Document:

EX-10.13

 Exhibit 10.13 

HORIZON PHARMA, INC. 

SECOND AMENDMENT TO 

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT 

This Second Amendment to Amended and Restated Executive Employment Agreement (this “Amendment”) amends that
certain Amended and Restated Executive Employment Agreement dated July 27, 2010 as amended on January 16, 2014 (together, the “Employment Agreement”) by and among Horizon Pharma, Inc., a Delaware corporation, and
its wholly owned subsidiary, Horizon Pharma USA, Inc., a Delaware corporation (hereinafter referred to together as the “Company”), and Timothy P. Walbert (the “Executive”), is entered into as of
May 4, 2017 by and among the Company and the Executive. Capitalized terms used herein which are not defined herein shall have the definition ascribed to them in the Employment Agreement. 

RECITALS 

WHEREAS, the Company and the Executive have previously entered into the Employment Agreement; 

WHEREAS, Section 9 of the Employment Agreement provides that the Employment Agreement may be amended with the
written agreement of the Company and the Executive; and 
 WHEREAS, the Company and the Executive desire to amend the
Employment Agreement as set forth herein. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and the promises and covenants contained herein and in
the Employment Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: 

1. Section 4.4.3 of the Employment Agreement. Section 4.4.3 of the Employment Agreement is hereby amended and restated in its
entirety to read as follows: 
 “4.4.3 Without Cause or For Good Reason.  

(i) Not in Connection With a Change in Control. If the Company terminates the Executive’s employment without
Cause or the Executive terminates his employment for Good Reason, and Section 4.4.3(ii) below does not apply, the Company shall pay the Accrued Amounts subject to standard deductions and withholdings, to be paid as a lump sum no later than
thirty (30) days after the date of termination. In addition, subject to the limitations stated in this Agreement and upon the Executive’s furnishing to the Company an 

  
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executed waiver and release of claims (the form of which is attached hereto as Exhibit A) (the “Release”) within the applicable time period set forth therein, but in no
event later than forty-five days following termination of employment and permitting such Release to become effective in accordance with its terms (the “Release Effective Date”), and subject to Executive entering into no later
than the Release Effective Date a non-competition agreement to be effective during the Non Change in Control Severance Period (as defined below), substantially similar to Section 2.3, and continuing to
abide by its terms during the Non Change in Control Severance Period, the Executive shall be entitled to: 
 (a) the
equivalent of the Executive’s Base Salary in effect at the time of termination will continue to be paid for a period of twenty-four (24) months following the date of termination (hereinafter referred to as the “Non Change
in Control Severance Period”), less standard deductions and withholdings, to be paid during the Non Change in Control Severance Period according to the Company’s regular payroll practices, subject to any delay in payment required
by Section 4.6 in connection with the Release Effective Date; 
 (b) two (2) times Executive’s target
Bonus in effect at the time of termination, or if none, two (2) times the last target Bonus in effect for Executive, less standard deductions and withholdings, to be paid in a lump sum no later than ten (10) days after the Release
Effective Date; and 
 (c) in the event the Executive timely elects continued coverage under COBRA, the Company will
continue to pay the same portion of Executive’s COBRA health insurance premium as the percentage of health insurance premiums that it paid during the Executive’s employment, including any amounts that Company paid for benefits to the
qualifying family members of the Executive, following the date of termination up until the earlier of either (i) the last day of the Non Change in Control Severance Period or, (ii) the date on which the Executive begins full-time
employment with another company or business entity which offers comparable health insurance coverage to the Executive (such period, the “Non Change in Control COBRA Payment Period”). Notwithstanding the foregoing, if the
Company determines, in its sole discretion, that the Company cannot provide the COBRA premium benefits without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public
Health Service Act), the Company shall in lieu thereof pay Executive a taxable cash amount, which payment shall be made regardless of whether the Executive or his qualifying family members elect COBRA continuation coverage (the “Health
Care Benefit Payment”). The Health Care Benefit Payment shall be paid in monthly or bi-weekly installments on the same schedule that the COBRA premiums would otherwise have been paid to the
insurer. The Health Care Benefit Payment shall be equal to the amount that the Company otherwise would have paid for COBRA insurance premiums (which 

  
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amount shall be calculated based on the premium for the first month of coverage), and shall be paid until the expiration of the Non Change in Control COBRA Payment Period. 

(ii) In Connection With a Change in Control. If the Company (or its successor) terminates the Executive’s
employment without Cause or the Executive terminates his employment for Good Reason within the period commencing three (3) months immediately prior to a Change in Control of the Company and ending eighteen (18) months immediately following
a Change in Control of the Company (as defined in Section 4.5.4 of this Agreement), the Executive shall receive the Accrued Amounts subject to standard deductions and withholdings, to be paid as a lump sum no later than thirty (30) days
after the date of termination. In addition, subject to the limitations stated in this Agreement and upon the Executive’s furnishing to the Company (or its successor) an executed Release within the applicable time period set forth therein, but
in no event later than forty-five days following termination of employment and permitting such Release to become effective in accordance with its terms, and subject to Executive entering into no later than the Release Effective Date a non-competition agreement to be effective during the Change in Control Severance Period (as defined below), substantially similar to Section 2.3, and continuing to abide by its terms during the Change in
Control Severance Period, then in lieu of (and not additional to) the benefits provided pursuant to Section 4.4.3(i) above, the Executive shall be entitled to: 

(a) the equivalent of the Executive’s Base Salary in effect at the time of termination will continue to be paid
for a period of thirty-six (36) months following the date of termination (hereinafter referred to as the “Change in Control Severance Period”), less standard deductions and
withholdings, to be paid during the Change in Control Severance Period according to the Company’s regular payroll practices, subject to any delay in payment required by Section 4.6 in connection with the Release Effective Date; 

(b) three (3) times Executive’s target Bonus in effect at the time of termination, or if none, three
(3) times the last target Bonus in effect for Executive, less standard deductions and withholdings, to be paid in a lump sum within ten (10) days following the later of (i) the Release Effective Date, or (ii) the effective date
of the Change in Control; and 
 (c) in the event the Executive timely elects continued coverage under COBRA, the
Company will continue to pay the same portion of Executive’s COBRA health insurance premium as the percentage of health insurance premiums that it paid during the Executive’s employment, including any amounts that Company paid for benefits
to the qualifying family members of the Executive, following the date of termination up until the earlier of either (i) the date thirty-six (36) months following the date of termination or,
(ii) the 

 
date on which the Executive begins full-time employment with another company or business entity which offers comparable health insurance coverage to the Executive (such period, the
“Change in Control COBRA Payment Period”). Notwithstanding the foregoing, if the Company determines, in its sole discretion, that the Company cannot provide the COBRA premium benefits without potentially incurring financial
costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof pay Executive the Health Care Benefit Payment, which payment shall be made regardless of
whether the Executive or his qualifying family members elect COBRA continuation coverage. The Health Care Benefit Payment shall be paid in monthly or bi-weekly installments on the same schedule that the COBRA
premiums would otherwise have been paid to the insurer. The Health Care Benefit Payment shall be equal to the amount that the Company otherwise would have paid for COBRA insurance premiums (which amount shall be calculated based on the premium for
the first month of coverage), and shall be paid until the expiration of the Change in Control COBRA Payment Period. 

(iii) No Duplication of Benefits. For the avoidance of doubt, in no event will Executive be entitled to benefits
under Section 4.4.3(i) and Section 4.4.3(ii). If Executive commences to receive benefits under Section 4.4.3(i) due to a qualifying termination prior to a Change in Control and thereafter becomes entitled to benefits under
Section 4.4.3(ii), any benefits previously provided to Executive under Section 4.4.3(i) shall offset the benefits to be provided to Executive under Section 4.4.3(ii) and shall be deemed to have been provided to Executive pursuant to
Section 4.4.3(ii).” 
 2. Section 4.4.4 of the Employment Agreement. Section 4.4.4 of the Employment Agreement is
hereby amended and restated in its entirety to read as follows: 
 “4.4.4. Equity Award Acceleration. 

(i) Not in Connection With a Change in Control. In the event that the Executive’s employment is terminated
without Cause or for Good Reason and Section 4.4.4 (ii) below does not apply, the vesting of any equity awards granted to Executive that vest solely subject to Executive’s continued services to the Company (the “Time-Based
Vesting Equity Awards”) shall be deemed vested and immediately exercisable (if applicable) by the Executive with respect to such number of shares as determined in accordance with their applicable vesting schedules as if Executive had
provided an additional eighteen (18) months of services as of the date of termination. Treatment of any performance based vesting stock unit awards or other performance based vesting equity awards granted to Executive will in all cases be
governed solely by the terms of the 

  
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equity award plan or agreement under which they were granted and will not be eligible to accelerate vesting pursuant to the foregoing provision. 

(ii) In Connection With a Change in Control. In the event that the Executive’s employment is terminated without Cause or
for Good Reason within the three (3) months immediately preceding or during the eighteen (18) months immediately following a Change in Control of the Company (as defined in Section 4.5.4 of this Agreement), the vesting of any
Time-Based Vesting Equity Awards granted to Executive shall be fully accelerated such that on the effective date of such termination one hundred percent (100%) of any Time-Based Vesting Equity Awards granted to Executive prior to such termination
shall be fully vested and immediately exercisable (if applicable) by the Executive. Treatment of any performance based vesting stock unit awards or other performance based vesting equity awards granted to Executive will in all cases be governed
solely by the terms of the equity award plan or agreement under which they were granted and will not be eligible to accelerate vesting pursuant to the foregoing provision. 

(iii) Release and waiver. Any equity vesting acceleration pursuant to this Section 4.4.4 shall be conditioned upon and
subject to the Executive’s delivery to the Company of a fully effective Release in accordance with the terms specified by Section 4.4.3 hereof, and such vesting acceleration benefit shall be in addition to the benefits provided by
Section 4.4.3 hereof.”  
 3. Effect of Amendment. Except as expressly modified by this Amendment, the Employment
Agreement shall remain unmodified and in full force and effect. 
 4. Governing Law. This Amendment shall be governed by the laws of
the State of Illinois, without regard to any conflicts of law principals thereof that would call for the application of the laws of any other jurisdiction. 

5. Counterparts. This Amendment may be executed via facsimile or electronic (i.e., PDF) transmission and in any number of counterparts,
each of which shall be deemed an original, but all of which together shall constitute one instrument. 
 [Remainder of Page Intentionally
Left Blank] 

  
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 IN WITNESS WHEREOF, the
parties have executed this Second Amendment to Amended and Restated Executive Employment Agreement as of the date first written above. 
  

			
	COMPANY:
	
	HORIZON PHARMA, INC.
	HORIZON PHARMA USA, INC.
		
	By:	 	 /s/ Jeff Himawan

		 	Jeff Himawan, Ph.D., Chairman of the
		 	Compensation Committee
	
	EXECUTIVE:
	
	 /s/ Timothy P. Walbert

	TIMOTHY P. WALBERTex10-26.htm

Exhibit 10.26

 

LEASE TERMINATION AGREEMENT

 

THIS LEASE TERMINATION AGREEMENT (this “Agreement”) is made and entered into as of July ____, 2017 (the “Effective Date”), by and between SI 28, LLC, a California limited liability company (“Landlord”) and CUTERA, INC., a Delaware corporation (“Tenant”).

 

RECITALS:

 

A.     .Landlord and Tenant entered into that certain Lease, dated May 2, 2017 (the “Lease”), for those certain premises (the “Premises”) commonly known as 6530 Paseo Padre Parkway, Fremont, California, as more particularly described in the Lease.

 

B.     .Landlord has not yet delivered possession of the Premises to Tenant and the Commencement Date (as defined in the Lease) has not yet occurred.  

 

C.     .Landlord and Tenant desire to terminate the Lease pursuant to the terms and conditions of this Agreement.

 

NOW, THEREFORE, in consideration of the agreements of the parties set forth in this Agreement and other valuable consideration, the receipt and adequacy of which is hereby acknowledged, Landlord and Tenant agree as follows:

 

AGREEMENT:

 

1.     Defined Terms.  All capitalized terms in this Agreement not otherwise defined in this Agreement, but defined in the Lease, shall have the same meaning in this Agreement as in the Lease.

 

2.     Termination of Lease.  Effective as of Tenant’s receipt of the Termination Fee (as defined below in Section 4 hereof) (the “Termination Date”), the Lease shall terminate and be of no further force or effect, and neither Landlord nor Tenant shall have any further rights or obligations under the Lease, except for those rights and obligations which this Agreement expressly provides shall survive such termination.

 

3.     Representations and Warranties.  

 

(a)     Landlord represents and warrants to Tenant that Landlord holds the entire interest of the "Landlord" under the Lease and that the person(s) executing this Agreement on behalf of Landlord are authorized to do so and to bind Landlord to this Agreement.

 

(b)     Tenant represents and warrants to Landlord that Tenant holds the entire interest of the "Tenant" under the Lease and that the person(s) executing this Agreement on behalf of Tenant are authorized to do so and to bind Tenant to this Agreement.

 

(c)     Landlord represents to Tenant and Tenant represents to Landlord that, as of the Effective Date, neither Landlord nor Tenant has any claims, counterclaims, defenses or set-offs against the other with respect to the Lease, except as set forth in this Agreement.

 

4.     Early Termination Fee.  In consideration of Tenant’s termination of the Lease, within fourteen (14) days of the Effective Date (the “Outside Date for Termination Fee Payment”), Landlord agrees to pay Tenant immediately available funds in the amount of Four Million and 00/100 Dollars ($4,000,000.00) (the “Termination Fee”).    While the Parties acknowledge that Facebook, Inc., a Delaware corporation is expected to ultimately pay a termination fee as part of its lease arrangement with Landlord, it is solely Landlord’s obligation to pay Tenant the Termination Fee by the Outside Date for Termination Fee Payment.  Landlord and Tenant acknowledge that Facebook, Inc. is not a party to the Lease, nor this Agreement, and both the Landlord and Tenant agree that Facebook, Inc.’s payment of a termination fee as part of its lease arrangement with Landlord is not a ‘condition precedent’ to either (a) this Agreement becoming effective, or (b) Landlord’s obligation to pay the Termination Fee to Tenant.

 

5.     Security Deposit/Letter of Credit.  Within five (5) business days of the Termination Date, Landlord shall return the Letter of Credit to Tenant and shall also cooperate with Tenant and the issuing bank to execute any documents required to formally terminate/release the Letter of Credit. 

 

6.     Prorations.  No rent or other payments are yet due under the Lease, so no prorations will be needed on the Termination Date.

 

7.     Release of Claims.  Each party hereby releases and discharges the other party from all obligations, liabilities, claims, damages, causes of action, costs and expenses arising under the Lease or in any manner connected to the Lease, whether arising prior to the Termination Date or thereafter, provided that nothing in this Section 7 shall be deemed a discharge or release of Landlord or Tenant from their respective obligations under this Agreement and which the Lease specifically provides shall survive the termination of the Lease.

 

In making this general release, each party acknowledges the provisions of California Civil Code Section 1542, which provides as follows:

 

“A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”

 

To the extent that Section 1542 applies to the releases contained herein, each party expressly waives the provisions of California Civil Code Section 1542.  Each party agrees that fair consideration has been given for the releases set forth in this Agreement and the parties fully understand their general release of claims and the negotiated terms of this Agreement.

 

8.     Governing Law.  This Agreement shall be governed by the law in the State of California.  This Agreement shall be construed in accordance with the common meaning of its terms and not presumptively for or against either party.

 

9.     Additional Documents.  Landlord and Tenant agree to execute and deliver such other documents as may be necessary or appropriate to effectuate the provisions of this Agreement.

 

10.     Attorneys’ Fees.  Should either party institute any legal action or proceeding to enforce the provisions of this Agreement, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and costs incurred in connection with the exercise of its rights and remedies hereunder as well as court costs and expert witness fees as the court shall determine.

 

11.     Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed one and the same instrument.

 

IN WITNESS WHEREOF, Landlord and Tenant have caused this Agreement to be executed as of the Effective Date.

 

	
  LANDLORD:

   

  SI 28, LLC,

  a California limited liability company

   

  By:Sobrato Interests 2,

  a California limited partnership

  Its:Sole Member

   

  By:Sobrato Development Companies, LLC,

  a California limited liability company

  Its:General Partner

   

   

  By:

  John Michael Sobrato

  Its:Manager

   

  	
   
  
	
  TENANT:

   

  CUTERA, INC.,

  a Delaware corporation

   

   

  By:

  Name:  James A. Reinstein

  Its:  President & Chief Executive Officer

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