Document:

Exhibit
10.10

 

AGREEMENT

 

In
consideration of his employment by INNOCOLL, INC. (“Company”) and the compensation and benefits outlined below,
and intending to be legally bound, MICHAEL MYERS, Ph.D. (“Executive”) agrees with Company as follows:

 

		1.	Definitions.
                                         As used in this Agreement, the following terms whether used in the singular or plural
                                         form shall have the meanings set forth below:

 

		1.1	An
                                         “Affiliate” of any Person means any Person directly or indirectly controlling,
                                         controlled by or under common control with such Person including without limitation any
                                         direct or indirect Subsidiary of such Person.

 

		1.2	“Board”
                                         means the Board of Directors of Company.

 

		1.3	“Change
                                         of Control” means either of the following:

 

		(a)	A
                                         tender offer, stock purchase, other stock acquisition, merger, consolidation or recapitalization
                                         whereby any Person or group of Persons other than (1) Existing Shareholders, and (2)
                                         Executive Management become the beneficial owners, directly or indirectly, of securities
                                         of Company representing more than fifty percent (50%) of the combined voting power of
                                         all of Company’s then outstanding securities, or

 

		(b)	Any
                                         transfer of substantially all of the assets of Company, including without limitation
                                         Company’s rights under this Agreement, to any entity where more than fifty percent (50%)
                                         of the combined voting power of all of such entity’s then outstanding securities is owned
                                         by a Person or group of Persons other than (1) Existing Shareholders, and (2) Executive
                                         Management.

 

		1.4	“Company’s
                                         Business” means:

 

		(a)	the
                                         business of development and commercialization of products based on the Company’s proprietary
                                         collagen based drug delivery technologies, including without limitation, products
                                         that are administered by implantation, topically, bucally, orally or intra-ocularly;
                                         and

 

		(b)	any other business conducted during
                                         the Restrictive Period by Company
                                         or any Affiliate of Company.

 

		1.5	“Executive
                                         Management” means collectively, all Persons who have been, are or hereafter shall
                                         be officers of the Company or otherwise in an executive or management position with Company.

 

		1.6	“Existing
                                         Shareholders” means collectively, all shareholders of record of Company as of the
                                         date of this Agreement, all general and limited

 

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			partners
                                         of any shareholder of record of Company as of the date of this Agreement (each such partner
                                         being hereinafter referred to as “Partner”), all members of the immediate family
                                         of each such Partner, including without limitation, all parents,
                                         children, grandchildren, spouses and siblings thereof, and all spouses of each of the
                                         foregoing, all other Persons, directly or indirectly, owned or controlled by any Existing
                                         Shareholder or Partner or in which any Existing Shareholder or Partner has any material
                                         interest.

 

		1.7	“Exit
                                         Date” means the date on which Executive ceases to be employed by Company or
                                         any of its Affiliates.

 

		1.8	“Person”
                                         means any association, company, corporation, estate, individual, limited liability
                                         company, limited liability partnership,
                                         limited partnership, family limited partnership, general partnership, individual, trust
                                         or other entity or organization of any nature.

 

		1.9	“Restrictive
                                         Period” means the period of time that commences on the date of this Agreement and
                                         ends three hundred sixty-five (365) days following the Exit Date.

 

		1.10	“Subsidiary” means any corporation
                                         of which Company owns or controls, directly or indirectly, through one (1) or more Affiliates
                                         or other Subsidiaries, more than fifty percent (50%) of the combined voting power of
                                         all of the outstanding securities of capital stock of such corporation and includes,
                                         without limitation, Syntacoll
                                         (Pty) Ltd. (a South African corporation), Syntacoll, A.G. (a Swiss corporation), and
                                         Innocoll GmbH (a German corporation).

 

		2.	No
                                         Conflicting Agreements. Executive (a) represents to Company that he is not currently
                                         subject to, and shall not hereafter become subject to, any employment agreement, confidentiality
                                         agreement, non-competition agreement,
                                         non-disclosure agreement or any other agreement,
                                         covenant, understanding or restriction which would prohibit Executive from fully observing
                                         and performing his duties and responsibilities to Company or would otherwise in any manner,
                                         directly or indirectly, limit or affect the duties and responsibilities which may now
                                         or in the future be assigned to Executive by Company; and (b) represents to Company that
                                         to the best of his knowledge no current employee of Company is currently subject to any
                                         employment agreement, confidentiality agreement, non-competition agreement, non-disclosure
                                         agreement or any other agreement, covenant, understanding or restriction which prohibits
                                         such employee from fully observing and performing his or her duties and responsibilities
                                         to Company or would otherwise in any manner, directly or indirectly, limit or effect
                                         the duties and responsibilities which may now or in the future be assigned to such employee
                                         by Company.

 

		3.	Employment.
                                         Company employs Executive and Executive accepts such employment in accordance with
                                         the terms of this Agreement
                                         including without limitation:

 

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		3.1	Executive
                                         shall serve on a full-time basis as President and Chief Executive Officer of Company
                                         and shall perform all duties and accept all responsibilities assigned to him by
                                         Company’s Board.

 

		3.2	Within thirty (30) days of the date
                                         of this Agreement, Company shall pay Executive a signing bonus of twenty-five thousand
                                         dollars ($25,000) in recognition of the anticipated first full year of employment.

 

		3.3	For all services rendered by Executive
                                         hereunder, so long as Executive is employed by Company, Company shall pay Executive annual
                                         base compensation (“Base Salary”) payable in installments at such time as Company
                                         customarily pays its other employees and shall provide Executive with such
                                         retirement, profit sharing, group insurance and other fringe benefits, if any, (individually
                                         and collectively, “Benefits”) as Company in its sole discretion provides from
                                         time to time for other executives of Company generally. All Base Salary payable to Executive
                                         and applicable to the time period beginning Juiy 28, 2003, and ending December 31, 2003,
                                         shall be at the minimum annual rate of Two Hundred Sixty Two Thousand Five Hundred and
                                         00/100 Dollars ($262,500.00) and all Base Salary payable to Executive applicable to the
                                         period of time beginning January 1, 2004, and ending December 31, 2004, shall be payable
                                         at a minimum annual rate of Two Hundred Seventy-Five Thousand and 00/100 Dollars ($275,000.00).
                                         Further increases to Base Salary for the time periods referenced above may be awarded
                                         at the discretion of the Board. All Base Salary payable to Executive subsequent to December
                                         31, 2004, shall be at such annual rate as Executive and Company shall agree. Nothing
                                         contained in this Section 3.3 shall be deemed to establish any specific term of employment.

 

		3.4	So
                                         long as Executive is employed by Company, Executive shall be entitled to a monthly
                                         automobile allowance of Seven Hundred Fifty and 00/100 Dollars ($750.00) per month after
                                         all federal and state taxes have been paid.

 

		3.5	So long as Executive is employed by
                                         Company, Executive shall be entitled to four (4) weeks annual vacation in accordance
                                         with such policies as Company shall from time to time promulgate.

 

		3.6	Annually throughout the employment relationship,
                                         the Board shall establish annual corporate goals and objectives (“Annual Corporate
                                         Goals”) and annual individual goals and objectives (“Annual Individual Goals”)
                                         applicable to Executive for the then current calendar year which shall be
                                         embodied in resolutions duly adopted by the Board. In the event that Company shall fully
                                         achieve all of the Annual Corporate Goals and Executive shall fully achieve all of his
                                         Annual Individual Goals applicable to any calendar year, Executive shall be entitled
                                         to a performance bonus (“Performance Bonus”) in an amount determined by the
                                         Board, provided however that in no event shall the Performance Bonus be less than thirty
                                         percent (30%) nor more than sixty percent (60%) of Executive’s Base Salary applicable
                                         as of December 31 of such calendar year. Such Performance Bonus shall be payable at such
                                         time and in such manner during the one hundred twenty (120) day period

 

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			immediately
                                         following December 31 of such calendar year as the Board shall determine in its sole
                                         discretion.

 

		3.7	In
                                         the event that on or before December 31, 2003, Executive shall have secured and closed
                                         on equity funding (“Equity Funding”) from sources other than Existing Shareholders
                                         and Executive Management in conjunction with a strategic funding plan which shall hereafter
                                         be adopted by the Board, the annual rate of Executive’s Base Salary shall be increased
                                         by Twenty Five Thousand Dollars ($25,000.00) which would increase Executive’s
                                         Base Salary effective as of January 1, 2004, to Three Hundred Thousand and 00/100 Dollars
                                         ($300,000.00).

 

		3.8	Executive shall be entitled to such
                                         stock options as the Board shall determine. The Board shall
                                         use reasonable efforts to make such determination on or before October 31, 2003. Executive
                                         shall participate fully with the Board in formulating
                                         a stock option program.

 

		4.	No
                                         Solicitation/Hire. During the Restrictive Period, Executive shall not, either directly
                                         or indirectly, employ or solicit the employment of any Person or engage, solicit the
                                         engagement as a consultant of any Person, who is employed by Company or any of its Affiliates
                                         in an executive, management, marketing, scientific or technical capacity on a full or
                                         part-time basis as of the date of termination of the employment relationship between
                                         Company and Executive or within the one (1) year period immediately preceding the Exit
                                         Date.

 

		5.	Covenant-Not-To-Compete.
                                         During the Restrictive
                                         Period, Executive shall not, and shall not encourage or permit any of his Affiliates,
                                         or any other Person, directly or indirectly, to:

 

		5.1	engage
                                         in competition with, or acquire a direct or indirect interest or an option to acquire
                                         such an interest in any Person engaged in competition with Company’s Business
                                         anywhere in the world (other than an interest of not more than five percent (5%) of the
                                         outstanding stock of any publicly traded company);

 

		5.2	serve as a director, officer, employee,
                                         consultant, agent or representative of, or furnish information to, or otherwise facilitate
                                         in any way the efforts of, any Person engaged in competition with Company’s Business
                                         anywhere in the world;

 

		5.3	solicit, employ, interfere with or attempt
                                         to entice away from Company or any Affiliate of Company any Person who has been employed
                                         or was engaged by Company or any such Affiliate in an executive, management, marketing,
                                         scientific or technical capacity in connection with the conduct of Company’s Business
                                         within one year prior to such solicitation, employment, interference or enticement; or

 

		5.4	approach for any business or commercial
                                         purpose any Person who competes with or has plans of which Executive is aware to compete
                                         with Company’s Business, or solicit or deal with any Person who at any time during the
                                         one (1) year period immediately
                                         preceding the Exit Date;

 

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		(a)	was
                                         a customer, client, supplier, agent or distributor of Company or any Affiliate;

 

		(b)	was a potential customer, client,
                                         supplier, agent or distributor of Company or any Affiliate and with whom employees reporting
                                         to or under Executive’s direct control had personal contact on behalf of Company or any
                                         Affiliate; or

 

		(c)	was a Person
                                         with whom Executive had regular, substantial or a series of business dealings on behalf
                                         of Company or any Affiliate of Company (whether or not a customer, client, supplier,
                                         agent or distributor of Company or any Affiliate).

 

The
Restrictive Period shall be automatically extended for any period of time during which the Executive has breached, or threatened
to breach, any provisions hereof. The geographic scope of the covenants set forth in this Section 5 shall be worldwide and Executive
acknowledges that the business of Company and its Affiliates is worldwide and therefore the geographic scope of such covenants
is reasonable and necessary to protect the interests of Company.

 

		6.	Benefits Payable Upon Termination
                                         of Employment.

 

		6.1	Except
                                         as specifically provided in this Agreement or required by applicable law, upon termination
                                         of the employment relationship between Company and Executive for any reason, all
                                         duties and obligations of Company to Executive and all rights, remedies, compensation,
                                         Benefits, privileges, grants and options of Executive shall cease and terminate as of
                                         the Exit Date.

 

		6.2	Executive shall be entitled to the compensation
                                         and benefits specified in Section 6.3 hereof if Executive’s employment by Company
                                         is terminated by Company, other than by reason of any of the events set forth in Section
                                         6.4 below.

 

		6.3	Upon termination
                                         of employment as set forth in Section 6.2 or Section 8 of this Agreement, Executive shall
                                         be entitled to the following:

 

	.	(a)	Compensation.
                                         Executive shall be entitled to Base Salary payable in installments and in such amounts
                                         as were in effect on the date of termination of Executive’s employment which shall
                                         continue until the earlier of (i) one (1) year after the date the employment relationship
                                         between Company and Executive ends, or (ii) Executive becomes employed or engaged on
                                         a full-time basis.

 

		(b)	Employee Benefits. Executive
                                         shall be entitled to a continuation of all medical, dental and life insurance benefits
                                         in substantially the same manner and amount to which Executive was entitled on the date
                                         of termination of Executive’s employment until the earlier of (i) one (1) year
                                         after termination of Executive’s employment by Company, or (ii) Executive becomes
                                         eligible for similar benefits with any new employer or other Person.

 

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		6.4	Executive
                                         shall not be entitled to any compensation or Benefits of any nature, including without
                                         limitation those referred in Section 6.3 of this Agreement, in the event that the employment
                                         relationship between Company and Executive ends by reason of: death; Executive’s inability
                                         to perform fully his duties and responsibilities to Company to the full extent required
                                         by the Board by reason of illness, injury or incapacity for ninety (90) consecutive days,
                                         or for more than one hundred
                                         twenty (120) days in the aggregate during any period of twelve (12) consecutive calendar
                                         months; Executive’s admission of any dishonest or illegal act or omission; Executive’s
                                         conviction of any misdemeanor or felony pertaining to or involving dishonesty, harassment
                                         or violence; any negligent act or omission by Executive which has a material adverse
                                         effect upon Company; Executive’s willful misconduct; any representation to Company by
                                         Executive contained in this Agreement is materially false or misleading; Executive’s
                                         failure to implement or observe any directive of the Board or Executive’s breach, violation
                                         or default of any of the covenants, duties or obligations imposed upon Executive pursuant
                                         to this Agreement and the failure to cure the same as permitted by this Agreement; Executive’s
                                         failure to fully perform such performance standards as shall be determined from time
                                         to time by the Board and the failure to cure the same as permitted by this Agreement;
                                         or a good faith determination by the Board or Company’s outside accountants that Company
                                         is insolvent using the balance sheet test or is unable to pay its debts as they mature.

 

		6.5	Upon
                                         termination of Executive’s employment for any reason, all Company property shall be returned
                                         by Executive to Company within
                                         three (3) days of such termination. All other compensation and Benefits of any nature
                                         provided by Company not otherwise addressed in this Agreement shall terminate as of the
                                         date of termination of Executive’s employment.

 

		7.	Confidential
                                         Information/Developments.

 

		7.1	Executive
                                         recognizes and acknowledges that by reason of his employment by and service to Company,
                                         he shall have access to financial, marketing, scientific, technical, proprietary and
                                         other confidential information of Company and its Affiliates, including information and
                                         knowledge pertaining to Company’s standard operating procedures, processes
                                         and formulae, whether patentable or not, Company’s pharmaceutical procedures, products
                                         and services offered, research ideas, product testing and development, clinical test
                                         results, methods, inventions, innovations, recipes and formulae, designs, ideas, plans,
                                         trade secrets, know-how, distribution and sales methods and systems, sales and profit
                                         figures, customer and client lists, supplier lists, confidential information obtained
                                         from third parties and relationships between Company and its Affiliates, distributors,
                                         customers, clients, suppliers and others who have business dealings with Company and
                                         its Affiliates and other information not known to Company’s competitors (all of the foregoing
                                         being hereinafter referred to as “Confidential Information”). Executive acknowledges
                                         that the Confidential Information is a valuable and unique asset of Company and covenants
                                         that he shall

 

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			not,
                                         either during the period of time during which Executive is employed by Company or at
                                         any time thereafter, disclose any such Confidential Information to any Person for any
                                         reason whatsoever without the prior written authorization of the Board, unless such information
                                         is in the public domain through no fault of Executive or except (a) as may be required
                                         by law with prior notice to Company, or (b) to
                                         the extent that such disclosure is provided on a “need-to-know” basis in the
                                         proper service of Company’s business interests.

 

		7.2	Executive
                                         further recognizes and acknowledges that, in light of his particular duties and responsibilities
                                         to Company, all inventions, discoveries, programs, programming techniques, underlying
                                         program designs and/or concepts, machinery, products, processes, computer hardware, information
                                         systems, software (including without limitation source code, object code, documentation,
                                         diagrams and flow charts) and improvements, whether patentable or not, which have
                                         been or may in the future be made by him during the course of his duties to Company which
                                         relate to any business or activity of Company, whether solely or jointly with others,
                                         whether during or outside normal working hours and whether on or off the premises of
                                         Company (all of the foregoing being hereinafter referred to as “Inventions and Discoveries”),
                                         are and shall be and remain the exclusive property of Company, whether or not disclosed,
                                         assigned or transferred at the time of the termination of the employment relationship
                                         established pursuant to this Agreement.

 

		7.3	Without request, Executive shall promptly
                                         and fully disclose to the Board and to no other Person the Inventions and Discoveries
                                         referred to in Section 7.2 above and shall assign to Company all of his rights throughout
                                         the world to such Inventions and Discoveries. Upon the request of Company, either during
                                         the period of time during which Executive is employed by Company or thereafter, Executive
                                         or his personal representatives, at the sole expense and subject to the exclusive control
                                         of Company, shall apply or join with Company in applying for a patent, trademark, trade
                                         name or registered mark or design in all such countries of the world as Company may in
                                         its sole discretion determine, and further shall execute all papers necessary therefore
                                         including without limitation
                                         assignments to Company, or its nominee, without further consideration.

 

		8.	Termination
                                         of Employment Following Change in Control. If a Change in Control shall occur and
                                         if thereafter within ninety (90) days following the date of the Change in Control there
                                         shall be: (a) any termination by Company of the employment relationship established pursuant
                                         to this Agreement other than for any of the reasons referred to in Section 6.4 of this
                                         Agreement; (b) any material
                                         reduction in Executive’s title, authority, responsibilities or annual Base Salary
                                         as such exist as of the date of Change of Control; or (c) any failure to continue Executive’s
                                         participation in any bonus plans or benefit programs in which Executive participated
                                         as of the date of the Change in Control the effect of which is to materially decrease
                                         the potential benefits to Executive in the aggregate; then, at the option of Executive,
                                         exercisable within thirty (30) days of the occurrence of any of the foregoing events,
                                         Executive may resign from the employment relationship established pursuant to this Agreement,
                                         or, if involuntarily

 

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			terminated
                                         as provided in Section 8(a) of this Agreement, give notice of intention to collect compensation
                                         and benefits under this Agreement by delivering a notice in writing
                                         (“Notice of Termination”) to the Chairman of the Board of the Company, and
                                         in such event, Executive shall be entitled to the compensation and benefits specified
                                         in Section 6.3 hereof.

 

		9.	Remedies.
                                         Except as otherwise provided in this Agreement, upon any breach, violation or default
                                         by either party to this Agreement (“Defaulting Party”) of any of the representations,
                                         covenants, duties or obligations imposed upon such Defaulting Party pursuant to this
                                         Agreement, and, if curable, the failure of such Defaulting Party to cure such breach,
                                         violation or default within ten (10) days of the date of the giving of notice by the
                                         other party to this Agreement (“Non-Defaulting Party”), the Non-Defaulting
                                         Party shall have all rights and remedies which are contained in this Agreement and all
                                         other rights and remedies which are at law, in equity or by statute permitted or provided,
                                         all such rights and remedies to be cumulative and concurrent. Notwithstanding anything
                                         to the contrary, Executive shall have no right to cure any breach, violation or default
                                         of any representation, covenant, duty or obligation imposed upon Executive pursuant to
                                         this Agreement which arises out of, pertains to or constitutes any dishonest or illegal
                                         act or omission, any conviction of any misdemeanor or felony pertaining to or involving
                                         dishonesty, harassment or violence, commission of any willful misconduct or any breach,
                                         violation or default upon the provisions of Sections 5 or 7 of this Agreement.

 

		10.	Disability Payments. In the
                                         event that Company shall obtain or procure any disability or similar insurance which
                                         makes payments to Executive (“Disability Payments”) on account of Executive
                                         being unable to perform his duties and obligations to Company by reason of illness, injury
                                         or incapacity, the aggregate amount of such Disability Payments shall constitute a credit
                                         on a dollar for dollar basis against all amounts, including without limitation Base Salary,
                                         owing by Company to Executive and shall decrease on a dollar for dollar basis such amounts
                                         owing by Company, and Company shall be released to such extent. Nothing contained in
                                         this Section shall impose any duty or obligation upon Company to obtain any such insurance.

 

		11.	Papers. All correspondence,
                                         memoranda, notes, records, reports, drawings, lists, photographs, plans and other papers
                                         and items received or made by Executive in connection with his employment by Company
                                         shall be the property of Company. Executive shall deliver all such materials, and all
                                         copies thereof in whatever form stored, to Company upon request of Company and, even
                                         if it does not request, when his employment by Company ends.

 

		12.	Enforcement. Executive acknowledges
                                         that any breach, violation or default by Executive of any of the representations, duties
                                         or obligations imposed upon Executive pursuant to this Agreement
                                         may cause Company immediate and irreparable harm for which Company’s remedies at law
                                         (such as money damages) will be inadequate. Company shall have the right, in addition
                                         to any other rights it may have, to obtain an injunction to restrain any breach or threatened
                                         breach of this Agreement. Should any provision of this Agreement be adjudged to any extent
                                         invalid by any competent tribunal, that provision shall be deemed modified to the extent
                                         necessary to make it enforceable. Company may

 

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			contact
                                         any Person with or for whom Executive works after his employment by Company ends
                                         and may send that Person a copy
                                         of this Agreement.

 

		13.	Binding
                                         Effect. Executive’s undertakings hereunder shall bind him and his heirs and legal
                                         representatives regardless of (a) the duration of his employment by Company, (b) any
                                         change in his title, duties or the nature of his employment, (c) the reasons
                                         for or manner of termination of his employment, (d) the amount of his compensation, or
                                         (e) Change of Control. The duties and responsibilities of Executive to Company are of
                                         a personal nature and shall not be assignable or delegatable in whole or in part by Executive.
                                         Company shall have the absolute right to assign all or any part of this Agreement without
                                         the consent of Executive. In the event of any assignment by Company of this Agreement,
                                         Company’s assignee shall have the right to enforce each of the provisions of this Agreement,
                                         including without limitation, Sections 4, 5, 7, 9, 10, 12 and 13 of this Agreement and
                                         in such event, as used in this Agreement, “Company’’ shall include without limitation
                                         any assignee or other successor to its business or assets.

 

		14.	Miscellaneous.
                                         This Agreement (a) establishes an at will employment relationship between Company
                                         and Executive, and, notwithstanding any other provision of this Agreement, shall in no
                                         way bind Executive or Company to a specific term of employment, and either party may
                                         terminate such employment relationship at
                                         any time for any or no reason whatsoever, (b) supersedes all prior understandings, discussions,
                                         negotiations, correspondence and other writings and constitutes the entire understanding
                                         between Company and Executive about the subject matter covered by this Agreement, (c)
                                         may be modified or varied only in writing signed by Company and Executive, (d) shall
                                         survive the termination of the employment relationship between Company and Executive,
                                         (e) is subject to and contingent and conditioned upon approval by the Board and shall
                                         not be binding upon Company unless and until such approval by the Board is given, and
                                         (f) shall be governed by Pennsylvania law without giving effect to any conflict of laws
                                         provisions.

 

IN
WITNESS WHEREOF, and INTENDING TO BE LEGALLY BOUND HEREBY, the parties to this Agreement have executed this Agreement
as of the  28th day of July, 2003.

 

	 		 	 	INNOCOLL, INC.
	 	/s/
    Rolf Schmidt	BY:		
	 	 	 	 	TITLE: Chairman
	 	 	 	 	 
	 	/s/ Michael
    Myers	 	 	 
	 	MICHAEL MYERS, Ph.D.	 	 	 

 

    	9Exhibit 10.11

 

 

MIRC, Dublin Road 

Athlone

Co.
Westmeath, Ireland 

Tel:
+ 353 (0)90 6486834 

Fax:
+ 353 (0)90 6486835

www.
innocoll-pharma.com

 

Gordon
Dunn

111 Abingdon
Road

London
W8 6QU

 

1 June,
2013

 

Dear Mr.
Dunn,

 

On
behalf of Innocoll Pharmaceuticals Ltd (the “Company”), I am very pleased to confirm your employment by the Company.
Your employment will be subject to the terms and conditions set out in this letter.

 

		1.	Definitions

 

For
the purpose of this letter, the following terms shall have the meanings as set forth below:-

 

		(a)	“Affiliate”, of any Person
                                         means any Person directly or indirectly controlling, controlled by or under common control
                                         with such Person including without limitation any direct or indirect Subsidiary of such
                                         Person and shall, in relation to the Company include, without limitation, Innocoll GmbH,
                                         the parent company, Innocoll Inc. (a US corporation), Syntacoll GmbH (a German corporation)
                                         and and Innocoll Technologies Ltd. (an Irish corporation);

 

		(b)	“Company’s Business”:-

 

		(i)	the business of development
                                         and commercialisation of products based on the Company’s proprietary collagen based
                                         drug delivery technologies,

 

    	 

    	 

    

 

			including, without limitation,
                                         proprietary collagen products that are administered by implantation, topically, bucally,
                                         orally or intra-ocularly; and

 

		(ii)	such other business or enterprise
                                         conducted by the Company during the term of your employment; and

 

		(iii)	any
                                         other business or enterprise conducted by any Affiliate of the Company during the term
                                         of your employment.

 

		(c)	“Person”,
                                         means an individual, a company, a corporation, a partnership, an association, a trust
                                         or other entity or organisation;

 

		(d)	“Restrictive
                                         Period”, means the period
                                         of your employment plus the 12-month period immediately following the Termination Date
                                         provided, however, that such latter period shall be reduced by the duration of any Garden
                                         Leave Period as defined in Clause 14;

 

		(e)	“Subsidiary”,
                                         shall have the meaning assigned in Section 258 of the Companies Act 1985;

 

		(f)	“Termination
                                         Date”, means the date
                                         on which you cease, for any reason whatsoever, to be employed by the Company or any of
                                         its Affiliates.

 

		2.	Commencement
                                         Date

 

Your
employment will commence as of 1 June, 2013, (the “Commencement Date”) which is also the commencement date for the
purpose of calculating your period of continuous employment for statutory purpose. No employment with a previous employer counts
as part of your period of continuous employment with the Company.

 

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		3.	Job Title/Duties

 

You
will be appointed as Chief Financial Officer of the Company and all the Affiliates. You will report to the CEO.

 

During
your employment you will:-

 

		(a)	exercise
                                         such powers and perform such duties in relation to the business of the Company or any
                                         Affiliate as may from time to time be vested in you by the Company at its discretion;
                                         and

 

		(b)	well
                                         and faithfully serve the Company and/or any Affiliate to the best of your ability and
                                         carry out your duties in a proper and efficient manner and use your best endeavours to
                                         promote and maintain their interests and reputation.

 

The
Company acknowledges that during the term of your employment hereunder you will remain a portfolio manager at NewSmith Asset Management
LLP (“NewSmith”). You undertake that you will at all times prioritize your commitments to the Company and that you
anticipate that no more than 10% of your working time in any one month period will be dedicated to NewSmith. Subject to the foregoing,
you shall not while employed by the Company or any Affiliate under the terms of this letter without the prior written consent
of the Company, be directly or indirectly engaged, concerned or interested in any business, profession or occupation other than
the Company or that Affiliate,.

 

You
shall not while employed by the Company engage in any activity or have any interest during or outside working hours which may
affect your ability to perform your duties under this letter or may constitute a conflict of interest with your employment under
this letter or the Company’s Business generally.

 

		4.	Term

 

Your
employment will commence on the Commencement Date and continue until terminated in accordance with the provisions of this letter.

 

    	3

    	 

    

 

		5.	Salary

 

Your
salary will be Pounds Sterling 200,000 per annum. Your salary will be reviewed annually in accordance with the Company’s
review policy thereafter.

 

Your
salary will be paid to you monthly in arrears on the last working day of each month by credit transfer directly to your bank account.
The Company will to the extent permitted by law be entitled to deduct from your salary all sums from time to time owed by you
to the Company or any Affiliate, and by your execution of this letter agreement you consent to the deduction of such sums.

 

Subject
to any alternative arrangement which may be agreed, the Company will withhold all relevant taxes from your gross pay and remit
those amounts to the proper revenue authorities

 

		6.	Bonus, Incentive Plan

 

6.1   You
will be eligible to participate in such bonus scheme as the Company may implement from time to time for employees at your level
which will be based on the achievement of individual goals and objectives and the performance of the Company. The terms and conditions
of such scheme will be determined by the Company in its absolute discretion and such scheme may be amended or terminated by the
Company at any time.

 

6.2    You
will participate in any long term incentive or equity based plan which may be implemented by the Company or its Affiliates. The
Company will use its best efforts to set your participation level of such plan at approximately 50% of the CEO level, subject
to board and shareholder approval.

 

    	4

    	 

    

 

		7.	Location

 

You
will work in the UK at NewSmith offices in London, at no charge to the Company. In the event that the NewSmith offices are not
available, the Company will arrange for suitable office space in London. Your work may also include short-term periods in the
USA and at the Company’s facilities in Athlone, Ireland and Saal, Germany at such other locations as may be necessary to
fulfil your job responsibilities under this letter or as may be required by the Company. You acknowledge and agree to travel as
required to perform your duties and responsibilities under this Agreement to or on behalf of the Company or any of its Affiliates.

 

		8.	Office
                                         Hours

 

You
agree with the Company that you do not have fixed hours of work and that your working hours shall be such as may be requisite
for the proper discharge of your duties provided that your working week shall normally be five working days comprising not less
than 40 hours. You will not receive additional compensation for working outside your normal working week.

 

		9.	Expenses

 

All
properly vouched and authorised expenses incurred by you on Company business will be reimbursed by the Company provided you comply
with the company’s Expenses Policy.

 

		10.	Holidays

 

The
holiday year runs from 1 January to 31 December. You will be entitled to 30 working days holidays exclusive of all UK public holidays.
Your holidays are to be taken at such time or times that the Company considers to be most convenient having regard to the requirements
of your position. You will be paid at your normal rate of remuneration on the usual days of payment during each period in which
any paid holiday is taken and no separate payment of holiday pay will be made. Holidays from the previous year may not be carried
over to the following year save with the Company’s consent. For the year in which you commence employment you will be

 

    	5

    	 

    

 

entitled
to a proportionate number of holiday days. Upon termination of your employment you will be entitled to salary in lieu of any outstanding
holiday entitlement or be required to repay to the Company any salary received in respect of holiday taken in excess of your proportionate
holiday entitlement.

 

	11.	Benefits

 

13.1    Any
payment for sick leave is entirely at the discretion of the Company, provided you comply with the Company’s sickness absence
rules for the time being in force the Company will pay any statutory sick pay to which you may be entitled.

 

13.2    You
will be entitled to participate in the Company’s health insurance scheme, subject to the terms and conditions of that scheme,
provided that such scheme shall provide coverage for you and your family on terms at least as favourable as your current scheme
provided by NewSmith.

 

		14.	Mobile Telephone and Laptop

 

14.1    The
Company shall make a mobile phone available to you for your use in performing your duties. The Company shall permit you to use
it for your private use. The Company shall bear all the costs but only a reasonable number and cost of calls during private use.

 

14.3    The
Company shall make a laptop computer and peripherals (i.e. printer, telephone) available to you for use in performing your duties.
Use of the laptop computer will be in accordance with the Company’s internet and email policy.

 

	15	Termination with Notice

 

Your
employment hereunder may be terminated at any time by one party giving the other at least six months’ notice in writing.

 

    	6

    	 

    

 

The
Company reserves the right to pay you in lieu of notice the amount of your entitlement to salary in respect of such notice period.

 

The
Company may by notice in writing require you to cease performing or exercising during some or all of the remainder of any notice
period some or all of the powers, authorities and discretions delegated to you in connection with your employment and/or to cease
attending at the Company’s offices during such period and/or to complete specifically assigned projects during such period
and/or to cease contact with customers and other employees. Any such period will be referred to as a “Garden Leave Period”.
During a Garden Leave Period, you will remain subject to the provisions of this letter agreement and will continue to receive
your normal remuneration. However, subject to the provisions of Clause 22, you will be free to seek new employment to commence
following the termination of the Garden Leave Period.

 

	16	Termination without Notice

 

Your
employment may be terminated without prior notice if at any time hereafter;

 

		(a)	you
                                         are guilty of any material breach or non-observance of the provisions contained in this
                                         letter;

 

		(b)	you
                                         are guilty of any grave misconduct, gross default or wilful neglect in the discharge
                                         of your duties hereunder or in connection with or affecting the business of the Company;

 

		(c)	you
                                         commit any serious act of dishonesty or repeated acts of dishonesty;

 

		(d)	you
                                         are adjudicated bankrupt or make any arrangement or composition with your creditors;

 

		(e)	you
                                         commit a material breach of the Company’s policy in relation to e-mail and internet
                                         use;

 

		(f)	you
                                         become of unsound mind; or

 

    	7

    	 

    

 

		(g)	you
                                         are convicted of any indictable offence other than an offence which in the opinion of
                                         the Company does not affect your position with the Company.

 

	17	Illness

 

If
you are absent from work due to illness or accident you will notify your manager as soon as possible. If this incapacity continues
for five or more consecutive days you will submit a doctor’s certificate in a form satisfactory to the Company confirming
your inability to work and on a weekly basis thereafter while you are absent from work.

 

In
the event of your absence from work or inability to perform the duties of your position due to illness or accident, the Company
reserves the right to refer you for medical examination to a medical practitioner nominated and paid for by the Company. The Company
shall be entitled to receive the results of any such medical examination.

 

In
the event that you are incapable of performing your duties by reason of injuries sustained wholly or partly as a result of actionable
negligence, nuisance or breach of any statutory duty on the part of any third party, all payments made to you by the Company under
any sick pay scheme will be repaid when and to the extent that you recover compensation for loss of earnings from that third party
by action or otherwise.

 

If
you are at any time prevented by illness, injury, accident or any other circumstances beyond your control from discharging all
your duties hereunder for a total of 180 or more days in any twelve-month period, the Company may review your employment upon
service of such minimum notice as is required under statute.

 

	18	Resignation of Company
Offices/Return of Company Property

 

On
termination of your employment, you will return to the Company all items of property in your possession which are the property
of the Company including, but not limited to, all correspondence, documents, specifications, papers, customer lists, lists of
business contacts, diskettes and other storage media, drawings, sketches, prints, notebooks, reports and data which are the property
of the Company.

 

    	8

    	 

    

 

On
termination of your employment, the Company will to the extent permitted by law be entitled to deduct from your salary all sums
owed by you to the Company or any Associated Company, and by your execution of this letter agreement you consent to the deduction
of such sums.

 

		19	Disciplinary
                                         and Grievance Procedures

 

Please
refer to your copy of the Disciplinary Dismissal and Appeals Procedure for information about the procedure normally operated by
the Company. In the event of alleged misconduct, the Company will be entitled to suspend you forthwith in order to consider and
investigate the allegation and decide what action or procedure it would be appropriate to adopt. Remuneration will be paid to
you during any such suspension. In all disciplinary matters, you will be presented in writing with the totality of the allegations
outstanding against you, will be given the right to respond and will have the opportunity to be represented at any disciplinary
hearing by a colleague. If you are dissatisfied with any disciplinary or dismissal decision relating to you, you should apply,
in writing, to the CEO within 5 working days of the date on which you were notified of the disciplinary decision with which you
disagree. Details of the current appeals Procedure are set out in the DDP.

 

Please
refer to your copy of the Grievance Procedure for information about the grievance procedure normally operated by the Company.

 

	20	Confidentiality

 

You
will not, except as authorised or required by your duties, reveal to any Person any confidential information which shall include
without limitation all technical, commercial and business and other data and information (including new product plans, invoices,
customer correspondence, customer business cards, computer records or mailing, telephone or customer lists) of the Company or
its Affiliates, and tangible and intangible property of the Company or its Affiliates (including intellectual property of the
Company or its Affiliates or its licensors) related to the products or business of the Company or its Affiliates, trade secrets,
designs, devices, inventions, improvements, ideas, strategies, concepts, discoveries, techniques, processes, methods of operation,

 

    	9

    	 

    

 

sales
and profit figures, know-how, expressions of ideas and systems, software, firmware, microcode, source code and object code, routines,
subroutines, and algorithms, structure, sequence and organisation of computer programs, specifications, and other related data,
whether or not patentable, or any other information concerning the organisation, business, finances, transactions or affairs of
the Company, its Affiliates or their existing or potential customers which may come to your knowledge during the period of your
employment with the Company and you will keep with complete secrecy all such and other confidential information entrusted to you
and will not use or attempt to use any such information in any manner which may injure or cause loss either directly or indirectly
to the Company or any of its Affiliates or their existing or potential customers or its or their business or businesses or may
be likely so to do. This restriction will continue to apply after the termination of your employment without limit in point of
time but will cease to apply to information or knowledge which may reasonably be said to have come into the public domain other
than by reason of breach of the provisions of this letter. This restriction will not apply to information or knowledge which is
required to be disclosed by law or in order to take professional advice or by a court of competent jurisdiction.

 

You
will not during the term of your employment with the Company make otherwise than for the benefit of the Company any notes, memoranda
or electronically stored information relating to any matter within the scope of the business of the Company, its Affiliates or
their existing or potential customers or concerning any of the dealings or affairs of any such company nor will you either during
the term of your employment with the Company or afterwards use or permit to be used any such notes or memoranda or information
otherwise than for the benefit of the Company, it being the intention of the parties hereto that all such notes, memoranda or
information made or stored by you will be the property of the Company and left at its offices upon the termination of your employment
with the Company.

 

	21	Proprietary Rights

 

You
acknowledge that any intellectual property rights which arise out of your work for the Company will vest absolutely in the Company
(or its nominee) and you undertake

 

    	10

    	 

    

 

to
execute any required documents and do whatever else may be necessary to vest these rights in the Company even after termination
of your employment.

 

	22	Restrictive Covenants

 

Considering
that you have obtained and are likely to obtain in the course of your employment knowledge of trade secrets, know-how, business
information or other confidential information relating to the Company’s Business, you agree that you will be bound by the
following additional restrictions in order to safeguard such trade secrets, know-how, business information or other confidential
information and the goodwill of the Company;

 

		(i)	you
                                         will not, during the Restrictive Period, canvass or solicit or endeavour to canvass or
                                         solicit away from the Company or any Affiliate, the custom or business of any Person
                                         who is or was at any time during the twelve months prior to your Termination Date a client
                                         or customer (or a prospective client or customer with whom negotiations are at an advanced
                                         stage) of the Company or of any Affiliate and with whom or which you had significant
                                         business dealings during the course of your employment in that twelve-month period or
                                         in relation to whose requirements you had knowledge of a material kind;

 

		(ii)	you
                                         will not, during the Restrictive Period, carry on, set up, engage in or be directly or
                                         indirectly interested or concerned (other than holding an interest of not more than five
                                         percent (5%) of the outstanding stock of any publicly traded company) in any business
                                         or activity carried on or about to be carried on anywhere in the world by any person,
                                         in competition with any part of the Company’s Business in which you were actively
                                         involved during the course of your employment in the twelve months immediately prior
                                         to your Termination Date. This is providing that nothing contained in this sub-Clause
                                         (a) (ii) will prohibit your carrying on of, or being engaged, concerned or interested
                                         in, any business not in competition with the Company’s Business;

 

    	11

    	 

    

 

		(iii)	you
                                         will not, during the Restrictive Period, entice, solicit or endeavour to entice or solicit
                                         away any individual who is employed or engaged by the Company or any Affiliate either
                                         as a director or in a managerial or executive or key technical role or who is in possession
                                         of confidential information belonging to the Company and/or any Affiliate and with whom
                                         you had significant dealings or over whom you exercised control during the course of
                                         your employment in the twelve-month period prior to your Termination Date; and

 

		(iv)	you
                                         will not during the Restrictive Period, interfere or seek to interfere with the supply
                                         to the Company or any Affiliate of any goods or services by any supplier who, during
                                         the twelve months preceding your Termination Date, supplied goods or services to the
                                         Company or such Affiliate, being a supplier of goods or services with whom during the
                                         twelve-month period immediately prior to your Termination Date you had dealings of a
                                         material kind in your capacity as an employee or director of the Company, nor will you
                                         interfere or seek to interfere with the continuance of such supply or the terms on which
                                         such supply has during such period as stated above been made.

 

Each
of the restrictions set out in sub-Clauses (a)(i), (ii), (iii) and (iv) above may be applied separately and independently and
all such restrictions will (without prejudice to their generality) apply to any action taken by you, whether as agent, representative,
principal, employee or consultant or as a director or other officer of any company or by any company controlled by you and shall
include the facilitating of the efforts of any Person engaged in competition with the Company’s Business, including but
not limited to providing financial support.

 

You
hereby acknowledge and agree that all of the restrictions contained herein are reasonable and necessary in all the circumstances
for the protection of the Company’s legitimate interests and waive any and all defences to the strict enforcement thereof
by the Company. In the event that any of the covenants herein contained is held to be unreasonable by reason of the area, duration
or type or scope of service covered by

 

    	12

    	 

    

 

such
covenant, then effect will be given to such covenant in such reduced form as may be decided by any court of competent jurisdiction.

 

The
Company may contact any Person with or for whom you work after your employment with the Company ends for the purpose of enforcing
the above covenants, and may send that Person a copy of this letter.

 

	23	Company Policies

 

In
addition to the terms and conditions of this letter agreement, you will be subject to such employee policies and procedures as
may be implemented by the Company from time to time and are applicable to you, which will be notified to you, and which are not
inconsistent with this letter. Such policies may include mandatory drugs/alcohol testing if deemed necessary by the Company and
subject always to applicable laws.

 

	24	Severance

 

In
the event that any condition contained in this contract is held to be void in whole or in part for any reason, such unenforceability
will not affect the enforceability of the remaining conditions contained in this letter and such void conditions will be deemed
to be severable.

 

	25	Data Processing

 

The
Company will hold computer records and personnel files relating to you. These will include your employment application, references,
bank details, performance appraisals, holiday and sickness records, salary reviews and remuneration details, and other records
(which may, where necessary, include sensitive data relating to your health). The Company requires such personal data for personnel,
administration and management purposes and to comply with its obligations regarding the keeping of employee/worker records. Your
right of access to this data is as prescribed under applicable data protection legislation.

 

    	13

    	 

    

 

By
agreeing to the terms and conditions set out in this letter, you hereby agree and consent that the Company may process personal
data relating to you for personnel, administration and management purposes and may, when necessary for those purposes, make such
data available to its advisers, to parties providing products and/or services to the Company (including, without limitation IT
systems suppliers, pension, benefits and payroll administrators), to regulatory authorities including the Revenue Commissioners/Inland
Revenue, to any potential purchasers of the Company or its business (on a confidential basis) and as required by law. Further,
you hereby agree that the Company may transfer such data to and from Affiliates including Affiliates located outside the European
Economic Area.

 

	26	Changes to Benefit Plans

 

Participation
in all Company benefit plans will be subject always to the rules and conditions applicable to each such plan. The Company reserves
the right at any time to vary or discontinue any benefit plan, including but not limited to the pension scheme or the Company’s
employer contributions in respect thereof. The Company shall also have the right to substitute a new benefit plan for any plan
in which you may be eligible to participate. Any Company benefit plan which is insured will be subject to and conditional upon
the terms and conditions of the relevant policy of insurance.

 

	27	No Prior Restriction

 

You
hereby represent to the Company, and covenant and agree, that you are not currently subject to, and shall not during the term
of your employment hereunder become subject to, any employment agreement, confidentiality agreement, non-competition agreement,
non-disclosure agreement or any other agreement, covenant, understanding or restriction which would prohibit you from fully observing
and performing your duties and responsibilities to Company or would otherwise in any manner, directly or indirectly, limit or
affect (i) the duties and responsibilities which may now or in the future be assigned to you by the Company, or (ii) otherwise
prevent you from performing in accordance with the terms and conditions set forth in this letter.

 

    	14

    	 

    

 

		28.	Collective Agreements

 

There
are no collective agreements which affect the terms of your employment.

 

		29	Governing Law

 

This
letter agreement will be governed by and construed in accordance with the laws of The United Kingdom and the UK courts will have
non-exclusive jurisdiction on all matters arising herefrom.

 

I
would be obliged if you could contact me, on receipt of this letter, to advise of your decision regarding acceptance of the Company’s
offer of employment on the terms and conditions set out herein. If you choose to accept the offer, please sign the enclosed copy
of this letter and return it to me. If there are any questions you wish to ask regarding this letter, please feel free to contact
me.

 

	Yours
    sincerely
	 
	/s/ Michael
    Myers
	Michael Myers, CEO
    
	Innocoll Pharmaceuticals

 

Dated:   29th
August 2013

 

I
confirm that I have carefully read and understand the terms and conditions on which the position set out above is offered and
I agree to be bound by those terms and conditions.

 

	Signed:	/s/ Gordon Dunn	 
	 	 	 
	Date:	29/08/13	 

 

    	15

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