Document:

EX-10.1

 EXHIBIT 10.1 

2015 Alaska Communications Systems Group, Inc. 

Non-Employee Director Compensation and Reimbursement Policy 

Objective 
  

The objectives of this Policy are to provide compensation to Non-Employee Directors that helps to align the interests of Non-Employee Directors with
Shareholders’, and to attract and retain Non-Employee Directors that will contribute to the Company’s success and Shareholder returns. 

Eligibility 
  

Each Non-Employee Director shall be eligible to participate in the Policy. Any Non-Employee Director who becomes an employee of the Company shall not
thereafter be entitled to compensation under this Policy, but shall retain all existing compensation pursuant to the terms of this Policy. Employee Directors are specifically excluded from receiving any compensation under this Policy. 

Compensation Schedule 
  

			
	Annual Retainer	  	 Each Non-Employee Director (excluding any Non-Employee Director serving as Board Chair) shall receive an annual cash retainer of $42,500,
with members of the Audit Committee receiving $45,000 instead. Payments to be made in quarterly installments.
  

Each Non-Employee Director (excluding any Non-Employee Director serving as Board Chair) shall receive annually $50,000 in common shares, paid in quarterly
installments, with the conversion based on the stock price on the last day of each calendar quarter (i.e., the date of grant).
  

Total compensation for any Non-Employee Director serving as Chair of the Board shall be an annual cash retainer of $100,000 plus $80,000 in common shares, each
paid in quarterly installments, with the conversion based on the stock price on the last day of each calendar quarter (i.e., the date of grant).
  

The Chair of the Audit Committee shall receive an additional $15,000 annually paid in quarterly installments.

 
 The Chair of the Compensation and Personnel Committee shall receive an additional $15,000
annually paid in quarterly installments.
  
 The Chair of the Nominating and Corporate
Governance Committee shall receive an additional $5,000 annually paid in quarterly installments.
  

Prior to the beginning of a calendar year, each Non-Employee Director may elect to defer all or a portion of their equity grants.

 
 Each such Director may elect prior to the beginning of a calendar year to receive up to
100% of his/her cash compensation in common shares or equivalents thereof on the same schedule as the equity grants above.

 Common Stock Holding Requirements 

 
 Each Non-Employee Director is expected to hold
common stock issued by the Company equivalent to at least three times his or her annual cash retainer by the fifth anniversary of such Director’s continuous service to the Board as a Director. Company common stock shall include common stock
equivalents (common stock adjusted for stock splits, stock dividends, recapitalizations, and the like). If the minimum holding period is not met within the required time frame, a Director must hold all stock granted to him or her through the
compensation program until the minimum holding level is achieved. Once the guideline is achieved, if the value of the shares declines below the guideline level, each Director will be deemed in compliance as long as the related shares are not sold
and future stock grants are held until the guideline is again achieved. 
 Payment of Compensation 

 
 Except for deferred stock, all Non-Employee
Director stock and cash compensation is to be paid in equal quarterly installments for each quarter or partial quarter of service, without proration, within 30 days of the close of the calendar quarter. Payments will be delivered as directed by the
Non-Employee Director. 
 Reimbursement of Reasonable Expenses 

 
 Reasonable expenses incurred by Non-Employee
Directors that are directly associated with their provision of director services for Alaska Communications Systems Group, Inc. will be reimbursable under this Policy. Examples of reimbursable expenses include reasonable travel, food, lodging, and
service expenses incurred in the course of attending Board of Director and Committee meetings. 
 To encourage patronage of the Company’s business
customers, Directors will be reimbursed for stay in hotels specified in advance by the Company. For purposes of the reimbursement of travel expenses, “reasonable travel” includes a first class airline ticket for round trip transport along
the most practicable direct route. Such airline ticket may not exceed $2,500, unless approved in advance by the Board Chair. Within reasonable limits, side trips or additional travel may be included in a Director’s itinerary. In such cases,
however, the Company will reimburse no more than the lowest qualifying fare for a direct round trip available on the date the travel was arranged, with such fare documentation to be provided by the Director. Directors are at all times expected to
arrange for travel at the earliest practicable time to minimize the cost of reimbursable airline ticket expense. 
 To encourage the continued education of
the Directors, each Director may be compensated up to $5,000 annually for the costs associated with director education. This will be inclusive of all costs associated with receiving the training. 

Expenses incurred by Directors in connection with matters other than the attendance of Board or Committee meetings or training shall be determined to be
reimbursable by the Board Chair or Lead Director in advance of a Director’s incursion of the expenses. 
 Non-Employee Directors desiring reimbursement
of expenses may complete a “Request for Reimbursement of Reasonable Expenses” form (Exhibit A) and submit to the Corporate Secretary no later than 30 days following the incursion of the expense. Expenses must be submitted for reimbursement
within ninety (90) days of being incurred, or the right to reimbursement will be forfeited. 

 Administration 

 
 The Board has delegated authority to administer
this Policy to the Compensation and Personnel Committee of the Board (the “Committee”), which shall have full authority to construe and interpret the Policy, to establish, amend and rescind rules and regulations relating to the Policy, and
to take all such actions and make all such determinations in connection with the Policy as it may deem necessary or desirable. 
 The Committee has
delegated day-to-day administration of Policy provisions to the Secretary of the Company. 
 Amendment and Termination 

 
 The Committee may amend, alter, or discontinue the
Policy at any time. The Committee shall have authority to amend the Policy to take into account changes in law and tax and accounting rules as well as other developments. 

Effectiveness of Policy 
  

The Policy shall become effective on December, 2015.EX-10.1

 Exhibit 10.1 
  

 
 June 5, 2015 
 Mark J.
Casey 
 129 West Newton St. 
 Boston, MA 02118 

Dear Mark: 
 On behalf of Idera Pharmaceuticals, Inc. (the
“Company”), I am pleased to confirm the following terms of your employment with the Company. 
  

	1.	Employment. You will be employed to serve on a full time basis as the Company’s Senior Vice President and General Counsel, effective as of June 29, 2015 (the “Commencement
Date”). You will be responsible for performing such duties as are consistent with your position, plus such other duties as may from time to time be assigned to you by the Chief Executive Officer. You shall report solely to the Chief Executive
Officer. You agree to devote your full business time, best efforts, skill, knowledge, attention and energies to the advancement of the Company’s business and interests and to the performance of your duties and responsibilities as an employee of
the Company. 

  

	2.	Base Salary and Bonus. 

  

	 	(a)	Your annual base salary shall be $360,000 per year and shall be payable to you at periodic intervals in accordance with the Company’s payroll practices for salaried employees. Such base salary may be increased from
time to time in accordance with normal business practices and in the sole discretion of the Company. 

  

	 	(b)	You shall be eligible to receive, for each fiscal year of the Company ending during your employment with the Company, an annual bonus of up to 40% of your annual base salary, whether pursuant to a formal bonus or
incentive plan or program of the Company or otherwise. Such bonus, if any, will be prorated based on your hire date for the first calendar year. Such bonus, if any, will be approved by the Board of Directors or the Compensation Committee of the
Board of Directors (together, the “Board”) in its sole discretion and will be based on both individual and Company performance objectives as developed and determined by the Company in its sole discretion. Any bonus earned by you and
approved by the Board under this Section 2(b) shall be paid to you no later than March 15th of the calendar year following the calendar year in which such bonus is earned and approved by
the Board under this Section 2. 

  

	 	(c)	All salary, bonus and other compensation payable to you pursuant to this Agreement shall be subject to applicable withholding taxes. 

 Mark Casey 

June 5, 2016 
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	3.	Benefit Programs. You may participate in any and all benefit programs that the Company may establish and make available to its employees from time to time, provided you are eligible under (and subject to
all provisions of) the plan documents governing those programs. Such benefits may include medical, dental and retirement plans. Any benefits made available by the Company, and the rules, terms and conditions for participation in such benefit plans,
may be changed by the Company at any time and from time to time without advance notice. 

  

	4.	Reimbursement of Expenses. The Company shall reimburse you, in accordance with the Company’s expense reimbursement policy, for all reasonable travel, entertainment and other expenses incurred or paid
by you in connection with, or related to, the performance of your duties, responsibilities or services under this Agreement, specifically including expenses for travel between offices of the Company, upon presentation by you of appropriate
documentation, expense statements, vouchers and/or such other supporting information as the Company may request and in accordance with Section 11(e) below. 

  

	5.	Equity. Upon the commencement of your employment with the Company, you will receive a stock option award to purchase 600,000 shares of the Company’s common stock, 275,000 options of which will be
considered a non-statutory inducement grant outside the Company’s 2013 Stock Incentive Plan. The exercise price will be equal to the fair market value of the Company’s common stock on the Commencement Date (the “Option”). The
Option shall vest over four years with the first installment vesting on the first anniversary of the Commencement Date and the balance of the shares vesting in equal quarterly installments over the remaining three years. The Option shall be
evidenced by an option agreement that is consistent with the form of option agreement generally used by the Company and the terms of this letter. 

  

	6.	Termination of Employment Period. Your employment by the Company pursuant to this Agreement shall terminate upon the occurrence of any of the following: 

 

	 	(a)	At the election of the Company, for Cause (as defined on Exhibit A), immediately upon written notice by the Company to you, which notice shall identify the Cause upon which the termination is based.

  

	 	(b)	At the election of either party, upon not less than fifteen days’ prior written notice of termination. 

 Mark Casey 

June 5, 2016 
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 3
 
  

	7.	Effect of Termination.  

  

	 	(a)	In the event your employment is terminated pursuant to Section 6(a) or 6(b), the Company shall pay to you the compensation and benefits otherwise payable you under Section 2 through the last day of your actual
employment by the Company. 

  

	 	(b)	In the event that the Company terminates your employment with the Company at any time without Cause pursuant to Section 6(b), then, subject to Section 7(e) the Company shall also (i) continue to pay you
your then current base salary for a period of twelve (12) months, payable in accordance with and at the times contemplated by the Company’s then current payroll practices and (ii) pay you any bonus earned by you and approved by the
Board prior to such termination that is then unpaid. 

  

	 	(c)	Notwithstanding Section 7(b) above, and in lieu of any payment owed under Section 7(b), if any, in the event that the Company terminates you without Cause or you resign from employment with the Company for
Good Reason upon a Change in Control (as such terms are defined below) or within the twelve (12) month period following the Change in Control, then, subject to Section 7(e), (i) the Company shall continue to pay you your then current
base salary for a period of twelve (12) months, payable in accordance with and at the times contemplated by the Company’s then current payroll practices, (ii) the Company shall pay you any bonus earned by you and approved by the Board
prior to such termination or resignation that is then unpaid and (iii) the Options shall vest in full and become immediately exercisable. 

  

	 	(d)	Following a termination of your employment entitling you to severance payments under Section 7(b) or Section 7(c), and subject to Section 7(e), if you are eligible for and elect to continue receiving
group medical and/or dental insurance under the continuation coverage rules known as COBRA, the Company will pay the share of the premium for such coverage that it pays for active and similarly-situated employees who receive the same type of
coverage (single, family, or other) until the earlier of (i) the end of the period for which the Company is paying you your then current base salary pursuant to Section 7(b) or Section 7(c) above (as applicable, the “Severance
Period”) or (ii) the date your COBRA continuation coverage expires. 

  

	 	(e)	 Notwithstanding anything in this Section 7 to the contrary, the Company’s obligations to make severance
payments and provide benefits to you pursuant to this Section 7 shall be contingent upon your execution of a separation and release agreement (the “Release Agreement”) in a form reasonably acceptable

 Mark Casey 

June 5, 2016 
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to the Company which Release Agreement must become irrevocable within 60 days (or such earlier date as the Release Agreement provides) following the date of your termination of employment. Such
payments and benefits shall begin to be paid or provided in the first regular payroll period beginning after the Release Agreement becomes binding on you; provided, however, that if the 60th day
after termination occurs in the calendar year following the year of your date of termination, the severance payments and benefits shall be paid or provided no earlier than January 1 of such subsequent calendar year (whether or not the Release
Agreement is executed prior to such date). You must continue to comply with the Invention, Non-Disclosure and Non-Competition Agreement referenced in Section 8 to continue to receive severance payments and benefits. The severance payments and
benefits shall constitute your sole remedy in connection with the termination of your employment in the event of a termination of your employment by the Company without Cause or by you for Good Reason. 

 

	8.	Invention, Non-Disclosure and Non-Competition Agreement. As a condition to your employment, you will be required to execute an Invention, Non-Disclosure and Non-Competition Agreement with the Company.

  

	9.	Company Policies and Procedures. As an employee of the Company, you will be required to comply with all Company policies and procedures. Violations of the Company’s policies may lead to immediate
termination of your employment. Further, the Company’s premises, including all workspaces, furniture, documents and other tangible materials, and all information technology resources of the Company (including computers, data and other
electronic files, and all internet and e-mail) are subject to oversight and inspection by the Company at any time. Company employees should have no expectation of privacy with regard to any Company premises, materials, resources or information.

  

	10.	Other Agreements and Governing Law. You represent that you are not bound by any employment contract, restrictive covenant or other restriction preventing you from continuing in employment with or carrying
out your responsibilities for the Company, or which is in any way inconsistent with the terms of this Agreement. Please note that this Agreement supersedes any and all prior or contemporaneous agreements, discussions and/or understandings, whether
written or oral, relating to the subject matter of this Agreement or your employment with the Company. The resolution of any disputes under this Agreement will be governed by Massachusetts law. 

 

	11.	 Compliance with Section 409A. Subject to the provisions in this Section 11, any severance
payments or benefits under this Agreement (including under Section 7 hereof) shall begin only upon the date of your “separation from service” (determined as 

 Mark Casey 

June 5, 2016 
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set forth below) which occurs on or after the date of termination of your employment. The following rules shall apply with respect to distribution of the payments and benefits, if any, to be
provided to you under this Agreement: 

  

	 	(a)	It is intended that each installment of the severance payments and benefits provided under this Agreement shall be treated as a separate “payment” for purposes of Section 409A. Neither the Company nor you
shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A. 

 

	 	(b)	If, as of the date of your “separation from service” from the Company, you are not a “specified employee” (within the meaning of Section 409A), then each installment of the severance payments
and benefits shall be made on the dates and terms set forth in this Agreement. 

  

	 	(c)	If, as of the date of your “separation from service” from the Company, you are a “specified employee” (within the meaning of Section 409A), then: 

 

	 	(i)	Each installment of the severance payments and benefits due under this Agreement that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when the separation from service
occurs, be paid within the Short-Term Deferral Period (as hereinafter defined) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A.
For purposes of this Agreement, the “Short-Term Deferral Period” means the period ending on the later of the fifteenth day of the third month following the end of your tax year in which the separation from service occurs and the fifteenth
day of the third month following the end of the Company’s tax year in which the separation from service occurs; and 

  

	 	(ii)	 Each installment of the severance payments and benefits due under this Agreement that is not described in
Section 11(c)(i) above and that would, absent this subsection, be paid within the six-month period following your “separation from service” from the Company shall not be paid until the date that is six months and one day after such
separation from service (or, if earlier, your death), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following your
separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding provisions of this sentence

 Mark Casey 

June 5, 2016 
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shall not apply to any installment of severance payments and benefits if and to the maximum extent that such installment is deemed to be paid under a separation pay plan that does not provide for
a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). Any installments that qualify for the exception under Treasury
Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of your second taxable year following your taxable year in which the separation from service occurs. 

 

	 	(d)	The determination of whether and when your separation from service from the Company has occurred shall be made in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation
Section 1.409A-1(h). Solely for purposes of this Section 11(d), “Company” shall include all persons with whom the Company would be considered a single employer under Section 414(b) and 414(c) of the Code. 

 

	 	(e)	All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are
subject to Section 409A, including, where applicable, the requirements that (i) any reimbursement is for expenses incurred during your lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of
expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar
year following the year in which the expense is incurred and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit. 

 

	 	(f)	Notwithstanding anything herein to the contrary, the Company shall have no liability to you or to any other person if the payments and benefits provided hereunder that are intended to be exempt from or compliant with
Section 409A are not so exempt or compliant. 

  

	12.	Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of both parties and their respective successors and assigns, including any corporation with which or into which the
Company may be merged or which may succeed to its assets or business; provided, however, that your obligations to the Company are personal and shall not be assigned by you. 

 

	13.	 Acknowledgment. You state and represent that you have had an opportunity to fully
discuss and review the terms of this Agreement with an attorney. You further state and 

 Mark Casey 

June 5, 2016 
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represent that you have carefully read this Agreement, understand the contents herein, freely and voluntarily assent to all of the terms and conditions hereof, and sign your name of your own free
act. 

  

	14.	Miscellaneous. 

  

	 	(a)	No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only
in that instance and shall not be construed as a bar to or waiver of any right on any other occasion. 

  

	 	(b)	The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement. 

 

	 	(c)	In case any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby.

 If this Agreement correctly sets forth the initial terms under which you will be employed by the Company, please sign the enclosed
duplicate of this Agreement in the space provided below, along with the enclosed Invention, Non-Disclosure and Non-Competition Agreement, and return them to me. 

 

	
	Very truly yours,
	
	 /s/ Vincent J. Milano

	Vincent J. Milano
	Chief Executive Officer

 The foregoing correctly sets forth the terms of my employment with Idera Pharmaceuticals, Inc. I am not relying on any
representations other than as set forth above. 
  

							
	 /s/ Mark Casey
	 		 	Date:	 	 6/10/2015

				
	Mark Casey	 		 		 	

 EXHIBIT A 

Definitions 
 The
following terms shall have the following definitions for purposes of this Agreement: 
  

	 	(a)	Cause shall mean (i) a material breach of any material term of this Agreement, (ii) a plea of guilty or nolo contendere to, or conviction of, a felony offense, (iii) repeated unexplained or
unjustified absence, or refusals to carry out the lawful directions of the Board or (iv) material breach of a fiduciary duty owed to the Company under this Agreement, provided that any action or inaction described by (i), (iii) or (iv),
above, shall not be the basis of a termination of your employment with the Company for “Cause” unless the Company provided you with at least 20 days advance written notice specifying in reasonable detail the conduct in need of being cured
and such conduct was not cured within the notice period or prior to termination. 

  

	 	(b)	Change in Control shall mean the occurrence of any of the following events: (i) a change in the composition of the Board over a period of thirty-six consecutive months or less such that a majority of the
members of the Board ceases to be comprised of individuals who are Continuing Members; for such purpose, a “Continuing Member” shall mean an individual who is a member of the Board on the date of this Agreement and any successor of a
Continuing Member who is elected to the Board or nominated for election by action of a majority of Continuing Members then serving on the Board; (ii) any merger or consolidation that results in the voting securities of the Company outstanding
immediately prior thereto representing (either by remaining outstanding or by being converted into voting securities of the surviving or acquiring entity) less than 60% of the combined voting power of the voting securities of the Company or such
surviving or acquiring entity outstanding immediately after such merger or consolidation; (iii) any sale of all or substantially all of the assets of the Company; (iv) the complete liquidation or dissolution of the Company; or (v) the
acquisition of “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act) of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities (other than
through a merger or consolidation or an acquisition of securities directly from the Company) by any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act, other than the Company, any trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company; provided however
that, where applied to compensation subject to Section 409A of the Internal Revenue Code and the guidance issued thereunder (“Section 409A”), any acceleration of or change in payment shall only apply (if required by Section 409A)
if the Change in Control is also a change in control event described in Treasury Regulation 1.409A-3(i)(5). 

  
 1 

	 	(c)	Good Reason shall mean any action on the part of the Company not consented to by you in writing having the following effect or effects: (i) a material reduction in your base salary; (ii) a material
diminution in your duties, responsibilities or authority as set forth in Section 1 of this Agreement, (iii) the Company requires you to permanently relocate and work full-time from its Cambridge, Massachusetts location (or such other
location not located in the Philadelphia, Pennsylvania area that is more than 50 miles from the location you are then performing your ongoing and regular services) or (iv) the Company relocates it headquarters to a location that makes it
unreasonable for you to commute to the Company’s headquarters two business days per week. You must (A) give notice to the Company of your intention to resign for Good Reason within 90 days after the occurrence of the event (or series of
events) that you assert entitle you to resign for Good Reason, (B) state in that notice the condition that you consider to provide you with Good Reason to resign, (C) provide the Company with at least 30 days after you deliver your notice
to cure the condition and (D) if the condition is not cured, resign for Good Reason on or prior to the 60th day after you deliver your notice. 

  
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