Document:

EX-10.3

 Exhibit 10.3 

EXCHANGE AGREEMENT 
 This
Exchange Agreement (this “Agreement”), entered into as of September 25, 2013 (the “Effective Date”), is made by and among La Jolla Pharmaceutical Company, a California corporation (including its subsidiaries,
the “Company”) and the undersigned holders (the “Holders”) of the Company’s Series C-22 Convertible Preferred Stock (the “Series C-22 Preferred”). 
 WHEREAS, each Holder wishes to exchange the shares of Series C-22 Preferred held by such Holder for that number of shares of the Company’s Series C-12 Convertible Preferred Stock (the “Series C-12 Preferred”) set forth opposite such Holder’s name on Schedule 1 hereto. 

NOW THEREFORE, in consideration of the covenants and conditions herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1. 

EXCHANGE OF SHARES OF SERIES C-12 PREFERRED 

Section 1.1. On the Effective Date, each share of Series C-22 Preferred will
be deemed exchanged for that number of shares of Series C-12 Preferred set forth on Schedule 1 hereto without any further action by the Company or any Holder and irrespective of whether the
shares of Series C-22 Preferred are surrendered to the Company by the Holders (the “Exchange”). As soon as practicable following the Effective Date, the Company shall issue to
each Holder a stock certificate evidencing the number of shares of Series C-12 Preferred set forth opposite such Holder’s name on Schedule 1 hereto. 

Section 1.2. The parties hereto agree that the Exchange is being effected pursuant to Section 3(a)(9) of the Securities Act
of 1933, as amended (the “Securities Act”) and that the holders of Series C-12 Preferred shall, pursuant to Rule 144(d)(3)(ii) under the Securities Act, be entitled to
“tack” their holding periods of the Series C-22 Preferred that is the subject of the Exchange. 

ARTICLE 2. 

REPRESENTATIONS AND WARRANTIES OF THE HOLDERS 

Each Holder hereby represents and warrants to the Company with respect solely to itself and not with respect to any other Holder as follows as
of the Effective Date: 
 Section 2.1. Each Holder represents and warrants that it has good and marketable title to the shares of
Series C-22 Preferred held by such Holder free and clear of all liens, charges and encumbrances whatsoever. 

Section 2.2. Each Holder is a corporation, limited liability company or partnership duly incorporated or organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or organization. 

 Section 2.3. Each Holder has the requisite power and authority to enter into this
Agreement. The execution, delivery and performance of this Agreement by each Holder and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate or partnership action, and no further consent
or authorization of such Holder or its Board of Directors, stockholders, or partners, as the case may be, is required. When executed and delivered by the Holders, this Agreement shall constitute a valid and binding obligation of each Holder
enforceable against such Holder in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or
affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general application. 

Section 2.4. Each Holder is acquiring the shares of Series C-12 Preferred
solely for its own account and not with a view to or for sale in connection with distribution. Each Holder does not have a present intention to sell any of the shares of Series C-12 Preferred, nor
a present arrangement (whether or not legally binding) or intention to effect any distribution of any of the shares of Series C-12 Preferred to or through any person or entity; provided, however,
that by making the representations herein, such Holder does not agree to hold the shares of Series C-12 Preferred for any minimum or other specific term and reserves the right to dispose of the
shares of Series C-12 Preferred at any time in accordance with federal and state securities laws applicable to such disposition. Each Holder acknowledges that it (i) has such knowledge and
experience in financial and business matters such that Holder is capable of evaluating the merits and risks of Holder’s investment in the Company, (ii) is able to bear the financial risks associated with an investment in the Series C-12 Preferred and (iii) has been given full access to such records of the Company and to the officers of the Company as it has deemed necessary or appropriate to conduct its due diligence
investigation. 
 Section 2.5. Each Holder understands that the shares of Series
C-12 Preferred must be held indefinitely unless such shares of Series C-12 Preferred are registered under the Securities Act of 1933, as
amended (the “Securities Act”) (recognizing that the Company has no obligation hereunder to effect such registration) or an exemption from registration is available. Each Holder acknowledges that such person is familiar with Rule
144 of the rules and regulations of the Securities and Exchange Commission, as amended, promulgated pursuant to the Securities Act (“Rule 144”), and that such Holder has been advised that Rule 144 permits resales only under certain
circumstances. Each Holder understands that to the extent that Rule 144 is not available, such Holder will be unable to sell any shares of Series C-12 Preferred without either registration under
the Securities Act or the existence of another exemption from such registration requirement. 
 Section 2.6. Each Holder
understands that the shares of Series C-12 Preferred are being issued in reliance on a transactional exemption from the registration requirements of federal and state securities laws and the
Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of such Holder set forth herein in order to determine the applicability of such exemptions and the suitability of such
Holder to acquire the shares of Series C-12 Preferred. Each Holder understands that no United States federal or state agency or any government or governmental agency has passed upon or made any
recommendation or endorsement of the shares of Series C-12 Preferred. 

 Section 2.7. Each Holder is an “accredited investor” (as defined in Rule
501 of Regulation D), and such Holder has such experience in business and financial matters that it is capable of evaluating the merits and risks of an investment in the shares of Series C-12
Preferred. Such Holder is not required to be registered as a broker-dealer under Section 15 of the Exchange Act of 1934, as amended, and such Holder is not a broker-dealer. Each Holder acknowledges that an investment in the shares of Series C-12 Preferred is speculative and involves a high degree of risk. 
 ARTICLE 3

 .MISCELLANEOUS 

Section 3.1. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the internal
laws of the State of California without reference to conflicts of law provisions of any jurisdiction. 
 Section 3.2. Entire
Agreement. This Agreement contains the entire understanding of the parties to this Agreement with respect to the subject matter hereof and supersedes all other agreements and understandings between or among any of the parties with respect to the
subject matter hereof. 
 Section 3.3. Amendment. Any term of this Agreement may be amended or waived only with the
written consent of the Company and the Requisite Holders. 
 Section 3.4. Successors and Assigns. This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their respective heirs, executors, legal representatives, successors and permitted transferees, except as may be expressly provided otherwise herein. 

Section 3.5. Invalidity of Provisions. In the event that any provision of this Agreement becomes or is declared by a court
of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision, and the parties agree to negotiate, in good faith, a legal and enforceable substitute provision which most
nearly effects the parties’ intent in entering into this Agreement. 
 Section 3.6. Counterparts. This Agreement may
be executed in any number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument. Delivery of an executed counterpart signature page to
this Agreement by facsimile or similar electronic transmission will be effective as delivery of a manually executed counterpart thereof and will be deemed an original signature for all purposes. 

[The remainder of this page has been intentionally left blank.] 

 IN WITNESS WHEREOF, the parties hereto have executed or caused this Exchange Agreement to be
executed as of the date set forth above. 
  

			
	LA JOLLA PHARMACEUTICAL COMPANY
		
	By:	 	 
	Name: George F. Tidmarsh, M.D., Ph.D.
	Title: President and Chief Executive Officer

 [SIGNATURE PAGES CONTINUE] 

  
 [Signature Page to
Exchange Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed or caused this exchange agreement to be
executed as of the date set forth above. 
  

			
	TANG CAPITAL PARTNERS, LP
		
	By:	 	 
	Name:
	Title:

  

			
	KEVIN C. TANG FOUNDATION, INC.
		
	By:	 	 
	Name:
	Title:

  

			
	RTW INVESTMENTS, LLC
		
	By:	 	 
	Name:
	Title:

  

			
	BOXER CAPITAL, LLC
		
	By:	 	 
	Name:
	Title:

  

			
	MVA INVESTORS, LLC
		
	By:	 	 
	Name:
	Title:

  
 [Signature Page to
Exchange Agreement] 

 Schedule 1 

 

									
	 Holder
	  	Number of
Shares of
Series C-22
Preferred	 	  	Number of
Shares of
Series C-12
Preferred	 
	 Tang Capital Partners, LP
	  	 	360.7538	  	  	 	311.5206	  
	 Kevin C. Tang Foundation, Inc.
	  	 	16.7016	  	  	 	6.9691	  
	 Boxer Capital, LLC
	  	 	109.1169	  	  	 	113.4804	  
	 MVA Investors, LLC
	  	 	15.5581	  	  	 	16.4708	  
	 RTW Investments, LLC
	  	 	54.5584	  	  	 	108.3234EX-10.4

 Exhibit 10.4 

LA JOLLA PHARMACEUTICAL COMPANY 

RESTRICTED STOCK AGREEMENT 

This Restricted Stock Agreement (the “Agreement”) is made as of
[            ] (the “Effective Date”) by and between La Jolla Pharmaceutical Company, a California corporation (the “Company”), and
[            ] (“Recipient”). 
 RECITALS 

WHEREAS, on [            ], the Board of Directors approved the terms of the award
conveyed by this Agreement; and 
 WHEREAS, Recipient and the Company are now entering into this Agreement, pursuant to which the Shares
will be issued outside of the Company’s 2013 Equity Incentive Plan (the “Plan”), but subject in all respects as if issued under the Plan, which will establish the terms and conditions of Recipient’s equity participation in
the Company under this Agreement. 
 In consideration of the foregoing, the parties hereby agree as follows: 

1. Sale of Stock. Subject to the terms and conditions of this Agreement, on the Grant Date (as defined below) the Company will issue to Recipient
[            ] shares of the Company’s Common Stock (the “Grant Shares”). In accordance with Section 7(a) of this Agreement, the Grant Shares shall be
issued subject to the terms and conditions of the Plan. For purposes of this Agreement, the term “Shares” refers to the Grant Shares and all securities received in replacement of the Grant Shares or as stock dividends or splits, all
securities received in replacement of the Shares in a recapitalization, merger, reorganization, exchange or the like, and all new, substituted or additional securities or other properties to which Recipient is entitled by reason of Recipient’s
ownership of the Shares (including the Grant Shares). 
 2. Grant. The issuance of the Shares under this Agreement shall occur at the principal
office of the Company simultaneously with the execution of this Agreement by the parties or on such other date as the Company and Recipient shall agree (the “Grant Date”). As promptly as practicable after the Grant Date, the Company
will instruct the Company’s transfer agent to issue, pursuant to Section 4 of this Agreement, the Shares to be acquired by Recipient (which shall be issued in book entry form in Recipient’s name). 

3. Limitations on Transfer. Recipient shall not assign, encumber or dispose of any interest in the Shares except in compliance with applicable
securities laws. All transferees of Shares or any interest therein will receive and hold such Shares or interest subject to the provisions of this Agreement. Any sale or transfer of the Shares shall be void unless the provisions of this Agreement
are satisfied. 
 4. Transfer Restrictions. 

(a) Stop-Transfer Notices. Recipient agrees that, in order to ensure compliance with the restrictions referred to herein, the Company
may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 

 (b) Refusal to Transfer. The Company shall not be required (i) to transfer on its
books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee
to whom such Shares shall have been so transferred. 
 5. No Employment Rights. Nothing in this Agreement shall affect in any manner whatsoever the
right or power of the Company, or a parent or subsidiary of the Company, to terminate Recipient’s employment or consulting relationship, for any reason, with or without cause. 

6. Vesting. The Shares will vest in accordance with the following schedule: [            ];
provided, that in the event of a Change of Control (as defined herein) the Shares shall fully vest and become exercisable. For the purposes of this Agreement, a “Change of Control” shall be deemed to occur if the Company
shall sell, convey, or otherwise dispose of all or substantially all of its property or business or merge with or into or consolidate with any other corporation, limited liability company or other entity (other than a wholly-owned subsidiary
corporation) or effect any other transaction or series of related transactions in which more than fifty percent (50%) of the voting power of the Company is transferred; provided that none of the following shall be considered a Change of
Control: (i) a merger effected exclusively for the purpose of changing the domicile of the Company or (ii) an equity financing in which the Company is the surviving corporation. Notwithstanding the foregoing, in any case where the
occurrence of a Change of Control could affect the payment under an award granted hereunder that is subject to the requirements of Section 409A of the Code, the term “Change of Control” shall mean an occurrence that both
(i) satisfies the requirements set forth above in this definition, and (ii) is a “change in control event” as that term is defined in the regulations under Section 409A of the Code. 

7. Miscellaneous. 
 (a) Plan Terms.
This Agreement is subject in all respects to the terms and conditions of the Plan, which are incorporated herein by reference. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Plan. In the event of any
conflict between this Agreement and the terms and conditions of the Plan, the terms and conditions of the Plan shall govern. Recipient acknowledges that, prior to execution of this Agreement, he has been provided with a copy of the Plan. 

(b) Entire Agreement; Amendments and Waivers. This Agreement and the Plan set forth the entire agreement and understanding of the
parties relating to the subject matter herein and merge all prior discussions between them. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the
parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party. 

(c) Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to
renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of
this Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of this Agreement shall be enforceable in accordance with its terms. 

  
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 (d) Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one instrument. 
 [Signature Page Follows] 

  
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 The parties have executed this Agreement as of the date first set forth above. 

 

	
	COMPANY:
	
	LA JOLLA PHARMACEUTICAL COMPANY
	
	By:                                     
                                         
                
	Name:
	Title:

 RECIPIENT ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS AGREEMENT SHALL CONFER UPON RECIPIENT ANY RIGHT
WITH RESPECT TO CONTINUATION OF SUCH EMPLOYMENT OR CONSULTING RELATIONSHIP WITH THE COMPANY, NOR SHALL IT INTERFERE IN ANY WAY WITH RECIPIENT’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE RECIPIENT’S EMPLOYMENT OR CONSULTING
RELATIONSHIP AT ANY TIME, WITH OR WITHOUT CAUSE. 
  

	
	RECIPIENT:
	
	[            ]
	
	  

	
	(Signature)
	
	Address:
	
	  

	
	  

I,                    , spouse of
[            ], have read and hereby approve the foregoing Agreement. In consideration of the Company’s granting my spouse the right to acquire the Shares as set forth in the
Agreement, I hereby agree to be irrevocably bound by the Agreement and further agree that any community property or similar interest that I may have in the Shares shall be similarly bound by the Agreement. I hereby appoint my spouse as my
attorney-in-fact with respect to any amendment or exercise of any rights under the Agreement. 
  

	
	  

	Spouse of [            ]

  
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