Document:

Exhibit
4.20

 

Restricted
Share Award Agreement

 

between

 

		1.	Innocoll AG, registered with the
                                         commercial register of the local court of Regensburg under HRB 14298, (the “Company”),
                                         and

 

		2.	Anthony Zook, [address] (the “Grantee”).

 

The Company and the Grantee are each
hereinafter individually referred to as a “Party” and together also as the “Parties”. 

 

Section 1 

Preliminary Remarks

 

		1.	The nominal share capital of the Company (Grundkapital) currently amounts
to EUR 1,509,202 divided into 1,509,202 shares.

 

		2.	The
                                         Company and the Grantee are parties to that certain Employment Agreement, dated as of
                                         even date herewith (such agreement, as in effect from time to time, the “Employment
                                         Agreement”).

 

		3.	The
                                         Grantee desires to participate in the Company’s share capital and the Company
                                         desires to have the shareholder meeting pass a resolution on a cash capital increase,
                                         excluding the subscription right of the shareholders, and to issue [•] [2.25% of
                                         the outstanding shares of the Company on the date of grant] non- par
                                         value shares in the Company
                                         exclusively to the Grantee. The Restricted Shares (as defined below) shall be governed
                                         pursuant to the terms and conditions of this Agreement (hereinafter referred to as the
                                         “Agreement”).

 

		4.	In the light of this, the Parties intend to agree on their reciprocal rights
and duties with respect to the new Restricted Shares to be issued to the Grantee by entering into this Agreement.

 

Section 2 

Interpretation and Definition

 

		1.	In this
                                         Agreement defined terms (“Defined Terms”) shall have the meaning ascribed
                                         to them in the relevant section or in this Section 2 or in the articles of association
                                         of the Company. The following terms are defined:

 

		2.	“Agreement” has the meaning set forth in the preliminary remarks. 

 

    	 

    	 

    

 

		3.	“AktG” shall mean the German Stock Corporation Act as in effect
from time to time.

 

		4.	“Affiliate” means any entity, whether now or hereafter existing, which controls,
is controlled by, or is under common control with, the Company (including, but not limited to, joint ventures, limited liability
companies, and partnerships). For this purpose, “control” shall mean ownership of 50% or more of the total combined voting
power or value of all classes of stock or interests of the entity, or the power to direct the management and policies of the entity,
by contract or otherwise.

 

		5.	“Articles” shall mean the articles (Satzung) of the Company.

 

		6.	“Bank Business Days” shall be such days,
which are bank business days in Frankfurt am Main, Germany.

 

		7.	“Board” means the supervisory board (Aufsichtsrat) of the
Company. 

 

		8.	“Capital Increase” has the meaning set forth in Section 3.1. 

 

		9.	“Code” means the United States Internal Revenue Code of 1986
(and any successor Internal Revenue Code), as amended from time to time. References to a particular section of the Code
include references to regulations and rulings thereunder and to successor provisions.

 

		10.	“Company” has the meaning set forth in the preamble. 

 

		11.	“Change of Control” means the occurrence
of any of the following: [(a) a tender offer, stock purchase, other stock acquisition, merger, consolidation or recapitalization
whereby any person or group of persons, as such term is defined under the United States Securities Exchange Act of 1934, other
than (1) Existing Shareholders of the Company, and (2) the Company’s 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 all or 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) the Existing Shareholders, and
(2) Executive Management.][Conform to final definition in EA.]

 

		12.	“Change of Control Event” means the occurrence of a Change of Control. 

 

		13.	“Employment Agreement” has the meaning set forth in the preliminary remarks.

 

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		14.	“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.

 

		15.	“Existing
                                         Shareholders” means collectively, all shareholders of record of Company
                                         as of the Grant Date, all shareholders or general and limited partners of any shareholder
                                         of record of Company as of the Grant Date (each such partner or shareholder 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.

 

		16.	“Fair Market Value” means with respect to the Shares (i) if
the Company’s ADSs are listed on the Nasdaq Global Market (“Nasdaq”) or any established securities exchange,
the closing price of the ADSs on the date of determination reported on Nasdaq or such established securities exchange ; or (ii)
if the ADSs are not listed on Nasdaq or an established securities exchange, the closing sales price of the ADSs as reported by
the National Market System, or similar organization, or if no such quotations are available, the average of the high bid and low
asked quotations for the ADSs in the over-the-counter market as reported by the National Quotation Bureau Incorporated or similar
organizations, in each case multiplied by the ratio of 1 ordinary share to 13,25 ADSs.

 

		17.	“FICA” has the meaning set forth in Section 6.1. 

 

		18.	“Grant Date” means the day of registration of the Capital
Increase with the commercial register.

 

		19.	“Grantee” has the meaning set forth in the preamble. 

 

		20.	“Immediate Family” has the meaning set forth in Section 5.3. 

 

		21.	“Management Board” means the management board (Vorstand) of
the Company. 

 

		22.	“NIC” means UK National Insurance Contributions
imposed by the Social Security Contributions and Benefits Act 1992 or the Social Security Contributions and Benefits (Northern
Ireland) Act 1992.

 

		23.	“NIC Agreement” means an agreement under paragraph 3A(2) of
Schedule 1 to the Social Security Contributions and Benefits Act 1992 or under paragraph 3A(2) of Schedule 1 to the Social
Security Contributions and Benefits (Northern Ireland) Act 1992.

 

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		24.	“NIC Election” means an election under paragraph 3B(1) of Schedule 1 to the
Social Security Contributions and Benefits Act 1992 or under paragraph 3B(1) of Schedule 1 to the Social Security Contributions
and Benefits (Northern Ireland) Act 1992.

 

		25.	“Party; Parties” has the meaning set forth in the preamble. 

 

		26.	“Permitted Transferee” has the meaning set forth in Section 5.3. 

 

		27.	“Person” means any individual, sole proprietorship, partnership, joint venture,
limited liability company, trust, unincorporated organization, association, corporation, institution, public benefit corporation,
entity or government instrumentality, division, agency, body or department.

 

		28.	“Purchase Offer” has the meaning set forth in Section 4.1. 

 

		29.	“Purchaser” has the meaning set forth in Section 4.1. 

 

		30.	“Restricted Shares” shall mean the ordinary shares issued
to Grantee as provided herein as long as they are subject to the Purchase Offer pursuant to the terms of this Agreement.

 

		31.	“Section 430 Election” means a joint election between the
Grantee or, if different, the relevant Eligible Person, and that person’s employer under section 430(1) of the UK Income
Tax (Earnings and Pensions) Act 2003.

 

		32.	“Section 431 Election” means a joint election between the
Grantee or, if different, the relevant Eligible Person, and that person’s employer under section 431(1) of the UK Income
Tax (Earnings and Pensions) Act.

 

		33.	“Shareholders” means the shareholders of the Company. 

 

		34.	“Shares” shall mean the non-par value
shares registered in the name of the Company.

 

		35.	“Share Capital Amount” has the meaning set forth in Section 3.1. 

 

		36.	“Taxes” has the meaning set forth in Section 6.1. 

 

		37.	“Tax Date” has the meaning set forth in Section 6.1. 

 

		38.	“Taxable Event” has the meaning set forth in Section 10.5. 

 

		39.	“Termination of Affiliation” occurs on the first day on which
an individual is for any reason no longer providing services to the Company or an Affiliate in the capacity of an employee,
officer, consultant or member of the Company’s management board, including by reason of any transaction that causes each

 

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Affiliate for whom the individual performs services to cease
to be an Affiliate of the Company.

 

Section 3 

Capital Increase

 

		1.	The Parties desire that, subject to the shareholder resolution in the next
annual or extraordinary general meeting of the Company’s shareholders, the share capital shall be increased as follows:

 

		a)	The share capital of the Company
                                         shall be increased from currently EUR 1,509,202 by EUR [•] to EUR [•]
                                         (“Capital Increase”).

 

		b)	The Capital
                                         Increase shall be executed by the issuance of [•] new shares to the Grantee, who
                                         shall subscribe to these shares as Restricted Shares. The Restricted Shares will each
                                         be issued against a cash contribution in an amount equal to the nominal value per share
                                         of EUR 1.00 (“Share Capital Amount”). 

 

		c)	The shareholders shall be excluded from their subscription right so that only
the Grantee shall be entitled to subscribe to the Restricted Shares.

 

		d)	The Restricted Shares shall have full dividend and profit rights attached to
them as of the beginning of the current financial year in which the Capital Increase was registered with the commercial
register.

 

		2.	The total Share Capital Amount of EUR [•] shall be due and payable within
[5 (five)] Bank Business Days after the resolution of the Capital Increase has been passed by the Shareholders and the Grantee
has subscribed to the Restricted Shares (in any event however prior to the Capital increase being filed with the Company’s commercial
register) on to the following account (statement of use: “Restricted Shares 2015”):

 

Account Holder: Innocoll AG

Bank: Commerzbank AG, Bismarkplatz
8, 93047 Regensburg, Germany

BLZ: 750 800 03

Account Number:
[•]

IBAN: [•]

SWIFT: [•].

 

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		3.	The Company shall procure that the Capital Increase and
the corresponding revision of the Articles will be filed for registration with the commercial register immediately after the Grantee
has duly subscribed to the Registered Shares. The Company shall perform all necessary and economically appropriate acts and make
all declarations necessary for the immediate registration of the Capital Increase and the revision of the Articles with the commercial
register.

 

Section 4

Purchase Offer

 

		1.	The Grantee hereby
                                         irrevocably offers to sell and transfer (to the extent legally permissible) to the Company
                                         or to a third party designated by the Company (“Purchaser”), any
                                         or all Restricted Shares in the Company held by the Grantee pursuant to this Agreement
                                         now or in the future for the consideration set forth in subsection 4 below (“Purchase
                                         Offer”) under the terms and conditions set forth below.

 

		2.	Upon the occurrence of any Termination of Affiliation not occurring within
180 days before or after a Change of Control Event, the Purchase Offer can be accepted by the Purchaser at any time, without further
notice or any action by the Grantee, with regard to such portion of the Restricted Shares held by the Grantee for which the Purchase
Offer has not lapsed, as described below. If no Termination of Affiliation has occurred, the Purchaser’s right to accept the Purchase
Offer shall lapse as follows:

 

a)        Other
than in connection with a Change of Control Event, the Purchase Offer shall lapse

 

		i.	for 33,3% of the Restricted Shares ([•] shares) upon the first anniversary
of the Grant Date

 

		ii.	thereafter,
for an additional 8.3325% of the Restricted Shares (_shares) on a quarterly basis, until the Purchase Offer shall have lapsed
for all shares.

 

b)        Upon
the occurrence of a Termination of Affiliation within 180 days before or after the occurrence of a Change of Control Event, the
Purchase Offer shall lapse for 100% of the total Restricted Shares ([•] shares).

 

		3.	If and to the extent the Purchase Offer has lapsed, the Grantee shall be free
to sell and transfer his or her Restricted Shares without the transfer restrictions referenced in Section 5 hereof after the fourth
anniversary of the Grant Date or

 

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upon a Change of Control Event, subject
to other applicable law and stock exchange rules and regulations.

 

		4.	If the Purchase Offer is accepted as provided for in subsection 2 above, the Purchaser shall pay
to the Grantee a price equal to the lesser of (x) the amount paid by the Grantee for such Restricted Shares, or (y) the Fair Market
Value per Share on the date of receipt of the acceptance of the Purchase Offer by the Grantee. The Purchaser shall pay to the Grantee
the deemed sale price as soon as is administratively practical following the date of receipt of the acceptance. In the event of
the acceptance of a Purchase Offer that occurs within 180 days before a Change of Control Event, the Purchase Offer will be deemed
to have been rescinded as if it had never occurred and the Restricted Shares shall be returned to the Grantee on the date of the
Change of Control Event and upon receipt of the purchase price.

 

		5.	The acceptance of the Purchase Offer shall be made in writing and become effective
upon receipt by the Grantee. In case the Purchaser is not the Company, such Purchaser shall provide to the Grantee, together with
the written acceptance of the Purchase Offer, a written statement of the Company designating him as the Purchaser.

 

		6.	The purchase price provided for in subsection 4 above shall become payable
upon acceptance of the Purchase Offer. The legal effectiveness of the acceptance of the Purchase Offer shall however not be conditional
on the payment of the purchase price. The transfer of the Restricted Shares shall become immediately effective upon receipt of
the written acceptance by the Grantee and not be subject to the payment of the purchase price. The Grantee shall notify the transfer
of Restricted Shares to the Company, providing the Company with a copy of this Agreement and with a copy of the acceptance by the
Purchaser (section 67 para. 3 AktG).

 

		7.	Any Restricted Shares sold and transferred to the Purchaser pursuant to this Section 4 are sold
together with all shareholder rights and ancillary rights, including the right to receive the profits for the respective business
year such sale and transfer becomes effective. As per the date any sale and transfer to the Purchaser becomes effective pursuant
to this Section 4, the Grantee hereby represents and warrants that he is free to dispose of such Restricted Shares to the Purchaser
and that such Restricted Shares are not encumbered with any third party rights.

 

Section 5 

Transfer Restrictions

 

		1.	Any rights under this Agreement shall be exercisable only by the Grantee during

 

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the Grantee’s lifetime, or, if permissible
under applicable law, by the Grantee’s guardian or legal representative.

 

		2.	Until the fourth anniversary of the date of this agreement, or a Change of Control Event, if one
occurs earlier, no Restricted Shares may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered
by the Grantee otherwise than by will or by the laws of descent and distribution or to the Company, and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate;
provided that the designation of a beneficiary to receive benefits in the event of the Grantee’s death shall not constitute
an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

 

		3.	Notwithstanding subsections 1. and 2. above, Restricted Shares may be transferred,
without consideration, to a Permitted Transferee. For this purpose, a “Permitted Transferee” in respect of the
Grantee means any member of the Immediate Family of the Grantee, or any partnership (including limited liability companies
and similar entities) of which all of the partners or members are such Grantee or members of his or her Immediate Family; and the
“Immediate Family” of a Grantee means the Grantee’s spouse, children, stepchildren, grandchildren, parents, stepparents,
siblings, grandparents, nieces and nephews or the spouse of any of the foregoing individuals. However, any transfer shall be subject
to the purchase rights provided for in Section 4 hereof.

 

Section 6 

Withholding

 

		4.	Subject to subsection
                                         (b), when federal, state, local or foreign taxes, including Social Security and Medicare
                                         (“FICA”) or similar foreign social taxes (including employer’s
                                         NIC where a NIC Agreement or NIC Election has been made) (hereinafter referred to as
                                         “Taxes”) are to be withheld upon the lapse of restrictions on Restricted
                                         Shares (the date on which such lapse of restrictions occurs hereinafter referred to as
                                         the “Tax Date”), the Grantee may elect to make payment for the withholding
                                         of those Taxes by one or a combination of the following methods:

 

		a)	payment of an amount in cash equal to the amount to be withheld;

 

		b)	selling and transferring to the Company a number of Shares having a Fair Market
Value on the Tax Date equal to the amount to be withheld; or

 

		c)	withholding from any compensation otherwise due to the Grantee.

 

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An election by a Grantee under this subsection is irrevocable.
Any fractional share amount and any additional withholding not paid by the withholding or surrender of Shares must be paid in cash.
If no timely election is made, the Grantee must deliver cash to satisfy all tax withholding requirements.

 

		1.	Any Grantee who makes an election under Section 83(b) of the Code and/or a Section 430 Election
or Section 431 Election shall remit to the Company an amount sufficient to satisfy all resulting tax withholding requirements in
the same manner as set forth in subsection (b).

 

		2.	If the Grantee, in connection with the grant of Restricted Shares, makes the
election permitted under Section 83(b) of the Code to include in such Grantee’s gross income in the year of transfer the amounts
specified in Section 83(b) of the Code, then such Grantee shall notify the Company of such election within 10 days of filing the
notice of the election with the Internal Revenue Service, in addition to any filing and notification required pursuant to regulations
issued under Section 83(b) of the Code. The Managing Directors together with the Board may, in connection with the grant of an
Award or at any time thereafter, prohibit a Grantee from making the election described above.

 

		3.	Irrespective of the above, when Taxes are to be withheld by the Company in
any event the Grantee will make a payment for the withholding of those Taxes to the Company by one or a combination of the following
methods:

 

		a)	payment of an amount in cash equal to the amount to be withheld;

 

		b)	selling and transferring to the Company a number of Shares having a Fair Market
Value equal to the amount to be withheld;

 

		c)	withholding from any compensation otherwise due to the Grantee; or

 

at the discretion
of the Committee and subject to applicable law, the Company may loan a Grantee all or any portion of the amount to be withheld.

 

Section 7 

Confidentiality

 

The Parties agree
to treat the contents of this Agreement including all related information and all Annexes and all data and information relating
to the business, customers, financial statements, conditions or operations of the Company and its Affiliates, as confidential,
preserve the confidentiality thereof, not duplicate or use or disclose to any person such

 

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information and
to cause his, her or its employees, Affiliates and representatives who have had access to such information to keep confidential
and not to use any such information (a) unless such information is now or is hereafter disclosed, through no act or omission of
any Party or their controlled Affiliates, employees or representatives, in a manner making it available to the general public,
or (b) unless such information is required by law or legal process to be disclosed, or (c) to the extent necessary to be disclosed
in connection with resolution of any dispute with respect to this Agreement. In addition, every Party may entrust confidential
matters to persons occupied in a profession bound to professional secrecy in the fields of law, business, accounting and tax consultancy
if and to the extent this is required to safeguard his or her own legitimate interests. Other exceptions to the professional secrecy
may be permitted in individual cases by a resolution of the Shareholders.

 

Section 8 

Implementation of this Agreement

 

		1.	This Agreement shall take effect as of [•] 2014 [2015].

 

		2.	This Agreement and the Articles and the Employment Agreement constitute the
entire agreement between the Company and the Grantee with respect to the subject matter hereof. This Agreement may not be orally
changed, modified or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be changed, modified
or terminated only by an agreement in writing signed by the Company and the Grantee.

 

		3.	The Parties further agree that, in case of deviations between the Articles and this Agreement,
the provisions agreed upon in the Articles shall take precedence over those of this Agreement. The provisions agreed herein represent
additional regulations under the law of obligations (schuldrechtliche Regelungen) with respect to the internal relationships
between the Parties. Insofar as provisions of the Articles are open to interpretation or amendment, the Parties agree to draw upon
the regulations stipulated in this Agreement for the interpretation or amendment of the former. Insofar as provisions of this Agreement
are not included or regulated in the Articles, the provisions of this Agreement shall apply.

 

Section 9 

Declarations

 

Unless otherwise
agreed herein, all notices, legal remedies or claims required or given hereunder, are sent to the Parties by registered mail to
the addresses indicated in the preface of this Deed or to such other address or addresses or to such other Person or Persons as
were communicated by the respective Party to the other Party in accordance

 

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with this provision,
provided however that each Party has always nominated an authorized representative for receiving the service of official or court
documents within the territory of the Federal Republic of Germany.

 

Section 10 

Tax

 

		1.	The Grantee hereby acknowledges that the Grantee has been advised by the Company to seek independent
tax advice regarding the availability and advisability of making an election under Section 83(b) of the United States Internal
Revenue Code of 1986, as amended, and that any such election, if made, must be made within 30 days of the Grant Date. The Grantee
is not relying on the Company or any of its officers, directors or employees for tax advice regarding Restricted Shares granted
in this Agreement. The Grantee bears sole responsibility for the filing any such Section 83(b) election with the appropriate governmental
authorities, irrespective of the fact that a copy of such election will also be delivered to the Company. The Grantee agrees to
promptly notify the Company in the event the Grantee makes a Section 83(b) election.

 

		2.	The Grantee hereby acknowledges that the Grantee has been advised by the Company to seek independent
tax advice regarding the availability and advisability of making a Section 431 Election, and that any such election, if made, must
be made no later than the date falling 14 days after the Grant Date. The Grantee is not relying on the Company or any of its officers,
directors or employees for tax advice regarding Restricted Shares granted in this Agreement.

 

		3.	The Grantee agrees to enter into a NIC Agreement or a NIC Election prior to the date on which the
Purchase Offer lapses if requested to do so by the Company.

 

		4.	Where no valid Section 431 Election as been made, the Grantee agrees to enter into a Section 430
Election within 14 days of the date on which the Purchase Offer lapses if requested to do so by the Company.

 

		5.	Whenever the Purchase Offer with respect
                                         to any Restricted Shares granted under the terms of this Agreement lapses, or upon the
                                         making of a Section 83(b) election or a Section 431 Election (a “Taxable Event”),
                                         the Grantee must remit or, in appropriate cases, agree to remit when due, the minimum
                                         amount necessary for the Company to satisfy all of its federal, state, local or foreign
                                         withholding (including FICA, employee’s NIC and, where a NIC Agreement or NIC Election
                                         has been entered into, employer’s NIC) tax requirements relating to such Taxable
                                         Event. At its discretion, the Board may require the Grantee to satisfy these minimum
                                         withholding tax obligations by any (or a combination) of the following

 

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means: (1) a cash
payment; (2) withholding from compensation otherwise payable to the Grantee; (3) authorizing the Company to withhold from the
Restricted Shares that become unrestricted as a result of the lapsing of the Purchase Offer a number of shares having a fair market
value, as of the date the withholding tax obligation arises, less than or equal to the amount of the withholding obligation; or
(4) delivering to the Company unencumbered Shares having a fair market value, as of the date the withholding tax obligation arises,
less than or equal to the amount of the withholding obligation.

 

		5.	By entering into this Agreement the Grantee agrees that
the Company may, unless it chooses to exercise its discretion as set in sub-section 5, withhold from the Restricted Shares that
become unrestricted as a result of the lapsing of the Purchase Offer a number of shares having a fair market value, as of the
date on which the withholding tax obligation arises, of not less than the amount of the withholding obligation.

 

Section 11 

Costs

 

Each Party bears the costs for the draft
and advice in connection with the conclusion of this Agreement and the measures provided for in it themselves, but the Company
shall bear the costs of the Grantee in connection with the conclusion of this Agreement.

 

Section 12 

Severability

 

		1.	Changes or additions to this Agreement must be made in writing to become effective
unless the notarisation or another specific form is prescribed by law. This applies accordingly to the amendment of the written
form clause.

 

		2.	If a provision of this Agreement should be completely or
partly invalid or impracticable, or if this Agreement should contain omissions, then the validity of the remaining provisions
shall not be affected hereby. In place of the invalid or impracticable provision, a reasonable stipulation shall apply which,
if legally permitted, most closely approximates the intention of the Shareholders in terms of the spirit and purpose of this Agreement.

 

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Section 13 

Miscellaneous

 

		1.	This Agreement is governed by German law. In case of disputes
of the Parties resulting out of or in connection with this Agreement or which otherwise affect the Grantee’s position as a Shareholder
and his Shareholders’ rights, to the extent to which a specification about the place of jurisdiction is permissible, lies exclusively
within the competence of the respective local responsible court at the relevant registered office of the Company.

 

		2.	Restricted Shares shall be special incentives awarded to
the Grantee and shall not be taken into account in computing the amount of salary or compensation of the Grantee for purposes
of determining any pension, retirement, death or other benefit under (a) any pension, retirement, profit-sharing, bonus, insurance
or other employee benefit plan of the Company or any Affiliate, except as such plan shall otherwise expressly provide, or (b)
any agreement between (i) the Company or any Affiliate and (ii) the Grantee (including the Employment Agreement), except as such
agreement shall otherwise expressly provide.

 

		3.	Nothing in this Agreement shall interfere with or limit
in any way the right of the Company or any Affiliate to terminate the Grantee’s employment or consulting contract at any time,
nor confer upon the Grantee the right to continue in the employ of or as a member of the management board, an officer of or as
a consultant to the Company or any Affiliate.

 

		4.	This Agreement shall be binding upon and inure solely to the benefit of the
Parties hereto and their respective successors and permitted assigns, and in the case of the Company any assignee or other successor
to its business or assets, including as a result of a Change of Control.

 

		5.	Headings in this Agreement are inserted merely for the purposes of ease of
reference and shall have no effect on the content or the interpretation of the provisions.

 

	Place, Date	 	Place, Date
	 	 	 
	/s/ Jonathan Symonds	 	/s/ Anthony Zook 12/7/14
	Innocoll AG	 	Anthony Zook
	Jonathan Symonds	 	 
	chairman of the supervisory board	 	 
	(Aufsichtsratsvorsitzender)	 	 

 

    	Page | 13Exhibit 4.21

 

Execution Version

 

Executive
Employment Agreement

In consideration of his employment by INNOCOLL, INC.
(“Company”) and the compensation and benefits outlined below, and intending to be legally bound, JAMES P. TURSI,
M.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 Management Board of the Company’s parent company, Innocoll AG.

		1.3	“Supervisory Board” means the Supervisory Board of Innocoll AG.

		1.4	“Change in 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, as such term is defined under the United States Securities Exchange Act of 1934, other
than (1) Existing Shareholders, and (2) Executive Management become the beneficial owners, directly or indirectly, of securities
of Innocoll AG representing more than fifty percent (50%) of the combined voting power of all of Innocoll AG’s then outstanding
securities, or

		(b)	Any transfer of all or substantially all of the assets of Innocoll AG, including without limitation
Innocoll AG’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.

Notwithstanding the foregoing, no
transaction will constitute a Change in Control unless such transaction also constitutes a “change in ownership” of
Innocoll AG or a “change in ownership of a substantial portion of the assets” of Innocoll AG within the meaning of
United States Treasury Regulation Section 1.409A-3(i)(5)(v) or 1.409A-3(i)(5)(vii), respectively.

		1.5	“Company’s Business” means:

		(a)	the business of development and commercialization of products based on collagen based drug delivery
technologies, including 

 

    	 

    	 

    

 

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

		(b)	any other material business conducted or under development during the Restrictive Period by Company,
any Affiliate of Company, or any current or prospective business partner or collaborator of the Company or Innocoll AG.

		1.6	“Effective Date” means the date that this Agreement is signed by Executive.

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

		1.8	“Existing Shareholders” means collectively, all shareholders of record of Innocoll AG as of the date of this Agreement,
all shareholders or general and limited partners of any shareholder of record of Innocoll AG as of the date of this Agreement (each
such partner or shareholder 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.

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

		1.10	“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.

		1.11	“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.

		1.12	“Subsidiary” means any corporation of which Company and/or Innocoll AG 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, Innocoll Pharmaceuticals, Ltd.,
an Irish private limited company, its subsidiary Syntacoll GmbH, a German limited liability company, Innocoll Technologies Ltd.,
an Irish private limited company, and Innocoll, Inc., a Virginia corporation.

 

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		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:

		3.1	Commencing on the Effective Date and subject to satisfactory reference and background checks, Executive shall serve on a full-time
basis as Chief Medical Officer of the Company and shall perform all duties and accept all responsibilities incident to such position
as may be reasonably assigned to Executive by the Company’s Chief Executive Officer or the Board. Executive shall report
to the Company’s Chief Executive Officer.

		3.2	Simultaneous with the Effective Date, the Board, with the authorization of the Supervisory Board (or its Compensation Committee),
will approve a grant to the Executive of options to purchase 20,980 ordinary shares under the Innocoll AG 2014 Stock Option Plan
(the “Stock Option Plan”), which (assuming exercise) will represent approximately 1.25% of the ordinary shares of Innocoll
AG outstanding as of the date of this Agreement. As provided in the Stock Option Plan, the options will be issued pursuant to a
Grant Letter Agreement between Innocoll AG and the Executive (the “Grant Letter”) and have an exercise price equal
to fair market value of the ordinary shares of which, at the Company’s discretion (as set forth in the Grant Letter), will
be either (i) 13.25 times the average closing price of the Company’s ADS on NASDAQ Global Market on the last 10 trading
days immediately preceding the Grant Date, or (ii) 13.25 times the price of Innocoll’s ADS on NASDAQ Global Market on
the Grant Date. The Grant Letter will also provide that the options will vest over three (3) years, with 1/3rd of the options vesting
after the first year following the Effective Date, and thereafter in equal quarterly installments. Options will be issued out of
Innocoll AG’s existing conditional capital and are subject to all other terms and conditions of the Stock Option Plan, including,
but 

 

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	 	 	not limited to, a 4-year
                                         mandatory waiting period before any option can be exercised and certain additional performance
                                         thresholds.

		3.3	For each calendar year of the Executive’s continuing employment starting in 2016, the Board, with the authorization of
the Supervisory Board (or its Compensation Committee), shall consider an annual grant to Executive of additional options under
the Stock Option Plan or a future stock option plan of the Company then in effect based upon a variety of factors deemed important
to the Supervisory Board including the Company’s performance and the competitiveness of the Executive’s compensation
within the relevant market. The annual grant shall be in the sole discretion of the Compensation Committee and the Supervisory
Board. The Compensation Committee and the Supervisory Board shall further have the discretion to issue to the Executive additional
equity compensation, including but not limited to options, as it may determine from time to time and will consider changes in the
capital of the Company when making such decisions.

		3.4	For all services rendered by Executive hereunder, so long as Executive is employed by Company, Company shall pay Executive
an annual base compensation (“Base Salary”) of Four Hundred Fifteen Thousand Dollars ($415,000) payable in installments
at such time as Company customarily pays its other U.S. employees and shall provide Executive with such medical, dental, life,
retirement, and disability insurance benefits as are provided to other U.S. executives of the Company. The Supervisory Board shall
review Executive’s Base Salary at least annually and may from time to time adjust Executive’s Base Salary in its sole
discretion. Nothing contained herein shall be deemed to establish any specific term of employment.

		3.5	Annually throughout the employment relationship, the Supervisory 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. 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 eligible
for a targeted performance bonus (“Annual Target Performance Bonus”) of forty percent (40%) of Executive’s Base
Salary; provided that the Supervisory Board shall have the discretion to pay an annual bonus to Executive even if Innocoll AG does
not fully achieve all of the Annual Corporate Goals or Executive does not fully achieve all of his Annual Individual Goals applicable
to any calendar year and shall have the discretion to pay Executive an annual bonus in excess of the Annual Target Performance
Bonus if Innocoll AG exceeds the Annual Corporate Goals and Executive exceeds his Annual Individual Goals. Executive’s bonus
in any year shall not exceed one hundred fifty percent (150%) of the Annual Target Performance Bonus. Such Annual Targeted Performance
Bonus or other 

 

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	 	 	annual bonus as may be
                                         determined by the Supervisory Board in its discretion shall be payable at such time and
                                         in such manner during the one hundred twenty (120) day period immediately following December
                                         31 of such calendar year as the Supervisory Board shall determine in its sole discretion.

		3.6	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.

		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 Innocoll AG, 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 or Innocoll AG'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 or Innocoll AG's business anywhere in
the world;

		5.3	solicit, employ, interfere with or attempt to entice away from Company, Innocoll AG or any Affiliate of Company any Person
who has been employed or was engaged by Company, Innocoll AG or any such Affiliate in an executive, management, marketing, scientific
or technical capacity in connection with the conduct of Company’s Business or Innocoll AG'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 Innocoll AG's Business, or solicit or deal with any Person who at any time during the one (1)
year period immediately preceding the Exit Date was a customer, client, supplier, agent or distributor of Company, Innocoll AG
or any Affiliate or, as of the Exit 

 

    	5

    	 

    

 

	 	 	Date, was the subject of active Company efforts to become a customer, client, supplier, agent
or distributor of the Company.

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 and Innocoll AG.

		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; provided, however, that Executive
shall be entitled to receive the following: (a) payment of accrued but unpaid Base Salary up to the Exit Date, if any, (b) any
Annual Target Performance Bonus earned but unpaid for the year preceding the year in which the Exit Date falls, (c) unreimbursed
business expenses, and (d) any vested or accrued benefits as of the Exit Date under any benefit plans maintained, or contributed
to, by the Company, or any disability benefits program sponsored by the Company (excluding for such purposes any stock option or
similar plans), subject to the terms and conditions of each such plan or program.

		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 (a) by Company, other than by reason of any of the events set forth in Section, 6.4 or 6.5 below,
or (b) by Executive as a result of (or in connection with) any of the following: (i) a material breach by the Company
of this Agreement; (ii) a change in Executive’s position with the Company that materially reduces the Executive’s
level of authority, responsibilities, or duties; (iii) a material reduction in the Executive’s fixed annual salary or
benefits; or (iv) the Change in Control of the Company and the Executive no longer reporting directly to Anthony P. Zook. In the
event that Executive seeks to terminate his employment pursuant to this Section, he must first provide the Company with thirty
(30) days written notice and an opportunity to cure pursuant to Section 9 of this Agreement.

		6.3	Upon termination of employment as set forth in Section 6.2 or Section 8 of this Agreement, and on the condition of signing
a separation agreement including a plenary release in a form acceptable to the Company, Executive shall be entitled to Base Salary
payable in installments and in 

 

    	6

    	 

    

 

	 	 	such amounts as were in effect on the date of termination of Executive’s employment for twelve
(12) months after the date the employment relationship between Company and Executive ends, provided however, that Executive’s
salary continuation hereunder shall not exceed the number of months of Executive’s employment.

		6.4	Executive shall not be entitled to any compensation or benefits, 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: 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 lawful directive of the Board or Supervisory 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 (if curable as permitted by Section 9 of this Agreement) within thirty (30)
days after receiving written notice from Company of the same; or Executive’s failure to fully perform such performance standards
as shall be determined from time to time by the Supervisory Board and the failure to cure the same within thirty (30) days after
receiving written notice from Company of the same.

		6.5	Death or Disability. In the event of the Executive’s death while employed by the Company, the Company shall
pay to the Executive’s estate all compensation and benefits earned through the date of death. In the event of 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, the Company shall pay to the Executive all compensation and benefits earned
through the date of disability. Additionally, in the event of death, Executive’s beneficiaries shall be entitled to receive
the proceeds from any applicable policy of life insurance obtained by the Company for the benefit of such beneficiaries. In the
event of disability, Executive shall be entitled to receive the proceeds from any applicable disability insurance policy obtained
by the Company for the benefit of the Executive.

		6.6	Upon termination of Executive’s employment for any reason, Executive agrees to resign from any and all other positions,
boards, and committees of the Company and its Affiliates and 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 

 

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	 	 	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 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.

 

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		7.3	Without request, Executive shall promptly and fully disclose to the Board and/or Supervisory 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 in Connection with a Change in Control.
                                         If Executive’s employment is terminated within ninety (90) days before or after
                                         a Change in Control for any reason other than (a) Cause, or (b) Executive’s
                                         resignation that does not qualify under Section 6.2, then any and all of the shares of
                                         Innocoll AG owned by Executive that remain subject to forfeiture shall automatically
                                         become no longer subject to forfeiture upon the latter to occur of: (i) the occurrence
                                         of the Change in Control, or (ii) the termination of Executive’s employment
                                         as provided above; provided, however, that if Executive’s resignation qualifies
                                         under Section 6.2, Executive must comply with the thirty (30) days written notice and
                                         opportunity to cure requirements of Section 6.2, and in such event, Executive shall be
                                         entitled to the compensation and benefits specified in Section 6.3 hereof, as well as,
                                         the acceleration of vesting of his equity compensation, subject to limitations imposed
                                         under German law.

		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.

 

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		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.	Compliance
                                         with 409A and 280G of the United States Internal Revenue Code.

		12.1	The intent of the parties is that all payments of compensation and benefits under this Agreement will comply with Section 409A
of the United States Internal Revenue Service Code (the “Code”) and regulations and guidance promulgated thereunder
to the extent such compensation and benefits are not exempt from Section 409A of the Code as short-term deferrals or otherwise.
Accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance with Section 409A of the
Code.

		12.2	If and to the extent required to comply with Section 409A of the Code, with respect to any payments or benefits required to
be paid on account of Executive’s termination of employment, “termination of employment” or words to similar
effect shall mean “separation from service” as defined in Section 409A of the Code and regulations issued thereunder.

		12.3	Notwithstanding any provision of this Agreement to the contrary, if Executive is considered a specified employee (as defined
below) at the time of his separation from service, under such procedures as established by Company in accordance with Section 409A
of the Code, all payments hereunder that are both treated as deferred compensation as defined in applicable regulations issued
under to Section 409A of the Code (after taking into account any applicable exemptions, including without limitation the exemption
for short-term deferrals as described in United States Treasury Regulation 1.409A-1(b)(4) and the exemption for separation pay
plans described in Unites States Treasury Regulation Section 1.409A-1(b)(9)(iii)) and are payable on account of Executive’s
separation from service (for any reason other than his death) may not 

 

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	 	 	commence earlier than the earlier of (i) six (6) months after
the date of Executive’s separation from service or (ii) the date of Executive’s death. Therefore, in the event this
provision is applicable to Executive, any such payment to which the preceding sentence applies that would otherwise be paid to
Executive within the first six (6) months following his separation from service shall be accumulated and paid to Executive or his
estate in a lump sum on the first regularly scheduled pay date following the first day of the seventh calendar month that begins
following Executive’s separation from service (or, if earlier, upon Executive’s death). All subsequent distributions
shall be paid in the manner otherwise specified in this Agreement. The term “specified employee” shall have the meaning
set forth in Section 409A of the Code and regulations thereunder.

		12.4	Each payment of remuneration or benefits paid to Executive or his estate following his separation from service pursuant to
Section 6.3 of this Agreement shall be treated as a separate payment for purposes of Section 409A of the Code and the regulations
thereunder. To the extent that the payment of any remuneration or benefits to Executive pursuant to Section 6.3 of this Agreement
is conditioned on Executive’s execution of a plenary release of all claims, such release must be executed and the applicable
revocation period provided for thereunder must expire (without any revocation of such release) no later than sixty days after Executive’s
separation from service. As soon as practicable after the expiration of the applicable revocation period under the release expires
without any revocation of such release (but no later than March 15 of the calendar year following the calendar year in which Executive’s
separation from service occurred), the Company will promptly pay Executive (or his estate if his has died) any amounts that were
conditioned upon his execution of a complete and general release and which were otherwise due and payable at the time such revocation
period expires.

		12.5	To the extent that any expense reimbursement, fringe benefit, in-kind benefit (including any reimbursement described in Section
6.3 of this Agreement) or any similar benefit to which Executive is entitled pursuant to this Agreement or pursuant to any other
plan or arrangement in which Executive participates during his period of employment or thereafter provides for a “deferral
of compensation” within the meaning of Section 409A of the Code, (i) the amount of expenses eligible for reimbursement provided
to Executive during any calendar year shall not affect the amount of expenses eligible for reimbursement or in-kind benefits provided
to Executive in any other calendar year, (ii) the reimbursements for expenses for which Executive is entitled to be reimbursed
shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred,
and (iii) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other
benefit.

 

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		12.6	To the extent that the payments and benefits provided under this Agreement and benefits provided to, or for the benefit of,
Executive under any other plan or agreement of the Company or any of its affiliates (such payments or benefits are collectively
referred to as the “Payments”) would be subject to the excise tax (the
“Excise Tax”) imposed under Section 4999 of the Code or any successor
provision thereto, or any similar tax imposed by state or local law, the Payments shall be reduced (but not below zero) to the
extent necessary so that no Payment to be made or benefit to be provided to Executive shall be subject to the Excise Tax (such
reduced amount is hereinafter referred to as the “Limited Payment Amount”),
but only if such reduction results in a higher after-tax payment to Executive after taking into account the Excise Tax and any
additional taxes Executive would pay if such Payments and benefits were not reduced. The determination of whether the Payments
shall be reduced to the Limited Payment Amount pursuant to this Agreement and the amount of such Limited Payment Amount shall be
made by the Company’s regular accounting firm (the “Accounting Firm”).
The Accounting Firm shall provide its determination (the “Determination”),
together with detailed supporting calculations and documentation to the Company and Executive within thirty (30) days of the Exit
Date or such other time as specified by mutual agreement of the Company and Executive. The Determination shall be binding, final
and conclusive upon the Company and Executive.

		13.	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 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.

		14.	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 in 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, 11, 12 and 13 of this Agreement 

 

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	 	 	and
                                         in such event, as used in this Agreement, “Company’’ shall include
                                         without limitation any assignee or other successor to its business or assets.

		15.	Miscellaneous.
                                         This Agreement (a) 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, (b) may be modified or varied only in writing signed by Company and Executive,
                                         (c) shall survive the termination of the employment relationship between Company
                                         and Executive, (d) is subject to and contingent and conditioned upon approval by
                                         the Supervisory Board and shall not be binding upon Company unless and until such approval
                                         by the Supervisory Board is given, and (e) shall be governed by Pennsylvania law
                                         without giving effect to any conflict of laws provisions, except to the extent that mandatory
                                         rules of German corporate law are controlling.

		16.	Legal
                                         Fees. The Company shall pay Executive’s reasonable
                                         legal fees and expenses incurred by him in connection with the negotiation and documentation
                                         of this Agreement up to a maximum of $15,000, upon presentation of appropriate documentation,
                                         but not later than sixty (60) days after such presentation.

		17.	Jurisdiction.
                                         The parties hereto agree that any legal suit, action,
                                         or proceeding between them arising out of or relating to this Agreement shall be brought
                                         in the appropriate state or federal court in or for the Pennsylvania county in which
                                         the Company’s principal U.S. office is located or, if none, then Chester County,
                                         Pennsylvania and the parties each waive any defense as to personal jurisdiction therein.

IN WITNESS WHEREOF, and INTENDING
TO BE LEGALLY BOUND HEREBY, the parties to this Agreement have executed this Agreement as of the  13th day
of March, 2015.

	Innocoll, Inc.
	 
	/s/ James P. Tursi, M.D.
	Name: James P. Tursi, M.D.
	Title: Chief Medical Officer

 

	James P. Tursi, M.D.
	 
	/s/
    James P. Tursi, M.D.
	James P. Tursi, M.D.

 

    	13

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