Document:

Separation Agreement by and between Agilysys, Inc. and Martin F. Ellis

 Exhibit 10(ff) 
 May 31, 2011 
 Mr. Martin F. Ellis 

3482 Roundwood Road 
 Hunting Valley, Ohio 44022

 Dear Martin: 
 The purpose of this letter agreement (the “Agreement”) is to detail the terms and conditions of your separation from Agilysys, Inc. (the “Company”). As of the close of business on the
date of the Company’s 2011 Annual Meeting (the “Separation Date”), your employment with Agilysys will terminate. You will cease serving as President and Chief Executive Officer of the Company effective May 31, 2011, but will
remain a Director of the Company from May 31, 2011 through the Separation Date. On the Separation Date, you will resign from all positions with the Company and its subsidiaries. 

1) Severance and Benefits. Subject to paragraph 2 below, you will receive the following payments and benefits: 

a) Salary and Benefits. Through your Separation Date, you will continue to receive a salary at your current rate and
pay intervals, and you will continue to be eligible to participate in all employee benefits programs currently available to you. 
 b) Severance. You will be entitled to the severance benefits set forth in your Change of Control Agreement, as amended, originally dated June 30, 2003, and as subsequently amended through
December 31, 2008 (the “Change of Control Agreement”) and incorporated by reference herewith, payable in connection with a termination without Cause, as defined in the Change of Control Agreement. A schedule of these benefits is
attached as Exhibit A. You expressly waive and relinquish any rights you may have to any severance benefits to which you are not entitled or vested as of the date of this Agreement under any other program, agreement, or policy. 

c) Annual Incentives. You will be eligible for a FY11 annual incentive in an amount to be determined by the
Compensation Committee of the Board of Directors of the Company upon final sign-off by the Company’s independent auditor of the FY11 financial results. Your payout under the FY11 AIP for MBO’s will be at 100% of MBO target. 

d) Vacation Pay. You will continue to accrue vacation days through the Separation Date and will be paid for all
accrued and unused vacation days as of your Separation Date. 
 e) Equity Awards. All vested and unvested
equity awards as of the Separation Date shall be governed by the Stock Incentive Plans pursuant to which they were granted and the Grant Agreements you were awarded (all such Grant Agreements are incorporated by reference herewith). Equity-based
award benefits will be treated in accordance with a termination without Cause, as defined in the relevant Grant Agreements and plan documents. 

 Mr. Martin F. Ellis 
 May 31, 2011 
  Page
 2
 
  

 f) Outplacement. As further consideration for the execution of this
Agreement, the Company will pay outplacement fees and expenses for outplacement services charged by Ratliff & Taylor for a period of twelve months from your Separation Date, such fees and expenses to be limited to $50,000. 

2) Severance Conditions. Receipt of the FY11 annual incentive outlined above in Section 1(c) and of the benefits outlined above
in Section 1(f) shall be conditioned upon your: 
 a) Performing all of the following tasks in accordance with
acceptable performance standards through the Separation Date: 
 i) providing reasonable assistance to the Company
in connection with a smooth and orderly transition of your responsibilities; 
 ii) performing such other duties
reasonably requested of you by the Chairman of the Board; 
 b) Assisting in the preparation of and filing with the
Securities and Exchange Commission the FY11 Form 10-K of the Company and taking customary actions and executing customary representation letters, certifications and other documents in connection therewith; 

c) Use of reasonable best efforts to obtain vendor consents required by the Company’s Stock Purchase Agreement, dated
May 27, 2011 relating to the sale of the Company Technology Solution Group business; 
 d) Being reasonably
available during normal business hours to work on matters as assigned by the Chairman of the Board of the Company; and 
 e) Executing the Release attached as Exhibit B and not revoking your release of claims under the Age Discrimination in Employment Act in accordance with the terms therewith. 

3) Voluntary Resignation, Death, Disability, or Permitted Revocation. Notwithstanding anything in this Agreement to the contrary, if
you voluntary resign, die or become disabled prior to the Separation Date, you will forfeit all severance payments and other benefits outlined in this Agreement and your separation will instead be governed by the terms of the Change of Control
Agreement. 
 4) Severability. If any part of this Agreement is found to be unlawful or unenforceable to any extent, every
other part of this Agreement shall remain fully valid and enforceable to the maximum extent permitted by law. However, if any portion of Release is found to be unlawful or unenforceable, then you agree to return the FY11 annual incentive outlined
above in Section 1(c) and the monies paid on your behalf as outlined above in Section 1(f). 

 Mr. Martin F. Ellis 
 May 31, 2011 
  Page
 3
 
  

 5) Cooperation. If any federal, state, or local administrative agency is
required to approve any part of this Agreement, including the attached Release, before it can be effective, I agree to cooperate and perform any act necessary or requested to bring about that approval. 

6) Miscellaneous. 
 a) Executive Officer Status. After the Separation Date, as a former executive officer and Director of the Company you will continue to be subject to Section 16 of the Securities Exchange Act of
1934. Please call Kathleen Weigand if you have any questions regarding Section 16. 
 b) Benefits.
Notwithstanding any other provision of this Agreement, the continued availability of any employment benefits is subject to the continued existence of the applicable benefits plans of the Company, the terms of all applicable benefits plans of the
Company, as such terms and conditions are in effect from time to time in the future, and changes in governing laws and regulations applicable to the benefit plans. Nothing in this Agreement is meant to in any way restrict the ability of the Company
to amend or eliminate any of such plans, according to the terms thereof. 
 c) Taxes. Any payments made by
the Company hereunder are subject to applicable federal, state and local tax withholding. It is expressly understood that the Company makes no representations or warranties regarding the tax implications of the compensation and benefits paid under
this Agreement, including without limitation, under Section 409A of the Internal Revenue Code of 1986, as amended and applicable administrative guidance and regulations. 

d) Attorney. You understand and acknowledge that you have the right to consult an attorney regarding the terms of this
Agreement prior to your signing this letter, that you have been given ample time to do so and that whether or not you have done so is totally your choice. 
 e) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of you and your legal representatives, heirs, and beneficiaries and the Company and its successors and assigns.

 f) Headings. The headings in this Agreement exist only for the sake of convenience. The headings do not
constitute part of this Agreement. 
 g) Governing Law. The terms of this Agreement will be governed by the
laws of the State of Ohio. 

 Mr. Martin F. Ellis 
 May 31, 2011 
  Page
 4
 
  

 7) Entire Agreement. There are no other agreements, contracts, or promises other
than those set forth in this Agreement and the payment obligations set forth in your Change of Control Agreement, Grant Agreements and the accompanying Stock Incentive Plans. This Agreement supersedes all other earlier agreements, contracts,
understandings, and promises made between us, whether express or implied. Notwithstanding the foregoing, any prior agreements that may exist between you and the Company concerning your obligation to refrain from unfair competition against the
Company, and to preserve the Company’s confidential business information and trade secrets, shall remain in force according to the terms thereof. In making your decision to sign this Agreement, you are not relying on any promise that the
Company or its employees or agents have made to you, other than the promises that are actually set forth in writing in the text of this document. 

Sincerely, 
 Keith Kolerus 

Chairman of the Board 
 Agilysys, Inc. 

 

			
	 AGREED AND ACCEPTED:
	  	 I agree to waive my right to revoke my acceptance of this Agreement:

		
	  
	  	  

	 Martin F. Ellis
	  	 Martin F. Ellis

	
Date:                             
                                         
                                       

	  	
Date:Form of Second Amended and Restated Employment Agreement

 Exhibit 10.1 
 SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 This Second Amended and
Restated Employment Agreement (“Agreement”) is entered into as of June     , 2011 (the “Effective Date”), by and between Michael Narachi (“Executive”) and Orexigen
Therapeutics, Inc. (the “Company”). 
 WHEREAS, the Company and Executive
are parties to a certain Employment Agreement dated March 31, 2009 (the “Employment Agreement”); 

WHEREAS, the Employment Agreement was amended and restated on February 22, 2010 (the
“First Amended Employment Agreement”); 
 WHEREAS, the Company and
Executive desire to amend and restate the First Amended Employment Agreement on the terms and conditions set forth herein; 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained
herein, it is hereby agreed by and between the parties hereto as follows: 
 ARTICLE I 

DEFINITIONS 
 For purposes of the Agreement, the following terms are defined as follows: 
 1.1
“Board” means the Board of Directors of the Company. 
 1.2 “Cause” means the occurrence of any of the
following events: 
 (a) Executive’s conviction of or plea of guilty or nolo contendere to any felony or a
crime of moral turpitude; 
 (b) Executive’s continued failure or refusal to follow lawful and reasonable
instructions of the Board or lawful and reasonable policies and regulations of the Company or its affiliates; 
 (c)
Executive’s continued failure to faithfully and diligently perform the assigned duties of his employment with the Company or its affiliates, or Executive’s persistent and material failure to meet the personal performance objectives set for
him by the Board; 
 (d) Unprofessional, unethical, immoral or fraudulent conduct by Executive; 

(e) Conduct by Executive that materially discredits the Company or any affiliate or is materially detrimental to the reputation,
character and standing of the Company or any affiliate; or 
 (f) Executive’s material breach of this Agreement, the
Proprietary Information and Inventions Agreement, the Company’s Code of Business Conduct and Ethics and/or Insider Trading Compliance Program, or any other contractual, fiduciary, or statutory duty owed to the Company. 

  
 1. 

 An event described in Section 1.2(b) through Section 1.2(f) herein shall not be
treated as “Cause” until after Executive has been given written notice of such event, failure, conduct or breach and Executive fails to cure such event, failure, conduct or breach within 30 days from such written notice; provided, however,
that such 30-day cure period shall not be required if the event, failure, conduct or breach is incapable of being cured. Failure of the Company to meet its financial or performance targets or goals shall not be deemed to be a breach pursuant to
Sections 1.2(b) or 1.2(c) herein. 
 1.3 “Change in Control” means the occurrence of any of the following events:

 (a) the direct or indirect acquisition by any person or related group of persons (other than the Company or a person
that directly or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than 50% of the total combined voting
power of the Company’s outstanding securities pursuant to a tender or exchange offer made directly to the Company’s shareholders which the Board does not recommend such shareholders to accept; 

(b) a change in the composition of the Board over a period of 36 months or less such that a majority of the Board members ceases,
by reason of one or more contested elections for Board membership, to be comprised of individuals who either (i) have been Board members continuously since the beginning of such period, or (ii) have been elected or nominated for election
as Board members during such period by at least a majority of the Board members described in clause (i) who were still in office at the time such election or nomination was approved by the Board; 

(c) the consummation of any consolidation, share exchange or merger of the Company (i) in which the stockholders of the
Company immediately prior to such transaction do not own at least a majority of the voting power of the entity which survives/results from that transaction, or (ii) in which a stockholder of the Company who does not own a majority of the voting
stock of the Company immediately prior to such transaction, owns a majority of the Company’s voting stock immediately after such transaction; or 
 (d) the liquidation or dissolution of the Company or any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all the assets of
the Company, including stock held in subsidiary corporations or interests held in subsidiary ventures. 
 1.4 “Change in Control
Period” means the time period commencing three (3) months before the effective date of a Change in Control and ending on the date that is twelve (12) months after the effective date of a Change in Control. 

1.5 “Company” means Orexigen Therapeutics, Inc. or, following a Change in Control, the surviving entity resulting from such
transaction. 
 1.6 “Constructive Termination” means Executive’s resignation from all positions he then holds with
the Company because of: 
 (a) a material reduction in Executive’s authority, duties or responsibilities;

  
 2. 

 (b) a material diminution in the authority, duties or responsibilities of the
supervisor to whom Executive is required to report, including a requirement that Executive report to a corporate officer or employee instead of reporting directly to the Board of Directors; 

(c) a material reduction in Executive’s level of base salary; or 

(d) a relocation of Executive’s principal place of employment that increases Executive’s one-way commute by more than 50
miles (other than reasonable business travel required as part of the job duties associated with Executive’s position); 
 provided,
however, that (i) such change, reduction or relocation is effected by the Company without Cause and without Executive’s consent; (ii) Executive first provides the Company with written notice of the condition described in (a), (b),
(c) or (d) above not later than sixty (60) days following its initial occurrence; (iii) the Company is permitted the opportunity to cure such condition within a period of forty-five (45) days following such written notice;
and (iv) Executive resigns from employment within thirty (30) days following the end of such cure period, assuming that the condition has not been cured. 
 1.7 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

1.8 “Involuntary Termination Without Cause” means Executive’s dismissal or discharge by the Company other than for Cause.
The termination of Executive’s employment as a result of Executive’s death or disability will not be deemed to be an Involuntary Termination Without Cause. 
 ARTICLE II 
 EMPLOYMENT BY THE COMPANY 

2.1 Position and Duties. Subject to terms set forth herein, the Company agrees to continue to employ Executive in the position of President
and Chief Executive Officer and Executive hereby accepts such continued employment. Executive shall perform such duties as are customarily associated with the position of President and Chief Executive Officer and such other duties as are assigned to
Executive by the Board. During the term of Executive’s employment with the Company, Executive will devote Executive’s best efforts and substantially all of Executive’s business time and attention (except for vacation periods and
reasonable periods of illness or other incapacities permitted by the Company’s general employment policies or as otherwise set forth in this Agreement) to the business of the Company. Notwithstanding the foregoing, it is agreed and understood
that Executive shall be allowed to participate on the boards of directors of the following companies: AMAG Pharmaceuticals, Inc. and Ren Pharmaceuticals, Inc.; and Executive may be allowed to serve on other boards of directors during his employment
with the Board’s prior written consent. 
 2.2 Employment at Will. Both the Company and Executive shall have the right to
terminate Executive’s employment with the Company at any time, with or without advance notice, and with or without Cause. If applicable, upon the date of Executive’s termination of employment with the Company for any reason, Executive
shall immediately resign from the Board and the board of directors or comparable body of every subsidiary, parent or other affiliated corporation of the Company, and every committee thereof. Executive shall not receive any compensation of any kind,
including, without limitation, severance benefits or change in control severance 

  
 3. 

 
benefits, following Executive’s last day of employment with the Company (the “Termination Date”), except as expressly provided for by this Agreement, applicable law, and/or
any plan documents governing the compensatory equity awards that have been or may be granted to Executive from time to time in the sole discretion of the Company. 
 2.3 Employment Policies. The employment relationship between the parties shall also be governed by the general employment policies and practices of the Company, including those relating to
protection of confidential information and assignment of inventions, except that when the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control.

 ARTICLE III 
 COMPENSATION AND BENEFITS 
 3.1 Base Salary. Executive shall receive for
services to be rendered hereunder an annual base salary of $625,000 (“Base Annual Salary”), less required deductions and withholdings, payable on the regular payroll dates of the Company. 

3.2 Annual Bonus. In addition to the Base Annual Salary, during each calendar year Executive will be eligible for an annual performance
bonus, equal to up to 75% of the Base Annual Salary, and which is 100% based upon the achievement of Executive’s performance goals and objectives (“Annual Bonus”). The Compensation Committee of the Company’s Board shall
determine in its sole discretion whether any such Bonus has been earned and, if so, the amount of any such bonus. Executive must be an employee in good standing at the time the Compensation Committee decides to award the Annual Bonus and, if
Executive leaves the Company at any time and for any reason prior to such date, he will not be eligible to receive such a bonus or any pro-rata portion of such bonus. Such Annual Bonus shall be evaluated and paid no later than December 31 of
the calendar year following the calendar year to which such Annual Bonus relates. 
 3.3 Vacation and Paid Time Off. Executive
shall be entitled to 20 business days of paid vacation each year, accruing on a monthly basis, and 8 paid holidays each year. 
 3.4
Expenses. During the term of this Agreement, the Company shall reimburse Executive for all reasonable and necessary out-of-pocket expenses incurred by Executive in connection with services rendered on behalf of the Company subject to
Executive providing the Company with appropriate substantiation in accordance with Company policy. Any amounts payable under this Section 3.4 shall be made in accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv) and shall be paid
on or before the last day of Executive’s taxable year following the taxable year in which Executive incurred the expenses. The amounts provided under this Section 3.4 during any taxable year of Executive’s will not affect such amounts
provided in any other taxable year of Executive’s, and Executive’s right to reimbursement for such amounts shall not be subject to liquidation or exchange for any other benefit. 
 3.5 Standard Company Benefits. Executive shall be entitled to all rights and benefits for which Executive is eligible under the terms and conditions of the standard Company benefits and
compensation practices that may be in effect from time to time and are generally provided by the Company to its executive employees, employed at similar full-time or part-time status, as applicable. Any such benefits and compensation practices shall
be subject to the terms of the governing benefit or compensation plans and may be changed by the Company from time to time in its discretion. 

  
 4. 

 ARTICLE IV 
 SEVERANCE AND CHANGE IN CONTROL BENEFITS 
 4.1 Term Limitation for Severance and
Change in Control Benefits. The term for the Severance Benefits and Change in Control Benefits provided for in this Article IV herein shall commence on the Effective Date and shall continue through February 22, 2013 (the “Expiration
Date”). If this Article IV is not amended or renewed by the Compensation Committee of the Company’s Board prior to the Expiration Date, this Article IV (including Executive’s right to receive the Severance Benefits and Change in
Control Benefits contained herein), shall terminate automatically on such Expiration Date; provided, however, that if this Article IV terminates pursuant to this Section 4.1, the remainder of this Agreement will remain in full force and effect.

 4.2 Severance Benefits In Event of Involuntary Termination Without Cause Unrelated to Change in Control. If:
(i) Executive’s employment terminates due to an Involuntarily Termination Without Cause (and other than as a result of Executive’s death or disability) at any time except during the Change in Control Period,
(ii) such termination constitutes a “separation from service” (within the meaning of Treasury Regulation Section 1.409A-1(h)), (iii) Executive signs and allows to become effective a general release of all known
and unknown claims in the form and substance acceptable to the Company within sixty (60) days after the Termination Date, and (iv) Executive fully complies with Executive’s continuing fiduciary, statutory and material
contractual obligations to the Company (with a 30-day opportunity to cure after notice of any such non-compliance if Executive has not, unless such non-compliance is not capable of being cured); then the Company shall provide Executive with the
following severance benefits (the “Severance Benefits”): 
 (a) Cash Severance. The Company shall make a
single lump sum severance payment to Executive in an amount equal to Executive’s Base Annual Salary in effect as of the Termination Date, multiplied by two (2), less required tax withholdings and deductions (the “Severance
Payment”). The Severance Payment will be paid within sixty (60) days after the Termination Date, but in no event later than March 15 of the year following the year of termination. 

(b) Health Insurance. Provided that Executive elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended (together with any state or local laws of similar effect, “COBRA”) within the time period provided for under COBRA, the Company will pay the premiums necessary to continue Executive’s group health insurance
coverage in effect as of the Termination Date of Executive’s employment (including coverage for Executive’s eligible dependents) for a maximum period of twenty-four (24) months following the Termination Date; provided, however,
that no premium payments will be made by the Company pursuant to this paragraph following the effective date of Executive’s coverage by a health insurance plan of a subsequent employer or such other date on which Executive (and Executive’s
dependents, as applicable) ceases to be eligible for COBRA coverage (including cessation of non-core coverage, such as dental and vision coverage). Executive agrees that Executive shall notify the Company in writing as soon as practical, but no
later than 15 days after Executive receives coverage under a health insurance plan of a subsequent employer. 

  
 5. 

 (c) Equity Acceleration. After taking into account any additional acceleration of
vesting Executive may be entitled to receive under any other plan or agreement, the Executive’s outstanding equity awards (including, without limitation, stock options, restricted stock awards or similar awards) shall be accelerated such that,
effective as of the Termination Date, the Executive shall receive immediate accelerated vesting of such outstanding equity awards with respect to that same number of shares which would have vested if Executive had continued in employment with the
Company for a period of twelve (12) months following the Termination Date. In all other respects, such equity awards shall continue to be governed by the terms of the applicable award agreements and equity incentive plan documents and any
applicable agreements between the Company and Executive. 
 4.3 Severance Benefits In Event of Involuntary Termination Without Cause or
Constructive Termination During Change in Control Period. If: (i) Executive’s employment terminates due to an Involuntarily Termination Without Cause (and other than as a result of Executive’s death or disability), or as a
result of a Constructive Termination, in either event during the Change in Control Period, (ii) such termination constitutes a “separation from service” (within the meaning of Treasury Regulation Section 1.409A-1(h)),
(iii) Executive signs and allows to become effective a general release of all known and unknown claims in the form and substance acceptable to the Company within sixty (60) days after the Termination Date, and
(iv) Executive fully complies with Executive’s continuing fiduciary, statutory and material contractual obligations to the Company (with a 30-day opportunity to cure after notice of any such non-compliance if Executive has not,
unless such non-compliance is not capable of being cured); then the Company shall provide Executive with the following change in control severance benefits (the “Change in Control Benefits”): 

(a) Cash Severance. The Company shall make a single lump sum severance payment to Executive in an amount equal to
Executive’s Base Annual Salary in effect as of the Termination Date, multiplied by two (2), less required tax withholdings and deductions (the “Change in Control Payment”). The Change in Control Payment will be paid
within sixty (60) days after the Termination Date, but in no event later than March 15 of the year following the year of termination. 
 (b) Bonus Payment. The Company shall make a single lump sum bonus payment to Executive in an amount equal to seventy-five percent (75%) of Executive’s Base Annual Salary in effect as
of the Termination Date, multiplied by two (2), less required tax withholdings and deductions (the “Bonus Payment”). The Bonus Payment will be paid within sixty (60) days after the Termination Date, but in no event
later than March 15 of the year following the year of termination. 
 (c) Health Insurance. Provided that Executive
elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (together with any state or local laws of similar effect, “COBRA”) within the time period provided for under COBRA, the Company
will pay the premiums necessary to continue Executive’s group health insurance coverage in effect as of the Termination Date of Executive’s employment (including coverage for Executive’s eligible dependents) for a maximum period of
twenty-four (24) months following the Termination Date; provided, however, that no premium payments will be made by the Company pursuant to this paragraph following the effective date of Executive’s coverage by a health insurance
plan of a subsequent employer or such other date on which Executive (and 

  
 6. 

 
Executive’s dependents, as applicable) ceases to be eligible for COBRA coverage (including cessation of non-core coverage, such as dental and vision coverage). Executive agrees that
Executive shall notify the Company in writing as soon as practical, but no later than 15 days after Executive receives coverage under a health insurance plan of a subsequent employer. 

(d) Equity Acceleration. After taking into account any additional acceleration of vesting Executive may be entitled to receive
under any other plan or agreement, the Company shall cause all outstanding equity awards then held by Executive (including, without limitation, stock options, restricted stock awards or similar awards) to become fully vested and, if
applicable, exercisable with respect to all the shares subject thereto effective immediately prior to the Termination Date. In all other respects, such equity awards shall continue to be governed by the terms of the applicable award agreements and
equity incentive plan documents and any applicable agreements between the Company and Executive. 
 4.4 Other Compensation and Benefits.
If: (i) the Company terminates Executive’s employment for Cause or as a result of his death or disability, or (ii) if Executive resigns his employment at any time, except as a result of a Constructive Termination during
the Change in Control Period, then this Agreement shall automatically terminate (except for Article V and Article VII, which shall continue in effect), and upon such termination, the Company shall have no further obligation to Executive, his spouse
or estate, except that the Company shall pay to Executive the amount of his Base Annual Salary, and unused vacation pay, accrued to the date of such termination. 
 4.5 Compliance with Section 409A. 
 (a) It is intended that each
installment of the payments and benefits provided for in this Agreement is a separate “payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). It is also intended that payments of the amounts set forth in this
Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (Section 409A of the Code, together, with any state law of
similar effect, “Section 409A”) provided under Treasury Regulation Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). 
 (b) Notwithstanding the foregoing, if the Company (or, if applicable, the successor entity thereto) determines that the Severance Payment, the Change in Control Payment and/or other benefits
provided under this Agreement (the “Agreement Payments”) constitute “deferred compensation” under Section 409A and Executive is, on the Termination Date, a “specified employee” of the Company or any
successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) of the Code, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the
Agreement Payments shall be delayed as follows: on the earlier to occur of (i) the date that is six months and one day after Executive’s “separation from service” (as defined above) or (ii) the date of Executive’s death
(such earlier date, the “Delayed Initial Payment Date”), the Company (or the successor entity thereto, as applicable) shall (A) pay to Executive a lump sum amount equal to the sum of the Agreement Payments that Executive would
otherwise have received through the Delayed Initial Payment Date if the commencement of the payment of the Agreement Payments had not been so delayed pursuant to this Section 4.5(b) and (B) commence paying the balance of the Agreement
Payments in accordance with the applicable payment schedules set forth in this Agreement. 

  
 7. 

 4.6 Internal Revenue Code Section 280G. 

(a) If the payments and benefits (including but not limited to payments and benefits pursuant to this Agreement) that Executive
would receive in connection with a Change in Control of the Company, whether from the Company or otherwise (a “Transaction Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G
of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Company shall cause to be determined, before any amounts of the Transaction Payment
are paid to Executive, which of the following two alternative forms of payment would result in Executive’s receipt, on an after-tax basis, of the greater amount of the Transaction Payment notwithstanding that all or some portion of the
Transaction Payment may be subject to the Excise Tax: (1) payment in full of the entire amount of the Transaction Payment (a “Full Payment”), or (2) payment of only a part of the Transaction Payment so that Executive
receives the largest payment possible without the imposition of the Excise Tax (a “Reduced Payment”). 

(b) For purposes of determining whether to make a Full Payment or a Reduced Payment, the Company shall cause to be taken into
account all applicable federal, state and local income and employment taxes and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of
such state and local taxes). If a Reduced Payment is made, (i) Executive shall have no rights to any additional payments and/or benefits constituting the Transaction Payment, and (ii) reduction in payments and/or benefits shall occur in
the following order: (1) reduction of cash payments; (2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits
(if any) paid to Executive. In the event that acceleration of compensation from Executive’s equity awards is to be reduced, such acceleration of vesting shall be canceled in the reverse order of the date of grant. 

(c) The independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the
Termination Date shall make all determinations required to be made under this Section 4.6. If the independent registered public accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group
effecting the Change in Control, the Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by
such independent registered public accounting firm required to be made hereunder. 
 (d) The independent registered
public accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and Executive within fifteen (15) calendar days after the date on which
Executive’s right to a Transaction Payment is triggered or such other time as reasonably requested by the Company or Executive. If the independent registered public accounting firm determines that no Excise Tax is payable with respect to the
Transaction Payment, either before or after the application of the Reduced Amount, it shall furnish the Company and Executive with detailed supporting calculations of its determinations that no Excise Tax will be imposed with respect to such
Transaction Payment. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive. 

  
 8. 

 ARTICLE V 
 PROPRIETARY INFORMATION OBLIGATIONS 
 5.1 Agreement. Executive acknowledges
that he executed, and will continue to abide by, the Company’s standard form of Proprietary Information and Inventions Agreement (“Proprietary Information and Inventions Agreement”). 

5.2 Remedies. Executive’s duties under the Proprietary Information and Inventions Agreement shall survive termination of
Executive’s employment with the Company and the termination of this Agreement. Executive acknowledges that a remedy at law for any breach or threatened breach by Executive of the provisions of the Proprietary Information and Inventions
Agreement would be inadequate, and Executive therefore agrees that the Company shall be entitled to injunctive relief in case of any such breach or threatened breach. 
 ARTICLE VI 
 OUTSIDE ACTIVITIES 

6.1 Other Activities. Except with the prior written consent of the Board of Directors of the Company, Executive shall not during the term
of this Agreement undertake or engage in any other employment, occupation or business enterprise, other than ones in which Executive is a passive investor; provided that such passive investments will not require services on the part Executive which
would in any manner impair the performance of his duties under this Agreement. Executive may engage in civic and not-for-profit activities so long as such activities do not materially interfere with the performance of Executive’s duties
hereunder. It is agreed and understood that Executive shall be allowed to participate on the boards of directors of the following companies: AMAG Pharmaceuticals, Inc. and Ren Pharmaceuticals, Inc.; and Executive may be allowed to serve on other
boards of directors during his employment with the Board’s prior written consent. 
 6.2 Competition/Investments. During the
term of Executive’s employment by the Company, except on behalf of the Company, Executive shall not directly or indirectly, whether as an officer, director, stockholder, partner, proprietor, associate, representative, consultant, or in any
capacity whatsoever engage in, become financially interested in, be employed by or have any business connection with any other person, corporation, firm, partnership or other entity whatsoever which were known by Executive to compete directly with
the Company, throughout the world, in any line of business engaged in (or planned to be engaged in) by the Company. 
 ARTICLE
VII 
 GENERAL PROVISIONS 
 7.1 Notices. Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of personal delivery (including personal delivery by facsimile) or the third day
after mailing by first class mail, to the Company at its primary office location and to Executive at Executive’s address as listed on the Company payroll. 

  
 9. 

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

 7.3 Waiver. If either party should waive any breach of any provisions of this Agreement, they shall not thereby be deemed to
have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 
 7.4 Complete Agreement.
This Agreement and the documents and agreements referenced herein constitute the entire agreement between Executive and the Company and is the complete, final, and exclusive embodiment of their agreement with regard to the subject matter contained
herein and therein and supersede all prior agreements (including the Employment Agreement and First Amended Employment Agreement), promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any
officer, employee or representative of any party hereto, and any prior agreement of the parties hereto in respect of the subject matter contained herein (including the Prior Agreement). This Agreement is entered into without reliance on any promise
or representation other than those expressly contained herein or therein, and cannot be modified or amended except in a writing signed by an appropriate officer of the Company and Executive. 
 7.5 Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will
constitute one and the same Agreement. 
 7.6 Headings. The headings of the sections hereof are inserted for convenience only and
shall not be deemed to constitute a part hereof nor to affect the meaning thereof. 
 7.7 Successors and Assigns. This Agreement
is intended to bind and inure to the benefit of and be enforceable by Executive and the Company, and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign any of Executive’s duties
hereunder and Executive may not assign any of Executive’s rights hereunder, without the written consent of the Company, which shall not be withheld unreasonably. 
 7.8 Arbitration. Any dispute, claim or controversy of whatever nature arising out of or relating to this Agreement, Executive’s employment with the Company, and/or the termination of
Executive’s employment with the Company, including, without limitation, any action or claim based on tort, contract or statute, or concerning the interpretation, performance, or execution of this Agreement (including any determination of Cause
or Constructive Termination hereunder) shall be resolved by confidential, final and binding arbitration administered by Judicial Arbitration and Mediation Services, Inc. (“JAMS”), in San Diego, California, before a single
arbitrator, in accordance with JAMS’ then applicable arbitration rules. Executive acknowledges that by agreeing to this arbitration procedure, Executive and the Company waive the right to resolve any such dispute, claim or demand through a
trial by jury or judge or by administrative proceeding. Executive will have the right to be represented by legal counsel at any arbitration proceeding. The arbitrator shall: (a) have the authority to compel adequate

  
 10.

 
discovery for the resolution of the dispute and to award such relief as would otherwise be available under applicable law in a court proceeding; and (b) issue a written statement signed by
the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based. Company shall bear all JAMS
fees for the arbitration. Nothing in this Agreement shall prevent any of the parties from obtaining injunctive relief in court if necessary to prevent irreparable harm pending the conclusion of any arbitration. Any awards or orders in such
arbitrations may be entered and enforced as judgments in any court of competent jurisdiction. 
 7.9 Attorneys’ Fees.
If either party hereto brings any action to enforce rights hereunder, each party in any such action shall be responsible for its own attorneys’ fees and costs incurred in connection with such action. 

7.10 Choice of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the law of
the State of California without regard to the conflicts of law provisions thereof. 
 IN
WITNESS WHEREOF, the parties have executed this Agreement on the day and year first above written. 
  

			
	OREXIGEN THERAPEUTICS, INC.
		
	By:	 	  

		 	Eckard Weber, M.D.
		 	Chairman of the Board of Directors

  

	
	 Accepted and agreed:

	
	  

	 MICHAEL NARACHI

  
 11.

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