Document:

EX-10.3

 Exhibit 10.3 

July 28, 2014 
 BY EMAIL 

David Southwell 
  

	Re:	Employment Agreement 

 Dear David: 

On behalf of Inotek Pharmaceuticals Corporation, a Delaware corporation (the “Company”), I am pleased to offer you the position of the
Company’s President and Chief Executive Officer (“CEO”). The terms of your employment are set forth below. 
 1. Position. As the
Company’s CEO you will report to the Company’s Board of Directors (the “Board”). This is a full-time employment position. It is understood and agreed that, while you render services to the Company, you will not engage in any
other employment, consulting or other business activities (whether full-time or part-time), provided that you may engage in religious, charitable and other community activities (including serving on the Board of Overseers at the Amos Tuck Business
School) and serve on two outside board of directors (presently PTC Therapeutics and THL Credit, Inc.) so long as such activities do not interfere or conflict with your obligations to the Company. During your employment, you also shall serve as a
member of the Board. Upon the ending of your employment as CEO, you shall immediately resign from the Board as well as from any other position(s) to which you were elected or appointed in connection with your position as CEO. 

2. Start Date. Your employment with the Company will begin on July 28, 2014, unless another date is mutually agreed upon by you and the Company.
For purposes of this Agreement, the actual first day of your employment with the Company shall be referred to as the “Start Date.” 
 3.
Salary. The Company will pay you a base salary at the rate of $300,000 per year, payable in accordance with the Company’s standard payroll schedule and subject to applicable deductions and withholdings. Your base salary will be subject to
periodic review and upward adjustments at the Company’s discretion. If you continue to be the Company’s CEO at the time the Company completes its Initial Public Offering (“IPO”), the Board or the Compensation Committee of the
Board (the “Compensation Committee”) will review your salary and make adjustments to the extent that it determines in its reasonable good faith discretion that such adjustments are appropriate to match market conditions. 

4. Bonus Compensation. You will be eligible to receive an annual performance bonus of up to 30% of your base salary (the “Target Bonus
Percentage”), pro-rated for 2014 based on the 

 David Southwell 

July 28, 2014 
  Page
 2
 
  

 
Start Date. The actual bonus is discretionary, will be subject to assessment of your performance, as well as business conditions at the Company as determined by the Board or the Compensation
Committee, and, if awarded, will be paid on or before March 15 following the applicable bonus year. You must be employed by the Company on the date a bonus is paid to earn any part of a bonus. If you continue to be the Company’s CEO at the
time the Company completes its IPO, the Board or the Compensation Committee will review the Target Bonus Percentage and make adjustments to the extent that it determines in its reasonable good faith discretion that such adjustments are appropriate
to match market conditions. 
 5. Incentive Compensation 
  

	 	(a)	As of the Start Date, you will become a Covered Employee under the terms of the Company’s Amended and Restated 2014 Management Incentive Plan (the “MIP”). Pursuant to and subject to the terms and
conditions of the MIP, you will be awarded 28.572% of the Bonus Pool if the Transaction Proceeds from a pre-IPO Change in Control fall within Tier 1 of the MIP; 31.428% of the Bonus Pool if the Transaction Proceeds from a pre-IPO Change in Control
fall within Tier 2 of the MIP; and 33.333% of the Bonus Pool if the Transactions proceeds from a pre-IPO Change in Control fall within Tier 3 of the MIP. In the interest of clarity, the MIP expires upon an IPO and if a Change in Control occurs after
an IPO you will not be entitled to any payments under the MIP. Unless otherwise defined, capitalized terms in this Section 5(a) shall be the same as those in the MIP and to the extent there are inconsistencies between this Section 5(a) and
the MIP, the MIP shall control. 

  

	 	(b)	The Company shall grant you with a stock option to purchase a number of shares of the Company’s common stock, which equals approximately 4% of the Company’s currently outstanding equity on a fully-diluted
basis, including for such purposes the conversion of all convertible securities (and any dividends accrued or to be accrued thereon as of an agreed upon date) and all shares reserved for issuance under the Company’s equity incentive plans as of
the date of this Agreement (the “Initial Time Based Equity Award”). The Initial Time Based Equity Award shall be issued at a strike price equal to the fair market value of the shares as of the grant date of the award as determined by the
Board and shall be subject to the terms and conditions of the Inotek Pharmaceuticals Corporation 2014 Stock Option and Incentive Plan, as amended and supplemented from time to time (the “Plan”) and the associated stock option agreement
(the “Award Agreement”), including a four-year vesting schedule with 25% of the Initial Time Based Equity Award vesting on the one-year anniversary of the Start Date and the remainder vesting ratably on a monthly basis over the following
36 months, subject to your continued employment. Notwithstanding the above, in the event your employment with the Company is terminated by the Company without Cause or you terminate your employment for Good Reason (both as defined below) within
twelve months after a Change in Control (as defined in the MIP) that occurs after an IPO, you shall vest in all of your then outstanding time based equity awards as of the last day of your employment (“Date of Termination”).

  

	 	(c)	The Board may also, in its discretion, award you additional equity based awards subject to time based and/or performance based vesting. The terms of the Plan and any Award Agreement (collectively the “Equity
Documents”) shall apply to any equity grant. In the event of any conflict between the terms set forth in this Agreement and the terms of the Equity Documents, the terms of the Equity Documents shall control. 

 David Southwell 

July 28, 2014 
  Page
 3
 
  

 6. Benefits/Vacation. You will be eligible to participate in the employee benefits and insurance
programs generally made available to the Company’s full-time employees, including with respect to health insurance. Details of such benefits programs, including mandatory employee contributions and waiting periods, if applicable, will be made
available to you when such benefit(s) become available. You will be entitled to vacation consistent with Company policy. 
 7. At-Will Employment;
Accrued Obligations. Your employment is “at will,” meaning you or the Company may terminate it at any time for any or no reason. In the event of the ending of your employment for any reason, the Company shall pay you (i) your base
salary plus any accrued but unused vacation through the Date of Termination, (ii) the amount of any documented expenses properly incurred by you on behalf of the Company prior to any such termination and not yet reimbursed, (collectively, the
“Accrued Obligations”). 
 8. Termination Benefits. In the event that: (A) the Company terminates your employment without Cause or you
resign for Good Reason, both as defined below, and (B) the Date of Termination occurs after the earlier of (i) nine months from the Start Date, or (ii) the completion of an IPO (in either case the “Severance Commencement
Date”); and (C) you enter into, do not revoke and comply with the terms of a separation agreement containing customary terms in a form provided by the Company which shall include a general release of claims against the Company and related
persons and entities (the “Release”) and a ratification of your obligations under the Restrictive Covenant Agreement attached to this letter and nondisparagement, but which shall not otherwise impose any new obligations on you, then in
addition to the Accrued Obligations, the Company will provide you with either: (y)(A) base salary and COBRA continuation (of the employer’s portion of the premium cost) for the twelve month period immediately following the Date of Termination;
and (B) accelerated vesting of any then outstanding time based equity awards so that shares that would have vested at any time on or before the one year anniversary of the Date of Termination shall become vested as of the Date of Termination
(Section 8(y) A and B are collectively “Severance Option 1”), or (z) one lump sum payment be equal to eighteen (18) months of your base salary in effect on the Date of Termination (“Severance Option 2”). Severance
Option 1 shall apply unless the Date of Termination occurs after all of the following have occurred: the Severance Commencement Date, an IPO and a Change in Control in which case Severance Option 2 shall apply. The first (or only) severance payment
shall be made within 45 days after the Date of Termination. If Severance Option 1 applies and you miss a regular payroll period between the Date of 

 David Southwell 

July 28, 2014 
  Page
 4
 
  

 
Termination and first severance payment date, the first severance payment shall include a “catch up” payment. Solely for purposes of Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”), each severance payment is considered a separate payment. For the avoidance of doubt, in the event your employment terminates for any reason other than a termination by the Company without Cause or your
resignation for Good Reason, in either case after the Severance Commencement Date, you will be entitled to the Accrued Obligations but you will not be entitled to any of the Termination Benefits described in this Section 8. Notwithstanding
anything herein to the contrary, in the event of the termination of of your employment for any reason, the terms of the MIP shall govern whether and to what extend you are entitled to receive any amounts in respect of the MIP thereafter. 

For purposes of this Agreement, 
 “Cause” shall mean
the occurrence of any one or more of the following events: (i) your material misconduct, deliberate and material violation of the rules or policies of the Company, or breach of a fiduciary duty owed to the Company; (ii) your
commission of an act of fraud, theft, misappropriation or embezzlement; (iii) your violation of federal or state securities laws; (iv) your conviction of, or pleading nolo contendere to, a felony or any other crime involving
moral turpitude; (v) your failure to use his or her reasonable best efforts to consummate a potential Change of Control with one or more potential Acquirers, following the initiation of a Change of Control process supported by the Board; or
(vi) your material breach of any written agreement between the Company and you, which breach is not cured by you within ten (10) days of written notice by the Company to you specifying in reasonable detail such breach. 

“Good Reason” shall mean that you have complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of
the following events: (i) a reduction of your base salary without your prior consent (other than in connection with, and substantially proportionate to, reductions by the Company of the compensation of the Company’s management employees);
(ii) material diminution in your duties, responsibilities and authorities with the Company, without your prior consent; (iv) relocation of the Company’s offices more than 50 miles away from the current location without your prior
consent. “Good Reason Process” shall mean that (i) you have reasonably determined in good faith that a “Good Reason” condition has occurred; (ii) you have notified the Company in writing of the first occurrence of the
Good Reason condition within 90 days of the first occurrence of such condition; (iii) you have cooperated in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to
remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) you terminate your employment within 30 days after the end of the Cure Period. If the Company cures the Good Reason condition
during the Cure Period, Good Reason shall be deemed not to have occurred. 
 9. Confidential Information and Restricted Activities. By signing this
Agreement, you represent that you have carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed on you pursuant to the Company’s Non-Compete,

 David Southwell 

July 28, 2014 
  Page
 5
 
  

 
Non-Solicitation, Confidentiality and Assignment Agreement (the “Restrictive Covenant Agreement”) attached as Exhibit 1, the terms of which are incorporated by reference herein. You
agree without reservation that these restraints are necessary for the reasonable and proper protection of the Company and its affiliates, and that each and every one of the restraints is reasonable in respect to subject matter, length of time and
geographic area. You further agree that, if were you to breach (and, if curable, did not promptly cure such breach following reasonable notice of such breach) any of the covenants contained in this Agreement or the Restrictive Covenant Agreement, in
addition to the Company’s other legal and equitable remedies, the Company may suspend or cease any Termination Benefits to which you might otherwise be entitled. Any such suspension or termination of the Termination Benefits by the Company in
the event of a breach by you shall not affect your ongoing obligations to the Company. 
 10. Taxes; Section 409A 

 

	 	(a)	All forms of compensation referred to in this Agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law. You hereby acknowledge that the Company does not
have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or its board of directors related to tax liabilities arising from your compensation.

  

	 	(b)	 Anything in this Agreement to the contrary notwithstanding, if at the time of your separation from service within the meaning of Section 409A of
the Code, the Company determines that you are a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that you become entitled to under this Agreement on account of
your separation from service would be considered deferred compensation subject to the 20% additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment
shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after your separation from service, or (B) your death. If any such delayed cash payment is otherwise payable on an
installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in
accordance with their original schedule. All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by you during the time periods set forth in this Agreement. All
reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits
provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for 

 David Southwell 

July 28, 2014 
  Page
 6
 
  

	 	
reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. To the extent that any payment or benefit
described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon your termination of employment, then such payments or
benefits shall be payable only upon your “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h). The Company and you intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to
its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. The Company makes no representation or warranty and shall have no liability to
you or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

11. Interpretation, Amendment and Enforcement. This Agreement, including the Restrictive Covenant Agreement, the MIP and the Equity Documents,
constitutes the complete agreement between you and the Company, contains all of the terms of your employment with the Company and supersedes any prior agreements, representations or understandings (whether written, oral or implied) between you and
the Company. The terms of this Agreement and the resolution of any disputes as to the meaning, effect, performance or validity of this Agreement or arising out of, related to, or in any way connected with this Agreement, your employment with the
Company or any other relationship between you and the Company (the “Disputes”) will be governed by Massachusetts law, excluding laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction
of the federal and state courts located in the Commonwealth of Massachusetts in connection with any Dispute or any claim related to any Dispute. 
 12.
Assignment. Neither you nor the Company may make any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its
rights and obligations under this Agreement (including the Restrictive Covenant Agreement) without your consent to any affiliate or to any person or entity with whom the Company shall hereafter effect a reorganization, consolidate with, or merge
into or to whom it transfers all or substantially all of its properties or assets. This Agreement shall inure to the benefit of and be binding upon you and the Company, and each of your and its respective successors, executors, administrators, heirs
and permitted assigns. 
 13. Miscellaneous. This Agreement may not be modified or amended, and no breach shall be deemed to be waived, unless agreed
to in writing by you and another Board member of the 

 David Southwell 

July 28, 2014 
  Page
 7
 
  

 
Company. 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. The words
“include,” “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without limitation.” 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. 
 14. Other Terms. This
offer is contingent on the completion of successful background checks, as determined by the Company. By signing this Agreement, you represent to the Company that you have no contractual commitments or other legal obligations that would or may
prohibit you from performing your duties for the Company. As with any employee, you must submit satisfactory proof of your identity and your legal authorization to work in the United States. 

Please acknowledge, by signing below, that you have accepted this Agreement. 

 

			
	Very truly yours,
		
	By:	 	 /s/ Martin Vogelbaum

		 	Martin Vogelbaum

 I have read and accept this employment offer: 
  

			
	 /s/ David Southwell

	David Southwell
		
	Dated:	 	 August 11, 2014

 Exhibit 1 

Non-Competition, Non-Solicitation, Confidentiality and Assignment Agreement 

I, David Southwell, enter into this Agreement with Inotek Pharmaceuticals Corporation (the “Company”) as a condition of my
employment with the Company. I understand and agree that the terms of this Non-Competition, Non-Solicitation, Confidentiality and Assignment Agreement (“NNCA”) are being incorporated by reference into the Employment Agreement that I
entered into with the Company dated August     , 2014 (the “Employment Agreement”) and that the provisions of this NNCA shall survive the Employment Agreement as well as the termination of my employment for
any reason. With those understandings, I agree as follows: 

 

 1. Proprietary Information. I agree that all information, whether or not in writing, concerning
the Company’s business, technology, assets, business relationships or affairs that the Company has not released to the general public (collectively, “Proprietary Information”) is and will be the exclusive property of the
Company. By way of illustration, Proprietary Information may include information or material that has not been made generally available to the public, such as: (a) corporate information, including plans, strategies, methods, policies,
resolutions, negotiations or litigation; (b) marketing information, including strategies, methods, customer identities or other information about customers, prospect identities or other information about prospects, or market analyses or
projections; (c) financial information, including cost and performance data, debt arrangements, equity structure, investors and holdings, purchasing and sales data and price lists; and (d) operational and technological
information, including plans, specifications, manuals, forms, templates, software, designs, methods, procedures, formulas, discoveries, inventions, improvements, concepts and ideas; and (e) personnel information, including personnel
lists, reporting or organizational structure, resumes, personnel data, compensation structure, performance evaluations and termination arrangements or documents. Proprietary Information also includes information received in confidence by the Company
from its customers or suppliers or other third parties. Notwithstanding the foregoing, Proprietary Information shall not include information that (i) is in the public domain other than as a result of the act or omission by me, or (ii) was
rightfully known by me prior to the date of this Agreement, or (iii) I lawfully receive without obligation of confidentiality from a third party rightfully in possession thereof. 

2. Recognition of Company’s Rights. I will not, at any time, without the Company’s prior written permission, either during or after my
employment (whether or not under the Employment Agreement), disclose any Proprietary Information to anyone outside of the Company, or use or permit to be used

 
any Proprietary Information for any purpose other than the performance of my duties as an employee of the Company. I will cooperate with the Company and use my best efforts to prevent the
unauthorized disclosure of all Proprietary Information. I will deliver to the Company all copies of Proprietary Information in my possession or control upon the earlier of a request by the Company or termination of my employment. 

3. Rights of Others. I understand that the Company is now and may hereafter be subject to non-disclosure or confidentiality agreements with
third persons that require the Company to protect or refrain from use of proprietary information. I agree to be bound by the terms of such agreements in the event I have access to such proprietary information. 

4. Commitment to the Company; Avoidance of Conflict of Interest. While an employee of the Company, I will devote my full working time and
efforts to the Company’s business and I will not engage in any other business activity beyond those authorized in my employment agreement without prior authorization from the Board of Directors of Inotek Pharmaceuticals Corporation (the
“Board”). In connection with the commencement of my employment, the Board has authorized me to serve on outside boards of directors. I will take whatever action is reasonably requested of me by the Board to resolve any conflict or
appearance of conflict that it finds to exist. 
 5. Developments. I will make full and prompt disclosure to the Company of all inventions,
discoveries, designs, developments, methods, modifications, improvements, processes, algorithms, databases, computer programs, formulae, techniques, trade secrets, graphics or images, audio or visual works, and other works of authorship
(collectively “Developments”), whether or not patentable or copyrightable, that are created, made, conceived or reduced to practice by me (alone or jointly with others) or under my direction during the period of my employment. I
acknowledge that all work performed 

 

 
by me is on a “work for hire” basis, and I hereby do assign and transfer and, to the extent any such assignment cannot be made at present, will assign and transfer, to the Company and
its successors and assigns all my right, title and interest in all Developments that: (a) relate to the business of the Company or any customer of or supplier to the Company or any of the products or services being researched, developed,
manufactured or sold by the Company or which may be used with such products or services; or (b) result from tasks assigned to me by the Company; or (c) result from the use of premises or personal property (whether tangible or intangible)
owned, leased or contracted for by the Company (“Company-Related Developments”), and all related patents, patent applications, trademarks and trademark applications, copyrights and copyright applications, and other intellectual
property rights in all countries and territories worldwide and under any international conventions (“Intellectual Property Rights”). 
 To
preclude any possible uncertainty, I have set forth on Exhibit A attached hereto a complete list of Developments that I have, alone or jointly with others, conceived, developed or reduced to practice prior to the commencement of my employment
with the Company that I consider to be my property or the property of third parties and that I wish to have excluded from the scope of this Agreement (“Prior Inventions”). If disclosure of any such Prior Invention would cause me to
violate any prior confidentiality agreement, I understand that I am not to list such Prior Inventions in Exhibit A but am only to disclose a cursory name for each such invention, a listing of the party(ies) to whom it belongs and the fact
that full disclosure as to such inventions has not been made for that reason. I have also listed on Exhibit A all patents and patent applications in which I am named as an inventor, other than those which have been assigned to the Company
(“Other Patent Rights”). If no such disclosure is attached, I represent that there are no Prior Inventions or Other Patent Rights. If, in the course of my employment with the Company, I incorporate a Prior Invention into a Company
product, process or machine or other work done for the Company, I hereby grant to the Company a nonexclusive, royalty-free, paid-up, irrevocable, worldwide license (with the full right to sublicense) to make, have made, modify, use, sell, offer for
sale and import such Prior Invention. Notwithstanding the foregoing, I will not incorporate, or permit to be incorporated, Prior Inventions in any Company-Related Development without the Company’s prior written consent.

 This Agreement does not obligate me to assign to the Company any Development which, in the sole judgment of the
Company, reasonably exercised, is developed entirely on my own time and does not relate to the business efforts or research and development efforts in which, during the period of my employment, the Company actually is engaged or reasonably would be
engaged, and does not result from the use of premises or equipment owned or leased by the Company. However, I will also promptly disclose to the Company any such Developments for the purpose of determining whether they qualify for such exclusion. I
understand that to the extent this Agreement is required to be construed in accordance with the laws of any state that precludes a requirement in an employee agreement to assign certain classes of inventions made by an employee, this paragraph 5
will be interpreted not to apply to any invention that a court rules and/or the Company agrees falls within such classes. I also hereby waive all claims to any moral rights or other special rights which I may have or accrue in any Company-Related
Developments. 
 6. Documents and Other Materials. I will keep and maintain adequate and current records of all Proprietary Information and
Company-Related Developments developed by me during my employment, which records will be available to and remain the sole property of the Company at all times. 

All files, letters, notes, memoranda, reports, records, data, sketches, drawings, notebooks, layouts, charts, quotations and proposals, specification sheets,
program listings, blueprints, models, prototypes, or other written, photographic or other tangible material containing Proprietary Information, whether created by me or others, which come into my custody or possession, are the exclusive property of
the Company to be used by me only in the performance of my duties for the Company. Any property situated on the Company’s premises and owned by the Company, including without limitation computers, disks and other storage media, filing cabinets
or other work areas, is subject to inspection by the Company at any time with or without notice. In the event of the termination of my employment for any reason, I will deliver to the Company all files, letters, notes, memoranda, reports, records,
data, sketches, drawings, notebooks, layouts, charts, quotations and proposals, specification sheets, program listings, blueprints, models, prototypes, or other written, photographic or other tangible material containing Proprietary Information, and
other materials of any nature pertaining to the Proprietary 

 

 
Information of the Company and to my work, and will not take or keep in my possession any of the foregoing or any copies. 

7. Enforcement of Intellectual Property Rights. I will cooperate fully with the Company, both during and after my employment with the Company,
with respect to the procurement, maintenance and enforcement of Intellectual Property Rights in Company-Related Developments. I will sign, both during and after the term of this Agreement, all accurate and correct papers, including without
limitation copyright applications, patent applications, declarations, oaths, assignments of priority rights, and powers of attorney, which the Company may reasonably deem necessary or desirable in order to protect its rights and interests in any
Company-Related Development. If the Company is unable, after reasonable effort, to secure my signature on any such papers, I hereby irrevocably designate and appoint each officer of the Company as my agent and attorney-in-fact to execute any such
papers on my behalf, and to take any and all actions as the Company may reasonably deem necessary or desirable in order to protect its rights and interests in any Company-Related Development. 

8. Non-Competition and Non-Solicitation. In order to protect the Company’s Proprietary Information and good will, during my employment and
for a period of one (1) year following the termination of my employment for any reason (the “Restricted Period”), I will not directly or indirectly, whether as owner, partner, stockholder, director, manager, consultant, agent,
employee, co-venturer or otherwise, engage, participate or invest in any business activity anywhere in the world that develops, manufactures or markets any products, or performs any services, that are otherwise competitive with or similar to the
products or services of the Company, or products or services that the Company, has under development or that are the subject of active planning at any time during my employment; provided that this shall not prohibit any possible investment in
publicly traded stock of a company representing less than one percent (1%) of the stock of such company. In addition, during the Restricted Period, I will not, directly or indirectly, in any manner, other than for the benefit of the Company,
(a) call upon, solicit, divert, take away, accept or conduct any business from or with any of the customers or prospective customers of the Company or any of its suppliers in relation to products or services that are competitive with the
business of the Company , and/or (b) solicit, entice, attempt to persuade any other employee or consultant of the Company to leave the Company for any reason

 
or otherwise participate in or facilitate the hire, directly or through another entity, of any person who is employed or engaged by the Company or who was employed or engaged by the Company
within six (6) months of any attempt to hire such person. I acknowledge and agree that if I violate any of the provisions of this paragraph 8, the running of the Restricted Period will be extended by the time during which I engage in such
violation(s). 
 9. Prior Agreements. I hereby represent that I am not bound by the terms of any agreement with any previous employer or other
party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of my employment with the Company or to refrain from competing, directly or indirectly, with the business of such previous employer
or any other party. I further represent that my performance of all the terms of this Agreement as an employee of the Company does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by me
in confidence or in trust prior to my employment with the Company. I will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any previous employer or others. 

10. Remedies Upon Breach. I understand that the restrictions contained in this Agreement are necessary for the protection of the business and
goodwill of the Company and I consider them to be reasonable for such purpose. Any breach of this Agreement is likely to cause the Company substantial and irrevocable damage and therefore, in the event of such breach, the Company, in addition to
such other remedies which may be available, will be entitled to specific performance and other injunctive relief, without posting of a bond. Further, I understand that in the event that the Company prevails in any action or proceeding to enforce or
interpret the provisions of this Agreement with respect to me, or to recover for a violation of this Agreement, the Company shall be entitled to its costs and reasonable attorneys’ fees. By acceptance of this Agreement, the Company
correspondingly agrees with me that in the event the Company does not prevail in any action or proceeding to enforce or interpret the provisions of this Agreement with respect to me, or to recover for a violation of this Agreement, the Company shall
reimburse me for my costs and reasonable attorneys’ fees. 
 11. Survival and Assignment by the Company. I understand that my
obligations under this Agreement will continue in accordance with its express terms regardless of any changes in my title,

 

 
position, duties, salary, compensation or benefits or other terms and conditions of employment. I further understand that my obligations under this Agreement will continue following the
termination of my employment regardless of the manner of such termination and will be binding upon my heirs, executors and administrators. Notwithstanding the foregoing, if following the termination of my employment by the Company, the Company shall
fail to pay to me the “Accrued Obligations” or severance entitlements to which I am entitled under my employment agreement with the Company, and such failure continues for thirty days following written notice, I shall be relieved of all
obligations arising under Section 8 of this Agreement. The Company will have the right to assign this Agreement within the Company Group and to the successors and assigns of any member of the Company Group. I expressly consent to be bound by
the provisions of this Agreement for the benefit of the Company Group or any of the Company’s or the Company Group’s successors or assigns to whose employ I may be transferred without the necessity that this Agreement be re-executed at the
time of such transfer. For avoidance of doubt, following any such assignment, my obligations under Section 8 shall be construed as applying to the business of the Company as conducted at the time of my termination of employment, and not to the
broader business operations of other Group Companies or of any other assignee. 
 12. Disclosure to Future Employers. During the Restricted
Period, I will provide a copy of this Agreement to any prospective employer, partner or co-venturer prior to entering into an employment, partnership or other business relationship with such person or entity. In addition, I will notify the Company
of any change in my address and of each subsequent employment or business activity, including the name or address of my employer or other post-employment plans and the nature of my activities. 

13. Severability. In case any provisions (or portions thereof) contained in this Agreement shall, for any reason, be held invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been
contained herein. If, moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and
reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

 14. Interpretation. This Agreement will be deemed to be made and entered into in the Commonwealth
of Massachusetts, and will in all respects be interpreted, enforced and governed under the laws of the Commonwealth of Massachusetts. I hereby agree to consent to personal jurisdiction of the state and federal courts situated within
Massachusetts for purposes of enforcing this Agreement, and waive any objection that I might have to personal jurisdiction or venue in those courts. 
 I
UNDERSTAND THAT THIS AGREEMENT AFFECTS IMPORTANT RIGHTS. BY SIGNING BELOW, I CERTIFY THAT I HAVE READ IT CAREFULLY AND AM SATISFIED THAT I UNDERSTAND IT COMPLETELY. 

IN WITNESS WHEREOF, the undersigned has executed this agreement as a sealed instrument as of the date set forth below. 

 

			
	Signed:	 	  

		 	David Southwell
		
	Date:	 	  

 
 

 EXHIBIT A 
  

	To:	Inotek Pharmaceuticals Corporation 

  

	From:	David Southwell 

  

	Date:	                     

  

	SUBJECT:	Prior Inventions  

 The following is a complete list of all inventions or improvements
relevant to the subject matter of my employment by the Company that have been made or conceived or first reduced to practice by me alone or jointly with others prior to my engagement by the Company: 

 

	 	 ̈	No inventions or improvements 

  

	 	 ̈	See below: 

  

					
		 	  
	 	
			
		 	  
	 	
			
		 	  
	 	

  

	 	 	Additional sheets attached 

 The following is a list of all patents and patent applications in
which I have been named as an inventor: 
  

	 	 ̈	None 

  

	 	 ̈	See below:EX-10.4

 Exhibit 10.4 
  

 
 May 2, 2007 

Rudolf A. Baumgartner, M.D. 
 Dear Dr. Baumgartner: 

I am pleased to offer you the position of Chief Medical Officer at Inotek Pharmaceuticals Corporation (“Inotek” or the “Company”),
commencing June 4, 2007 (the “Effective Date”). This Offer Letter will outline the terms of your employment. 
 As Chief Medical
Officer you will report directly to the President and CEO. You will devote your full business efforts and time to the Company. Your duties include but are not limited to: 

 

	 	•	 	Lead Company’s Clinical Department and entirety of clinical programs. 

  

	 	•	 	Develop clinical development strategies for lead molecules. 

  

	 	•	 	Build Company’s clinical development team in line with the company’s needs and objectives. 

  

	 	•	 	Represent and manage the Company’s clinical programs to the FDA, investors, corporate partners, the Board of Directors (the “Board”), and other appropriate parties. 

 

	 	•	 	Provide ongoing clinical perspective to research strategy, as well as preclinical, operating, and business decisions facing the Company. 

 

	 	•	 	Maintain understanding of competitors and clinical developments in relevant therapeutic areas by attending scientific meetings and tracking literature. 

 

	 	•	 	Ensure that qualified scientific personnel are attracted and retained to the Clinical Department. 

  

	 	•	 	Bring organizational savvy to bear within the clinical team. Help manage the uncertainty intrinsic to a growing Company with the inherent risks, frustrations and rewards, while maintaining an entrepreneurial
environment. 

  

	 	•	 	Assure patient safety. 

  

	 	•	 	Collaborate with relevant Company leadership in regulatory, quality compliance, quality assurance, formulation, process scale-up development, and GMP manufacturing and marketing. 

 

	 	•	 	Working with the CEO, formulate and communicate a compelling vision and tactical plan for the Company that will serve to guide the Company through development and into the commercialization of therapeutic products.

  

	 	•	 	Other tasks as assigned consistent with your position as Chief Medical Officer. 

 While employed by the Company in this capacity, you shall receive as initial compensation for your services a
monthly base salary of $24,166.67 ($290,000 on an annualized basis), which will be paid in accordance with the Company’s normal payroll procedures and subject to the usual required withholding. In addition, the Company shall grant to you
an option to purchase 881,000 shares of the Company’s common stock under the existing stock option program (the “Option”). Except as otherwise expressly provided herein, twenty-five percent (25%) of the Option shall vest
and become exercisable on the one-year anniversary of the commencement of your employment, and the remainder of the Option shall vest monthly, on a pro-rated basis, during the 36 months following the one-year anniversary of the commencement of your
employment, provided that you remain in the Company’s employ. 
 In the event of a Change in Control (as defined below) of the Company, and (i) if
within eighteen months of such Change in Control you are terminated by the Company without Cause (as defined below), or you resign for Good Reason (as defined below) or (ii) if on the eighteen-month anniversary of such Change in Control you
continue to be employed by the Company, then all your unvested options will be fully vested upon your execution of a comprehensive release of claims in the Company’s favor, in a form and of a scope reasonably acceptable to the Company. The
exercise price shall be the fair market value of the Company’s common stock as determined by the Board of Directors at the time of the issuance of the option grant. The terms of the Option shall be subject to and governed by the Company’s
stock plan and a stock option agreement between you and the Company. 
 In connection with your employment and in addition to your base salary, Inotek
commits to paying a bonus target of 25%, of your then current annualized base salary, on an annual basis and will guarantee half of this bonus target in an amount equal to $36,250 (payable upon the one-year anniversary of the commencement of your
employment) for your first year of employment, provided that you remain employed by the Company on this date. 
 The foregoing shall not limit the ability
of Inotek, in its sole discretion, to grant additional bonuses or grant raises. As a Company employee, you will be eligible to participate in the employee benefit plans currently and hereafter maintained by the Company. Currently, Inotek provides
full funding of group long-term disability insurance, 80% funding of Blue Cross/Blue Shield HMO health care insurance, and 80% funding of Delta Dental insurance. Inotek’s 401K-pension plan is funded by employee voluntary contributions with a 3%
match contribution by the Company. Employees are able to invest funds in their retirement account at their own direction. The Company’s contribution to the retirement fund is vested incrementally over a three-year period. 

You will be eligible to accumulate up to 20 days of paid vacation annually, to be accrued on a monthly basis each month that you work in accordance with the
Company’s policy, with the timing and duration of specific vacations mutually and reasonably agreed to by the parties hereto. In addition, you will be entitled to up to 10 sick days per year which are prorated based on hire date for the first
year. In addition, you will be eligible to receive on an annual basis 11 Holidays (7 standard, 4 floating) if hired before July 1. Unless otherwise agreed to by the Company, only a maximum of five (5) vacation days (and no sick days) may
be carried over from one year to another. 

 You should note that the Company reserves the right to cancel or change the benefit plans and programs it offers
to its employees at any time. 
 Your employment will be in Beverly, Massachusetts. The Company will pay or reimburse you for reasonable travel, or other
expenses incurred by you in the furtherance of or in connection with the performance of your duties hereunder in accordance with the Company’s policies. 

You should be aware that your employment with the Company constitutes “at-will” employment. This means that your employment relationship with the
Company may be terminated at any time with or without notice, with or without Cause or for any or no Cause, at either party’s option. You understand and agree that neither your job performance nor promotions, commendations, bonuses (if any) or
the like from the Company give rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of your employment with the Company. Please note, however, that if you are terminated by the Company
without Cause, including in connection with a Change in Control, then upon your execution of a comprehensive release of claims in the Company’s (and/or its successors(s)) favor in a form and of a scope reasonably acceptable to the Company, you
shall also receive severance payments, at a monthly rate equal to your then current monthly base salary, for six (6) months. Such severance payments shall be payable on at least a monthly basis and shall be subject to all applicable federal,
state and local withholding, payroll and other taxes. 
 For purposes of this letter, “Change in Control” shall mean (i) the sale of
the Company by merger in which the shareholders of the Company in their capacity as such no longer own a majority of the outstanding equity securities of the Company (or its successor); (ii) any sale of all or substantially all of the assets or
capital stock of the Company (other than in a spin-off or similar transaction); or (iii) any other acquisition of the business of the Company, as determined by the Board. 

For purposes of this letter, “Good Reason” shall mean any one or more of the following: i) the Company’s reduction of your compensation
as of the Effective Date that is not part of a reduction applicable to the other senior executives of the Company, or the Company’s failure to pay your compensation in the time and manner contemplated herein; (ii) the Company’s
requirement that you relocate to an office more than 50 miles from the current Beverly, Massachusetts office; or (iii) the material reduction in your title, responsibilities, duties, reporting relationships or authorities as Chief Medical
Officer as they exist on the Effective Date; provided, however, that an event described in this sentence shall not constitute Good Reason unless it is communicated by you to the Company in writing within 90 days of the
event, and the Company has not cured the event within 30 days of receiving written notice from you setting forth the nature of such alleged Good Reason. 

For purposes of this letter, “Cause” shall mean any one or more of the following: (i) your misconduct, deliberate disregard of the rules
or policies of the Company, or breach of fiduciary duty to the Company; (ii) your commission of an act of fraud, theft, misappropriation or embezzlement; (iii) your violation of federal or state securities laws; (iv) your conviction
of, or pleading nolo contendere to, a felony or any other crime involving moral turpitude; or (v) your material breach of this offer letter, any stock option agreement between you and the Company, the Confidentiality Agreement
attached hereto as Exhibit B, or any other written agreement 

 
between you and the Company. Please note that you shall not be eligible for any severance payments should your employment terminate because of your death or Disability. For purposes of this
letter, you shall be deemed to have a Disability if you are unable to perform the essential functions of your job or without reasonable accommodation for a period of 120 consecutive or cumulative calendar days in any 12-month period. Any
accommodation will not be deemed reasonable if it imposes an undue hardship on the Company. You agree to submit to an examination by a Company-selected physician for the determination of any such Disability. Such physician shall not be an employee
or consultant of the Company, nor shall such physician be located more than 50 miles from the current Beverly, Massachusetts office. 
 For purposes of
federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within three (3) business days of your
date of hire, or our employment relationship with you may be terminated. 
 You agree that, during the term of your employment with the Company, you will
not engage in any other employment, occupation, consulting or other business activity directly related to the business in which the Company is now involved or during the term of your employment makes plans to become involved, nor will you engage in
any other activities that conflict with your obligations to the Company. However, subject to the Company’s prior written approval, you may serve on other boards of directors or engage in religious, charitable or other community activities as
long as such services and activities do not interfere or conflict with your performance of duties to the Company, as determined by the Company in its discretion. You represent and warrant that as of your Effective Date at the Company, you have no
outstanding agreement or obligation that is in conflict with any of the provisions of this Agreement, or that would preclude you from complying with the provisions hereof, and further covenant that you will not enter into any such conflicting
Agreement during the term of your employment. 
 As a Company employee, you will be expected to abide by Company rules and regulations. You also agree to
maintain the confidentiality of all confidential and proprietary information of the Company and agree, as a condition of your employment, to enter into Exhibit B, Confidential Information and Invention Assignment Agreement, acceptance of which is an
integral part of this offer. 
 All dollar figures quoted in this agreement are understood to represent currency of the United States of America. 

In the event of any dispute or claim relating to or arising out of our employment relationship, you and the Company agree that all such disputes shall be
fully and finally resolved by binding arbitration conducted by the American Arbitration Association in Suffolk County, Massachusetts. However, this arbitration provision shall not apply to any disputes or claims relating to or arising out of the
misuse or misappropriation of the Company’s trade secrets or proprietary information. The Company will pay the arbitrator’s fee and any other type of expense or cost that you would not be required to bear if you were free to bring the
dispute or claim in court as well as any other expense or cost that is unique to arbitration. The Company and you each will pay their own counsel fees and other expenses associated with the arbitration. The parties agree that the arbitrator will
have the authority to direct such discovery as the 

 
arbitrator deems necessary and appropriate with respect to the parties’ claim(s) and defense(s), consistent with the applicable Rules of Civil Procedure and Rules of Evidence. Additionally,
the arbitrator shall issue a written award that sets forth the essential findings and conclusions on which the award is based. 
 This letter, and Exhibits
A and B incorporated herein by reference and any stock option agreement between you and the Company, together represent the entire agreement and understanding between you and the Company concerning your employment relationship with the Company, and
supersede in their entirety any and all prior agreements and understandings concerning your employment relationship with the Company, whether written or oral. Your signature accepting this letter signifies your further separate agreement to Exhibits
A and B. 
 The terms of this letter may only be amended, canceled, or discharged in writing signed by you and the Company. This letter shall be governed by
the internal substantive laws, but not the choice of law rules, of the State of Massachusetts. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable, or void, this letter
shall continue in full force and effect without such provision. 
 You acknowledge that you have had the opportunity to discuss this matter with and obtain
advice from your private attorney, have had sufficient time to, and have carefully read and fully understand all the provisions of this letter, and are knowingly and voluntarily entering into this letter. 

We are expecting you to notify us by May 3, 2007 if you decide to take the offered position with the conditions above. 

I look forward to working with you at Inotek Pharmaceuticals Corporation. 
  

	
	Sincerely Yours,
	
	 /s/ Jean Paul Gosselin

	Jean Paul Gosselin
	VP, Finance & Administration

			
	For Rudolf Baumgartner, M.D.
		
	Signature:	 	 /s/ Rudolf Baumgartner

			
		
	Date:	 	 5/3/07

		
	SSN:	 	  

 Address: 22 Munnings Drive, Sudbury, MA 01766-1221 

Telephone: 978-460-004 0 
  

			
	For INOTEK
		
	Signature:	 	 /s/ Jean Paul Gosselin

			
		
	Date:	 	 5/2/07

  

					
	Encl.	 	Exhibit A:	 	Job Description
		 	Exhibit B:	 	Confidentiality Agreement

			
	Exhibit A:	  	JOB DESCRIPTION

 Job Title: Chief Medical Officer 

Department: Administration 
 Location: Beverly, MA 

Job Responsibilities 
  

	 	•	 	Lead Company’s Clinical Department and entirety of clinical programs. 

  

	 	•	 	Develop clinical development strategies for lead molecules. 

  

	 	•	 	Build Company’s clinical development team in line with the company’s needs and objectives. 

  

	 	•	 	Represent and manage the Company’s clinical programs to the FDA, investors, corporate partners, the Board of Directors (the “Board”), and other appropriate parties. 

 

	 	•	 	Provide ongoing clinical perspective to research strategy, as well as preclinical, operating, and business decisions facing the Company. 

 

	 	•	 	Maintain understanding of competitors and clinical developments in relevant therapeutic areas by attending scientific meetings and tracking literature. 

 

	 	•	 	Ensure that qualified scientific personnel are attracted and retained to the Clinical Department. 

  

	 	•	 	Bring organizational savvy to bear within the clinical team. Help manage the uncertainty intrinsic to a growing Company with the inherent risks, frustrations and rewards, while maintaining an entrepreneurial
environment. 

  

	 	•	 	Assure patient safety. 

  

	 	•	 	Collaborate with relevant Company leadership in regulatory, quality compliance, quality assurance, formulation, process scale-up development, and GMP manufacturing and marketing. 

 

	 	•	 	Working with the CEO, formulate and communicate a compelling vision and tactical plan for Inotek that will serve to guide the Company through development and into the commercialization of therapeutic products.

  

	 	•	 	Other tasks as assigned consistent with your position as Chief Medical Officer. 

  
 

 
  

			
	Exhibit B:	  	 CONFIDENTIALITY AGREEMENT

 This Confidentiality Agreement (“Agreement’) is made and entered into as of the Effective Date indicated
below by and between Inotek Pharmaceuticals Corporation (“Inotek” or the “Company”), a Delaware corporation with principal place of business at Suite 419E, 100 Cummings Center, Beverly, MA, 01915, and Rudolf A.
Baumgartner, M.D. (the “Employee”). In consideration of the mutual promises contained herein, the value and sufficiency of which is mutually acknowledged, the parties agree as follows: 

 

	1.	CONFIDENTIALITY 

 1.1. “Confidential Information”
means any information disclosed previously, at present, or in the future to Employee by the Company (whether directly or indirectly, in writing, orally, or by inspection of processes or tangible objects or descriptions) as well as any Inventions
(defined below) and/or information created by Employee in connection with this Agreement, which is either identified as confidential or proprietary, or whose confidential or proprietary nature Is reasonably apparent under the circumstances.
Confidential Information includes any and all of the following without limitation, whether or not expressly identified as confidential: business plans, financial analyses, marketing plans, funding sources, customer names, customer lists and any
other personally-identifying customer data, technical contacts, employee names, employee lists and other personally-identifying employee data, technology, software (source code or object code), documentation, product plans, products, services,
Inventions, processes, methodologies, designs, drawings, engineering or hardware configuration information, production assets, development methods, research, formulas, know-how, and trade secrets; as well as any information that may be expressly
identified as confidential or proprietary. Confidential Information shall also include the names and other personally-identifying data of any agent, contractor, employee, or vendor of Company which Employee learns in connection with his employment
with the Company. This document itself shall also be deemed Confidential Information. 
 1.2. Confidential Information does
not, however, include information to the extent that Employee can establish that it: 
 1.2.1. was publicly known and made
generally available in the public domain prior to the time of disclosure to Employee by the Company; 

 1.2.2. becomes publicly known and made generally available in the public domain
after disclosure to Employee by the Company through no improper action or inaction of Employee; 
 1.2.3. is already in the
possession of Employee without confidentiality restrictions, at the time of disclosure by the Company, as expressly enumerated in Schedule 2 of this Exhibit, or its subsequent amendments, where such amendments are mutually accepted by the Employee
and the President of the Company; or 
 1.2.4. is obtained by Employee from a third party without a breach of a party’s
obligations of confidentiality to the Company. 
 Notwithstanding the exceptions set forth in this Section 1.2, abstracts and any other
professional documents under consideration or review for publication in trade or other journals or publications or at conferences (“Preprints”) which contain Confidential Information shall be not be deemed to be in the public domain
until actual publication. In addition, Confidential Information shall not be deemed to be in the public domain merely because some portion of such information has been publicly disclosed, nor because individual features, aspects, components,
details, or partial combinations thereof are, or become, known to the public. For example, a list of customers shall not be considered in the public domain, even though the names of certain individual customers have been publicly disclosed by
Company or are publicly known. 
 1.3. Employee shall not, during or subsequent to the term of his employment with the
Company, use the Company’s Confidential Information for any purpose whatsoever other than the performance of services on behalf of the Company or disclose the Company’s Confidential Information to any third party. Confidential Information
shall remain the sole property of the Company. Employee further agrees to take all reasonable precautions to prevent any unauthorized disclosure of such Confidential Information. Nothing herein shall be deemed to grant Employee a license or other
right to use any of Company’s intellectual property other than in the performance of services on behalf of the Company. Employee shall not by itself or through any third party reverse engineer, decompile or disassemble any prototypes, software
or other tangible objects which embody the Company’s Confidential Information and which may be provided to Employee. In view of Employee’s access to the Company’s trade secrets and proprietary know-how, Employee further agrees that
he/she will not, without Company’s prior written consent, design identical or substantially similar Inventions as those developed under this Agreement for any third party during, or subsequent to, the term of this Agreement. It is the
Company’s express intention that this Agreement not be construed to prevent the Employee from engaging in his regular occupation or using his experience, skill and training in other employment in competition with the Company, or in employment
for a competitor of the Company, after the termination of the Employee’s employment with the Company. Rather, it is the Company’s express intention that this Agreement and this paragraph be construed to preclude the Employee from using or
disclosing Confidential Information that he obtained through his employment with the Company. The provisions of this paragraph shall be construed in material conformity with this express intention. 

 1.4. Employee agrees that Employee shall not, during the term of his employment
with the Company, improperly use or disclose any proprietary information or trade secrets of any former or current employer or other person or entity with which Employee has an agreement or duty to keep in confidence information acquired by Employee
in confidence, if any. 
 1.5. Upon the termination of the Employee’s employment with the Company, or upon
Company’s earlier request, Employee will deliver to the Company (and will not keep in Employee’s possession, recreate or deliver to anyone else) all of the Company’s property, Confidential Information any and all devices, records,
data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, laboratory notebooks, materials, flow charts, equipment, other documents or property, or reproductions of any aforementioned items developed by
Employee pursuant to his employment or otherwise belonging to the Company, its successors or assigns. Employee agrees that any property situated on the Company’s premises and owned by the Company, including disks and other storage media, filing
cabinets or other work areas, is subject to inspection by Company personnel at any time with or without notice. In the event of the termination of employment, Employee agrees to sign and deliver the ‘Termination Certification” attached
hereto as Schedule 1. 
 1.6. It shall not be considered a violation of this Agreement (particularly including but not
limited to paragraphs 1.3, 1.4 and 1.5 above) if the Employee is required by court process or court order to disclose Confidential Information or the terms of this Agreement. In the event that the Employee receives any document or court order
reasonably requiring the disclosure of Confidential Information, the Employee shall immediately notify the Company of such document or court order, and shall cooperate with the Company in its response to such document or court order, if any. In the
event that the Employee is no longer employed by the Company at the time that he/she receives a document or court order relating to or requiring the disclosure of Confidential Information, the Company shall compensate the Employee for his/her
cooperation, at the Employee’s then normal hourly rate, and shall reimburse the Employee for all costs incurred by the Employee as a result of his cooperation with the Company in its response to said document or court order. 

 

	2.	OWNERSHIP 

 2.1. Employee agrees that Company shall own all right,
title and interest in and to all notes, records, drawings, designs, marks, logos, inventions, works of authorship, copyrightable material, improvements, developments, discoveries and trade secrets conceived, made or discovered by Employee, solely or
in collaboration with others, during the period of his employment with the Company which relate in any manner to the business of the Company that Employee may be directed to undertake, investigate or experiment with or which Employee may become
associated with in work, investigation or experimentation in the line of business of Company insofar as they arise in the performance of Employee’s services for the Company (collectively, “Inventions”). In addition, any
Inventions which constitute copyrightable subject matter shall be considered “works made for hire” within the meaning of the United States Copyright Act 

 
and any similar laws of other jurisdictions. Employee further agrees to promptly assign (or cause to be assigned) and does hereby assign fully to the Company all right, title and interest in and
to such Inventions including all copyrights, trademarks, patents, mask work rights or other intellectual property rights therein or relating thereto. The Inventions shall be considered Confidential Information. Nothing in this Agreement is intended
to grant any rights to Employee under any patent, copyright, trademark, trade secret or other intellectual property rights of the Company, nor shall this Agreement grant Employee any rights in or to Confidential Information except as expressly set
forth herein. 
 2.2. Employee agrees to assist Company or the Company’s designee, at the Company’s expense, in
every proper way to secure the Company’s rights in the Inventions and any copyrights, trademarks, patents, mask work rights or other intellectual property rights relating thereto in any and all countries, including the disclosure to the Company
of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments and all other instruments which the Company shall deem necessary in order to apply for and obtain such rights and in
order to assign and convey to the Company, its successors, assigns and nominees the sole and exclusive right, title and interest in and to such Inventions, including all copyrights, trademarks, patents, mask work rights or other intellectual
property rights relating thereto. Employee further agrees that Employee’s obligation to execute or cause to be executed, when it is in Employee’s power to do so, any such instrument or papers shall continue after the termination of this
Agreement. 
 2.3. Employee agrees that if, in the course of his employment with the Company, Employee incorporates into any
Invention developed hereunder any Prior Invention (as defined below) owned by Employee or in which Employee has an interest, Employee shall notify the Company explicitly of this, and the Company is hereby granted and shall have a
nonexclusive, royalty-free, perpetual, irrevocable, worldwide license to make, have made, modify, use, sell, offer to sell, import, reproduce, distribute, publish, prepare derivative works of, display, and perform publicly and by means of
digital audio transmission, such item as part of or in connection with such Invention. 
 2.4. Employee agrees that if the
Company is unable because of Employee’s unavailability, mental or physical incapacity, or for any other reason, to secure Employee’s signature to apply for or to pursue any application for any United States or foreign patents or mask work,
trademark or copyright registrations covering the Inventions assigned to the Company above, then Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Employee’s agent and attorney in
fact, to act for and in Employee’s behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and Issuance of patents and copyright, trademark and mask work registrations
with the same legal force and effect as if executed by Employee. 
 2.5. Employee agrees to keep and maintain adequate and
current written records of all Inventions made by Employee (solely or jointly with others) during the term of employment with the Company. The records may be in the form of notes, 

 
sketches, drawings, flow charts, electronic data or recordings, laboratory notebooks, and/or any other suitable format. The records will be available to and remain the sole property of the
Company at all times. Employee agrees not to remove such records from the Company’s place of business except as expressly permitted by Company policy which may, from time to time, be revised at the sole election of the Company for the purpose
of furthering the Company’s business. 
 2.6. Employee has attached hereto, as Schedule 2, a list describing with
particularity all inventions, discoveries, original works of authorship and derivative works thereof, developments, concepts, know-how, improvements, trademarks and trade secrets which were made or developed by Employee prior to the commencement of
employment with the Company, or which Employee is currently developing, which belong solely to Employee or belong to Employee jointly with another, which relate in any way to any of the Company’s proposed businesses, products or research and
development, and which are not assigned to the Company hereunder (collectively referred to as “Prior Inventions”); or, if no such list is attached, Employee represents that there are no such Prior Inventions. The completion of this
Schedule 2 at the time that this Agreement is executed shall not preclude the Employee from later submitting an amended Schedule 2 which identifies other inventions of the Employee, or other inventions which he jointly developed with another person,
and which in the opinion of the Company’s Board do not relate to the Company’s business, products or research and development. 
  

	3	SOLICITATION OF EMPLOYEES 

 Employee agrees that for a period of twelve
(12) months immediately following the termination of his relationship with the Company for any reason, whether with or without cause, Employee shall not either directly or indirectly solicit, induce, recruit or encourage any of the
Company’s employees to leave their employment, or take away such employees, or attempt to solicit, induce, recruit, encourage or take away employees of the Company, either for himself or for any other person or entity. 

 

	4.	NOTIFICATION TO OTHER PARTIES 

 Employee hereby grants consent to notification by
the Company to any other parties besides the Company with whom Employee maintains an employment or consulting relationship, including parties with whom such relationship commences after the effective date of this Agreement, of Employee’s rights
and obligations under this Agreement. 
  

	5.	SURVIVAL OF PROVISIONS; AMENDMENT; ASSIGNMENT 

 Employee’s obligations as set
forth in this Agreement will survive the termination of employment with the Company. None of the provisions contained in this Agreement can be changed without a writing signed by each of Employee and the Company. Employee acknowledges that Employee
has no right or power to assign this Agreement. Employee also acknowledges that the Company may assign this Agreement freely. 

	6.	EQUITABLE RELIEF; ATTORNEY’S FEES; EXTENSION OF PERIOD 

 If Employee breaches
any provision of this Agreement, the Company will be entitled, as a matter of right, to injunctive relief, including specific performance, with respect to any such breach. The prevailing party in any action or proceeding brought with respect to this
Agreement shall be entitled to recover from the other party his or its reasonable attorney’s fees incurred in connection with such action or proceeding. The Company’s rights and remedies under this Section 6 are in addition to and
cumulative with any other rights and remedies to which the Company may be entitled. 
  

	7.	SEVERABILITY 

 If one or more provisions of this Agreement are deemed void by law,
then the remaining provisions will continue in full force and effect. 
  

	8.	BINDING OBLIGATION 

 This Agreement will be binding upon Employee’s heirs,
executors and administrators, and the Company, and will inure to the benefit of the Company and its successors and assigns. 
  

	9	GOVERNING LAW; CONSENT TO PERSONAL/JURISDICTION 

 This Agreement will be governed
by the laws of Massachusetts notwithstanding its choice of law rules. Employee hereby consents to the subject matter jurisdiction of the State and Federal Courts located in Massachusetts for any lawsuit filed there against the Employee by the
Company arising from or relating to this Agreement. However, Employee acknowledges that the Company may seek enforcement of this Agreement in any appropriate court and in any jurisdiction where the Employee is subject to personal jurisdiction. 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the following Effective
Date of Confidentiality Agreement: June 4, 2007 
  

			
	For EMPLOYEE
		
	Signature and date:	 	 /s/ Rudolf Baumgartner

			
	Name:	 	Rudolf Baumgartner

			
	Title and SSN:	 	  

			
	Address:	 	  

			
	Telephone:	 	  

			
	Fax:	 	
	E-mail:	 	

  

			
	For INOTEK
		
	Signature and date:	 	 /s/ Jean Paul Gosselin

			
	Name:	 	Jean Paul Gosselin

			
	Title:	 	VP, Finance & Administration

			
	Telephone:	 	(978) 232 9660 ext 2293

			
	Fax:	 	(978)232 8975

			
	E-mail:	 	JPGosselin@inotekcorp.com

 SCHEDULE 1 

TERMINATION CERTIFICATION 

This is to certify that I do not have in my possession, nor have I failed to return, any devices, records, data, notes, reports, proposals,
lists, correspondence, specifications, drawings, blueprints, sketches, laboratory notebooks, flow charts, materials, equipment, other documents or property, or copies or reproductions of any aforementioned items belonging to Inotek Corporation, its
subsidiaries, affiliates, successors or assigns (together the “Company”). 
 I further certify that I have complied with all the
terms of the Company’s Confidentiality Deed (the “Agreement”) signed by me, including the reporting of any Inventions (as therein defined), conceived or made by me (solely or jointly with others) covered by that Agreement. 

I further agree that, in compliance with the Agreement, I will preserve as confidential all trade secrets, confidential knowledge, data or
other proprietary information relating to products, processes, know-how, designs, formulas, developmental or experimental work, computer programs, data bases, other original works of authorship, customer lists, business plans, financial information
or other subject matter pertaining to any business of the Company or any of its employees, clients, consultants or licensees. 

 SCHEDULE 2 

LIST OF INVENTIONS 
  

					
	 Title
	  	 Date
	  	 Identifying Number

or Brief Description

	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 

              No inventions or improvements related to
Company’s business          No inventions or improvements related to Company’s business 

             Additional Sheets Attached 

 

			
	Signature of Employee:	 	  

			
		
	Print Name of Employee:	 	  

			
		
	Date:	 	  

  
 

 
 December 23, 2008 

Rudolf A. Baumgartner, M.D. 
 22 Munnings Drive 

Sudbury, MA 01776-1221 
 Re: Amendment to Offer of
Employment 
 Dear Dr. Baumgartner: 

This letter amends the terms of the employment offer letter (the “Offer Letter”) dated as of May 2, 2007, by and between Inotek
Pharmaceuticals Corporation (the “Company”) and you as set forth below. Capitalized terms not defined herein shall have the meaning specified in the Offer Letter. 

1. The paragraph of the Offer Letter describing your bonus is hereby amended by inserting the following sentence at the end thereof: 

“Any bonus payable hereunder shall be paid between January 1 and March 15 of the year following the year in which such bonus was
earned.” 
 2. The paragraph of the Offer Letter describing your status as an “at-will” employee of the Company and any
potential severance payments payable upon the termination of your employment (the “Severance Paragraph”) is hereby amended by inserting the following immediately prior to the comma after “acceptable to the Company” within the
fourth sentence thereof: 
 “within the 21-day period following the date your employment terminates and the expiration of the seven-day
revocation period for such release” 
 3. The Severance Paragraph is hereby amended by inserting the following immediately after
“on at least a monthly basis” within the final sentence thereof: 
 “, commencing on the first regular payroll date of the
Company that occurs 30 days following the date your employment terminates,” 

 4. The Severance Paragraph is hereby amended by adding the following sentence at the end thereof:

 “Solely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), each installment
payment is considered a separate payment.” 
 5. The Offer Letter is hereby amended by inserting the following as a new section
thereto: 
 “Section 409A 

Anything in this Offer Letter to the contrary notwithstanding, if at the time of your separation from service within the meaning of
Section 409A of the Code, the Company determines that you are a ‘specified employee’ within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that you become entitled to under this
Offer Letter on account of your separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of
Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after your separation from service, or (B) your death. If
any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this
provision, and the balance of the installments shall be payable in accordance with their original schedule. The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in
Treasury Regulation Section 1.409A-1(h). 
 The parties intend that this Offer Letter will be administered in accordance with
Section 409A of the Code. To the extent that any provision of this Offer Letter is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with
Section 409A of the Code. The parties agree that this Offer Letter may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in
order to preserve the payments and benefits provided hereunder without additional cost to either party. 
 All in-kind benefits provided and
expenses eligible for reimbursement under this Offer Letter shall be provided by the Company or incurred by you during the time periods set forth in this Offer Letter. All reimbursements shall be paid as soon as

 
administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of
in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement or in-kind
benefits is not subject to liquidation or exchange for another benefit.” 
 6. All other provisions of the Offer Letter shall remain in
full force and effect according to their respective terms, and nothing contained herein shall be deemed a waiver of any right or abrogation of any obligation otherwise existing under the Offer Letter except to the extent specifically provided for
herein. 
 7. This Amendment may be executed in several counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument. 
 Please indicate your acceptance of this Amendment to the Offer Letter by signing
the enclosed copy of this letter and returning it to me. 
  

			
	INOTEK PHARMACEUTICALS CORPORATION
		
	By:	 	 /s/ James G. Ham, III

	Name:	 	James G. Ham, III
	Title:	 	EVP, Chief Financial Officer

  

	
	Accepted and agreed:
	
	 /s/ Rudolf Baumgartner

	Rudolf A. Baumgartner, M.D.

 

 
 October 9, 2009 
 Rudolf
A. Baumgartner, M.D. 
 22 Munnings Drive 
 Sudbury, MA
01776-1221 
  

	Re:	Amendment No. 2 to Offer of Employment 

 Dear Dr. Baumgartner: 

This letter further amends the terms of the employment offer letter (the “Offer Letter”) dated as of May 2, 2007, as amended on
December 23, 2008, by and between Inotek Pharmaceuticals Corporation (the “Company”) and you as set forth below. Capitalized terms not defined herein shall have the meaning specified in the Offer Letter. 

1. The paragraph of the Offer Letter describing the vesting of your options upon a Change in Control is hereby amended by replacing the first
sentence thereof with the following sentence: 
 “In the event of a Change in Control (as defined below) of the Company, and (i) if
within twelve months of such Change in Control you are terminated by the Company without Cause (as defined below), or you resign for Good Reason (as defined below) or (ii) if on the twelve-month anniversary of such Change in Control you
continue to be employed by the Company, then all your unvested options will be fully vested upon your execution of a comprehensive release of claims in the Company’s favor, in a form and of a scope reasonably acceptable to the Company.”

 2. The paragraph of the Offer Letter describing your status as an “at-will” employee of the Company and any potential severance
payments payable upon the termination of your employment is hereby amended by replacing the fourth sentence thereof with the following sentence: 

“Please note, however, that if you are terminated by the Company without Cause, including in connection with a Change in Control, then
upon your execution of a comprehensive release of claims in the Company’s (and/or its successor(s)) favor in a form and of a scope reasonably acceptable to the Company within the 21-day period following the date your employment terminates and
the expiration of the seven-day revocation period for such release, you 

 
shall also receive severance payments, at a monthly rate equal to your then current monthly base salary, for twelve (12) months including grossed-up medical and dental coverage.” 

3. All other provisions of the Offer Letter shall remain in full force and effect according to their respective terms, and nothing contained
herein shall be deemed a waiver of any right or abrogation of any obligation otherwise existing under the Offer Letter except to the extent specifically provided for herein. 

4. This Amendment may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will
constitute one and the same instrument. 

 Please indicate your acceptance of this Amendment to the Offer Letter by signing the enclosed
copy of this letter and returning it to me. 
  

			
	INOTEK PHARMACEUTICALS CORPORATION
		
	By:	 	 /s/ Paul G. Howes

	Name:	 	Paul Howes
	Title:	 	CEO

  

	
	Accepted and agreed:
	
	 /s/ Rudolf Baumgartner

	Rudolf A. Baumgartner, M.D.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]