agreement is held to be invalid, illegal or enforceable in any
respect, such invalidity, illegality or unenforceability will not affect any other provision, and this Agreement will be reformed,
construed and enforced as though the invalid, illegal or unenforceable provision had never been herein contained.

 

7.7             
Survival. This Agreement will survive the cessation of Executive’s employment to the extent necessary to fulfill
the purposes and intent the Agreement.

 

7.8             
Notices. Any notice or communication required or permitted under this Agreement will be made in writing and (a) sent
by overnight courier, (b) mailed by overnight U.S. express mail, return receipt requested or (c) sent by telecopier. Any notice
or communication to Executive will be sent to the address contained in his personnel file. Any notice or communication to the Company
will be sent to the Company’s principal executive offices, to the attention of its Chief Executive Officer. Notwithstanding
the foregoing, either party may change the address for notices or communications hereunder by providing written notice to the other
in the manner specified in this paragraph.

 

7.9             
Entire Agreement; Amendments. This Agreement contains the entire agreement and understanding of the parties hereto
relating to the subject matter hereof, and merges and supersedes all prior and contemporaneous discussions, agreements and understandings
of every nature relating to that subject matter (including, without limitation, the Existing Agreement). This Agreement may not
be changed or modified, except by an agreement in writing signed by each of the parties hereto.

 

7.10         
Withholding. All payments (or transfers of property) to Executive will be subject to tax withholding to the extent
required by applicable law.

 

    -11-

     

    

 

7.11         
 Section Headings. The headings of sections and paragraphs of this Agreement are inserted for convenience only and
will not in any way affect the meaning or construction of any provision of this Agreement.

 

7.12         
Counterparts; Facsimile. This Agreement may be executed in multiple counterparts (including by facsimile signature),
each of which will be deemed to be an original, but all of which together will constitute but one and the same instrument. Counterparts
may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall
be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

<remainder of page intentionally left
blank; signature page follows>

 

    -12-

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Agreement to be executed by its duly authorized officer, and Executive has executed this Agreement,
on the date(s) indicated below.

 

	 	COLLEGIUM PHARMACEUTICAL,
    INC.
	 	 
	 	By:	/s/ Paul Brannelly                            
	 	 	 
	 	Name:	Paul Brannelly
	 	 	 
	 	Title:	CFO
	 	 	 
	 	Date:	12/27/2020
	 	 
	 	SCOTT DREYER
	 	 
	 	/s/ Scott Dreyer
	 	 
	 	Date:	12/24/2020

 

[Signature Page to Employment Agreement]

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