Document:

albo_Ex10_1

		
			Exhibit 10.1
		

		
			 
		

		
			AMENDED AND RESTATED EMPLOYMENT AGREEMENT
		

		
			This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into effective as of March 6, 2019 (the “Effective Date”) by and between Albireo Pharma, Inc., a Delaware corporation (the “Company”), and Ron Cooper (the “Executive”).
		

		
			RECITALS
		

		
			WHEREAS, the Company and Executive previously entered into that certain Employment Agreement, dated July 27, 2015 (the “Original Employment Agreement”);
		

		
			WHEREAS, the Company and the Executive desire to amend and restate the Original Employment Agreement; and
		

		
			WHEREAS, the Company desires to continue to employ the Executive and the Executive desires to continue to be employed on the terms and conditions set forth in this Agreement.
		

		
			NOW THEREFORE, in consideration of the foregoing premises and the mutual promises, terms, provisions and conditions set forth in this Agreement, the parties hereby agree:
		

		
			1.          Employment. The Executive’s employment commenced on or about July 11, 2015.
		

		
			2.          Term. This Agreement will continue in effect until terminated in accordance with Section 5. The term of this Agreement is hereafter referred to as the “Term.” The effective date of Executive’s termination of employment with the Company is hereafter referred to as the “Termination Date.”
		

		
			3.          Duties and Performance.
		

		
			(a)         During the Term, the Executive shall serve the Company as its President and Chief Executive Officer. In addition, and without further compensation, the Executive shall serve as a director and/or officer of the Company and/or one or more of the Company’s Affiliates to the extent so elected or appointed from time to time.
		

		
			(b)         During the Term, the Executive shall be employed by the Company on a full-time basis and shall perform the duties and responsibilities of his position and such other duties and responsibilities on behalf of the Company and its Affiliates as reasonably may be designated from time to time by the Company’s Board of Directors (the “Board”). The Executive’s principal work location shall be in Boston, Massachusetts, subject to such business travel as is customary for Executive’s position and, in particular, regular travel to the offices of the Company’s Affiliate in Sweden.
		

		
			(c)         During the Term, the Executive shall devote his full business time and his best efforts, business judgment, skill and knowledge exclusively to the advancement of the business and interests of the Company and its Affiliates and to the discharge of his duties and responsibilities hereunder. The Executive shall not engage in any other business activity or serve in any industry, trade, professional, governmental or academic position during the term of this Agreement, except as may be expressly approved in advance by the Board in writing; provided, however, that the Executive may without advance consent (i) participate in charitable activities and passive personal investment activities, and (ii) serve on one outside board (which may be the board of a publicly traded company) during the first year of employment (and, thereafter, such additional boards, as may be expressly approved in advance by the Board in writing); provided that such activities do not, individually or in the aggregate: (i) interfere with the performance of
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			 
		

		
			the Executive’s duties under this Agreement; (ii) conflict with the business interests of the Company or any of its Affiliates; and (iii) violate Sections 7, 8 and 9 of this Agreement.
		

		
			(d)         During the Term, the Executive shall comply with all Company policies, practices, and procedures and all codes of ethics or business conduct applicable to the Executive’s position, as in effect from time to time.
		

		
			4.          Compensation and Benefits. As compensation for all services performed by the Executive hereunder during the Term, and subject to performance of the Executive’s duties and responsibilities to the Company and its Affiliates, pursuant to this Agreement or otherwise:
		

		
			(a)         Base Salary. During the Term, the Company shall pay the Executive a base salary at a rate of $551,000 per year as of the Effective Date (the “Base Salary”), payable in accordance with the normal payroll practices of the Company as in effect from time to time.
		

		
			(b)         Annual Bonus Compensation. For each full fiscal year completed during the Term, the Executive shall be eligible to participate in an annual bonus plan provided by the Company. The Executive’s annual target bonus opportunity shall be fifty percent (50%) of the Base Salary (the “Target Bonus”), with the actual amount of the bonus, if any, to be determined by the Board or the Compensation Committee of the Board, in accordance with applicable performance criteria reasonably established by the Board. In order to earn an annual bonus under this Section 4(b) for any fiscal year, the Executive must be employed by the Company on the last date of the applicable fiscal year. Any annual bonus payable hereunder will be paid at the same time as such bonuses are paid to similarly situated Company executives, but in no event later than two and one-half months following the end of the fiscal year for which the bonus is earned.
		

		
			(c)         Employee Benefit Plans. During the Term, the Executive shall be eligible to participate in such employee benefit plans from time to time in effect for similarly-situated employees of the Company, which may include short-term disability, long term disability, and 401(k) retirement savings plans, except to the extent any employee benefit plan provides for benefits otherwise provided to the Executive hereunder (e.g., a severance pay plan). Such participation shall be subject to (i) the terms of the applicable plan documents and (ii) generally applicable Company policies. The Executive shall have no recourse against the Company in the event that the Company should alter, modify, add to or eliminate any or all of its employee benefit plans.
		

		
			(d)         Business Expenses. The Company shall pay or reimburse the Executive for reasonable, customary, and necessary business expenses incurred or paid by the Executive in the performance of his duties and responsibilities hereunder, subject to such reasonable substantiation and documentation and to travel and other policies as may be required by the Company from time to time.
		

		
			5.          Termination of Employment; Severance Benefits. The Executive’s employment shall terminate under the following circumstances:
		

		
			(a)         Death. In the event of the Executive’s death during the Term, the date of death shall be the Termination Date and the Company shall pay or provide to the Executive’s designated beneficiary or, if no beneficiary has been designated by the Executive in a notice received by the Company, to his estate: (i) any Base Salary earned but not paid through the Termination Date; (ii) any business expenses incurred by the Executive but unreimbursed on the Termination Date, provided that such expenses and required substantiation and documentation are submitted within sixty (60) days following the Termination Date, that such expenses are reimbursable under Company policy, and that any such expenses subject to Section 5(h)(iv) shall be paid not later than the deadline specified therein; and (iii) any annual
		

		
			
		

		
			

		 

		

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			bonus earned but not paid for the fiscal year preceding the fiscal year in which the Termination Date occurs (all of the foregoing, payable subject to the timing limitations described herein, the “Final Compensation”). In addition, in the event of the Executive’s termination due to death, the Company shall pay or provide to the Executive’s designated beneficiary or, if no beneficiary has been designated by the Executive in a notice received by the Company, to his estate, at the time when bonuses are payable to executives of the Company generally, a pro-rata portion of the Executive’s annual bonus for the fiscal year in which the date of termination occurs, based on actual performance through the end of such fiscal year and determined in accordance with Section 4(b) hereof (the “Pro-Rata Bonus”). The Pro-Rata Bonus shall be paid to the Executive at such time when bonuses are paid to executives of the Company generally. Other than the Final Compensation, the Company shall have no further obligation or liability to the Executive. Other than business expenses described in Section 5(a)(ii), the Final Compensation shall be paid to the Executive’s designated beneficiary or estate at the time prescribed by applicable law and in all events within thirty (30) days following the Termination Date.
		

		
			(b)         Disability.
		

		
			(i)          The Company may terminate the Executive’s employment, upon notice to the Executive, in the event that the Executive becomes disabled during his employment hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform substantially all of his duties and responsibilities hereunder (notwithstanding the provision of any reasonable accommodation) for one hundred and eighty (180) days during any period of three hundred and sixty-five (365) consecutive calendar days, whether or not consecutive. In the event of such termination, the Company shall have no further obligation or liability to the Executive, other than for payment of the Final Compensation due the Executive. In addition, in the event of the Executive’s termination due to Disability, the Company shall pay or provide to the Executive the Pro-Rata Bonus.  The Pro-Rata Bonus shall be paid to the Executive at such time when bonuses are paid to executives of the Company generally. Other than business expenses described in Section 5(a)(ii), the Final Compensation shall be paid to the Executive at the time prescribed by applicable law and in all events within thirty (30) days following the Termination Date.
		

		
			(ii)         The Board may designate another employee to act in the Executive’s place during any period of the Executive’s disability.  Notwithstanding any such designation, the Executive shall continue to receive the Base Salary in accordance with Section 4(a) and to participate in Employee Benefit Plans in accordance with Section 4(d), to the extent permitted by the then-current terms of the applicable Employee Benefit Plans, until the Executive becomes eligible for disability income benefits under the Company’s disability income plan, if any, or until the termination of his employment, whichever shall first occur.  While receiving disability income payments under any Company’s disability income plan, the Executive shall not be entitled to receive any Base Salary under Section 4(a) hereof, but shall continue to participate in the Employee Benefit Plans in accordance with Section 4(c) and to the extent permitted by and subject to the then-current terms of such plans, until the termination of his employment hereunder.
		

		
			(iii)       If any question shall arise as to whether the Executive is disabled through any illness, injury, accident or condition of either a physical or psychological nature so as to be unable to perform substantially all of his duties and responsibilities hereunder, the Executive may, and at the request of the Company shall, submit to a medical examination by a physician selected by the Company to whom the Executive or his duly appointed guardian, if any, has no reasonable objection, to determine whether the Executive is disabled, and such determination shall for the purposes of this Agreement be conclusive. If such question shall arise and the Executive shall fail to submit to such medical examination, the Company’s determination of the issue shall be binding on the Executive.
		

		
			
		

		
			

		 

		

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			(c)         By the Company for Cause. The Company may terminate the Executive’s employment for Cause at any time upon notice to the Executive setting forth in reasonable detail the nature of such Cause. The following, as determined by the Board in its reasonable judgment, shall constitute Cause for termination:
		

		
			(i)          The Executive’s willful failure to perform, or gross negligence in the performance of, the Executive’s material duties and responsibilities to the Company or any of its Affiliates that, if capable of cure, is not cured within thirty (30) days of written notice of such failure or negligence by the Company to the Executive; provided, that the Company will not have to provide more than one notice and opportunity to cure with respect to any multiple, repeated, related or substantially similar events or circumstances;
		

		
			(ii)         Conduct by the Executive that constitutes fraud, embezzlement or other material dishonesty with respect to the Company or any of its Affiliates;
		

		
			(iii)        The Executive’s commission of, or plea of nolo contendere to, (A) a felony or (B) other crime involving moral turpitude; or
		

		
			(iv)        The Executive’s material breach of this Agreement, any material written policies of the Company, or any other agreement between the Executive and the Company or any of its Affiliates or of any fiduciary duty that the Executive has to the Company or any of its Affiliates that, if capable of cure, is not cured within thirty (30) days of written notice of such breach by the Company to the Executive; provided, that the Company will not have to provide more than one notice and opportunity to cure with respect to any multiple, repeated, related or substantially similar events or circumstances.
		

		
			Upon the giving of notice of termination of the Executive’s employment hereunder for Cause, the Company shall have no further obligation or liability to the Executive, other than for the Final Compensation due to the Executive. Other than business expenses described in Section 5(a)(ii), the Final Compensation shall be paid to the Executive at the time prescribed by applicable law and in all events within thirty (30) days following the Termination Date.
		

		
			(d)         By the Company without Cause. The Company may terminate the Executive’s employment hereunder without Cause at any time upon notice to the Executive. In the event of such termination at a time other than during the twelve (12) month period following a Change of Control (as defined in the Company’s 2018 Equity Incentive Plan, as may be amended from time to time), in addition to the Final Compensation due to the Executive, the Company will pay or provide the Executive the following (the “Severance Benefits”):
		

		
			(i)          the Company will continue to pay the Executive severance pay, at the same monthly rate as the Base Salary, for the twelve (12) month period following the Termination Date (the “Severance Period”);
		

		
			(ii)         the Company will pay the Executive an amount equal to his then current Target Bonus, payable in substantially equal monthly installments during the Severance Period;
		

		
			(iii)        the Company shall pay or provide to the Executive the Pro-Rata Bonus.  The Pro-Rata Bonus shall be paid to the Executive at such time when bonuses are paid to executives of the Company generally; and
		

		
			(iv)        during the Severance Period, provided the Executive elects and remains eligible for COBRA (or mini-COBRA), pay the Executive a monthly taxable amount equal to the portion
		

		
			
		

		
			

		 

		

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			of the Executive’s health insurance premiums that the Company paid immediately prior to the Termination Date.
		

		
			Other than business expenses described in Section 5(a)(ii), the Final Compensation shall be paid to the Executive at the time prescribed by applicable law and in all events within thirty (30) days following the Termination Date. Any obligation of the Company to provide the Severance Benefits is conditioned, however, on the Executive signing and returning to the Company (without revoking) a timely and effective general release of claims in the form provided by the Company by the deadline specified therein, all of which (including the lapse of the period for revoking the release of claims as specified in the release of claims) shall have occurred no later than the sixtieth (60th) calendar day following the date of termination (any such separation agreement submitted by such deadline, the “Release of Claims”) and on the Executive’s continued compliance in material respects with the obligations of the Executive to the Company and its Affiliates that survive termination of his employment, including without limitation under Sections 7, 8 and 9 of this Agreement. Subject to Section 5(h) below, all Severance Benefits to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company, with the first payment, which shall be retroactive to the day immediately following the Termination Date, being due and payable on the Company’s next regular payday for executives that follows the effective date of the Release of Claims. Notwithstanding the foregoing, if the time period to consider, return and revoke the Release of Claims covers two of the Executive’s taxable years, any portion of the Severance Benefits that constitutes deferred compensation subject to Section 409A (as defined below) shall in all events be paid in the later taxable year. The Release of Claims required for Severance Benefits in accordance with this Section 5(d) creates legally binding obligations on the part of the Executive and the Company therefore advises the Executive to seek the advice of an attorney before signing the Release of Claims.
		

		
			(e)         By the Executive for Good Reason. The Executive may terminate his employment for Good Reason by (A) providing notice to the Company specifying in reasonable detail the condition giving rise to the Good Reason no later than the thirtieth (30th) day following the occurrence of that condition; (B) providing the Company a period of thirty (30) days to remedy the condition and so specifying in the notice; and (C) terminating his employment for Good Reason within thirty (30) days following the expiration of the period to remedy if the Company fails to remedy the condition. The following, if occurring without the Executive’s consent, shall constitute “Good Reason” for termination by the Executive:
		

		
			(i)          a material diminution in the nature or scope of the Executive’s title, duties, authority or responsibilities;
		

		
			(ii)         a requirement that the Executive report to any person other than the Board;
		

		
			(iii)        a requirement that the Executive relocate his principal work location to a location more than thirty (30) miles outside of Boston, Massachusetts; or
		

		
			(iv)        a material reduction in Base Salary, which for purposes of this Agreement shall mean a reduction of more than fifteen percent (15%) in the aggregate.
		

		
			In the event of a termination of employment in accordance with this Section 5(e) at a time other than during the twelve (12) month period following a Change of Control, the Executive will be entitled to receive the Severance Benefits he would have been entitled to receive had he been terminated by the Company without Cause pursuant to Section 5(d) above, provided that the Executive signs and returns (without revoking) a timely and effective Release of Claims as set forth in Section 5(d).
		

		
			(f)         By the Executive without Good Reason. The Executive may terminate his employment hereunder at any time upon thirty (30) days’ prior written notice to the Company. In the event
		

		
			
		

		
			

		 

		

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			of termination of the Executive’s employment in accordance with this Section 5(f), the Board may elect to waive the period of notice, or any portion thereof, and, if the Board so elects, the Company will pay the Executive the Base Salary for the period so waived. The Company shall also pay the Executive the Final Compensation due to him (other than business expenses described in Section 5(a)(ii)) at the time prescribed by applicable law and in all events within thirty (30) days following the Termination Date.
		

		
			(g)         Termination Following a Change of Control. In the event of a termination of the Executive’s employment within twelve (12) months following a Change of Control either by the Company without Cause (in accordance with Section 5(d)) or by the Executive for Good Reason (in accordance with Section 5(e)) and provided that the Executive signs and returns (without revoking) a timely and effective Release of Claims as set forth in Section 5(d):
		

		
			(i)          The Executive will be entitled to receive the Severance Benefits he would have been entitled to receive had he been terminated by the Company without Cause pursuant to Section 5(d) above, except that the Severance Period shall equal the eighteen (18) month period following the Termination Date; and
		

		
			(ii)         Notwithstanding anything to the contrary, including, without limitation, the Equity Plan or any subsequent equity plan, all equity awards held by the Executive that are outstanding prior to the Change of Control shall, to the extent unvested or subject to vesting-like restrictions, be fully vested and exercisable (and any vesting-like restrictions shall lapse in full). The foregoing sentence shall be (A) deemed incorporated into each option agreement or similar agreement evidencing awards made to the Executive after the Effective Date and (B) without prejudice to the Executive’s right to any earlier acceleration of vesting, continued period of vesting or post-termination rights for the Executive provided for in the applicable plan or program under which such equity award was granted or under applicable law.
		

		
			The Company shall also pay the Executive the Final Compensation due to him (other than business expenses described in Section 5(a)(ii)) at the time prescribed by applicable law and in all events within thirty (30) days following the Termination Date.
		

		
			(h)         Timing of Payments and Section 409A.
		

		
			(i)          This Agreement and any payments or benefits provided hereunder shall be interpreted, operated and administered in a manner intended to avoid the imposition of additional taxes under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Further, the Company and Executive hereto acknowledge and agree that the form and timing of the payments and benefits to be provided pursuant to this Agreement are intended to be exempt from, or to comply with, one or more exceptions to the requirements of Section 409A of the Code (“Section 409A”). Notwithstanding anything to the contrary in this Agreement, if at the time of the Executive’s termination of employment, the Executive is a “specified employee,” as defined below, any and all amounts payable under this Section 5 or Section 9(a) on account of such separation from service that constitute deferred compensation and would (but for this provision) be payable within six (6) months following the date of termination, shall instead be paid on the next business day following the expiration of such six (6) month period or, if earlier, upon the Executive’s death; except (A) to the extent of amounts that do not constitute a deferral of compensation within the meaning of Treasury regulation Section 1.409A-1(b) (including without limitation by reason of the safe harbor set forth in Section 1.409A-1(b)(9)(iii), as determined by the Company in its reasonable good faith discretion); (B) benefits that qualify as excepted welfare benefits pursuant to Treasury regulation Section 1.409A-1(a)(5); or (C) other amounts or benefits that are not subject to the requirements of Section 409A.
		

		
			
		

		
			

		 

		

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			(ii)         For purposes of this Agreement, all references to “termination of employment” and correlative phrases shall be construed to require a “separation from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein), and the term “specified employee” means an individual determined by the Company to be a specified employee under Treasury regulation Section 1.409A-1(i).
		

		
			(iii)        Each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments.
		

		
			(iv)        Any payment of or reimbursement for expenses that would constitute nonqualified deferred compensation subject to Section 409A shall be subject to the following additional rules: (i) no reimbursement or payment of any such expense shall affect the Executive’s right to reimbursement or payment of any such expense in any other calendar year; (ii) reimbursement or payment of the expense shall be made, if at all, promptly, but not later than the end of the calendar year following the calendar year in which the expense was incurred; and (iii) the right to reimbursement or payment shall not be subject to liquidation or exchange for any other benefit.
		

		
			(v)         In no event shall the Company have any liability relating to the failure or alleged failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of Section 409A.
		

		
			(i)          Exclusive Right to Severance. The Executive agrees that the Severance Benefits to be provided to him in accordance with the terms and conditions set forth in this Agreement are intended to be exclusive with respect to severance or termination pay and post-employment employee benefits. The Executive hereby knowingly and voluntarily waives any right he might otherwise have to participate in or receive benefits under any other plan, program or policy of the Company providing for severance or termination pay or benefits.
		

		
			6.          Effect of Termination. The provisions of this Section 6 shall apply to any termination of the Executive’s employment under this Agreement, whether pursuant to Section 5 or otherwise.
		

		
			(a)         Provision by the Company of Final Compensation and Severance Benefits, if any, that are due the Executive in each case under the applicable termination provision of Section 5 shall constitute the entire obligation of the Company to the Executive with respect to severance or termination pay and post-employment employee benefits.
		

		
			(b)         Except for any right of the Executive to continue group health plan participation in accordance with applicable law, the Executive’s participation in all employee benefit plans shall terminate pursuant to the terms of the applicable plan documents based on the date of termination of the Executive’s employment without regard to any Base Salary for notice waived pursuant to Section 5(f) hereof or to any Severance Benefits or other payment made to or on behalf of the Executive following such date of termination.
		

		
			(c)         Provisions of this Agreement shall survive any termination of the Executive’s employment if so provided herein or if necessary or desirable fully to accomplish the purposes of other surviving provisions, including without limitation the obligations of the Executive under Sections 7, 8 and 9. The obligation of the Company to provide Severance Benefits hereunder, and Executive’s right to retain such payments, is expressly conditioned on the Executive’s continued compliance in all material respects with Sections 7, 8 and 9. The Executive recognizes that, except as expressly provided in Sections 5(d), 5(e),
		

		
			
		

		
			

		 

		

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			and 5(g) or with respect to Base Salary paid for notice waived pursuant to Section 5(f), no cash compensation or benefits will be earned after termination of employment.
		

		
			7.          Confidential Information.
		

		
			(a)         The Executive acknowledges that the Company and its Affiliates continually develop Confidential Information, that the Executive will develop Confidential Information for the Company or its Affiliates and that the Executive will learn of Confidential Information during the course of employment. All Confidential Information which the Executive creates or to which he has access as a result of his employment or other associations with the Company or any of its Affiliates is and shall remain the sole and exclusive property of the Company or its Affiliate, as applicable. The Executive shall comply with the policies and procedures of the Company and its Affiliates for protecting Confidential Information and shall never disclose to any Person (except as required by applicable law or for the proper performance of his duties and responsibilities to the Company and its Affiliates), or use for his own benefit or gain or the benefit or gain of any other Person, any Confidential Information obtained by the Executive incident to his employment or any other association with the Company or any of its Affiliates. The Executive understands that this restriction shall continue to apply after his employment terminates, regardless of the reason for such termination. Further, the Executive shall furnish prompt notice to the Company of any required disclosure of Confidential Information sought pursuant to subpoena, court order or any other legal process or requirement, and provide the Company a reasonable opportunity to seek protection of the Confidential Information prior to any such disclosure. The confidentiality obligation under this Section 7 shall not apply to information that has become generally known through no wrongful act on the part of the Executive or any other Person having an obligation of confidentiality to the Company or any of its Affiliates. Nothing in this Agreement limits, restricts or in any other way affects the Executive from communicating with any governmental agency or entity, or communicating with any official or staff person of a governmental agency or entity, concerning matters relevant to the governmental agency or entity.
		

		
			(b)         All documents, records, tapes and other media of every kind and description relating to the business, present or otherwise, of the Company or any of its Affiliates and any copies or derivatives (including without limitation electronic), in whole or in part, thereof (the “Documents”), whether or not prepared by the Executive, shall be the sole and exclusive property of the Company and its Affiliates. Except in the proper performance of the Executive’s regular duties for the Company or as expressly authorized in writing in advance by the Board or its expressly authorized designee, the Executive will not copy any Documents or remove any Documents or copies or derivatives thereof from the premises of the Company. The Executive shall safeguard all Documents and shall surrender to the Company at the time his employment terminates, and at such earlier time or times as the Board or its designee may specify, all Documents and other property of the Company or any of its Affiliates and all documents, records and files of the customers and other Persons with whom the Company or any of its Affiliates does business (“Third Party Documents”) and each individually a “Third Party Document”) then in the Executive’s possession or control; provided, however, that if a Document or Third-Party Document is on electronic media, the Executive may, in lieu of surrendering the Document or Third-Party Document, provide a copy to the Company on electronic media and delete and overwrite all other electronic media copies thereof. Upon request of any duly authorized officer of the Company, the Executive shall disclose all passwords and passcodes necessary or desirable to enable the Company or any of its Affiliates or the Persons with whom the Company or any of its Affiliates do business to obtain access to the Documents and Third-Party Documents.
		

		
			(c)         Under the Defend Trade Secrets Act of 2016, the Company hereby provides notice and Executive hereby acknowledges that Executive may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (B) is solely
		

		
			
		

		
			

		 

		

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			for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.
		

		
			8.          Assignment of Rights to Intellectual Property. The Executive shall promptly and fully disclose all Intellectual Property to the Company. The Executive hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) the Executive’s full right, title and interest in and to all Intellectual Property. The Executive shall execute any and all applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of instruments of further assurance or confirmation) requested by the Company to assign the Intellectual Property to the Company (or as otherwise directed by the Company) and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Intellectual Property. The Executive will not charge the Company for time spent in complying with these obligations. All copyrightable works that the Executive creates shall be considered “work made for hire” and shall, upon creation, be owned exclusively by the Company.
		

		
			9.          Restricted Activities. The Executive agrees that the following restrictions on his activities during and after his employment are necessary to protect the goodwill, Confidential Information and other legitimate interests of the Company and its Affiliates:
		

		
			(a)         During the Term and during the twelve (12) month period following the date of the Executive’s termination of employment either by the Company for Restricted Cause (as defined below) or by the Executive for any reason (such period, the “Non-Compete Period”), the Executive shall not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise: (x) control or own any interest in a Person that engages in the Competitive Business in the Restricted Area; or (y) render any services to, or engage in any activities for, any Person that engages in the Competitive Business in the Restricted Area. Nothing in this Section 9(a), however, shall prevent the Executive’s passive ownership of two (2) percent or less of the equity securities of any publicly traded company.
		

		
			(i)          In consideration of the Executive’s agreement not to compete under this Section 9(a), the Company shall pay the Executive, on a pro-rata basis, an amount equal to fifty (50%) of the Executive’s then-current Base Salary, reduced by any Severance Benefits the Executive is eligible to receive from the Company, if any (such payments, the “Non-Compete Payments”). The Company, in its sole discretion, may elect at any time prior to the Termination Date to waive the restrictions set forth in Section 9(a), which such waiver shall automatically terminate the Company’s obligations to compensate the Executive under this Section 9(a)(i). The Executive agrees that nothing in this Section 9(a)(i) gives the Executive an election as to his compliance with Section 9(a). Any obligation of the Company to provide the Non-Compete Payments is conditioned on the Executive signing and returning to the Company (without revoking) a timely and effective Release of Claims as set forth in Section 5(d).
		

		
			(ii)         If the Executive breaches any obligations under Section 9(a) at any time during the Non-Compete Period, then, in addition to any other remedies that the Company may have against the Executive, the Executive shall no longer be entitled to the Non-Compete Payments and shall be obligated to immediately return any and all payments made to the Executive pursuant to Section 9(a)(i).
		

		
			(iii)        For purposes of this Agreement, the “Competitive Business” means the business of developing, marketing or selling (i) therapeutic drugs to treat liver disease or constipation or (ii) any other drug that has a therapeutic purpose that is the same or substantially similar to the therapeutic purpose of any drug that the Company or any of its Affiliates is developing, marketing or selling during the Executive’s employment with the Company or, with respect to the portion of the Non-Compete Period that follows termination of the Executive’s employment, at the time of such termination.
		

		
			
		

		
			

		 

		

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			(iv)        For purposes of this Agreement, “Restricted Cause” means the Board’s determination, in its reasonable judgement, that: (A) the Executive failed to materially perform his duties; (B) the Executive acted or failed to act in any way that materially injures the Company; or (C) there exists any reason constituting Cause.
		

		
			(v)         For purposes of this Agreement, the “Restricted Area” means any geographic area in which the Company or any of its Affiliates engages in any business activity or is actively planning to engage in any business activity at any time during the Executive’s employment with the Company or, with respect to the portion of the Non-Compete Period that follows termination of the Executive’s employment, at the time of such termination.
		

		
			(b)         During the Term, the Executive shall not, directly or indirectly, undertake any outside activity, whether or not competitive with the business of the Company or its Affiliates that could reasonably give rise to a conflict of interest or otherwise interfere with any of his duties for, or obligations to, the Company or any of its Affiliates.
		

		
			(c)         During the Term and during the twelve (12) month period following the Termination Date (the “Nonsolicitation Period”), regardless of the reason for such termination, the Executive shall not, directly or indirectly: (i) solicit or encourage any customer, client, business partner, or other business relation of the Company or any of its Affiliates (each, a “Business Relationship”) to terminate or diminish its relationship with them; or (ii) seek to persuade any Business Relationship or any prospective Business Relationship to conduct with anyone other than the Company or any of its Affiliates any business or activity which such Business Relationship conducts, or such prospective Business Relationship could conduct, with the Company or any of its Affiliates; provided, however, that these restrictions shall apply (A) only with respect to those Persons who are or have been a Business Relationship at any time within the immediately preceding two (2)-year period or whose business has been solicited on behalf of the Company or any of the Affiliates by any of their officers, employees or agents within such two (2)-year period, other than by form letter, blanket mailing or published advertisement, and (B) only if the Executive has performed work for such Person during his employment with the Company or one of its Affiliates or been introduced to, or otherwise had contact with, such Person as a result of his employment or other associations with the Company or one of its Affiliates or has had access to Confidential Information which would assist in the Executive’s solicitation of such Person.
		

		
			(d)         During the Nonsolicitation Period (excluding any activities undertaken on behalf of the Company or any of its Affiliates in the course of his duties hereunder), the Executive shall not, directly or indirectly, and will not assist any other Person to: (i) hire, engage or solicit for hiring or engagement any employee of the Company or any of its Affiliates or seek to persuade any employee of the Company or any of its Affiliates to discontinue employment; or (ii) solicit or encourage any independent contractor providing services to the Company or any of its Affiliates to terminate or diminish its relationship with them; provided, however, that these restrictions shall apply only to employees and independent contractors who have provided services to the Company or any of its Affiliates at any time within the immediately preceding two-(2) year period.
		

		
			10.        Enforcement of Covenants. The Executive acknowledges that he was provided with at least ten (10) days to carefully read and consider all the terms and conditions of this Agreement, including the restraints imposed upon him pursuant to Sections 7, 8 and 9, and has had the opportunity to consult with legal counsel of Executive’s choosing regarding such terms and conditions. The Executive agrees without reservation that each of the restraints contained herein is necessary for the reasonable and proper protection of the goodwill, Confidential Information and other legitimate interests of the Company and its Affiliates; that each and every one of these restraints is reasonable in respect to subject matter, length of time and geographic area; and that these restraints, individually or in the aggregate, will not prevent him from
		

		
			
		

		
			

		 

		

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			obtaining other suitable employment during the period in which the Executive is bound by them. The Executive further agrees that he will never assert, or permit to be asserted on his behalf, in any forum, any position contrary to the foregoing. The Executive further acknowledges that, were he to breach any of the covenants contained in Sections 7, 8 or 9, the damage to the Company and its Affiliates would be irreparable. The Executive therefore agrees that the Company, in addition to any other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against any breach or threatened breach by the Executive of any of said covenants, without having to post bond, and will additionally be entitled to an award of attorney’s fees incurred in connection with securing any relief hereunder. The parties further agree that, in the event that any provision of Section 7, 8 or 9 shall be determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, such provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law. The Executive agrees that the Nonsolicitation Period shall be tolled, and shall not run, during any period of time in which he is in violation of the terms thereof, in order that the Company and its Affiliates shall have all of the agreed-upon temporal protection recited herein. No breach of any provision of this Agreement by the Company, or any other claimed breach of contract or violation of law, or change in the nature or scope of the Executive’s employment relationship with the Company, shall operate to extinguish the Executive’s obligation to comply with Sections 7, 8 and 9. Each of the Company’s Affiliates shall have the right to enforce all of the Executive’s obligations to that Affiliate under this Agreement, including without limitation pursuant to Section 7, 8 or 9.
		

		
			11.        No Conflicting Agreements. The Executive hereby represents and warrants that the execution of this Agreement and the performance of his obligations hereunder will not breach or be in conflict with any other agreement to which the Executive is a party or is bound and that the Executive is not now subject to any covenants against competition or similar covenants or any other obligations to any Person or to any court order, judgment or decree that would affect the performance of his obligations hereunder. The Executive will not disclose to or use on behalf of the Company any proprietary information of a third party without such party’s consent.
		

		
			12.        Definitions. Capitalized words or phrases shall have the meanings provided in this Section 12 and as provided elsewhere herein:
		

		
			(a)         “Affiliate” means any person or entity directly or indirectly controlling, controlled by or under common control with the Company, where control may be by either management authority or equity interest.
		

		
			(b)         “Code” means the Internal Revenue Code of 1986, as amended.
		

		
			(c)         “Confidential Information” means any and all information of the Company and its Affiliates that is not generally available to the public, and any and all information, publicly known in whole or in part or not, which, if disclosed by the Company or any of its Affiliates, would assist in competition against any of them. Confidential Information includes without limitation such information relating to (i) the development, research, testing, manufacturing, marketing and financial activities of the Company and its Affiliates, (ii) the Products, (iii) the costs, sources of supply, financial performance and strategic plans of the Company and its Affiliates, (iv) the identity and special needs of the patients of the Company and its Affiliates and (v) the people and organizations with whom the Company and its Affiliates have business relationships and the nature and substance of those relationships. Confidential Information also includes information that the Company or any of its Affiliates has received, or may receive hereafter, belonging to others or that was received by the Company or any of its Affiliates with any understanding, express or implied, that it would not be disclosed.
		

		
			
		

		
			

		 

		

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			(d)         “Intellectual Property” means inventions, discoveries, developments, methods, processes, compositions, works, concepts and ideas (whether or not patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by the Executive (whether alone or with others, whether or not during normal business hours or on or off Company premises) during the Executive’s employment and during the period of six (6) months immediately following termination of his employment that relate either to the Products or to any prospective activity of the Company or any of its Affiliates or that result from any work performed by the Executive for the Company or any of its Affiliates or that make use of Confidential Information or any of the equipment or facilities of the Company or any of its Affiliates.
		

		
			(e)         “Person” means a natural person, a corporation, a limited liability company, an association, a partnership, an estate, a trust and any other entity or organization, other than the Company or any of its Affiliates.
		

		
			(f)         “Products” means all products planned, researched, developed, tested, sold, licensed, leased, or otherwise distributed or put into use by the Company or any of its Affiliates, together with all services provided or otherwise planned by the Company or any of its Affiliates, during the Executive’s employment.
		

		
			13.        Withholding. All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company under applicable law.
		

		
			14.        Section 280G.
		

		
			(a)         In the event that the Company undergoes a “change in ownership or control” (within the meaning of Section 280G of the Code and the regulations and guidance promulgated thereunder (“Section 280G”)) and all, or any portion, of the payments provided under this Agreement, either alone or together with other payments or benefits which the Executive receives or is entitled to receive from the Company (collectively, the “Total Payments”), could constitute an “excess parachute payment” within the meaning of Section 280G, then the Executive shall be entitled to receive (i) an amount limited (to the minimum extent necessary) so that no portion of the Total Payments shall be non-deductible for US federal income taxes by reason of Section 280G (the “Limited Amount”), or (ii) if the amount of the Total Payments (without regard to clause (i)) reduced by the excise tax imposed by Section 4999 of the Code (the “Excise Tax”) and the amount of all other applicable federal, state and local taxes (with income taxes all computed at the highest applicable marginal rate) is greater than the Limited Amount reduced by the amount of all taxes applicable thereto (with income taxes all computed at the highest marginal rate), the amount of the Total Payments otherwise payable without regard to clause (i). If it is determined that the Limited Amount will maximize the Employee’s after-tax proceeds, the Total Payments shall be reduced to equal the Limited Amount in the following order: (i) first, by reducing cash severance payments that are exempt from Section 409A, (ii) second, by reducing other payments and benefits that are exempt from Section 409A and to which Q&A 24(c) of Section 1.280G-1 of the Treasury Regulations does not apply, (iii) third, by reducing all remaining payments and benefits that are exempt from Section 409A and (iv) finally, by reducing payments and benefits that are subject to Section 409A, in each case, with all such reductions done on a pro rata basis.
		

		
			(b)         All determinations made pursuant this Section 14 will be made at the Company’s or its Affiliates’ expense by an accounting firm or consulting group with experience in performing calculations regarding the applicability of Section 280G and Section 4999 of the Code selected by the Company for such purpose (the “Independent Advisors”). For purposes of such determinations, no portion of the Total Payments shall be taken into account which, in the opinion of the Company and its legal advisors, (y) does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) or (z) constitutes reasonable
		

		
			
		

		
			

		 

		

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			compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation. In the event it is later determined that (A) a greater reduction in the Total Payments should have been made to implement the objective and intent of this Section 14, the excess amount shall be returned immediately by the Executive to the Company or (B) a lesser reduction in the Total Payments should have been made to implement the objective and intent of this Section 14, the additional amount shall be paid immediately by the Company, or any Affiliate of the Company, as applicable, to the Executive.
		

		
			15.        Assignment. Neither the Company nor the Executive may make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided, however, that (a) the Company may assign its rights and obligations under this Agreement without the consent of the Executive to one of its Affiliates, or in the event that the Company shall hereafter effect a reorganization with, consolidate with, or merge into, an Affiliate or any Person or transfer or have transferred all or substantially all of its properties, outstanding stock, or assets to an Affiliate or any Person and (b) in the event that all of the Company’s rights and obligations under this Agreement are assigned pursuant to this Section 15, each reference to Company herein shall be deemed from and after such assignment instead to be a reference to the assignee. This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, and their respective successors, executors, administrators, heirs and permitted assigns.
		

		
			16.        Severability. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.
		

		
			17.        Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party to require the performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.
		

		
			18.        Notices. Any and all notices, requests, demands and other communications provided for by this Agreement shall be in writing and shall be effective when delivered in person, consigned to a reputable national courier service or deposited in the United States mail, postage prepaid, registered or certified, and addressed to the Executive at his last known address on the books of the Company or, in the case of the Company, at its principal place of business, attention of the Chairman of the Board, or to such other address as either party may specify by notice to the other actually received.
		

		
			19.        Entire Agreement. This Agreement constitutes the entire agreement between the parties and supersedes and terminates all prior communications, agreements and understandings, written or oral, with respect to the terms and conditions of the Executive’s employment relationship with the Company (including, without limitation, the Original Employment Agreement.
		

		
			20.        Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by an expressly authorized representative of the Company.
		

		
			21.        Headings. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this Agreement.
		

		
			22.        Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument.
		

		
			
		

		
			

		 

		

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			23.        Governing Law. This is a Massachusetts contract and shall be construed and enforced under and be governed in all respects by the laws of Massachusetts, without regard to any conflict of laws principles that would result in the application of the laws of any other jurisdiction.
		

		
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			IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Company, by its duly authorized representative, and by the Executive, as of the date first above written.
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						ALBIREO PHARMA, INC.

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Simon N.R. Harford

					
					
						 

				
	
					
						By:

					
					
						 

				
	
					
						Name: Simon N.R. Harford

					
					
						 

				
	
					
						Title: Chief Financial Officer

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						EXECUTIVE

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Ronald H.W. Cooper

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Ronald H.W. Cooperalbo_Ex10_3

		
			Exhibit 10.3
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			Albireo AB and
		

		
			Jan Mattsson
		

		
			 
		

		
			amended and restated employment agreement regarding managing director
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			 
		

		
			Amended and restated employment agreement
		

		
			 
		

		
			This employment agreement (the “Agreement”) is entered into as of March 6, 2019, and amends and restates the employment agreement entered into on February 14, 2008
		

		
			 
		

		
			BETWEEN:
		

		
			 
		

		
			(1)             Albireo AB, Reg. No. 556737-4631, a company duly incorporated and organised under the laws of Sweden, having the registered address Arvid Wallgrens backe 20, SE-413 46 Gothenburg (the “Company”); and
		

		
			 
		

		
			(2)             Jan Mattsson, Swedish personal identity number 641007-5573, Kullaviksvägen 137, SE-429 33 Kullavik.
		

		
			 
		

		
			The Company and Jan Mattsson are hereinafter separately referred to as a “Party” and jointly as the “Parties”.
		

		
			 
		

		
			1            Background
		

		
			 
		

		
			1.1             It is noted that Jan Mattsson is employed by the Company since 14 February 2008 and that Jan Mattsson’s employment remains valid unless and until terminated by either Party or until otherwise mutually agreed. The Parties have now agreed to revise the terms of employment of Jan Mattsson as set out in this Agreement.
		

		
			 
		

		
			1.2             This Agreement supersedes all previous written or oral agreements between the Company, or any associated company, and Jan Mattsson due to the employment. For the purposes of this Agreement, “associated company” means a legal entity directly or indirectly controlling or controlled by or under common control with the Company, irrespective of the country of registration of such legal entity.
		

		
			 
		

		
			2            Position
		

		
			 
		

		
			2.1             Jan Mattsson is employed and holds the position as shall be employed as Managing Director of the Company and the associated company Elobix AB, and in addition Jan Mattsson shall also hold the position as Chief Scientific Officer of Albireo Pharma, Inc., reporting to the Chief Executive Officer of Albireo Pharma, Inc. Where reference is made in this Agreement to Jan Mattsson’s duties and responsibilities as Managing Director of the Company, the corresponding shall also apply mutatis mutandis towards Elobix AB.
		

		
			 
		

		
			2.2             The Parties note that the provisions of the Swedish Employment Protection Act (Sw. lagen om anställningsskydd (1982:80)) do not apply to Jan Mattsson’s employment.
		

		
			 
		

		
			2.3             Jan Mattsson shall accept appointment to the Company’s or any associated company’s board of directors if so requested. Jan Mattsson is not entitled to any separate compensation for such assignments. In the event of either Party’s termination of this Agreement, Jan Mattsson shall immediately resign from all such assignments following a decision thereon by the Company.
		

		
			 
		

		
			
		

		
			

		 

		

			2 (13)

		

 

		

		
			 
		

		
			3            Powers and responsibilities
		

		
			 
		

		
			Jan Mattsson shall as Managing Director report to the Company’s board of directors (the “Board”) and shall:
		

		
			 
		

		
			(a)      manage the business of the Company subject to the Company’s articles of association, the Instructions for the Managing Director adopted by the Board as well as the Company’s guidelines and objectives as otherwise determined by the Board;
		

		
			 
		

		
			(b)      ensure that the provisions of the Swedish Companies Act (Sw. aktiebolagslagen (2005:551)) and other legislation, as well as the Company’s articles of association, are complied with; and
		

		
			 
		

		
			(c)      ensure that the management of the Company is carried out in accordance with sound principles pertaining to both the financial and personnel aspects of the Company.
		

		
			 
		

		
			4             Loyalty
		

		
			 
		

		
			4.1             During the term of employment, Jan Mattsson shall devote his full business time and his best efforts, business judgment, skill and knowledge exclusively to the advancement of the business and interests of the Company and its associated companies and to the discharge of his duties and responsibilities hereunder. Jan Mattsson shall not engage in any other business activity or serve in any industry, trade, professional, governmental or academic position during the term of this Agreement, except as may be expressly approved in advance by the Board in writing; provided, however, that Jan Mattsson may without advance consent participate in charitable activities and passive personal investment activities, provided that such activities do not, individually or in the aggregate: (i)  interfere with the performance of Jan Mattsson’s duties under this Agreement; (ii) conflict with the business interests of the Company or any of its associated companies; and (iii) violate Sections 14, 15, 16 and 17 of this Agreement.
		

		
			 
		

		
			4.2             Jan Mattsson hereby confirms that as of the date of execution of this Agreement Jan Mattsson is not engaged in any other business or professional engagement for any third party.
		

		
			 
		

		
			5            Company information
		

		
			 
		

		
			Jan Mattsson shall at all times promptly provide the chairman of the Board, or any person designated thereby, with such information and explanations as may be required in connection with matters relating to the employment under this Agreement or in connection with the business of the Company or any of its associated companies.
		

		
			 
		

		
			6            Performance of duties
		

		
			 
		

		
			6.1             Jan Mattsson shall perform his duties at the Company’s current premises in Gothenburg or at any other locations in Sweden where the Company may conduct operations in the future. Jan Mattsson may be required to travel within and outside Sweden from time to
		

		
			 
		

		
			
		

		
			

		 

		

			3 (13)

		

 

		

		
			 
		

		
			time in order to promote the Company's interests in the best possible way. Jan Mattsson shall furthermore devote as much time to the Company’s business as required for the performance of the duties.
		

		
			 
		

		
			6.2             For the performance of Jan Mattsson’s duties hereunder, Jan Mattsson is not entitled to any compensation in addition to the compensation set forth in this Agreement.
		

		
			 
		

		
			6.3             During the term of employment, Jan Mattsson shall comply with all policies, practices, and procedures and all codes of ethics or business conduct established by the Company and its associated companies that are applicable to Jan Mattsson’s position, as in effect from time to time.
		

		
			 
		

		
			7            Salary and other remuneration
		

		
			 
		

		
			7.1             Jan Mattsson is entitled to an annual salary of SEK 2,749,996 paid in monthly instalments. The salary shall be paid in accordance with the Company’s policy as applicable from time to time. The salary shall normally be subject to an annual review.
		

		
			 
		

		
			7.2             For each full fiscal year completed during the term of the employment, Jan Mattsson shall be eligible to participate in an annual bonus plan provided by Albireo Pharma, Inc. Jan Mattsson’s annual target bonus opportunity shall be thirty-five percent (35%) of the annual base salary (the “Target Bonus”), with the actual amount of the bonus, if any, to be determined by the board or the Compensation Committee of the board of Albireo Pharma, Inc., in accordance with applicable performance criteria reasonably established by the board or the Compensation Committee of the board of Albireo Pharma, Inc. In order to earn an annual bonus for any fiscal year, Jan Mattsson must be employed by the Company on the last date of the applicable fiscal year. Any annual bonus payable hereunder will be paid at the same time as such bonuses are paid to similarly situated executives employed by Albireo Pharma, Inc., but in no event later than two and one-half months following the end of the fiscal year for which the bonus is earned.
		

		
			 
		

		
			7.3             Jan Mattsson shall be eligible to receive grants under the Albireo Pharma, Inc. 2018 Equity Incentive Plan (the “Equity Plan”), and any subsequent equity plan, with the amount of future grants, if any, to be determined by the Board or the Compensation Committee of the Board, and subject to the terms of the Equity Plan or any subsequent equity plan.
		

		
			 
		

		
			7.4             Jan Mattsson shall receive a car allowance of 5883SEK/month.
		

		
			 
		

		
			8            Pension and insurance
		

		
			 
		

		
			8.1             Jan Mattsson’s employment shall expire by the end of the month prior to Jan Mattsson’s 65th birthday.
		

		
			 
		

		
			8.2             The Parties agree that Jan Mattsson shall be entitled to pension benefits as prescribed by the collective bargaining agreement for white collar employees which the Company is bound by. The Parties note that as regards pension benefits, Jan Mattsson is entitled to defined contribution ITP 1.
		

		
			 
		

		
			
		

		
			

		 

		

			4 (13)

		

 

		

		
			 
		

		
			8.3             In addition, the Company shall supply occupational group life insurance (“TGL”), industrial (occupational) injury insurance (“TFA”), travel insurance covering Jan Mattsson’s business trips in accordance with the Company’s policy as applicable from time to time.
		

		
			 
		

		
			9            Work equipment
		

		
			For the performance of Jan Mattsson’s duties, the Company will provide such equipment that the Company deems necessary from time to time.
		

		
			 
		

		
			10          Expenses
		

		
			 
		

		
			10.1           The Company shall reimburse Jan Mattsson for all reasonable travel, hotel, entertainment and other out-of-pocket expenses incurred in the discharge of Jan Mattsson’s duties provided that Jan Mattsson provides the Company with receipts or other supporting documentation, where applicable.
		

		
			 
		

		
			10.2           Expenses drawn on the Company’s credit card (which will be available for Jan Mattsson’s use) which Jan Mattsson has not accounted for in accordance with the Company’s expense reporting policy within one (1) month of the due date of the credit card company’s invoice may be set off by the Company against Jan Mattsson’s net salary.
		

		
			 
		

		
			11          Vacation
		

		
			 
		

		
			11.1           Jan Mattsson is entitled to thirty-two (32) days’ paid vacation per year to be taken at such times as agreed with the chairman of the Board. Vacation pay is calculated in accordance with the terms of the collective bargaining agreement for white collar employees which the Company is bound by.
		

		
			 
		

		
			11.2           The Company shall be entitled to deduct from Jan Mattsson’s final salary as well as from accrued vacation pay, any vacation days that have been taken but have not accrued as per the date of expiry of the employment.
		

		
			 
		

		
			11.3           Following the effective date of this Agreement,if Jan Mattsson is prevented from taking out all vacation days during any vacation year or wishes to save vacation days in accordance with the Swedish Annual Leave Act (Sw. Semesterlagen (1977:480)), Jan Mattsson shall be obliged to consult with the chairman of the Board. This provision shall not apply to any of Jan Mattsson’s saved vacation days as of the effective date of this Agreement.
		

		
			 
		

		
			12          Sick pay
		

		
			 
		

		
			In case of absence due to sickness, the m any other insurance. However, Jan Mattsson shall not be entitled to any compensation for the first day of absence during any sick leave (Sw. karensdag). The provisions of the Swedish Sick Pay Act (Sw. lagen om sjuklön (1991:1047)) and the collective bargaining agreement for white collar employees which the Company is bound by shall apply to any other periods.
		

		
			 
		

		
			
		

		
			

		 

		

			5 (13)

		

 

		

		
			 
		

		
			13          Personal data and data security
		

		
			 
		

		
			13.1           Jan Mattsson hereby confirms that the Company has informed him of the Company’s processing and use of employees’ personal data in accordance with the provisions of the applicable data protection legislation.
		

		
			 
		

		
			13.2           Jan Mattsson agrees to comply with the Company’s policies regarding the use of the Company’s computers, e-mail system, Internet services and other software programs. Jan Mattsson is aware and acknowledges that the Company has complete and unrestricted access to all material and e-mail correspondence and an overview of Internet usage that is saved in, or performed via, the Company’s data systems.
		

		
			 
		

		
			14          Intellectual property rights
		

		
			 
		

		
			14.1           For the purposes of this Agreement, “Intellectual Property” means inventions, discoveries, developments, methods, processes, compositions, works, concepts and ideas (whether or not patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by Jan Mattsson (whether alone or with others, whether or not during normal business hours or on or off Company premises) during Jan Mattsson’s employment and during the period of six (6) months immediately following termination of his employment that relate either to (i) all products planned, researched, developed, tested, sold, licensed, leased, or otherwise distributed or put into use by the Company or any of its Associated companies, together with all services provided or otherwise planned by the Company or any of its associated companies, during Jan Mattsson’s employment, or (ii) to any prospective activity of the Company or any of its associated companies or that result from any work performed by Jan Mattsson for the Company or any of its associated companies or that make use of Confidential Information (as defined in Section 15) or any of the equipment or facilities of the Company or any of its associated companies.
		

		
			 
		

		
			14.2           Jan Mattsson shall promptly and fully disclose all Intellectual Property to the Company. Jan Mattsson hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) Jan Mattsson’s full right, title and interest in and to all Intellectual Property. The Company shall have a right to freely develop and alter such Intellectual Property and to licence and assign them to third parties, with or without a reference to Jan Mattsson’s name. Jan Mattsson shall execute any and all applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of instruments of further assurance or confirmation) requested by the Company to assign the Intellectual Property to the Company (or as otherwise directed by the Company) and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Intellectual Property. Jan Mattsson will not charge the Company for time spent in complying with these obligations. All copyrightable works that Jan Mattsson creates in and which relate to his duties under this Agreement shall upon creation be owned exclusively by the Company.
		

		
			 
		

		
			
		

		
			

		 

		

			6 (13)

		

 

		

		
			 
		

		
			15          Confidentiality
		

		
			 
		

		
			15.1           For the purposes of this Agreement, “Confidential Information” means any and all information of the Company and its associated companies that is not generally available to the public, and any and all information, publicly known in whole or in part or not, which, if disclosed by the Company or any of its associated companies, would assist in competition against any of them. Confidential Information includes without limitation such information relating to (i) the development, research, testing, manufacturing, marketing and financial activities of the Company and its associated companies, (ii) all products planned, researched, developed, tested, sold, licensed, leased, or otherwise distributed or put into use by the Company or any of its Associated companies, together with all services provided or otherwise planned by the Company or any of its associated companies, during Jan Mattsson’s employment, (iii) the costs, sources of supply, financial performance and strategic plans of the Company and its associated companies, (iv) the identity and special needs of the patients of the Company and its associated companies and (v) the people and organizations with whom the Company and its associated companies have business relationships and the nature and substance of those relationships. Confidential Information also includes information that the Company or any of its associated companies has received, or may receive hereafter, belonging to others or that was received by the Company or any of its associated companies with any understanding, express or implied, that it would not be disclosed.
		

		
			 
		

		
			15.2           Jan Mattsson acknowledges that the Company and its associated companies continually develop Confidential Information, that Jan Mattsson will develop Confidential Information for the Company or its associated companies and that Jan Mattsson will learn of Confidential Information during the course of employment. All Confidential Information which Jan Mattsson creates or to which he has access as a result of his employment or other associations with the Company or any of its associated companies is and shall remain the sole and exclusive property of the Company or its associated company, as applicable. Jan Mattsson shall comply with the policies and procedures of the Company and its associated companies for protecting Confidential Information and shall never disclose to any third party (except as required by applicable law or for the proper performance of his duties and responsibilities to the Company and its associated companies), or use for his own benefit or gain or the benefit or gain of any third party, any Confidential Information obtained by Jan Mattsson incident to his employment or any other association with the Company or any of its associated companies. Jan Mattsson understands that this restriction shall continue to apply after his employment terminates, regardless of the reason for such termination. Further, Jan Mattsson shall furnish prompt notice to the Company of any required disclosure of Confidential Information sought pursuant to subpoena, court order or any other legal process or requirement, and provide the Company a reasonable opportunity to seek protection of the Confidential Information prior to any such disclosure. The confidentiality obligation under this Section 15 shall not apply to information that has become generally known through no wrongful act on the part of Jan Mattsson or any third party having an obligation of confidentiality to the Company or any of its associated companies. Nothing in this Agreement limits, restricts or in any other way affects Jan Mattsson from communicating with any governmental agency or entity, or communicating with any official or staff person of a governmental agency or entity, concerning matters relevant to the governmental agency or entity.
		

		
			 
		

		
			
		

		
			

		 

		

			7 (13)

		

 

		

		
			 
		

		
			15.3           All documents, records, tapes and other media of every kind and description relating to the business, present or otherwise, of the Company or any of its associated companies and any copies or derivatives (including without limitation electronic), in whole or in part, thereof (the “Documents”), whether or not prepared by Jan Mattsson, shall be the sole and exclusive property of the Company and its associated companies. Except in the proper performance of Jan Mattsson’s regular duties for the Company or as expressly authorized in writing in advance by the Board or its expressly authorized designee, Jan Mattsson will not copy any Documents or remove any Documents or copies or derivatives thereof from the premises of the Company. Jan Mattsson shall safeguard all Documents and shall surrender to the Company at the time his employment terminates, and at such earlier time or times as the Board or its designee may specify, all Documents and other property of the Company or any of its associated companies and all documents, records and files of the customers and other third parties with whom the Company or any of its associated companies does business (“Third Party Documents”) and each individually a “Third Party Document”) then in Jan Mattsson’s possession or control; provided, however, that if a Document or Third-Party Document is on electronic media, Jan Mattsson may, in lieu of surrendering the Document or Third-Party Document, provide a copy to the Company on electronic media and delete and overwrite all other electronic media copies thereof. Upon request of any duly authorized officer of the Company, Jan Mattsson shall disclose all passwords and passcodes necessary or desirable to enable the Company or any of its associated companies or the third parties with whom the Company or any of its associated companies do business to obtain access to the Documents and Third-Party Documents.
		

		
			 
		

		
			15.4           Jan Mattsson hereby agrees that Jan Mattsson will not, during the employment with the Company, improperly use or disclose any proprietary information or trade secrets of any former or concurrent employer or other person or entity. Further, Jan Mattsson will not bring into the Company any proprietary information or trade secret of any such employer, person or entity unless consented to in writing by such employer, person or entity.
		

		
			 
		

		
			16          Non-competition
		

		
			 
		

		
			16.1           The Parties hereby agree that Jan Mattsson in the course of the employment will gain access to Company specific trade secrets that cannot be protected through patents or other similar registrations and which may cause the Company considerable harm if used for the benefit of a competing business. The Parties furthermore agree that it is a precondition for Jan Mattsson’s employment that the Company can disclose such information to Jan Mattsson in the knowledge that it will not be used to engage in or promote a business that competes with the Company’s (or any associated company’s) business. Jan Mattsson thus agrees to refrain, during the term of this Agreement and for a period of 6 months after its termination, directly or indirectly, whether alone or as a partner, officer, employee, director or executive or consultant, from engaging or having any interest in any business which is directly or indirectly engaged in business which is, at the time of the expiry of the employment, in competition with the business of the Company or any associated company.
		

		
			 
		

		
			16.2           Subject to the exceptions stated below in this section, the Company shall, as compensation for the inconvenience that the existing non-competition covenant causes Jan Mattsson after the expiry of the employment, pay Jan Mattsson per month the
		

		
			 
		

		
			
		

		
			

		 

		

			8 (13)

		

 

		

		
			 
		

		
			difference between Jan Mattsson’s average monthly remuneration (both fixed and variable) paid by the Company during the 12 months preceding the time of termination of the employment and the (lower) salary which Jan Mattsson earns, or reasonably could have earned from any new employment or proceeds of any business activity. However, the monthly compensation payable by the Company shall never exceed sixty (60) per cent of Jan Mattsson’s average monthly remuneration as set out above during the restrictive period of the non-competition covenant. For the avoidance of doubt, if Jan Mattsson, despite reasonable efforts to minimise Jan Mattsson’s loss of income, does not obtain new employment or is not engaged in any business activity after the employment with the Company has terminated, the Company shall pay Jan Mattsson per month sixty (60) per cent of Jan Mattsson’s average monthly remuneration as set out above during the restrictive period of the non-competition covenant. The right to compensation according to this section presupposes that there is a causal relationship between Jan Mattsson’s undertaking in accordance with the non-competition covenant and the loss of income that is caused by its application. Compensation shall not be paid in the event of Jan Mattsson’s breach of this non-competition covenant.
		

		
			 
		

		
			16.3           After the expiry of employment, Jan Mattsson is obliged to inform the Company in writing of the level of Jan Mattsson’s current salary from any new employment or proceeds of any business activity. Such written information shall be provided to the Company no later than on the 15th day of each month. In the event such written information is not provided in accordance with this section, it shall be understood that Jan Mattsson has not suffered any loss of income with regards to the concerned month, but Section 16.1 shall still apply.
		

		
			 
		

		
			16.4           Compensation according to this section shall not be paid during any period for which Jan Mattsson receives severance pay from the Company or if the employment expires (i) due to Jan Mattsson’s retirement or (ii) due to the termination of this Agreement with immediate effect.
		

		
			 
		

		
			16.5           During the term of employment, as well as in the event of either Party’s termination of the employment and during such time as the non-competition covenant remains in force, the Company may unilaterally, subject to one (1) month’s prior written notice, either limit the application of the non-competition covenant or completely release Jan Mattsson from the non-competition covenant. In the event of a full release from the non-competition covenant, the Company shall be released from the obligation to pay compensation in accordance with Section 16.2 above.
		

		
			 
		

		
			17          Non-solicitation
		

		
			 
		

		
			17.1           During the term of this Agreement and for a period of six (6) months following termination thereof, Jan Mattsson shall not, directly or indirectly, engage or participate in professional contacts with anyone who, during the twelve months preceding the termination of Jan Mattsson’s employment, has been a customer or client of the Company or any of its associated companies or is a potential customer or client who has been actively approached by the Company or any of its associated companies, with the intention of persuading such customer or client/potential customer or client to change the business relationship, to cease to do business with or to refrain from initiating a business
		

		
			 
		

		
			
		

		
			

		 

		

			9 (13)

		

 

		

		
			 
		

		
			relationship with the Company or any of its associated companies. The Company may through written notification release Jan Mattsson from this obligation in specific cases.
		

		
			 
		

		
			17.2           During the term of this Agreement and for a period of six (6) months following termination thereof, Jan Mattsson shall not, directly or indirectly, solicit or attempt to solicit, or participate in the solicitation of employees of the Company, or any of its associated companies, with whom Jan Mattsson has had professional cooperation with during Jan Mattsson’s employment with the Company, or who otherwise have professional competence of importance to the Company, or use the services of any such persons for any means other than for the benefit of the Company. The Company may through written notification release Jan Mattsson from this obligation in specific cases.
		

		
			 
		

		
			18          Liquidated damages
		

		
			 
		

		
			If Jan Mattsson fails to comply with the provisions of Section 14 (Intellectual property rights), Section 15 (Confidentiality), Section 16 (Non-competition) or Section 17 (Non- solicitation), Jan Mattsson shall, in respect of every breach, pay liquidated damages to the Company amounting to six (6) times Jan Mattsson’s average total monthly gross remuneration (both fixed and variable) paid by the Company during the 12 months preceding the breach or, if Jan Mattsson’s employment has expired, immediately prior to the expiry of the employment. In the event the breach is of a continuing nature, during each month that the situation or action constituting the breach continues despite written objection from the Company to Jan Mattsson, the breach shall be deemed to constitute one breach and give rise to an obligation to pay liquidated damages as above. In the event the actual loss caused to the Company exceeds this amount, the Company shall be entitled to damages in respect of such excess amount and/or to take other legal measures.
		

		
			 
		

		
			19          Termination of employment
		

		
			 
		

		
			19.1           This Agreement may be terminated by the Company subject to six (6) months’ notice and by Jan Mattsson subject to six (6) months’ notice. The Agreement expires without any prior notice in conjunction with Jan Mattsson’s retirement pursuant to Section 8.1.
		

		
			 
		

		
			19.2           In connection with either Party’s termination of this Agreement, the Company shall be entitled to relieve Jan Mattsson of the duties as Managing Director with immediate effect. Jan Mattsson shall, however, remain at the Company’s disposal during the notice period to carry out such duties within Jan Mattsson’s competence, as the Board deems fit. The Company is, however, entitled to permanently require Jan Mattsson not to perform any work for the Company. During the notice period, Jan Mattsson may not commence any new employment or engage in any business activity without the prior written consent of the chairman of the Board.
		

		
			 
		

		
			19.3           During the notice period, Jan Mattsson is entitled to all benefits according to the terms and conditions of the Agreement.
		

		
			 
		

		
			19.4           If Jan Mattsson’s employment is terminated (i) by the Company subject to prior notice or
		

		
			(ii) by Jan Mattsson for Good Reason (as defined in Section 19.6 below), Jan Mattsson shall be entitled to severance pay equivalent to (i) six (6) times the monthly base salary which Jan Mattsson had at the expiry of the employment and (ii) six (6) times the monthly
		

		
			 
		

		
			
		

		
			

		 

		

			10 (13)

		

 

		

		
			 
		

		
			proportion of Jan Mattsson’s annual target bonus as applicable at the time of expiry of employment. The severance pay shall be paid monthly during a period of six (6) months in equal instalments starting in the month after the expiry of the employment.
		

		
			 
		

		
			19.5           In the event of a termination of Jan Mattsson’s employment within twelve (12) months following a Change of Control (as defined in the Equity Plan) either (i) by the Company or (ii) or by Jan Mattsson for Good Reason, the severance pay as set out in section 19.4 shall be equivalent to (i) nine (9) times the monthly base salary which Jan Mattsson had at the expiry of the employment and (ii) nine (9) times the monthly proportion of Jan Mattsson’s annual target bonus as applicable at the time of expiry of employment.
		

		
			 
		

		
			19.6           For the purpose of this Agreement, the following, if occurring without Jan Mattsson’s consent, shall constitute “Good Reason” for termination by Jan Mattsson:
		

		
			 
		

		
			a)   a material diminution in the nature or scope of Jan Mattsson’s title, duties, authority or responsibilities;
		

		
			 
		

		
			b)   a requirement that the Jan Mattsson report to any person other than the Board or the CEO following a Change in Control;
		

		
			 
		

		
			c)   a requirement Jan Mattsson relocate his principal work location to a location more than thirty (50) kilometres outside of Gothenburg; or
		

		
			 
		

		
			d)   a material reduction in base salary, which for purposes of this Agreement shall mean a reduction of more than fifteen percent (15%) in the aggregate.
		

		
			 
		

		
			Termination by Jan Mattsson for Good Reason presupposes that Jan Mattsson is (A) providing notice to the Company specifying in reasonable detail the condition giving rise to the Good Reason no later than the thirtieth (30th) day following the occurrence of that condition; (B) providing the Company a period of thirty (30) days to remedy the condition and so specifying in the notice; and (C) terminating his employment for Good Reason within thirty (30) days following the expiration of the period to remedy if the Company fails to remedy the condition.
		

		
			 
		

		
			19.7           Any obligation of the Company to provide severance pay as set out in this Agreement is conditioned, however, on Jan Mattsson signing and returning to the Company (without revoking) a timely and effective general release of claims in the form provided by the Company by the deadline specified therein, all of which (including the lapse of the period for revoking the release of claims as specified in the release of claims) shall have occurred no later than the sixtieth (60th) calendar day following the date of termination (any such separation agreement submitted by such deadline, the “Release of Claims”) and on Jan Mattsson’s continued compliance with the obligations of Jan Mattsson to the Company and its associated companies that survive termination of his employment, including without limitation under Section 14 (Intellectual property rights), Section 15 (Confidentiality), Section 16 (Non-competition), Section 17 (Non-solicitation) and Section 18 (Liquidated damages) of this Agreement.
		

		
			 
		

		
			19.8           Notwithstanding anything to the contrary, including, without limitation, the Equity Plan or any subsequent equity plan, in the event of a termination of Jan Mattsson’s employment within twelve (12) months following a Change of Control (as defined in the
		

		
			 
		

		
			
		

		
			

		 

		

			11 (13)

		

 

		

		
			 
		

		
			Equity Plan) either (i) by the Company or (ii) or by Jan Mattsson for Good Reason, all equity awards held by Jan Mattsson that are outstanding prior to the Change of Control shall, to the extent unvested or subject to vesting-like restrictions, be fully vested and exercisable (and any vesting-like restrictions shall lapse in full) immediately prior to the Change of Control. The foregoing sentence shall be (A) deemed incorporated into each option agreement or similar agreement evidencing awards made to Jan Mattsson after 1 January 2019 and (B) without prejudice to Jan Mattsson’s right to any earlier acceleration of vesting, continued period of vesting or post-termination rights for Jan Mattsson provided for in the applicable plan or program under which such equity award was granted or under applicable law.
		

		
			 
		

		
			19.9           Salary and other benefits during any notice period or severance pay as set out above shall not be payable for the month in which Jan Mattsson reaches the age of 65. This shall apply in the event of either Party’s termination of this Agreement and irrespective of when such termination takes place.
		

		
			 
		

		
			19.10         In the event of Jan Mattsson’s material breach of Jan Mattsson’s obligations under this Agreement, the Company shall be entitled to terminate the Agreement with immediate effect. Notwithstanding such termination, Jan Mattsson’s obligations pursuant to Section
		

		
			14 (Intellectual property rights), Section 15 (Confidentiality), Section 16 (Non- competition), Section 17 (Non-solicitation) and Section 18 (Liquidated damages) shall remain in full force and effect.
		

		
			 
		

		
			For the purpose of this Agreement, material breach shall include but not be limited to the following circumstances:
		

		
			 
		

		
			a)   Jan Mattsson’s wilful failure to perform, or gross negligence in the performance of, his material duties and responsibilities to the Company or any of its associated companies;
		

		
			 
		

		
			b)   Conduct by Jan Mattsson that constitutes fraud, embezzlement or other material dishonesty with respect to the Company or any of its associated companies;
		

		
			 
		

		
			c)   Jan Mattsson’s commission of, or admission of, any crime involving moral turpitude; or
		

		
			 
		

		
			d)   Jan Mattsson’s material breach of this Agreement, any material written policies of the Company, or any other agreement between Jan Mattsson and the Company or any of its associated companies or of any fiduciary duty that Jan Mattsson has to the Company or any of its associated companies.
		

		
			 
		

		
			19.11         Jan Mattsson shall at the expiry of the employment deliver up to the chairman of the Board all reports, papers, correspondence, documents and any other materials (including copies thereof) supplied, or entrusted to Jan Mattsson or in Jan Mattsson’s possession in connection with this employment and/or relating to the Company, its associated companies and/or their businesses and the same shall at all times remain the sole property of the Company or the associated company as the case may be.
		

		
			 
		

		
			
		

		
			

		 

		

			12 (13)

		

 

		

		
			 
		

		
			20          Amendments
		

		
			 
		

		
			This Agreement may only be changed or amended by an instrument in writing duly executed by the Parties.
		

		
			 
		

		
			21          Governing law and disputes
		

		
			 
		

		
			21.1           This Agreement shall be governed by and construed in accordance with the laws of Sweden.
		

		
			 
		

		

		
			 
		

		
			This Agreement has been duly executed in two original copies of which each of the Parties has taken one.
		

		
			 
		

		
			 
		

			
					
						Gothenburg, Sweden March 7, 2019

					
					
						    

					
					
						Gothenburg, Sweden March 7, 2019

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						For Albireo AB

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/ Ronald H.W. Cooper

					
					
						 

					
					
						/s/ Jan Mattson

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Ronald H.W. Cooper, Director

					
					
						 

					
					
						Jan Mattsson

				

		
			 
		

		
			 
		

		 

		

			13 (13)

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