Document:

Separation Agreement with John Cavan

 Exhibit 10.23  
 November 28, 2011 
 Via Electronic Mail Delivery - Personal and Confidential

 Mr. John Cavan 
 12 E.
Elbrook Drive 
 Allendale, NJ 07401-1107 
 Dear John: 
 As discussed, your employment with Aegerion Pharmaceuticals, Inc.
(“Aegerion” or the “Company”) shall terminate effective February 29, 2012. This letter (the “Agreement”) summarizes the terms of your separation from employment and establishes an amicable arrangement under which
you release the Company from any and all claims, and, in return, you receive severance pay and other benefits. 
 1. Employment Status:
Final Payments: Benefits Cessation: 
 (a) Employment Status: As noted above, your employment from the Company
shall terminate effective February 29, 2012, unless earlier terminated as described in Section 1(b) below (in either instance, your last day of employment shall be referred to as the “Separation Date”). 

(b) Transition Period: Between now and the Separation Date, you agree to continue to perform your duties in a professional manner
and assist the Company with the projects included (but not limited to) those detailed in Exhibit C; this period shall be referred to as the “Transition Period.” Although the Company intends to employ you through the Transition Period
(i.e., until the Separation Date), you will continue to be an at-will employee. This means that either you or the Company may elect to end your employment with or without “Cause” (as defined in your Employment Agreement) prior to the
Separation Date. If you are terminated for Cause or you resign without the Company’s consent prior to the Separation Date, you will not be entitled to the severance payments and benefits set forth in Section 2 is contingent upon your full
compliance with this Section 1(b). 
 (c) Final Wage Payments: As of the Separation Date, your salary shall cease and you
no longer will be entitled to the payment of base salary, bonus, or any form of compensation, except as set forth in this Agreement. On the Separation Date, the Company shall pay to you (i) all earned but unpaid base salary up to and through
the Separation Date, and (ii) all accrued but unused PTO up to and through the Separation Date. 
 (d) Final Bonus
Payments: You remain eligible for a 2011 bonus; the Company’s assessment of your bonus eligibility shall be conducted in a manner that is consistent with the Company’s assessment of current employees’ 2011 bonus eligibility.
Should you be awarded such a bonus, the Company will pay such bonus to you when it pays 2011 bonuses, if any, to current employees. Any such bonus will be paid prior to March 15, 2012. In accordance with Section 2(b) of the Employment
Agreement between the Company and you, dated October 5, 2010 (the “Employment Agreement”), you will not be eligible for a 2012 bonus. You will remain eligible to receive the Special Bonus (which is equal to 10% of your 2011 annual
base salary) referred to in Section 2(c) of the Employment Agreement, if the U.S. Food and Drug Administration (the “FDA”) accepts a New Drug Application for lomitapide prior to March 31, 2012. The date on which the FDA accepts
the New Drug Application is referred to herein as the “Acceptance Date.” In such event, the Company will pay the Special Bonus to you as soon as reasonably practicable, but, in any case, no later than sixty (60) days following the
Acceptance Date. You acknowledge and agree that you will not be eligible for the Special Bonus if the Acceptance Date occurs after March 31, 2012. 
 (e) Expense Reimbursement: The Company will reimburse you for all appropriately documented business expenses in accordance with Company policy, provided that you submit all documentation of any
such expenses within thirty days after the Separation Date. You acknowledge that the Bedminster, NJ office may be unavailable to you as of January 1, 2012. The Company may request that you assist in the projects assigned (see Exhibit C) at its
Cambridge, MA offices between January 1, 2012 and February 29, 2012. It is anticipated that your transition-related work will be 

 
achievable remotely from New Jersey; however, we do anticipate a potential need for you in Cambridge during the annual audit so that we have appropriate access to your knowledge, insights and
direct input to successfully close our first year as a public company. Every effort will be made to balance your needs and Aegerion’s business needs in this regard. You will be reimbursed for any and all reasonable and customary business and
home office expenses during this period. 
 (f) Benefits Cessation: As of the Separation Date, any entitlement you have
or might have under a Company-provided benefit plan, program or practice shall terminate, except as required by law or as otherwise described below. To the extent applicable, you shall receive benefit continuation information under separate cover.

 (g) Stock Option Grants: As set forth in the Company’s 2006 Stock Option and Grant Plan, as amended, and
associated equity award agreements between you and the Company (collectively, the “Equity Award Documents”), your option to purchase the Company’s common stock shall cease vesting on the Separation Date, except as otherwise provided
in this Agreement All of your rights and obligations to stock options, including without limitation, vesting, exercise and expiration, are governed by the terms and conditions of the Equity Award Documents, except as otherwise described below. To
the extent that you have vested but unexercised stock option grants, you will have ninety days after the Separation Date to exercise the vested portion of said options. 
 (h) Notice of Termination: This letter agreement shall serve as the notice of termination contemplated by Section 3(f) of the Employment Agreement. Pursuant to Section 3(d) of the
Employment Agreement, at this time the Company is deeming your employment as being terminated without “Cause.” 
 2.
Consideration: In exchange for, and in consideration of, your execution of and compliance with this Agreement, including the Certificate (which is described in Section 4(g) below and attached hereto as Exhibit B), and any
other agreement with Aegerion that survives the termination of your employment, the Company will provide you with the following: 
 (a) Severance Payments: Aegerion will pay to you your current weekly base salary of $3,366.00 for the period of 26 weeks (the “Severance Period”), for a total gross severance payment of
$87,516.00. These payments, which will be made on the Company’s regularly scheduled payroll dates for all employees, are referred to herein as the “Severance Payments.” The Severance Payments shall commence on the first Company
payroll date which is on or after the 8th day following
the date on which the Company receives a copy of the Certificate executed by you. Each Severance Payment shall be treated as a separate payment for purposes of Section 409A of the Internal Revenue Code, as amended. Notwithstanding the
foregoing, the Severance Payments set forth in this Section shall be reduced dollar for dollar by any compensation you receive from another employer during the Severance Period if you become re-employed during such time. You agree to give prompt
notice of any employment you obtain during the Severance Period and shall respond promptly to any reasonable inquiries regarding your professional activities. You agree that if the Company makes any overpayments of Severance Payments, you will
promptly return any such overpayments to the Company and/or hereby authorize deductions of such overpayments from future Severance Payment amounts. 
 (b) COBRA Premium Payments: Subject to the terms and conditions provided for in the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), and provided you have
timely and properly elected COBRA coverage in accordance with the Company’s COBRA election procedures, the Company shall pay your group medical and dental insurance premiums at 100% during the Severance Period or until such earlier time as you
(i) obtain alternate medical insurance or (ii) become ineligible for COBRA benefits. You agree promptly to notify the Company if and when you become eligible for alternate medical coverage during the Severance Period. Following the
Severance Period, you shall be responsible for 100% of the COBRA premium should you elect to maintain this coverage. 
 (c) Acceleration of Stock Options: On the Separation Date, the Company estimates that 25,104 of the stock options granted to you under the Equity Award Documents will be unvested. In consideration
of your execution of this Agreement and the attached Certificate, on or after the 8th business day following the date on which the Company receives a copy of the Certificate executed by you, the Company will accelerate the vesting of all unvested stock options such that these options will
be deemed to have been fully vested and exercisable as of the Separation Date. In accordance with the Equity Award Documents, you will have ninety days from the Separation Date to exercise each stock option. 

  
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 (d) Outplacement Services: To assist you with your career transition, Aegerion will
provide you with six weeks of outplacement services through its preferred vendor, Keystone Associates., If you have not obtained employment at the end of the six weeks, Aegerion will extend such services for a maximum period of another six weeks to
further support your career transition, up to a maximum total cost of $6,000 for both six-week sessions, upon verification with Keystone of your active engagement and search. 
 (e) Acknowledgement of Consideration to Support Agreement: You expressly acknowledge and agree that the payments and benefits provided to you under this Section 2 are a benefit to which you
are not otherwise entitled to receive and are being given to you solely in exchange for your promise to be bound by the terms of this Agreement and the Certificate. 
 3. Taxes: All payments set forth in this Agreement shall be subject to all applicable federal, state and/or local withholding and/or payroll taxes, and the Company may withhold from any
amounts payable to you (including any amounts payable pursuant to this Agreement) in order to comply with such withholding obligations. 
 4.
General Release of Claims; ADEA Waiver; Accord and Satisfaction; Exhibit B: 
 (a) General Release: In
exchange for the amounts described in Section 2, and other good and valuable consideration, the receipt of which you hereby acknowledge, you and your representatives, agents, estate, heirs, successors and assigns (“You”), absolutely
and unconditionally hereby release, remise, discharge, indemnify and hold harmless the Released Parties (defined in Section 4(f) below), from any and all actions or causes of action, suits, claims, complaints, contracts, liabilities,
agreements, promises, torts, debts, damages, controversies, judgments, rights and demands, whether existing or contingent, known or unknown, suspected or unsuspected, arising on or before the Effective Date of this Agreement (the
“Claims”). 
 This general release includes, without limitation, any and all Claims arising out of or in connection
with: 
 (i) your employment, change in employment status, and/or termination of employment with the Company;

 (ii) any federal, state or local law, constitution or regulation regarding either employment, employment
benefits, or employment discrimination and/or retaliation including, without limitation, the National Labor Relations Act, as amended; Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. 2000e et seq.; Sections 1981
through 1988 of Title 42 of the United States Code, as amended; the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. 1001 et seq.; the Workers Adjustment and Retraining Notification Act, 29 U.S.C.
Section 2101 et seq.; the Immigration Reform and Control Act, as amended; the Americans with Disabilities Act of 1990, as amended; the Fair Labor Standards Act, as amended; the Occupational Safety and Health Act, as amended; the
Family and Medical Leave Act of 1993 (“FMLA”), as amended; the Consolidated Omnibus Budget Reconciliation Act, as amended; and laws relating to workers compensation, family and medical leave, discrimination on the basis of race, color,
religion, creed, sex, sex harassment, sexual orientation, marital status, pregnancy, national origin, ancestry, handicap, disability, veteran’s status, alienage, blindness, present or past history of mental disorders or physical disability,
candidacy for or activity in a general assembly or other public office, constitutionally protected acts of speech, whistleblower status, use of tobacco products outside course of employment, membership in any organization engaged in civil defense,
veteran’s status, any military service, application for military service, or any other federal, state or local civil or human rights law or any other local, state or federal law, regulation or ordinance; 

(iii) any New Jersey state or local laws respecting employment, including but not limited to, the New Jersey Family Leave
Act, the New Jersey Law Against Discrimination, the New Jersey Wage and Hour Law, the New Jersey Home Work Law and the New Jersey Industrial Home Work Law, New Jersey Workers’ Compensation Law, the New Jersey Equal Pay Act, the New Jersey
Occupational Safety and Health Law, the New Jersey Conscientious Employee Protection Act, the New Jersey Temporary Disability Benefits Law, the New Jersey Family Insurance Law, all as amended, and New Jersey laws regulating disability benefits;

  
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 (iv) breach of contract (express or implied) or breach of the implied
covenant of good faith and fair dealing; 
 (v) wrongful termination, intentional or negligent infliction of
emotional distress, negligent misrepresentation, intentional misrepresentation, fraud, defamation, promissory estoppel, false light invasion of privacy, conspiracy, violation of public policy; and 

(vi) any other tort, statutory or common law cause of action. This release is intended by You to be all encompassing and a
full and total release of any Claims, whether specifically enumerated herein or not, that You may have or have had against the Released Parties up to the date you execute this Agreement You further agree to release and discharge the Released Parties
from any and all claims which might be made by any other person or organization on your behalf and you specifically waive any right to become, and promise not to become, a member of any class in a case in which a claim or claims against the Company
are made involving any matters subject to release pursuant to this Section 4(a). 
 (b) Waiver of Rights and Claims
Under the Age Discrimination in Employment Act of 1967: Because you are 40 years of age or older, you hereby are informed that you have or might have specific rights and/or claims under the Age Discrimination and Employment Act of 1967, as
amended (the “ADEA”), and you agree and understand that: 
 (i) In consideration for the amounts
described in Section 2, which you are not otherwise entitled to receive, you specifically waive such rights and/or claims under the ADEA to the extent that such rights and/or claims arose prior to or on the date this Agreement was executed;

 (ii) You understand that rights or claims under the ADEA which may arise after the date this Agreement is
executed are not waived by you; 
 (iii) You acknowledge that you have been advised that you should consult with
your counsel of choice prior to executing this Agreement, that you have forty-five (45) days to review this Agreement and consider its terms before signing it, and that the review period will not be affected or extended by any revisions,
whether material or immaterial, that might be made to this Agreement, and you have not been subject to any undue or improper influence interfering with the exercise of your free will in deciding whether to consult with counsel; 

(iv) You are hereby informed of: (1) the group of individuals considered for inclusion in the reduction in force,
(2) the selection criteria used to determine the individuals within the group who are included in the reduction in force, (3) the job title and ages of all individuals within the group who have been selected for inclusion in the reduction
in force, and (4) the job title and ages of all individuals within the group who have not been selected for inclusion in the reduction in force. A copy of the lists and information referenced in this paragraph are attached hereto as Exhibit
A; 
 (v) You have carefully read and fully understand all of the provisions of this Agreement, you knowingly
and voluntarily agree to all of the terms set forth in this Agreement, and you acknowledge that in entering into this Agreement, you are not relying on any representation, promise or inducement made by the Company or its representatives with the
exception of those promises contained in this document; and 
 (vi) You may revoke this Agreement for a period of
seven (7) days following your execution hereof and all rights and obligations of both parties under this Agreement shall not become effective or enforceable until the seven (7) day revocation period has expired. Please see Section 10
for more details. 
 (c) Interpretation: The foregoing release-of-claims provisions set forth in Sections 4(a) and 4(b)
shall be given the broadest possible interpretation permitted by law. The enumeration of specific claims therein shall not be interpreted to exclude any other claims not specifically enumerated therein. 

  
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 (d) Exclusions from General Release: Excluded from the General Release set forth in
Sections 4(a) and 4(b) are any claims or rights that cannot be waived by law, including your right to file a charge with an administrative agency, including the EEOC, or assist or participate in any agency investigation, hearing or proceeding. You,
however, are waiving your right to recover money in connection with any such agency charge or investigation, hearing or proceeding. You also are waiving your right to recover any money in connection with a charge filed by any other individual or
individuals, or by the EEOC or any other federal or state agency, on your behalf. 
 (e) Accord and Satisfaction: The
payments set forth in Sections 1 and 2 shall be complete and unconditional payment, settlement, accord and/or satisfaction with respect to all obligations and liabilities of the Released Parties to You including, without limitation, all claims for
back wages, salary, vacation pay, sick pay, notice pay, bonuses, commissions or other incentive compensation, severance pay, all other forms of compensation or benefits, attorney’s fees, or other costs or sums. 

(f) Definition of Released Parties: As used in this Agreement, “Released Parties” shall mean: (i) Aegerion
Pharmaceuticals, Inc.; (ii) all of Aegerion’s past, present, and future subsidiaries, parents, affiliates and divisions; (iii) all of Aegerion’s successors and/or assigns, as well as legal representatives; and (iv) all of
Aegerion’s past, present, and future officers, directors, managers, employees, shareholders, owners, attorneys, agents, insurers, employee benefit plans (including such plans’ administrators, trustees, fiduciaries, record-keepers, and
insurers), and legal representatives (all both individually, in their capacity acting on Aegerion’s behalf and in their official capacities). 
 (g) Obligation to Update Release of Claims and Execute Exhibit B on the Separation Date: You acknowledge and agree that one of the primary purposes of this Agreement is for the Company to pay you
certain severance benefits in exchange for your release of all claims against the Released Parties. Because you will execute this Agreement prior to the Separation Date, as a condition of receiving the severance benefits set forth in
Section 2 above, on the Separation Date, you must execute (and not revoke) the certificate, attached hereto as Exhibit B (the “Certificate”), in which you will extend the release of claims in Sections 4(a) and 4(b) to any and
all claims (including ADEA claims) that arose from the date you signed this Agreement through the date you sign the Certificate . You acknowledge and agree that you will not be eligible for any of the severance benefits set forth in Section 2
unless you execute and do not revoke the Certificate. 
 5. Covenant Not to Sue: A “covenant not to sue” is a legal term
which means that you promise not to file a lawsuit in court. It is different from the release of claims contained in Sections 4(a) and 4(b) above. Besides waiving and releasing the claims covered by Sections 4(a) and 4(b), you further agree never to
sue the Released Parties in any forum based on the claims, laws or theories covered by the release language in Sections 4(a) and (b). You represent and warrant that you have not filed any complaints, charges, or claims for relief against the
Released Parties with any local, state or federal court or administrative agency, with the sole exception of your right to pursue a state unemployment claim. Notwithstanding this Covenant Not To Sue, you may bring a claim to enforce the terms of
this Agreement, to challenge the validity of the ADEA waiver described in Section 4(b), or to pursue state unemployment benefits. Except as set forth in Section 4(d) or as permitted pursuant to this Section 5, in the event that you
institute any other action, that claim shall be dismissed upon the presentation of this Agreement and you shall reimburse the Company for all legal fees and expenses incurred in defending such claim and obtaining its dismissal. If a court of
competent jurisdiction enters judgment in your favor with respect to a lawsuit brought by you to enforce the terms of this Agreement, then the Company agrees that you will be entitled to your reasonable attorney’s fees incurred in bringing such
action. 
 6. Company Files, Documents and Other Property: By the Separation Date, you agree to return to the Company all
Company property and materials, including but not limited to, all hardware, computers, laptops, CDs/DVDs, intangible information stored on CDs/DVDs, software programs and data compiled with the use of those programs, software passwords or codes,
tangible copies of trade secrets and confidential information, cellular phones, PDAs, telephone charge cards, manuals, building keys and passes, names and addresses of all Company customers and potential customers, customer lists, customer
contracts, sales information, memoranda, sales brochures, business or marketing plans, reports, projections, and any and all other information or property previously or currently held or used by you that is or was related to your employment with the
Company. You agree that if you discover any other Company or proprietary materials in your possession after the Separation Date, you will promptly notify the Company and, upon their request, return such materials to the Company. 

  
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 7. No Liability or Wrongdoing: You understand and agree that this Agreement constitutes a
final compromise of the claims released thereby, and is not an admission by the Released Parties that any such claims exist and/or of liability by the Released Parties with respect to such claims. Nothing in this Agreement, nor any of the
proceedings connected with it, is to be construed as, offered as, received as, or deemed to be evidence of an admission by you or the Released Parties of any liability or unlawful conduct whatsoever, and each of the Released Parties and you
expressly deny any such liability or wrongdoing. 
 8. Future Conduct: 

(a) Restrictive Covenants: You confirm the existence and continued validity of your Employee Confidentiality, Assignment, and
Noncompetition Agreement (the “Covenants Agreement”), dated October 5, 2010, a copy of which is enclosed herewith. You agree that your obligations under the Covenants Agreement expressly survive the cessation of your employment. If
you fail to abide by your obligations under the Covenants Agreement, the Company immediately may terminate all severance benefits set forth in Section 2 in addition to, and not in lieu of, seeking all other legal and equitable relief.

 (b) Non-disparagement: You agree not to take any action or make any statement, written or oral, which disparages or
criticizes the Released Parties, their officers, directors, investors or employees, the Released Parties’ business practices, or which disrupts or impairs their normal operations, including actions that would (i) harm the Released
Parties’ reputation with their current and prospective clients, business partners, or the public; or (ii) interfere with existing contracts or employment relationships with current and prospective clients, business partners or the Released
Parties’ employees. The Company agrees to instruct its officers that they are not to take any action or make any statement written or oral, which intentionally disparages or criticizes you. Notwithstanding the foregoing, nothing herein shall
prevent any party hereto from making truthful statements that may be made pursuant to legal process, including, without limitation, in litigation or in response to a lawfully served subpoena. 

(c) Confidentiality of this Agreement: You shall maintain confidentiality concerning this Agreement, including the substance,
terms, existence and/or any discussions relating to this Agreement. Except as required pursuant to legal process, you will not discuss the same with anyone except your immediate family and accountants or attorneys when such disclosure is necessary
for them to render professional services. Nothing herein shall prohibit or bar you from providing truthful testimony in any legal proceeding or in communicating with any governmental agency or representative or from making any truthful disclosure
required, authorized or permitted under law; provided however, that in providing such testimony or making such disclosures or communications, you will use your best efforts to ensure that this Section is complied with to the maximum extent possible.
However, you will be prohibited to the fullest extent authorized by law from obtaining monetary damages in any agency proceeding in which you do so participate. The Company agrees to instruct those aware of this Agreement by virtue of their position
and scope of role to maintain full confidentiality, including the substance, terms, existence and/or any discussions relating to this Agreement, except as required pursuant to legal process or regulatory or business requirements. 

(d) Breach; Remedies: In the event that you breach this Agreement and/or the Covenants Agreement, you agree that (i) the
Company shall be relieved of its obligations to make the payment under Section 2, (ii) if such payment to you already has been made, you agree to repay it to the Company, and (iii) the Company shall be entitled to recover its
attorneys’ fees and costs incurred in enforcing its rights under this Agreement, to the extent such recovery is not prohibited by law. This remedy shall be, in addition to, and not as an alternative to, any other remedies at law or in equity
available to the Company. 
 9. Representations and Governing Law: 

(a) Integration: This Agreement sets forth the complete and sole agreement between the parties and supersedes any and all other
agreements or understandings, whether oral or written, express or implied, except for the Covenants Agreement, the Equity Award Documents, the Employment Agreement (only those provisions that survive by their terms and which are not superseded or
modified by any terms set forth herein) and the Indemnification Agreement between the Company and you, which remain in full force and effect in accordance with their terms. This Agreement may not be changed or rescinded except upon the express
written consent of both you and an authorized Company officer. Any waiver of any provision of this Agreement shall not constitute a waiver of any other provision of this Agreement unless expressly so indicated otherwise. The language of all parts of
this Agreement shall in all cases be construed as a whole according to its fair meaning and not strictly for or against any of the parties. 

  
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 (b) Governing Law and Choice of Venue; Waiver of Jury Trial: This Agreement shall be
deemed to be made and entered into in the Commonwealth of Massachusetts. This Agreement and any claims arising out of this Agreement (or any other claims arising out of the relationship between the parties) shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts and shall in all respects be interpreted, enforced and governed under the internal and domestic laws, without giving effect to the principles of conflicts of laws of such Commonwealth.
EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(c) Severability: If any provision of this Agreement, or part thereof, is held invalid, void or voidable as against public policy
or otherwise, the invalidity shall not affect other provisions, or parts thereof, which may be given effect without the invalid provision or part. To this extent, the provisions, and parts thereof, of this Agreement are declared to be severable.

 (d) Assignment: You shall not assign this Agreement. The Company may assign this Agreement. The benefits of this
Agreement shall inure to the successors and assigns of the Company and the Released Parties and to your successors. 
 (e)
Acknowledgment of Company’s Compliance with Applicable Law: You represent that you have not been subject to any retaliation or any other form of adverse action by the Released Parties for any action taken by you as an employee or
resulting from your exercise of or attempt to exercise any statutory rights recognized under federal, state or local law. You also agree that you have received all time off, whether pursuant to the FMLA, state law or Company policy or benefit
program, and that none of your rights have been violated under any of these statutes, policies or programs. 
 (f)
Cooperation: By signing this Agreement, you agree to cooperate with the Company and its attorneys at reasonable times and places in the prosecution and/or defense of any legal action wherein the Company is a party and that involves any facts
or circumstances arising during the course of your employment with the Company. Such cooperation includes, but is not limited to, meeting with the Company’s attorneys at reasonable times and places to discuss your knowledge of pertinent facts,
appearing as required at deposition, arbitration, trial or other proceeding to testify as to those facts, and testifying truthfully to the best of your abilities at any such proceeding. The Company shall reimburse you for any reasonable and approved
out-of-pocket costs and expenses you incur in connection with such cooperation as well as reimburse you for time spent in such regard (excluding travel time) at the rate of two hundred dollars ($200.00) per hour to be paid within thirty
(30) days of invoice by you to the Company provided however, that any such time spent must be pre-approved by an authorized Aegerion officer in writing; and provided further that you will not be eligible for any hourly
compensation if your cooperation pursuant to this paragraph 9(f) is in connection with or related to any investigation, regulatory matter or proceeding or litigation (whether at the administrative or court level), unless otherwise approved by the
Company. Your eligibility for such hourly reimbursement will only become effective after your severance benefits terminate. 
 10. Review
Period; Expiration of this Offer: If you accept the terms and conditions of this letter agreement, please sign it and return it to me within forty-five (45) days from the date you received it (i.e., January 12, 2012). Please note
that if you do not return an executed copy of this Agreement on or before January 12, 2012, this offer will expire. As set forth in Section 4(b)(vi) above, for the period of seven (7) days from the date when this Agreement becomes
executed by you, you have the right to revoke this Agreement by written notice to me. For such a revocation to be effective, it must be delivered so that I receive it before the expiration of the seven (7) day revocation period. This Agreement
shall become effective on the first day following the expiration of the revocation period, i.e., the eighth day following your execution of it (the “Effective Date”). Because this Agreement includes a waiver and release of your rights,
Aegerion advises you to consult with an attorney prior to executing it. 

  
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 If this letter correctly states the understanding and agreement we have reached please indicate your
acceptance by countersigning the enclosed copy and returning it to me by 5:00 p.m. EST on January 12, 2012. 
  

			
	Very truly yours,
	
	Aegerion Pharmaceuticals, Inc.
		
	By:	 	/s/ Mark J. Fitzpatrick
	Title:	 	CFO

 PLEASE REVIEW CAREFULLY 
 THIS AGREEMENT CONTAINS A RELEASE OF CERTAIN LEGAL RIGHTS WHICH YOU MAY HAVE. YOU SHOULD CONSULT WITH AN ATTORNEY REGARDING SUCH RELEASE AND OTHER ASPECTS OF THIS AGREEMENT BEFORE SIGNING THIS
AGREEMENT. 
 IT IS ANTICIPATED THAT YOUR EMPLOYMENT BY THE COMPANY WILL TERMINATE AS OF FEBRUARY 29, 2012. SUCH TERMINATION WILL NOT BE
AFFECTED BY YOUR ACCEPTANCE OR FAILURE TO ACCEPT THIS AGREEMENT. IF YOU DO NOT ACCEPT THIS AGREEMENT, YOU WILL NOT RECEIVE THE PAYMENTS AND BENEFITS SET FORTH IN SECTION 2. 
 YOU REPRESENT THAT YOU HAVE READ THE FOREGOING AGREEMENT, FULLY UNDERSTAND THE TERMS AND CONDITIONS OF SUCH AGREEMENT AND ARE VOLUNTARILY EXECUTING THE SAME. 

IN ENTERING INTO THIS AGREEMENT, YOU DO NOT RELY ON ANY REPRESENTATION, PROMISE OR INDUCEMENT MADE BY THE RELEASED PARTIES WITH THE EXCEPTION OF THE
CONSIDERATION IN THIS DOCUMENT. 
  

							
	ACCEPTED:	 		 	
				
	/s/ John T. Cavan	 		 	Date:	 	January 12, 2012
	Mr. John Cavan	 		 		 	

 EXHIBIT A 

 

	1.	The Company recently has made the business decision to close its New Jersey office. As a result of this decision, the Company will conduct a reduction in force at its
New Jersey office. 

  

	2.	The group of individuals considered for the Company’s reduction in force is all individuals employed in the New Jersey office. 

 

	3.	The Company plans to terminate the employment of all but one of the six individuals employed at the New Jersey office. Four of the six employees at the New Jersey
office will be separated from employment effective December 31, 2011. The Company expects that one employee will remain employed until February 28, 2012, in order to transition critical functions in which he has specific knowledge.

  

	4.	All persons who are being offered consideration under the attached release agreement must sign the agreement and return it to the Company within 45-days after receiving
it. Once the employee has signed the agreement, he or she has seven days to revoke it. 

  

	5.	Set forth below is a listing of the ages and job titles of all employees within the group noted above who were and were not selected for inclusion in the reduction in
force. 

 EMPLOYEES SELECTED 

 

									
	 JOB TITLE
	  	AGE	 	  	EXPECTED
TERMINATION
DATE	 
	 Executive Assistant
	  	 	40	  	  	 	12/31/11	  
	 Executive Assistant
	  	 	46	  	  	 	12/31/11	  
	 Administrative Assistant
	  	 	28	  	  	 	12/31/11	  
	 Executive Vice President/General Counsel
	  	 	44	  	  	 	12/31/11	  
	 Chief Accounting Officer
	  	 	53	  	  	 	2/28/12	  
	
	EMPLOYEE NOT SELECTED	  
			
	 JOB TITLE
	  	AGE	 	  	 	 
	 Director of Manufacturing
	  	 	44	  	  			

  
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 EXHIBIT B 

CERTIFICATE UPDATING RELEASE OF CLAIMS 
 I, John Cavan, hereby acknowledge and certify that I entered into a Separation Agreement with Aegerion Pharmaceuticals, Inc. (the “Company”), dated ____________, 2011 (the
“Agreement”). Pursuant to that Agreement, I am required to execute this certificate, which updates the release of claims set forth in Sections 4(a) and 4(b) of the Agreement (this “Certificate”) in order to receive the severance
benefits set forth in Section 2 of the Agreement. I, therefore, agree as follows: 
  

	 	1.	A blank copy of this Certificate was attached to the Agreement as Exhibit B. I hereby certify and acknowledge that I received the Agreement and this Certificate
at least 45 days before I was required to sign them. 

  

	 	2.	In consideration of the severance payments and benefits described in Section 2 of the Agreement, for which I become eligible only if I sign this Certificate, I
hereby extend the release of claims set forth in Sections 4(a) and 4(b) of the Agreement to any and all claims that arose after the date I signed the Agreement through the date I signed this Certificate, subject to all other exclusions and terms set
forth in Sections 4 of the Agreement. 

  

	 	3.	In Section 4(b) of the Agreement, the Company made a number of disclosures to me regarding my rights under the Age Discrimination in Employment Act (the
“ADEA”). I understand that in signing this Certificate in consideration for the amounts described in Section 2 of the Agreement, I am specifically waiving such rights and/or claims under the ADEA to the extent that such rights and/or
claims arose prior to or on the date that the Certificate is executed by me. I also make the following acknowledgements and representations: 

  

	 	i.	I understand that rights or claims under the ADEA which may arise after the date this Certificate is executed are not waived by me; 

 

	 	ii.	I acknowledge that I have been advised that I should consult with my counsel of choice prior to executing this Certificate, that I have had at least forty-five
(45) days to review this Certificate and consider its terms before signing it, and I have not been subject to any undue or improper influence interfering with the exercise of my free will in deciding whether to consult with counsel;

  

	 	iii.	In Section 4(b)(iv) of the Agreement, I was informed of: (1) the group of individuals considered for inclusion in the reduction in force, (2) the
selection criteria used to determine the individuals within the group who are included in the reduction in force, (3) the job title and ages of all individuals within the group who have been selected for inclusion in the reduction in force, and
(4) the job title and ages of all individuals within the group who have not been selected for inclusion in the reduction in force. A copy of the lists and information referenced in this paragraph were attached to the Agreement as Exhibit
A; 

  

	 	iv.	I have carefully read and fully understand all of the provisions of this Certificate, I knowingly and voluntarily agree to all of the terms set forth in this
Certificate, and I acknowledge that in entering into this Certificate, I am not relying on any representation, promise or inducement made by the Company or its representatives with the exception of those promises contained in this Certificate and
the Agreement; and 

  

	 	v.	I understand that I may revoke this Certificate for a period of seven (7) days following my execution hereof. I farther understand that this Certificate shall not
become effective or enforceable until the seven (7) day revocation period has expired (i.e., on the eighth day following my execution of it). If I wish to revoke the Certificate, I must provide written notice of my revocation to the Company as
set forth in Section 10 of the Agreement such that the Company receives it prior to the expiration of the revocation period. 

  
 10 

	 	4.	I agree that I have been paid all unpaid wages and accrued unused vacation and/or personal time as of the Separation Date (i.e. February 29, 2012).

  

	 	5.	I agree that this Certificate is part of this Agreement. 

  

	
	
	  
	John Cavan

  

	
	
	  
	Date

  
 11 

 EXHIBIT C 

 

	 	•	 	 2011 year end annual audit; 

  

	 	•	 	 2011 Form 10-K preparation; 

  

	 	•	 	 2011 year-end earnings release; 

  

	 	•	 	 2011 W-2’s to all employees; 

  

	 	•	 	 2011 1099 statements to all contractors; 

  

	 	•	 	 2011 proxy statement preparation during your two month of transition; 

 

	 	•	 	 Transition of all historical financial and contractual files (electronic and paper), statements, tax returns, etc. to Cambridge offices prior to
December 31, 2011; 

  

	 	•	 	 Assist with the transition to the Optionease system; and 

 

	 	•	 	 Complete calculations of quarterly gross-up for employee commuting expenses. 

  
 12Employment Agreement

 Exhibit 10.7 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (the
“Agreement”), dated as of December 27, 2010 is made by and between Inovio Pharmaceuticals, Inc., a Delaware corporation having offices at 1787 Sentry Parkway West, Bldg 18, Suite 400, Blue Bell PA 19422 (the
“Company”), and Dr. Niranjan Sardesai, having residence at 480 Mallard Circle, Blue Bell PA 19422 (“Executive”). 
 R E C I T A L S 
 WHEREAS, the Company desires to employ Executive
and to have the benefit of his skills and services, and Executive desires to accept employment with the Company, on the terms and conditions set forth herein; and 
 WHEREAS, as a condition to his employment by the Company, Executive agrees to execute and shall be bound by the terms and conditions of the Proprietary Information, Invention, and Non-Compete
Agreement (the “Non-Compete Agreement”) attached hereto as Exhibit A, and the Confidentiality Agreement and Non-Disclosure (the “Confidentiality Agreement”), attached hereto as Exhibit B. 

NOW, THEREFORE, in consideration of the mutual promises, terms, covenants and conditions set forth herein and in the Non-Compete
Agreement, and the performance of each, the parties hereto, intending legally to be bound, hereby agree as follows: 
 1. Employment;
Term. 
 a. The Company hereby agrees to employ Executive as Senior Vice-President, Research and Development, and Executive
hereby agrees to accept such employment with the Company in accordance with the terms and conditions of this Agreement. 
 b. The
“Term” of this Agreement shall commence on the date hereof (the “Commencement Date”) and shall continue in effect until terminated as provided in Section 7 below. 

2. Position and Duties. 

a. The Company agrees to employ Executive throughout the Term as Senior Vice-President, Research and Development of the Company with such
responsibilities, duties and authority as are assigned to him by the Chief Executive Officer of the Company or his designee. 

b. Executive shall faithfully devote his full business/working time, attention and energy to the business and affairs of the Company and
the performance of his duties hereunder and to use reasonable efforts to perform such responsibilities faithfully and efficiently. 
 c. Without limiting the generality of the foregoing paragraph, during the Term, upon prior written consent of the Chief Executive Officer of the Company, Executive shall be permitted to serve on other
Boards of Directors, professional associations and otherwise be involved with any family business or trust to the extent that, in the reasonable judgment of the Chief Executive Officer, such other business pursuits and activity do not materially
(i) interfere with Executive’s ability to discharge Executive’s duties and responsibilities to the Company, whether or not such activity is pursued for gain, profit or other pecuniary advantage, or (ii) cause Executive to violate
any provision of the Non-Compete Agreement or the Confidentiality Agreement. 

 3. Compensation. 
 a. Executive shall be entitled to receive as compensation for his employment a base annual salary at a rate of $235,000 per annum (the “Base Salary”), which shall be paid to Executive by
the Company or any of its affiliates in accordance with the Company’s standard payroll practices, as in effect from time to time. 
 b. Increases in the Base Salary shall be reviewed annually by the Company’s Board of Directors (the “Board”) or its Compensation Committee during the Term, and any such increases
will be at the Board’s or Compensation Committee’s sole discretion and will otherwise be consistent with the Company’s annual policies and budget for payroll increases. 
 4. Bonus. 
 During the Term, Executive shall be eligible to receive an
incentive cash bonus up to the amount, based upon the criteria, and payable at such times, as may be determined by the Board or its Compensation Committee. The amount shall be determined by the Board or Compensation Committee, in its sole and
absolute discretion, which shall be binding and final, and shall be paid in a one-time lump sum payment (less payroll taxes). To the extent that such cash bonus is to be determined in light of financial performance during a specified fiscal period
and the Agreement commences on a date after the start of such fiscal period, any cash bonus payable in respect of such fiscal period’s results may be prorated. In addition, if the period of Executive’s employment hereunder expires before
the end of a fiscal period, and if Executive is eligible to receive a cash bonus at such time (such eligibility being subject to the restrictions set forth in Section 7 below), any cash bonus payable in respect of such fiscal period’s
results may be prorated. Notwithstanding the foregoing, all annual bonuses shall be paid within two and one-half months after the close of each year. 
 5. Benefits; Stock Options. 
 In addition to the salary and cash bonus
referred to above, Executive shall be entitled during the Term to participate in such employee benefits plans or programs of the Company, and shall be entitled to such other fringe benefits, as are from time to time adopted by the Board and made
available by the Company generally to employees of Executive’s position, tenure, salary, and other qualifications. Without limiting the generality of the foregoing, Executive shall be eligible for such awards and benefits, if any, under the
Company’s employee benefits plans or programs as shall be granted to Executive in the sole discretion of the Board or its Compensation Committee and as shall be provided pursuant to the terms of the plans or programs. Executive acknowledges and
agrees that the Company does not guarantee the adoption or continuance of any particular employee benefits plan or program or other fringe benefits during the Term, and participation by Executive in any such plan or program shall be subject to the
rules and regulations applicable thereto. 

  
 2 

 6. Expenses. 
 The Company will reimburse Executive, in accordance with the practices in effect from time to time for other officers or staff personnel of the Company, for all reasonable and necessary business and
traveling expenses and other disbursements incurred by Executive for or on behalf of the Company in the performance of Executive’s duties hereunder, upon presentation by Executive to the Company of appropriate vouchers and supporting
documentation. 
 7. Termination. 
 Executive’s employment by the Company pursuant hereto is subject to termination as follows: 
 a. Death or Disability. Executive’s employment shall be deemed to terminate automatically on the date of Executive’s death, and the Company may by written notice to Executive terminate
Executive’s employment on account of his Total Disability effective as of the date of such notice. For purposes hereof, Executive shall be deemed to experience a “Total Disability” if Executive is considered totally disabled
under any group disability plan maintained by the Company and in effect at that time, or in the absence of any such plan, Executive shall be deemed to experience a Total Disability if he shall have been unable to perform his duties hereunder on a
full-time basis for 90 consecutive days or longer, or for shorter periods aggregating 120 days in any 360-day period. In the event of any dispute under this Section 7(a), Executive shall submit to a physical examination by a licensed physician
mutually satisfactory to the Company and Executive, the cost of such examination to be paid by the Company, and the determination of such physician shall be determinative. In the case of a Total Disability, until the Company shall have terminated
Executive’s employment hereunder in accordance with the foregoing, Executive shall be entitled to receive compensation provided for herein notwithstanding any such Total Disability. In the event of the termination of Executive’s employment
on account of his death or Total Disability, neither Executive nor his personal representative will have any rights or claims against the Company under this Agreement except as follows: 

(i) Executive (or his estate or representative, as applicable) shall be paid (A) any unpaid portion of his Base Salary computed on a
pro rata basis through the date of his termination and (B) any unreimbursed expenses; 
 (ii) All other of Executive’s
accrued but unpaid rights shall be as determined under any incentive compensation, stock option, retirement, employee welfare or other employee benefits plan or program of the Company in which Executive is then participating at the time of his
termination; and 
 (iii) in the case of Executive’s Total Disability only, (A) the Company shall continue
Executive’s medical benefits coverage existing at the time of his termination for as long as permissible under the Company’s health benefits policies (not to exceed 60 days) and the Company further agrees to pay Executive’s COBRA
premiums for six months thereafter, with such premiums to provide for coverage at the same level and subject to the same terms and conditions (including, without limitation, any applicable co-pay obligations of Executive, but excluding any
applicable tax consequences for Executive) as in effect for Executive at the time of termination, and (B) Executive shall further receive a lump-sum payment, within 30 days after the effective date of termination, equal to the aggregate amount
of Executive’s Base Salary as in effect immediately prior to such termination that would be payable over a period of six months following the effective date of such termination. 

  
 3 

 b. Involuntary Termination for Cause. In the event the Company terminates
Executive’s employment for Cause (as such term is defined below), such termination shall be effective immediately upon notice thereof, in which case Executive will have no rights or claims against the Company under this Agreement except as
follows: 
 (i) Executive shall be paid (A) any unpaid portion of his Base Salary computed on a pro rata basis through the
date of his termination and (B) any unreimbursed expenses; and 
 (ii) All other of Executive’s accrued but unpaid
rights shall be as determined under any incentive compensation, stock option, retirement, employee welfare or other employee benefits plan and program of the Company in which Executive is then participating at the time of his termination.

 “Cause” shall mean: (1) conviction of Executive of any felony; (2) participation by Executive in
any fraud or act of dishonesty against the Company; (3) material violation by Executive of (i) any contract between the Company and Executive, or (ii) any statutory, contractual or common law duty of Executive to the Company;
(4) conduct of Executive that, based upon a good faith and reasonable factual investigation and determination by the Board, demonstrates Executive’s gross unfitness to serve; or (5) the continued, willful refusal or failure by
Executive to perform any material duties reasonably requested by the Board or the Chief Executive Officer. 
 c. Involuntary
Termination Without Cause. The Company may terminate Executive’s employment, other than on account of death, Total Disability or for Cause, on 30 days’ prior written notice, in which case Executive will have no rights or claims against
the Company under this Agreement except as follows: 
 (i) Executive (or his estate or representative, as applicable) shall be
paid (A) any unpaid portion of his Base Salary computed on a pro rata basis through the date of his termination, and (B) any unreimbursed expenses; 
 (ii) All other of Executive’s accrued but unpaid rights shall be as determined under any incentive compensation, stock option, retirement, employee welfare or other employee benefits plan and program
of the Company in which Executive is then participating at the time of his termination; 
 (iii) Executive shall receive
severance payments in the form of monthly payments of Executive’s Base Salary (as in effect immediately prior to such termination) for a period of twelve months following the effective date of such termination; and 

  
 4 

 (iv) The Company shall pay Executive’s COBRA premiums for twelve months thereafter,
with such premiums to provide for coverage at substantially the same level and subject to the same terms and conditions (including, without limitation, any applicable co-pay obligations of Executive, but excluding any applicable tax consequences for
Executive) as in effect for Executive at the time of termination. 
 d. Voluntary Termination For Good Reason. Executive
may terminate his employment for good reason (“Termination For Good Reason”) by providing 30 days’ prior written notice to the Company of a breach constituting Good Reason, which notice shall be provided within 45 days after
the initial existence of the breach, and further provided that such breach is not cured in all material respects to the reasonable satisfaction of Executive within 30 days after such notice. In the event of Termination for Good Reason, Executive
shall be entitled to receive the payments and other rights provided in Section 7(c) hereof. For purposes of this Agreement, termination for “Good Reason” shall mean voluntary termination by Executive of his employment with
the Company based on one of the following events: 
 (i) the material diminution in Executive’s position, title,
responsibilities or authority from those in effect at the Commencement Date; provided, however, that a material diminution shall not be deemed to have occurred upon a change of control of the Company solely by virtue of the Company’s having
been acquired and made part of a larger organization; 
 (ii) a relocation of Executive’s principal executive offices more
than fifty miles from its location at the Commencement Date; or 
 (iii) the breach by the Company of any of its material
obligations under this Agreement; 
 e. Other Voluntary Termination. Executive may otherwise terminate his employment
without Good Reason upon 30 days’ prior written notice to the Company, in which case Executive (or his estate or representative, as applicable) shall be paid (A) any unpaid portion of his Base Salary on a pro rata basis through the date of
the termination, and (B) any unreimbursed expenses. 
 f. Section 409A. The Base Salary continuation set forth
in Sections 7 (a), (c) and (d) hereof shall be intended to satisfy either (i) the safe harbor set forth in the regulations issued under Section 409A (as defined below) of the Internal Revenue Code of 1986, as amended (the
“Code”) (Treas. Regs. 1.409A-1(n)(2)(ii)), or (ii) be treated as a Short-term Deferral as that term is defined under Section 409A (Treas. Regs. 1.409A-1(b)(4)). To the extent that such continuation payments exceed the applicable
safe harbor amount or do not constitute a Short-term Deferral, the excess amount shall be treated as deferred compensation under Section 409A and as such shall be payable pursuant to the following schedule: such excess amount shall be paid via
standard payroll in periodic installments in accordance with the Company’s usual practice for its senior executives. 

Notwithstanding any provision in this Agreement to the contrary, in the event that Executive is a “specified employee” as
defined in Section 409A, any continuation payment, continuation benefits or other amounts payable under this Agreement that would be subject to the special rule regarding payments to “specified employees” under
Section 409A(a)(2)(B) of the Code shall not be paid before the expiration of a period of six months following the date of Executive’s termination of employment or before the date of Executive’s death, if earlier. 

  
 5 

 g. Forfeiture of Rights. In the event that, subsequent to the termination of
Executive’s employment hereunder, Executive breaches any of the provisions of the Non-Compete Agreement or the Confidentiality Agreement in any material respect, all payments and benefits to which Executive may otherwise have been entitled to
pursuant to this Section 7 hereof shall immediately terminate and be forfeited. 
 h. Release. Executive shall not be
entitled to any compensation under this Section 7 unless Executive executes and delivers to the Company a Separation of Employment Agreement and General Release (the “Release”) in form and substance satisfactory to the Company,
by which Executive releases the Company from any obligations and liabilities of any type whatsoever, except for the Company’s obligation to provide the compensation and benefits specified in this Section 7. The parties hereto acknowledge
that the payments to be provided under this Section 7 are to be provided in consideration for the Release. 
 8. Remedies.

 In addition to other remedies provided by law or equity, upon a breach by Executive of any of the covenants contained herein
or in the Non-Compete Agreement, the Company shall be entitled to have a court of competent jurisdiction enter an injunction against Executive enjoining Executive and prohibiting any further breach of the covenants contained herein. Executive
acknowledges that a breach or threatened breach by Executive of the provisions of this Agreement will cause irreparable damage to the Company because Executive’s services to be performed hereunder are of a unique, special and extraordinary
character. Thus, the Company shall be entitled to injunctive relief without the necessity of proving actual damages and the Company shall not be required to post a bond or other security in support of such injunctive relief. 

9. Arbitration. 
 Any
claim, dispute or controversy arising out of or in connection with Executive’s employment by the Company, his separation from the Company, this Agreement, or any breach thereof, shall be arbitrated by the parties before a sole neutral
arbitrator (who shall have substantial experience in the pharmaceutical and life sciences industry) conducted in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association then in effect. The
claims subject to mandatory arbitration under the terms of this agreement include, but are not limited to, claims that have been or could be asserted under: (a) Title VII of the Civil Rights act of 1964, as amended, 42 U.S.C. § 2000e et
seq.; (b) the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), as amended, 26 U.S.C. § 4980B; (c) the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. § 621 et seq., including the Older Workers
Benefit Protection Act; (d) the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. § 1001 et seq.; (e) the Civil Rights Act of 1866, as amended, 42 U.S.C. § 1981 et seq.; (f) the Fair Labor Standards Act,
29 U.S.C. § 201 et seq.; (g) the Americans with Disabilities Act, 42 U.S.C. § 12101 et seq.; (h) the Civil Rights Act of 1991, Public Law 102 166 (105 Stat. 1071); (i) any other federal, state or local law, constitution,
regulation, ordinance, decision or common law claim concerning employment discrimination or termination of employment; (j) any and all claims for personal injury, emotional distress, libel, slander, defamation, and other physical, economic, or
emotional injury; and (k) all claims for attorney’s fees and costs. 

  
 6 

 The arbitrator shall have the authority to order discovery sufficient for both parties to
adequately arbitrate any and all claim(s) and defense(s) at issue. Such discovery shall include access to relevant documents and witnesses, but shall not have the authority to add to, detract from or modify any provision hereof nor to award damages
or other remedies not otherwise available under statue(s), contract(s) or common law relevant to the claim(s) and defense(s) at issue. Following the close of all evidence at the conclusion of the arbitration hearing, the neutral arbitrator shall
issue a written award that reveals his or her essential findings and conclusions. The neutral arbitrator’s decision shall be final and binding. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. The direct
expense of any arbitration proceeding shall be borne by the Company. Each party shall bear its own attorney’s fees unless such fees are awarded as a measure of damages under the applicable contract or statute at issue. Such arbitration shall
take place in Montgomery County, Pennsylvania at a location and date mutually agreeable to the parties. The parties hereto consent to the jurisdiction of the state and federal courts located in the Commonwealth of Pennsylvania with respect to any
action arising under this Agreement. Notwithstanding the foregoing, the Company shall be entitled to seek injunctive or other equitable relief, as contemplated by Section 8 hereof, from any court of competent jurisdiction, without the need to
resort to arbitration. 
 10. Assignment; Binding Nature. 
 This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, heirs (in the case of Executive) and permitted assigns. No rights or obligations of the
Company under this Agreement may be assigned or transferred by the Company except that such rights or obligations may be assigned or transferred to the successor of the Company or its business if the assignee or transferee assumes all of the
liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law. If any such successor of the Company or its business does not agree to so assume such liabilities, obligations and
duties, Executive may immediately resign, which shall be deemed a Termination For Good Reason under the provisions of this Agreement. No rights or obligations of Executive under this Agreement may be assigned or transferred by Executive other than
Executive’s rights to compensation and benefits, which may be transferred only by will or operation of law, except as otherwise specifically provided or permitted hereunder. 
 11. Notice. 
 Any notice which a party is required or may desire to give
pursuant to this Agreement shall be given in writing by personal delivery, by facsimile transmission, by registered or certified mail, return receipt requested, postage prepaid, or by overnight courier, at the following addresses: 

  
 7 

 If to the Company: 

Inovio Pharmaceuticals, Inc. 
 1787 Sentry Parkway West 
 Building 18, Suite 400 

Blue Bell, PA 19422 
 Attention: Chief Executive Officer 
 If to Executive: 

Dr. Niranjan Sardesai 
 480 Mallard Circle 
 Blue Bell PA 19422 

Any notice personally delivered shall be deemed received when given, or if given by facsimile or overnight courier shall be deemed
received on the next business day and any notice mailed shall be deemed received on the third business day thereafter. 
 12. Entire
Agreement. 
 This Agreement and the Non-Compete Agreement (Exhibit A) and the Confidentiality Agreement (Exhibit B)
constitute the complete agreements and understandings between the Company and Executive concerning Executive’s employment by the Company, and supersede any and all previous agreements or understandings concerning such employment, whether
written or oral, between Executive and the Company. 
 13. Modification. 

This Agreement may not be waived, amended or modified without the express written consent of the party against whom enforcement of such
Agreement is sought. 
 14. Waiver. 
 Except as set forth herein, no delay or omission to exercise any right, power or remedy accruing to any party shall impair any such right, power or remedy or shall be construed to be a waiver of or an
acquiescence to any breach hereof. No waiver by either party of any breach by the other party of any condition or provision contained in this Agreement to be performed by such other party shall be deemed a waiver of a similar or dissimilar condition
or provision at the same or any prior or subsequent time. Any waiver must be in writing and signed by Executive and the Chief Executive Officer or other duly authorized officer of the Company. 

17. Section 409A. 

It is intended that this Agreement be drafted and administered in compliance with section 409A of the Code, including, but not limited to,
any future amendments to Code section 409A, and any other Internal Revenue Service or other governmental rulings or interpretations (collectively, “Section 409A”) issued pursuant to Section 409A so as not to subject Executive
to payment of interest or any additional tax under Section 409A. The parties intend for any payments under this Agreement to either satisfy the requirements of Section 409A or to be exempt from the application of Section 409A, and
this Agreement shall be construed and interpreted accordingly. In furtherance thereof, if payment or provision of any amount or benefit hereunder that is subject to Section 409A at the time specified herein would subject such amount or benefit
to any additional tax under Section 409A, the payment or provision of such amount or benefit shall be postponed to the earliest commencement date on which the payment or provision of such amount or benefit could be made without incurring such
additional tax. In addition, to the extent that any Internal Revenue Service guidance issued under Section 409A would result in Executive being subject to the payment of interest or any additional tax under Section 409A, the parties agree,
to the extent reasonably possible, to amend this Agreement in order to avoid the imposition of any such interest or additional tax under Section 409A, which amendment shall have the minimum economic effect necessary to the Executive and shall
not result in any additional cost to the Company, unless it agrees otherwise to incur such cost, and shall be reasonably determined in good faith by the Company and Executive. 

  
 8 

 18. Invalidity of Any Provision. 

If any portion of this Agreement is held invalid or inoperative, the other portions of this Agreement shall be deemed valid and operative
and, so far as is reasonable and permitted by the law, effect shall be given to the intent manifested by the portion held invalid or inoperative. 
 19. Applicable Law. 
 This Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Pennsylvania, without regard to the principles of conflict of laws thereof. 
 20.
Counterparts. 
 This Agreement may be executed simultaneously in any number of counterparts, each of which shall be
deemed an original but all of which together shall constitute one and the same agreement. 
 21. Headings. 

The Section headings contained in this Agreement are for reference purposes only and will not affect in any way the meaning or
interpretation of this Agreement. 
 22. Binding Effect. 
 The provisions of this Agreement will be binding upon, and will inure to the benefit of, the respective heirs, legal representatives and successors of the parties thereto. 

[SIGNATURES ON FOLLOWING PAGE] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as of the
date first written above. 
  

			
	INOVIO PHARMACEUTICALS, INC.
		
	By:	 	/s/ J. Joseph Kim
		 	Name: J. Joseph Kim, Ph.D.
		 	Title: President and CEO
	
	Date: 12/16/10

  

	
	EXECUTIVE
	
	/s/ Niranjan Sardesai
	Name: Niranjan Sardesai, Ph.D.
	
	Date: 12/16/10

  
 10

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