Document:

EX-10.3

 Exhibit 10.3 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is entered into as of March 30, 2015 (the “Effective
Date”), by and between Thomas Cannell (“Executive”) and Orexigen Therapeutics, Inc. (the “Company”). 

WHEREAS, the Company desires to employ Executive to provide personal services to the
Company, and wishes to provide Executive with certain compensation and benefits in return for Executive’s services; and 

WHEREAS, Executive wishes to be employed by the Company and provide personal
services to the Company in return for certain compensation and benefits. 
 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 Chief Executive Officer and/or President of the Company 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 Executive’s employment with the Company or its affiliates; 

(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 Conduct and/or Insider Trading Policy, or any other contractual, fiduciary, or statutory duty owed to the Company. 

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 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 the parent of such surviving/resulting entity), 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 Executive then holds with the Company because of: 

(a)         a material reduction in the level of responsibility associated with
Executive’s employment with the Company or any surviving entity (other than a change in job title or officer title) as compared to Executive’s level of responsibility just prior to the reduction; provided, however, that a merger or
acquisition of the Company and subsequent conversion of the Company 

  
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to a division or unit of the acquiring corporation will not by itself result in a material reduction in Executive’s level of responsibility; 

(b)        a material reduction in Executive’s level of base salary
(except for any reduction imposed equally upon all other similarly-situated Company executives); or 

(c)        a relocation of Executive’s principal place of employment 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) or (c) 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 employ Executive on a full time basis in the position of Chief Commercial Officer and Executive hereby accepts such employment. Executive shall perform such duties as are customarily associated with the position
of Chief Commercial Officer, and such other duties as are assigned to Executive by the Chief Executive Officer of the Company. Subject to the terms of this Agreement, the Company may change Executive’s duties, responsibilities, title, and
reporting relationship at its discretion. During the term of Executive’s employment with the Company, Executive will devote Executive’s best efforts (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. 

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 of control severance 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 

  
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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 $415,000 (“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 50% of the Base Annual Salary, and which is based in part 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. If
awarded, 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        Stock Options. Subject to approval of the Board or the Compensation Committee
of the Board, Executive shall receive stock options to purchase 425,000 shares of the Company’s common stock pursuant to the Company’s 2007 Equity Incentive Award Plan (the “2007 Plan”). Any stock options granted pursuant
to this Section 3.3 shall have an exercise price per share equal to the then-current fair market value per share of the Company’s common stock (as determined pursuant to the 2007 Plan) on the date the grant is approved by the Board or the
Compensation Committee of the Board. Such stock options shall be incentive stock options to the extent permitted under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). Twenty-five percent (25%) of the
shares of Stock subject to such stock options (rounded down to the next whole number of shares) shall vest on the one year anniversary of the Vesting Commencement Date (as such term is defined in the stock option grant notice), and 1/48 of the
shares of Stock subject to such stock options (rounded down to the next whole number of shares) shall vest on the same day of each month thereafter, so that all of the shares of the Stock subject to such stock options shall be vested on the fourth
(4th) anniversary of the Vesting Commencement Date, subject to Executive’s continued service relationship (whether as an employee, director or consultant) with the Company or any parent or subsidiary on each such date. Such stock options shall
have a ten (10) year term and shall be subject to the terms and conditions of the 2007 Plan and the stock option agreement pursuant to which such stock options are granted to the extent such provisions are not less favorable to Executive than the
applicable provisions of this Agreement. 

  
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 3.4        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. 

3.5        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; provided that commuting expenses shall not be included in such reimburseable expenses. Any amounts payable under this Section 3.5 shall be made in accordance with Treasury Regulation Section 1.409A-3(i)(l)(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 3.5 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. 

3.6        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. 
 3.7        Advance Bonus.  In lieu of any
relocation benefits that you may be entitled to receive pursuant to the Company’s relocation benefit policy, the Company will advance to you a lump sum amount of $430,000.00, less required tax withholdings, within ten days of your first date of
employment (the “Advance Bonus”). This bonus will be considered an advance to you and will be deemed earned as follows: 50% on the first anniversary of your start date and the remaining 50% on the second anniversary of your start
date. If you resign your employment in the absence of a Constructive Termination, or if the Company terminates your employment for Cause, at any time during your first year of employment, you agree to repay 100% of the Advance Bonus, less required
tax withholdings. If you resign your employment in the absence of a Constructive Termination, or if the Company terminates your employment for Cause, at any time during your second year of employment, you agree to repay 50% of the Advance Bonus,
less required tax withholdings. If you resign at any time due to a Constructive Termination, or if your employment is terminated by the Company without Cause at any time, you shall not be required to repay the Advance Bonus or any portion thereof.

 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 until March 31, 2016 (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 

  
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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, 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 twelve
(12) 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. 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. 

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 

  
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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 one point five (1.5), 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)        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 eighteen
(18) 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. 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. 

(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 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 Executive’s death or disability, or (ii) if Executive resigns Executive’s 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, Executive’s spouse or estate, except that the Company shall pay to Executive the amount of Executive’s 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 

  
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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. 

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. 

  
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 (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. 
 ARTICLE V 

PROPRIETARY INFORMATION OBLIGATIONS 

5.1        Agreement.  As a condition of this Agreement and Executive’s
employment, Executive agrees to execute and 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 Chief Executive Officer or President 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 Executive’s 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. 

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, 

  
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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’s products or product candidates, throughout the world. This provision shall not
apply to passive stockholdings that the Executive may have at any particular time so long as such stockholdings in any one company do not exceed 5% of the total number of shares outstanding of such 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. 

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, 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. 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, 

  
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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 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. 

(Signature page follows) 

  
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 IN WITNESS WHEREOF, the
parties have executed this Agreement on the day and year first above written. 
  

			
	 OREXIGEN THERAPEUTICS, INC.
  

	By:	 	 /s/ Michael Narachi

		 	  

		 	Michael Narachi
		 	President and Chief Executive Officer

  

			
	Accepted and agreed:	 	
		
	 /s/ Thomas Cannell
	 	
	THOMAS CANNELL	 	

  
 12EX-10.4

 Exhibit 10.4 

OREXIGEN THERAPEUTICS, INC. 

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT 

FEBRUARY 2, 2016 

This Amendment No. 1 is intended to modify the EMPLOYMENT AGREEMENT (the
“Agreement”) dated March 30, 2015 by and between OREXIGEN THERAPEUTICS, INC. (“Orexigen” or the “Company”) with its principal place of business
located at 3344 N. Torrey Pines Ct., Suite 200, La Jolla, CA 92037 and THOMAS CANNELL (“Executive”). All capitalized terms used herein and not otherwise defined shall have the
meanings assigned to such terms in the Agreement. 
 The parties hereto, intending to be legally bound, agree to amend the
Agreement as follows (the “Amendment”): 
  

	1.	 Article IV, Section 4.1 of the Agreement shall be amended and restated in its entirety as follows:

 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 continue through March 31, 2019 (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. 
  

	2.	 Article IV, Section 4.2(b) of the Agreement shall be amended and restated in its entirety as follows:

 (b)        Health Insurance. 

(i)         COBRA Premiums. 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 (including coverage for Executive’s eligible dependents) (the “COBRA Premiums”) for a maximum
period of twelve (12) months following the Termination Date (the “COBRA Premium Period”); 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. 

 (ii)        Special
Cash Payments in Lieu of COBRA Premiums. Notwithstanding the foregoing, if the Company determines, in its sole discretion, that it cannot pay the COBRA Premiums without potentially incurring financial costs or penalties under applicable law
(including, without limitation, Section 2716 of the Public Health Service Act), regardless of whether Executive or Executive’s eligible dependents elect or are eligible for COBRA coverage, the Company instead shall pay to Executive, as soon as
administratively practicable, but in no case more than five (5) business days following, the later of (A) the effective date of the general release of claims executed by Executive and (B) the date on which the Company so determines that it may no
longer pay the COBRA Premiums without incurring such financial costs or penalties, a fully taxable lump sum cash payment equal to the applicable remaining unpaid COBRA Premiums for the COBRA Premium Period (including the amount of COBRA Premiums for
Executive’s eligible dependents), less required tax withholdings and deductions (such amount, the “Special Cash Payment”). Executive may, but is not obligated to, use such Special Cash Payment toward the cost of COBRA premiums.

  

	3.	 Article IV, Section 4.3(a) of the Agreement shall be amended and restated in its entirety as follows:

 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 plus an amount equal to Executive’s Annual Bonus target in effect as
of the Termination Date, 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. 
  

	4.	 Article IV, Section 4.3(b) of the Agreement shall be amended and restated in its entirety as follows:

 (b)        Health Insurance. 

(i)         CIC COBRA Premiums.  Provided that
Executive elects continued coverage under the 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
(including coverage for Executive’s eligible dependents) (the “CIC COBRA Premiums”) for a maximum period of eighteen (18) months following the Termination Date (the “CIC COBRA Premium Period”); 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. 

 (ii)        Special
Cash Payments in Lieu of CIC COBRA Premiums. Notwithstanding the foregoing, if the Company determines, in its sole discretion, that it cannot pay the CIC COBRA Premiums without potentially incurring financial costs or penalties under applicable
law (including, without limitation, Section 2716 of the Public Health Service Act), regardless of whether Executive or Executive’s eligible dependents elect or are eligible for COBRA coverage, the Company instead shall pay to Executive, as soon
as administratively practicable, but in no case more than five (5) business days following, the later of (A) the effective date of the general release of claims executed by Executive and (B) the date on which the Company so determines that it may no
longer pay the CIC COBRA Premiums without incurring such financial costs or penalties, a fully taxable lump sum cash payment equal to the applicable remaining unpaid CIC COBRA Premiums for the CIC COBRA Premium Period (including the amount of CIC
COBRA Premiums for Executive’s eligible dependents), less required tax withholdings and deductions (such amount, the “Special CIC Cash Payment”). Executive may, but is not obligated to, use such Special CIC Cash Payment toward
the cost of COBRA premiums. 
  

	5.	 Article IV, Section 4.3(c) of the Agreement shall be amended and restated in its entirety as follows:

 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 time-based equity awards then held by Executive (including, without limitation, stock options, restricted stock
awards or similar awards, but excluding any restricted stock units that vest and/or are earned, in whole or in part, based on the attainment of performance criteria (“Performance RSUs”)) 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 time-based 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. With respect to Executive’s Performance RSUs, such Performance RSUs shall continue to be governed by the terms of the equity
incentive plan documents and Executive’s Performance RSU Award Agreements pursuant to which they were granted. 
  

	6.	 The Agreement and this Amendment represent the complete and entire understanding between the parties regarding
the subject matter hereof and supersede all prior negotiations, representations or agreements, either written or oral, regarding this subject matter. The Agreement and this Amendment cannot be modified or amended except in a writing signed by an
appropriate officer of the Company and Executive. 

  

	7.	 This Amendment and the rights and obligations of the parties hereunder shall be governed by the laws of the
State of California, without regard to the conflicts of law provisions thereof. 

  

	8.	 This Amendment may be executed in multiple counterparts, each of which shall be deemed an original, but both
of which together shall constitute one and the same instrument. 

	9.	 Except for the matters set forth in this Amendment, all other terms of the Agreement shall remain unchanged
and in full force and effect. 

 [Signature Page to Follow] 

 IN WITNESS WHEREOF, the
parties hereto have duly executed this Amendment as of the date set forth above. 
  

			
	 OREXIGEN THERAPEUTICS, INC.
  

	By:	 	 /s/ Michael A. Narachi

		 	  

	Name:	 	Michael A. Narachi
	Title:	 	President and Chief Executive Officer

  

	
	 Accepted and agreed:
  

	 /s/ Thomas Cannell

	Thomas Cannell

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