Document:

EX-10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into by and between Santarus,
Inc., a Delaware corporation (the “Company”), and Michael Step (“Executive”), and
shall be effective as of February 7, 2005 (the “Effective Date”).

WHEREAS, the Company desires to employ Executive, and Executive desires to be employed by the
Company, on the terms and subject to the conditions set forth herein; and

NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree as
follows:

1. Definitions. As used in this Agreement, the following terms shall have the
following meanings:

(a) Board. “Board” means the Board of Directors of the Company.

(b) Bonus. “Bonus” means an amount equal to the average of the bonuses
awarded to Executive for each of the three (3) fiscal years prior to the date of termination, or
such lesser number of years as may be applicable if Executive has not been employed for three (3)
full years on the date of termination. For purposes of determining Executive’s “Bonus,” to the
extent Executive received no bonus in a year due to a failure to meet the applicable performance
objectives, such year will still be taken into account (using zero (0) as the applicable bonus) in
determining Executive’s “Bonus” for purposes of Section 4. If any portion of the bonuses awarded
to Executive consisted of securities or other property, the fair market value thereof shall be
determined in good faith by the Board.

(c) Cause. “Cause” means any of the following:

(i) the commission of an act of fraud, embezzlement or dishonesty by Executive that has a
material adverse impact on the Company or any successor or affiliate thereof;

(ii) a conviction of, or plea of “guilty” or “no contest” to, a felony by Executive;

(iii) any unauthorized use or disclosure by Executive of confidential information or trade
secrets of the Company or any successor or affiliate thereof that has a material adverse impact on
any such entity;

(iv) Executive’s gross negligence, insubordination or material violation of any duty of
loyalty to the Company or any other material misconduct on the part of Executive;

(v) Executive’s ongoing and repeated failure or refusal to perform or neglect of Executive’s
duties as required by this Agreement, which failure, refusal or neglect continues for fifteen (15)
days following Executive’s receipt of written notice from the Board or the CEO stating with
specificity the nature of such failure, refusal or neglect; or

(vi) Executive’s breach of any material provision of this Agreement;

provided, however, that prior to the determination that “Cause” under this Section
1(c) has occurred, the Company shall (w) provide to Executive in writing, in reasonable detail, the
reasons for the determination that such “Cause” exists, (x) other than with respect to clause (v)
above which specifies the applicable period of time for Executive to remedy his or her breach,
afford Executive a reasonable opportunity to remedy any such breach, (y) provide the Executive an
opportunity to be heard prior to the final decision to terminate the Executive’s employment
hereunder for such “Cause” and (z) make any decision that such “Cause” exists in good faith.

The foregoing definition shall not in any way preclude or restrict the right of the Company or
any successor or affiliate thereof to discharge or dismiss Executive for any other acts or
omissions, but such other acts or omissions shall not be deemed, for purposes of this Agreement, to
constitute grounds for termination for Cause.

(d) Change of Control. “Change of Control” means and includes each of the
following:

(i) the acquisition, directly or indirectly, by any “person” or “group” (as those terms are
defined in Sections 3(a)(9), 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and the rules thereunder) of “beneficial ownership” (as determined
pursuant to Rule 13d-3 under the Exchange Act) of securities entitled to vote generally in the
election of directors (“voting securities”) of the Company that represent fifty percent
(50%) or more of the combined voting power of the Company’s then outstanding voting securities,
other than:

(A) an acquisition by a trustee or other fiduciary holding securities under any
employee benefit plan (or related trust) sponsored or maintained by the Company or any
person controlled by the Company or by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any person controlled by the Company, or

(B) an acquisition of voting securities by the Company or a corporation owned, directly
or indirectly by the stockholders of the Company in substantially the same proportions as
their ownership of the stock of the Company;

Notwithstanding the foregoing, the following event shall not constitute an “acquisition” by
any person or group for purposes of this Section 1(d): an acquisition of the Company’s securities
by the Company that causes the Company’s voting securities beneficially owned by a person or group
to represent fifty percent (50%) or more of the combined voting power of the Company’s then
outstanding voting securities; provided, however, that if a person or group shall
become the beneficial owner of fifty percent (50%) or more of the combined voting power of the
Company’s then outstanding voting securities by reason of share acquisitions by the Company as
described above and shall, after such share acquisitions by the Company, become the beneficial
owner of any additional voting securities of the Company, then such acquisition shall constitute a
Change of Control; or

(ii) during any period of two (2) consecutive years, individuals who, at the beginning of such
period, constitute the Board together with any new director(s) (other than a director designated by
a person who shall have entered into an agreement with the Company to effect a transaction
described in clauses (i) or (iii) of this Section 1(d)) whose election by the Board or nomination
for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of
the directors then still in office who either were directors at the beginning of the two (2) year
period or whose election or nomination for election was previously so approved, cease for any
reason to constitute a majority thereof; or

(iii) the consummation by the Company (whether directly involving the Company or indirectly
involving the Company through one or more intermediaries) of (x) a merger, consolidation,
reorganization, or business combination or (y) a sale or other disposition of all or substantially
all of the Company’s assets or (z) the acquisition of assets or stock of another entity, in each
case other than a transaction:

(A) which results in the Company’s voting securities outstanding immediately before the
transaction continuing to represent (either by remaining outstanding or by being converted
into voting securities of the Company or the person that, as a result of the transaction,
controls, directly or indirectly, the Company or owns, directly or indirectly, all or
substantially all of the Company’s assets or otherwise succeeds to the business of the
Company (the Company or such person, the “Successor Entity”) directly or indirectly,
at least a majority of the combined voting power of the Successor Entity’s outstanding
voting securities immediately after the transaction, and

(B) after which no person or group beneficially owns voting securities representing
fifty percent (50%) or more of the combined voting power of the Successor Entity;
provided, however, that no person or group shall be treated for purposes of
this clause (B) as beneficially owning fifty percent (50%) or more of combined voting power
of the Successor Entity solely as a result of the voting power held in the Company prior to
the consummation of the transaction; or

(iv) the Company’s stockholders approve a liquidation or dissolution of the Company.

(e) Good Reason. “Good Reason” means Executive’s voluntary resignation
following any one or more of the following that is effected without Executive’s written consent:

(i) the relocation of the office of Executive more than fifty (50) miles from Executive’s
principal place of employment as of the Effective Date or to a location outside of San Diego
County;

(ii) a change in Executive’s position that materially reduces his or her duties or
responsibilities;

(iii) a reduction in Executive’s base salary or target bonus as an employee of the Company,
other than pursuant to a Company-wide reduction of base salaries and target bonuses for employees
of the Company generally; or

(iv) the Company’s breach of any material provision of this Agreement; provided, that
Executive shall (w) provide to the Company in writing, in reasonable detail, notice of such breach
and (x) afford the Company a reasonable opportunity to remedy any such breach.

(f) Permanent Disability. Executive’s “Permanent Disability” shall be deemed
to have occurred if Executive shall become physically or mentally incapacitated or disabled or
otherwise unable fully to discharge his or her duties hereunder for a period of ninety (90)
consecutive calendar days or for one hundred twenty (120) calendar days in any one hundred eighty
(180) calendar-day period. The existence of Executive’s Permanent Disability shall be determined
by the Company on the advice of a physician chosen by the Company and the Company reserves the
right to have the Executive examined by a physician chosen by the Company at the Company’s expense.

(g) Stock Awards. “Stock Awards” means all stock options, restricted stock
and such other awards granted pursuant to the Company’s stock option and equity incentive award
plans or agreements and any shares of stock issued upon exercise thereof.

2. Services to Be Rendered.

(a) Duties and Responsibilities. Executive shall serve as Senior Vice President,
Corporate Development of the Company. In the performance of such duties, Executive shall report
directly to the CEO and shall be subject to the direction of the CEO and to such limits upon
Executive’s authority as the Board or the CEO may from time to time impose. Executive hereby
consents to serve as an officer and/or director of the Company or any subsidiary or affiliate
thereof without any additional salary or compensation, if so requested by the Board. Executive
shall be employed by the Company on a full time basis. Executive’s primary place of work shall be
the Company’s facility in San Diego, California, or such other location within San Diego County as
may be designated by the CEO from time to time. Executive shall also render services at such other
places within or outside the United States as the CEO may direct from time to time, however,
Executive’s primary place of work shall not be relocated more than fifty (50) miles from his or her
primary place of work as of the Effective Date or outside San Diego County without Executive’s
prior consent. Executive shall be subject to and comply with the policies and procedures generally
applicable to senior executives of the Company to the extent the same are not inconsistent with any
term of this Agreement.

(b) Exclusive Services. Executive shall at all times faithfully, industriously and to
the best of his or her ability, experience and talent perform to the satisfaction of the Board and
the CEO all of the duties that may be assigned to Executive hereunder and shall devote
substantially all of his or her productive time and efforts to the performance of such duties.
Subject to the terms of the Employee Confidentiality and Invention Assignment Agreement referred to
in Section 5(b), this shall not preclude Executive from devoting time to personal and family
investments or serving on community and civic boards, or participating in industry associations,
provided such activities do not interfere with his or her duties to the Company, as determined in
good faith by the CEO. Executive agrees that he or she will not join any boards, other than
community and civic boards (which do not interfere with his or her duties to the Company), without
the prior approval of the CEO. Notwithstanding the foregoing, Executive will be permitted to
provide transitional consulting services for Amylin Pharmaceuticals, Inc.; provided that such
services are limited to no more than 10 hours per month through no later than October 31, 2005 and
provided further that such services do not relate to any projects which would compete with
Company’s current and planned business activities.

3. Compensation and Benefits. The Company shall pay or provide, as the case may be,
to the Executive the compensation and other benefits and rights set forth in this Section 3.

(a) Base Salary. The Company shall pay to Executive a base salary of $227,500 per
year, payable in accordance with the Company’s usual pay practices (and in any event no less
frequently than monthly). Executive’s base salary shall be subject to review annually by and at
the sole discretion of the Compensation Committee of the Board.

(b) Bonus. Executive shall participate in any Management Incentive Compensation Plan
adopted by the Company or in such other bonus plan as the Board may approve for the senior
executives of the Company.

(c) Benefits. Executive shall be entitled to participate in benefits under the
Company’s benefit plans and arrangements, including, without limitation, any employee benefit plan
or arrangement made available in the future by the Company to its senior executives, subject to and
on a basis consistent with the terms, conditions and overall administration of such plans and
arrangements. The Company shall have the right to amend or delete any such benefit plan or
arrangement made available by the Company to its senior executives and not otherwise specifically
provided for herein.

(d) Expenses. The Company shall reimburse Executive for reasonable out-of-pocket
expenses incurred in connection with the performance of his or her duties hereunder, subject to (i)
such policies as the Company may from time to time establish, and (ii) Executive furnishing the
Company with evidence in the form of receipts satisfactory to the Company substantiating the
claimed expenditures.

(e) Paid Time Off. Executive shall be entitled to such periods of paid time off
(“PTO”) each year as provided under the Company’s PTO policy and as otherwise provided for
senior executive officers, but in no event shall Executive be entitled to less than four (4) weeks
of PTO.

(f) Equity Plans. Executive shall be entitled to participate in any equity or other
employee benefit plan that is generally available to senior executive officers, as distinguished
from general management, of the Company. Except as otherwise provided in this Agreement,
Executive’s participation in and benefits under any such plan shall be on the terms and subject to
the conditions specified in the governing document of the particular plan.

(g) Acceleration Upon a Change of Control. Subject to any additional acceleration of
exercisability described in Sections 4(b), (c) and (d) below, in connection with a Change of
Control (as defined in Section 1 above), the vesting and exercisability of fifty percent (50%) of
Executive’s outstanding Stock Awards shall be automatically accelerated. The foregoing provision
is hereby deemed to be a part of each such Stock Award and to supersede any less favorable
provision in any agreement or plan regarding such Stock Award.

4. Termination and Severance. Executive shall be entitled to receive benefits upon
termination of employment only as set forth in this Section 4:

(a) At-Will Employment; Termination. The Company and Executive acknowledge that
Executive’s employment is and shall continue to be at-will, as defined under applicable law, and
that Executive’s employment with the Company may be terminated by either party at any time for any
or no reason, with or without notice. If Executive’s employment terminates for any reason,
Executive shall not be entitled to any payments, benefits, damages, award or compensation other
than as provided in this Agreement. Executive’s employment under this Agreement shall be
terminated immediately on the death of Executive.

(b) Termination by Death. If Executive’s employment is terminated by death,
Executive’s estate shall be entitled to receive (i) Executive’s fully earned but unpaid base
salary, through the date of death at the rate then in effect, plus all other amounts to which
Executive is entitled under any compensation plan or practice of the Company at the time of
Executive’s death, (ii) Executive’s annual base salary as in effect immediately prior to the date
of death, payable over the twelve (12) month period commencing on the date of death in equal
monthly installments, (iii) an amount equal to Executive’s Bonus for the year in which Executive’s
death occurs prorated for the period during such year Executive was employed prior to his or her
death, payable over the twelve (12) month period commencing on the date of death in equal monthly
installments, and (iv) for the period beginning on the date of death and ending on the date which
is twelve (12) full months following the date of death, the Company shall pay for and provide
Executive’s dependents with healthcare and life insurance benefits coverage to the extent such
dependents were receiving such benefits prior to the date of Executive’s death, including, if
necessary, paying the costs associated with continuation coverage pursuant to the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). In addition, if
Executive’s employment is terminated by death, the vesting and/or exercisability of Executive’s
outstanding Stock Awards shall be automatically accelerated on the date of death as to the number
of shares that would vest over the twelve (12) months following Executive’s death under the
applicable vesting schedules had Executive remained continuously employed by the Company during
such period. Except as otherwise provided above with respect to accelerated vesting, if
Executive’s employment is terminated by death, the provisions of the award agreements governing
Executive’s Stock Awards regarding the exercisability of such Stock Awards following Executive’s
death shall apply.

(c) Termination for Permanent Disability. If Executive’s employment is terminated by
the Company for Permanent Disability, Executive shall be entitled to receive (i) Executive’s fully
earned but unpaid base salary, through the date of termination at the rate then in effect, plus all
other amounts to which Executive is entitled under any compensation plan or practice of the Company
at the time such payments are due, (ii) Executive’s annual base salary as in effect immediately
prior to the date of termination, payable over the twelve (12) month period commencing on the date
of termination in equal monthly installments, (iii) an amount equal to Executive’s Bonus for the
year in which the date of termination occurs prorated for the period during such year Executive was
employed prior to the date of termination, payable over the twelve (12) month period commencing on
the date of termination in equal monthly installments, and (iv) for the period beginning on the
date of termination and ending on the date which is twelve (12) full months following the date of
termination (or, if earlier, the date on which Executive accepts employment with another employer
that provides comparable benefits in terms of cost and scope of coverage), the Company shall pay
for and provide Executive and his or her dependents with healthcare and life insurance benefits
which are substantially the same as the benefits provided to Executive immediately prior to the
date of termination, including, if necessary, paying the costs associated with continuation
coverage pursuant to COBRA. In addition, if Executive’s employment is terminated by the Company
for Permanent Disability, the vesting and/or exercisability of Executive’s outstanding Stock Awards
shall be automatically accelerated on the date of termination as to the number of shares that would
vest over the twelve (12) months following Executive’s date of termination under the applicable
vesting schedules had Executive remained continuously employed by the Company during such period.
Except as otherwise provided above with respect to accelerated vesting, if Executive’s employment
is terminated by Permanent Disability, the provisions of the award agreements governing Executive’s
Stock Awards regarding the exercisability of such Stock Awards following Executive’s disability
shall apply.

(d) Termination without Cause or for Good Reason.

(i) Termination Apart From Change of Control. If Executive’s employment is terminated
by the Company without Cause or by Executive for Good Reason more than three (3) months prior to a
Change of Control or more than twelve (12) months following a Change of Control, Executive shall be
entitled to receive, in lieu of any severance benefits to which Executive may otherwise be entitled
under any severance plan or program of the Company, the benefits provided below:

(A) the Company shall pay to Executive his or her fully earned but unpaid base salary,
when due, through the date of termination at the rate then in effect, plus all other amounts
to which Executive is entitled under any compensation plan or practice of the Company at the
time of termination;

(B) Executive shall be entitled to receive severance pay in an amount equal to the sum
of:

(1) Executive’s base salary as in effect immediately prior to the date
of termination for the twelve (12) month period following the date of
termination, payable over the twelve (12) month period commencing on the
date of termination in equal monthly installments, plus

(2) an amount equal to Executive’s Bonus for the year in which the date
of termination occurs prorated for the period during such year Executive was
employed prior to the date of termination, payable over the twelve (12)
month period commencing on the date of termination in equal monthly
installments;

(C) The vesting and/or exercisability of each of Executive’s outstanding Stock Awards
shall be automatically accelerated on the date of termination as to the number of Stock
Awards that would vest over the twelve (12) month period following the date of termination
had Executive remained continuously employed by the Company during such period;

(D) for the period beginning on the date of termination and ending on the date which is
twelve (12) full months following the date of termination (or, if earlier, the date on which
Executive accepts employment with another employer that provides comparable benefits in
terms of cost and scope of coverage), the Company shall pay for and provide Executive and
his or her dependents with healthcare and life insurance benefits which are substantially
the same as the benefits provided to Executive immediately prior to the date of termination,
including, if necessary, paying the costs associated with continuation coverage pursuant to
COBRA; and

(E) Executive shall be entitled to executive-level outplacement services at the
Company’s expense, not to exceed $15,000. Such services shall be provided by a firm
selected by Executive from a list compiled by the Company.

(ii) Termination In Connection With Change of Control. If Executive’s employment is
terminated by the Company without Cause or by Executive for Good Reason within three (3) months
prior to or twelve (12) months following a Change of Control, Executive shall be entitled to
receive, in lieu of any severance benefits to which Executive may otherwise be entitled under any
severance plan or program of the Company, the benefits provided below:

(A) the Company shall pay to Executive his or her fully earned but unpaid base salary,
when due, through the date of termination at the rate then in effect, plus all other amounts
to which Executive is entitled under any compensation plan or practice of the Company at the
time of termination;

(B) Executive shall be entitled to receive severance pay in an amount equal to the sum
of:

(1) Executive’s base salary as in effect immediately prior to date of
termination for the twelve (12) month period following the date of termination,
payable, at Executive’s option, either over the twelve (12) month period commencing
on the date of termination in equal monthly installments or in a lump sum within
thirty (30) days following the consummation of the Change of Control, plus

(2) an amount equal to Executive’s Bonus for the year in which the date of
termination occurs prorated for the period during such year Executive was employed
prior to the date of termination, payable, at Executive’s option, either over the
twelve (12) month period commencing on the date of termination in equal monthly
installments or in a lump sum within thirty (30) days following the consummation of
the Change of Control;

(C) The vesting and/or exercisability of all of Executive’s outstanding unvested Stock
Awards shall be automatically accelerated on the date of termination;

(D) for the period beginning on the date of termination and ending on the date which is
twelve (12) full months following the date of termination (or, if earlier, the date on which
Executive accepts employment with another employer that provides comparable benefits in
terms of cost and scope of coverage), the Company shall pay for and provide Executive and
his or her dependents with healthcare and life insurance benefits which are substantially
the same as the benefits provided to Executive immediately prior to the date of termination,
including, if necessary, paying the costs associated with continuation coverage pursuant to
COBRA;

(E) Executive shall be entitled to executive-level outplacement services at the
Company’s expense, not to exceed $15,000. Such services shall be provided by a firm
selected by Executive from a list compiled by the Company; and

(F) The payments and benefits provided for in this Section 4(d)(ii) shall only be
payable in the event Executive’s employment is terminated by the Company without Cause or by
Executive for Good Reason within three (3) months prior to or twelve (12) months following a
Change of Control. If Executive’s employment is terminated by the Company without Cause or
by Executive for Good Reason prior to a Change of Control and such Change of Control is not
consummated within three (3) months following such termination, then Executive shall receive
the payments and benefits described in Section 4(d)(i) and shall not be eligible to receive
any of the payments and benefits described in this Section 4(d)(ii).

(e) Termination for Cause or Voluntary Resignation Without Good Reason. If
Executive’s employment is terminated by the Company for Cause or by Executive without Good Reason
(other than as a result of Executive’s death or Permanent Disability), the Company shall not have
any other or further obligations to Executive under this Agreement (including any financial
obligations) except that Executive shall be entitled to receive (i) Executive’s fully earned but
unpaid base salary, through the date of termination at the rate then in effect, and (ii) all other
amounts or benefits to which Executive is entitled under any compensation, retirement or benefit
plan or practice of the Company at the time of termination in accordance with the terms of such
plans or practices, including, without limitation, any continuation of benefits required by COBRA
or applicable law. In addition, if Executive’s employment is terminated by the Company for Cause
or by Executive without Good Reason (other than as a result of Executive’s death or Permanent
Disability), all vesting of Executive’s unvested Stock Awards previously granted to him or her by
the Company shall cease and none of such unvested Stock Awards shall be exercisable following the
date of such termination. The foregoing shall be in addition to, and not in lieu of, any and all
other rights and remedies which may be available to the Company under the circumstances, whether at
law or in equity.

(f) Release. As a condition to the Executive’s receipt of any post-termination
benefits described in this Agreement, Executive shall execute a Release (the
“Release”) in a form reasonably acceptable to the Company. Such Release shall specifically
relate to all of Executive’s rights and claims in existence at the time of such execution,
including any claims related to Executive’s employment by the Company and his or her termination of
employment, and shall exclude any continuing obligations the Company may have to Executive
following the date of termination under this Agreement or any other agreement providing for
obligations to survive Executive’s termination of employment.

(g) Exclusive Remedy. Except as otherwise expressly required by law (e.g., COBRA) or
as specifically provided herein, all of the Executive’s rights to salary, severance, benefits,
bonuses and other amounts hereunder (if any) accruing after the termination of Executive’s
employment shall cease upon such termination. In the event of a termination of Executive’s
employment with the Company, the Executive’s sole remedy shall be to receive the payments and
benefits described in this Section 4. In addition, Executive acknowledges and agrees that he or
she is not entitled to any reimbursement by the Company for any taxes payable by Executive as a
result of the payments and benefits received by Executive pursuant to this Section 4, including,
without limitation, any excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as
amended.

(h) No Mitigation. Executive shall not be required to mitigate the amount of any
payment provided for in this Section 4 by seeking other employment or otherwise, nor shall the
amount of any payment or benefit provided for in this Section 4 be reduced by any compensation
earned by Executive as the result of employment by another employer or self-employment or by
retirement benefits; provided, however, that loans, advances or other amounts owed
by Executive to the Company may be offset by the Company against amounts payable to Executive under
this Section 4; provided, further, that, as provided in Sections 4(c) or (d),
Executive’s right to continued healthcare and life insurance benefits following his or her
termination of employment will terminate on the date on which he or she accepts employment with
another employer that provides comparable benefits in terms of cost and scope of coverage.

(i) Return of the Company’s Property. If Executive’s employment is terminated
for any reason, the Company shall have the right, at its option, to require Executive to vacate his
or her offices prior to or on the effective date of termination and to cease all activities on the
Company’s behalf. Upon the termination of his or her employment in any manner, as a condition to
the Executive’s receipt of any post-termination benefits described in this Agreement, Executive
shall immediately surrender to the Company all lists, books and records of, or in connection with,
the Company’s business, and all other property belonging to the Company, it being distinctly
understood that all such lists, books and records, and other documents, are the property of the
Company. Executive shall deliver to the Company a signed statement certifying compliance with this
Section 4(i) prior to the receipt of any post-termination benefits described in this Agreement.

(j) Waiver of the Company’s Liability. Executive recognizes that his or her
employment is subject to termination with or without Cause for any reason and therefore Executive
agrees that Executive shall hold the Company harmless from and against any and all liabilities,
losses, damages, costs and expenses, including but not limited to, court costs and reasonable
attorneys’ fees, which Executive may incur as a result of the termination of Executive’s
employment. Executive further agrees that Executive shall bring no claim or cause of action
against the Company for damages or injunctive relieve based on a wrongful termination of
employment. Executive agrees that the sole liability of the Company to Executive upon termination
of this Agreement shall be that determined by this Section 4. In the event this covenant is more
restrictive than permitted by laws of the jurisdiction in which the Company seeks enforcement
thereof, this covenant shall be limited to the extent permitted by law.

5. Certain Covenants.

(a) Noncompetition. Except as may otherwise be approved by the Board, during the term
of Executive’s employment, Executive shall not have any ownership interest (of record or
beneficial) in, or have any interest as an employee, salesman, consultant, officer or director in,
or otherwise aid or assist in any manner, any firm, corporation, partnership, proprietorship or
other business that engages in any county, city or part thereof in the United States and/or any
foreign country in a business which competes directly or indirectly (as determined by the Board)
with the Company’s business in such county, city or part thereof, so long as the Company, or any
successor in interest of the Company to the business and goodwill of the Company, remains engaged
in such business in such county, city or part thereof or continues to solicit customers or
potential customers therein; provided, however, that Executive may own, directly or
indirectly, solely as an investment, securities of any entity which are traded on any national
securities exchange if Executive (x) is not a controlling person of, or a member of a group which
controls, such entity; or (y) does not, directly or indirectly, own one percent (1%) or more of any
class of securities of any such entity.

(b) Confidential Information. Executive and the Company have entered into the
Company’s standard employee confidentiality and invention assignment agreement (the “Employee
Confidentiality and Invention Assignment Agreement”). Executive agrees to perform each and
every obligation of Executive therein contained.

(c) Solicitation of Employees. Executive shall not during the term of Executive’s
employment and for the applicable severance period for which Executive receives severance benefits
following any termination hereof pursuant to Section 4(c) or (d) above (regardless of whether
Executive elects payment of severance amounts payable thereunder in a lump sum) (the
“Restricted Period”), directly or indirectly, solicit or encourage to leave the employment
of the Company or any of its affiliates, any employee of the Company or any of its affiliates.

(d) Rights and Remedies Upon Breach. If Executive breaches or threatens to commit a
breach of any of the provisions of this Section 5 (the “Restrictive Covenants”), the
Company shall have the following rights and remedies, each of which rights and remedies shall be
independent of the other and severally enforceable, and all of which rights and remedies shall be
in addition to, and not in lieu of, any other rights and remedies available to the Company under
law or in equity:

(i) Specific Performance. The right and remedy to have the Restrictive Covenants
specifically enforced by any court having equity jurisdiction, all without the need to post a bond
or any other security or to prove any amount of actual damage or that money damages would not
provide an adequate remedy, it being acknowledged and agreed that any such breach or threatened
breach will cause irreparable injury to the Company and that money damages will not provide
adequate remedy to the Company; and

(ii) Accounting and Indemnification. The right and remedy to require Executive (i) to
account for and pay over to the Company all compensation, profits, monies, accruals, increments or
other benefits derived or received by Executive or any associated party deriving such benefits as a
result of any such breach of the Restrictive Covenants; and (ii) to indemnify the Company against
any other losses, damages (including special and consequential damages), costs and expenses,
including actual attorneys’ fees and court costs, which may be incurred by them and which result
from or arise out of any such breach or threatened breach of the Restrictive Covenants.

(e) Severability of Covenants/Blue Pencilling. If any court determines that any of
the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the
Restrictive Covenants shall not thereby be affected and shall be given full effect, without regard
to the invalid portions. If any court determines that any of the Restrictive Covenants, or any
part thereof, are unenforceable because of the duration of such provision or the area covered
thereby, such court shall have the power to reduce the duration or area of such provision and, in
its reduced form, such provision shall then be enforceable and shall be enforced. Executive hereby
waives any and all right to attack the validity of the Restrictive Covenants on the grounds of the
breadth of their geographic scope or the length of their term.

(f) Enforceability in Jurisdictions. The Company and Executive intend to and do
hereby confer jurisdiction to enforce the Restrictive Covenants upon the courts of any jurisdiction
within the geographical scope of such covenants. If the courts of any one or more of such
jurisdictions hold the Restrictive Covenants wholly unenforceable by reason of the breadth of such
scope or otherwise, it is the intention of the Company and Executive that such determination not
bar or in any way affect the right of the Company to the relief provided above in the courts of any
other jurisdiction within the geographical scope of such covenants, as to breaches of such
covenants in such other respective jurisdictions, such covenants as they relate to each
jurisdiction being, for this purpose, severable into diverse and independent covenants.

(g) Definitions. For purposes of this Section 5, the term “Company” means not
only Santarus, Inc., but also any company, partnership or entity which, directly or indirectly,
controls, is controlled by or is under common control with Santarus, Inc.

6. Insurance. The Company shall have the right to take out life, health, accident,
“key-man” or other insurance covering Executive, in the name of the Company and at the Company’s
expense in any amount deemed appropriate by the Company. Executive shall assist the Company in
obtaining such insurance, including, without limitation, submitting to any required examinations
and providing information and data required by insurance companies.

7. Arbitration. Except as provided in Section 5, any claim or controversy arising out
of or relating to this Agreement shall be settled by arbitration in San Diego, California, in
accordance with the Commercial Arbitration Rules of the American Arbitration Association, and
judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction.
Each party shall select one arbitrator and the two arbitrators so chosen will select a third
arbitrator who shall act as the sole arbitrator of any dispute. Each party shall pay the fees of
its own attorneys, the expenses of its witnesses and all other expenses connected with presenting
its case; however, Executive and the Company agree that, except as may be prohibited by
law, the arbitrator may, in his or her discretion, award reasonable attorneys’ fees to the
prevailing party. Other costs of the arbitration, including the cost of any record or transcripts
of the arbitration, administrative fees, the fee of the sole arbitrator, and all other fees and
costs, shall be borne by the Company.

8. General Relationship. Executive shall be considered an employee of the Company
within the meaning of all federal, state and local laws and regulations including, but not limited
to, laws and regulations governing unemployment insurance, workers’ compensation, industrial
accident, labor and taxes.

9. Miscellaneous.

(a) Modification; Prior Claims. This Agreement sets forth the entire understanding of
the parties with respect to the subject matter hereof, supersedes all existing agreements between
them concerning such subject matter, and may be modified only by a written instrument duly executed
by each party.

(b) Assignment; Assumption by Successor. The rights of the Company under this
Agreement may, without the consent of Executive, be assigned by the Company, in its sole and
unfettered discretion, to any person, firm, corporation or other business entity which at any time,
whether by purchase, merger or otherwise, directly or indirectly, acquires all or substantially all
of the assets or business of the Company. The Company will require any successor (whether direct
or indirect, by purchase, merger or otherwise) to all or substantially all of the business or
assets of the Company expressly to assume and to agree to perform this Agreement in the same manner
and to the same extent that the Company would be required to perform it if no such succession had
taken place; provided, however, that no such assumption shall relieve the Company
of its obligations hereunder. As used in this Agreement, the “Company” shall mean the
Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which
assumes and agrees to perform this Agreement by operation of law or otherwise.

(c) Survival. The covenants, agreements, representations and warranties contained in
or made in Sections 4, 5, 7 and 9 of this Agreement shall survive any termination of Executive’s
employment.

(d) Third-Party Beneficiaries. This Agreement does not create, and shall not be
construed as creating, any rights enforceable by any person not a party to this Agreement.

(e) Waiver. The failure of either party hereto at any time to enforce performance by
the other party of any provision of this Agreement shall in no way affect such party’s rights
thereafter to enforce the same, nor shall the waiver by either party of any breach of any provision
hereof be deemed to be a waiver by such party of any other breach of the same or any other
provision hereof.

(f) Section Headings. The headings of the several sections in this Agreement are
inserted solely for the convenience of the parties and are not a part of and are not intended to
govern, limit or aid in the construction of any term or provision hereof.

(h) Notices. All notices, requests and other communications hereunder shall be in
writing and shall be delivered by courier or other means of personal service (including by means of
a nationally recognized courier service or professional messenger service), or sent by telex or
telecopy or mailed first class, postage prepaid, by certified mail, return receipt requested, in
all cases, addressed to:

If to the Company or the Board:

Santarus, Inc.

10590 West Ocean Air Drive

Suite 200

San Diego, CA 92130

Attention: Legal Affairs Department

If to Executive:

Michael Step

3244 Circa De Tierra

Olivenhain, CA 92024

All notices, requests and other communications shall be deemed given on the date of actual receipt
or delivery as evidenced by written receipt, acknowledgement or other evidence of actual receipt or
delivery to the address. In case of service by telecopy, a copy of such notice shall be personally
delivered or sent by registered or certified mail, in the manner set forth above, within three
business days thereafter. Any party hereto may from time to time by notice in writing served as
set forth above designate a different address or a different or additional person to which all such
notices or communications thereafter are to be given.

(h) Severability. All Sections, clauses and covenants contained in this Agreement are
severable, and in the event any of them shall be held to be invalid by any court, this Agreement
shall be interpreted as if such invalid Sections, clauses or covenants were not contained herein.

(i) Governing Law and Venue. This Agreement is to be governed by and construed in
accordance with the laws of the State of California applicable to contracts made and to be
performed wholly within such State, and without regard to the conflicts of laws principles thereof.
Except as provided in Sections 5 and 7, any suit brought hereon shall be brought in the state or
federal courts sitting in San Diego, California, the parties hereto hereby waiving any claim or
defense that such forum is not convenient or proper. Each party hereby agrees that any such court
shall have in personam jurisdiction over it and consents to service of process in any manner
authorized by California law.

(j) Non-transferability of Interest. None of the rights of Executive to receive any
form of compensation payable pursuant to this Agreement shall be assignable or transferable except
through a testamentary disposition or by the laws of descent and distribution upon the death of
Executive. Any attempted assignment, transfer, conveyance, or other disposition (other than as
aforesaid) of any interest in the rights of Executive to receive any form of compensation to be
made by the Company pursuant to this Agreement shall be void.

(k) Gender. Where the context so requires, the use of the masculine gender shall
include the feminine and/or neuter genders and the singular shall include the plural, and vice
versa, and the word “person” shall include any corporation, firm, partnership or other form of
association.

(l) Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
Agreement.

(m) Acceleration of Stock Awards. For purposes of this Agreement, to the extent the
vesting and/or exercisability of any of Executive’s outstanding Stock Awards and/or the lapsing of
any restrictions with respect to Stock Awards that Executive holds shall be accelerated pursuant to
this Agreement, if any Stock Award had previously been partially exercised such that an unexercised
portion of the Stock Award still remains outstanding as of the date of such acceleration, the
vesting acceleration provisions of this Agreement shall be applied to the total number of shares
subject to such Award that consist of (i) then unvested exercised shares that were previously
acquired upon the partial exercise of such Stock Award, plus (ii) the remaining unexercised portion
of the Stock Award. The acceleration of vesting shall be first applied toward the unvested
previously exercised shares such that no unexercised shares shall vest on an accelerated basis in
accordance with the provisions of this Agreement unless and until all of the unvested exercised
shares subject to such Stock Award have first vested. In addition, the acceleration of vesting
shall be applied to each Stock Award individually.

(n) Construction. The language in all parts of this Agreement shall in all cases be
construed simply, according to its fair meaning, and not strictly for or against any of the parties
hereto. Without limitation, there shall be no presumption against any party on the ground that
such party was responsible for drafting this Agreement or any part thereof.

(o) Withholding and other Deductions. All compensation payable to Executive hereunder
shall be subject to such deductions as the Company is from time to time required to make pursuant
to law, governmental regulation or order.

(signature page follows)

1

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set
forth above.

SANTARUS, INC.

	 	 	 	 	 
	
 
	 	By:
	 	/s/ Gerald T. Proehl
	
 
	 	 	 	 
	
 
	 	 	 	Gerald T. Proehl

President and Chief Executive Officer
	 
	 	 	 	 
	/s/ Michael Step

	 	

	 	

	 

	 	

	 	

Michael Step

2EX-10.2

Exhibit 10.2

SANTARUS, INC.

2004 EQUITY INCENTIVE AWARD PLAN

STOCK OPTION AGREEMENT

THIS AGREEMENT, dated as of the Grant Date set forth on Exhibit A hereto, (the terms
of which are hereby incorporated by reference and made a part of this Agreement) is made by and
between Santarus, Inc., a Delaware corporation, hereinafter referred to as the “Company,” and the
Employee, Director or consultant of the Company, or a Subsidiary of the Company, identified on
Exhibit A and hereinafter referred to as “Optionee.”

WHEREAS, the Company wishes to afford the Optionee the opportunity to purchase shares of its
Stock, par value $0.0001 per share; and

WHEREAS, the Company wishes to carry out the Santarus, Inc. 2004 Equity Incentive Award Plan
(the “Plan”) (the terms of which are hereby incorporated by reference and made a part of this
Agreement); and

WHEREAS, the Committee appointed to administer the Plan has determined that it would be to the
advantage and best interest of the Company and its stockholders to grant the Option provided for
herein to the Optionee as an inducement to enter into or remain in the service of the Company or
its Subsidiaries and as an incentive during such service, and has advised the Company thereof and
instructed the undersigned officer to issue said Option.

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties hereto do hereby
agree as follows:

ARTICLE I

DEFINITIONS

1.1 General. Wherever the following terms are used in this Agreement they shall have
the meanings specified below, unless the context clearly indicates otherwise. Capitalized terms
not specifically defined herein shall have the meanings specified in the Plan.

1.2 Director. “Director” shall mean a member of the Board. “Director” shall include
both a member of the Board who is an Employee and a “Non-Employee Director” (as defined in the
Plan).

1.3 Exercise Notice. “Exercise Notice” shall mean a written notice to the Company,
substantially in the form attached hereto as Exhibit B (or such other form as the Committee
shall approve), stating that the Option or a portion of the Option is exercised.

1.4 Grant Date. “Grant Date” shall mean the date of grant set forth on Exhibit
A.

1.5 Managing Underwriter. “Managing Underwriter” shall have the meaning set forth in
Section 5.3.

1.6 Market Standoff Period. “Market Standoff Period” shall have the meaning set forth
in Section 5.3.

1.7 Secretary. “Secretary” shall mean the Secretary of the Company.

1.8 Termination of Service. “Termination of Service” shall mean the time when the
service relationship (whether as an Employee, Director or a consultant) between the Optionee and
the Company or any Subsidiary is terminated for any reason, with or without Cause, including, but
not by way of limitation, a termination by resignation, discharge, death or Disability; but
excluding (a) a termination where there is a simultaneous reemployment or continuing employment or
consultancy of the Optionee by the Company or any Subsidiary or a parent corporation thereof
(within the meaning of Section 422 of the Code), (b) at the discretion of the Committee, a
termination which results in a temporary severance of the employee-employer or consulting
relationship, and (c) at the discretion of the Committee, a termination which is followed by the
simultaneous establishment of a consulting relationship by the Company or a Subsidiary with the
former Employee. The Committee, in its absolute discretion, shall determine the effect of all
matters and questions relating to Termination of Service for the purposes of this Agreement,
including, but not by way of limitation, the question of whether, for Optionees who are Employees
of the Company or any of its Subsidiaries, a Termination of Service resulted from a discharge for
Cause or Good Reason, and all questions of whether particular leaves of absence for Optionees who
are Employees of the Company or any of its Subsidiaries constitute Terminations of Service;
provided, however, that, if this Option is designated as an Incentive Stock Option,
unless otherwise determined by the Administrator in its discretion, a leave of absence, change in
status from an Employee to an independent contractor or other change in the employee-employer
relationship shall constitute a Termination of Service if, and to the extent that, such leave of
absence, change in status or other change interrupts employment for the purposes of Section
422(a)(2) of the Code and the then applicable regulations and revenue rulings under said Section.
Notwithstanding any other provision of the Plan or this Agreement, the Company or any Subsidiary
has an absolute and unrestricted right to terminate the Optionee’s employment and/or consultancy at
any time for any reason whatsoever, with or without Cause, except to the extent expressly provided
otherwise in a written agreement between the Company and the Optionee.

ARTICLE II

GRANT OF OPTION

2.1 Grant of Option. In consideration of the Optionee’s agreement to remain in the
employ of or otherwise provide services to the Company or its Subsidiaries and for other good and
valuable consideration, effective as of the Grant Date, the Company irrevocably grants to the
Optionee the Option to purchase any part or all of an aggregate of the number of shares of Stock
set forth on Exhibit A, upon the terms and conditions set forth in this Agreement. Unless
designated as a Non-Qualified Stock Option on Exhibit A, the Option shall be an Incentive
Stock Option to the maximum extent permitted by law.

2.2 Purchase Price. The purchase price of the shares of Stock subject to the Option
per share shall be as set forth on Exhibit A hereto, without commission or other charge;
provided, however, that if this Option is designated as an Incentive Stock Option
the price per share of the shares subject to the Option shall not be less than the greater of (i)
100% of the Fair Market Value of a share of Stock on the Grant Date, or (ii) 110% of the Fair
Market Value of a share of Stock on the Grant Date in the case of an Optionee then owning (within
the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all
classes of stock of the Company or any Subsidiary or parent corporation thereof (within the meaning
of Section 422 of the Code).

2.3 Consideration to the Company. In consideration of the granting of the Option by
the Company, the Optionee agrees to render faithful and efficient services to the Company or any
Subsidiary, with such duties and responsibilities as the Company shall from time to time prescribe.
Nothing in the Plan or this Agreement shall confer upon the Optionee any right to (a) continue in
the employ of the Company or any Subsidiary or shall interfere with or restrict in any way the
rights of the Company and its Subsidiaries, which are hereby expressly reserved, to discharge the
Optionee, if the Optionee is an Employee, or (b) continue to provide services to the Company or any
Subsidiary or shall interfere with or restrict in any way the rights of the Company or its
Subsidiaries, which are hereby expressly reserved, to terminate the services of Optionee, if the
Optionee is a Consultant, at any time for any reason whatsoever, with or without Cause, except to
the extent expressly provided otherwise in a written agreement between the Company and the
Optionee.

ARTICLE III

PERIOD OF EXERCISABILITY

3.1 Commencement of Exercisability.

(a) Subject to Sections 3.3 and 5.11, the Option shall become exercisable in such amounts and
at such times as are set forth in Exhibit A hereto.

(b) No portion of the Option which has not become exercisable at Termination of Service shall
thereafter become exercisable, except as may be otherwise provided by the Committee or as set forth
in a written agreement between the Company and the Optionee.

3.2 Duration of Exercisability. The installments provided for in Section 3.1(a) and
Exhibit A hereto are cumulative. Each such installment which becomes exercisable pursuant
to Section 3.1 shall remain exercisable until it becomes unexercisable under Section 3.3.

3.3 Expiration of Option. The Option may not be exercised to any extent by anyone
after the first to occur of the following events:

(a) The expiration of ten (10) years from the Grant Date; or

(b) If this Option is designated as an Incentive Stock Option and the Optionee owned (within
the meaning of Section 424(d) of the Code), at the time the Option was granted, more than ten
percent (10%) of the total combined voting power of all classes of stock of the Company or any
Subsidiary or parent corporation thereof (within the meaning of Section 422 of the Code), the
expiration of five years from the date the Option was granted; or

(c) The expiration of 90 days following the date of the Optionee’s Termination of Service,
unless, if Optionee is an Employee of the Company or any of its Subsidiaries, such Termination of
Service occurs by reason of the Optionee’s discharge for Cause, or by reason of the Optionee’s
death, or Disability or as set forth in a written agreement with the Company; or

(d) The date of the Optionee’s Termination of Service by reason of the Optionee’s discharge
for Cause if Optionee is an Employee of the Company or any of its Subsidiaries; or

(e) The expiration of one year following the date of the Optionee’s Termination of Service by
reason of the Optionee’s death or Disability if Optionee is an Employee of the Company or any of
its Subsidiaries.

3.4 Special Tax Consequences. The Optionee acknowledges that, to the extent that the
aggregate Fair Market Value of stock with respect to which Incentive Stock Options (but without
regard to Section 422(d) of the Code), including the Option, are exercisable for the first time by
the Optionee during any calendar year (under the Plan and all other incentive stock option plans of
the Company, any Subsidiary and any parent corporation thereof (within the meaning of Section 422
of the Code)) exceeds $100,000, the Option and such other options shall be treated as not
qualifying under Section 422 of the Code but rather shall be taxed as Non-Qualified Stock Options.
The Optionee further acknowledges that the rule set forth in the preceding sentence shall be
applied by taking options into account in the order in which they were granted. For purposes of
these rules, the Fair Market Value of Stock shall be determined as of the time the option with
respect to such Stock is granted.

ARTICLE IV

EXERCISE OF OPTION

4.1 Person Eligible to Exercise. Except as provided in Sections 5.2(b) and 5.2(c),
during the lifetime of the Optionee, only the Optionee may exercise the Option or any portion
thereof. After the death of the Optionee, any exercisable portion of the Option may, prior to the
time when the Option becomes unexercisable under Section 3.3, be exercised by the Optionee’s
beneficiary designated in accordance with Section 10.4 of the Plan. If no beneficiary has been
designated or survives the Optionee, the Option may be exercised by the person entitled to such
exercise pursuant to the Optionee’s will or the laws of descent and distribution.

4.2 Partial Exercise. Any exercisable portion of the Option or the entire Option, if
then wholly exercisable, may be exercised in whole or in part at any time prior to the time when
the Option or portion thereof becomes unexercisable under Section 3.3.

4.3 Manner of Exercise. The Option, or any exercisable portion thereof, may be
exercised solely by delivery to the Secretary or the Secretary’s office of all of the following
prior to the time when the Option or such portion thereof becomes unexercisable under Section 3.3:

(a) An Exercise Notice in writing signed by the Optionee or the other person then entitled to
exercise the Option or portion thereof, stating that the Option or portion thereof is thereby
exercised, such notice complying with all applicable rules established by the Committee. Such
notice shall be substantially in the form attached as Exhibit B (or such other form as is
prescribed by the Committee); and

(b) (i) Full payment (in cash or by check) for the shares with respect to which the
Option or portion thereof is exercised, to the extent permitted under applicable laws; or

(ii) With the consent of the Committee, such payment may be made, in whole or in part,
through the delivery of shares of Stock which have been owned by the Optionee for at least
six months, duly endorsed for transfer to the Company with a Fair Market Value on the date
of delivery equal to the aggregate exercise price of the Option or exercised portion
thereof; or

(iii) To the extent permitted under applicable laws, through the delivery of a notice
that the Optionee has placed a market sell order with a broker with respect to shares of
Stock then issuable upon exercise of the Option, and that the broker has been directed to
pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of
the Option exercise price, provided, that payment of such proceeds is made to the
Company upon settlement of such sale; or

(iv) With the consent of the Committee, any combination of the consideration provided
in the foregoing subparagraphs (i), (ii) and (iii); and

(c) A bona fide written representation and agreement, in such form as is prescribed by the
Committee, signed by the Optionee or other person then entitled to exercise such Option or portion
thereof, stating that the shares of Stock are being acquired for the Optionee’s own account, for
investment and without any present intention of distributing or reselling said shares or any of
them except as may be permitted under the Securities Act and then applicable rules and regulations
thereunder, and that the Optionee or other person then entitled to exercise such Option or portion
thereof will indemnify the Company against and hold it free and harmless from any loss, damage,
expense or liability resulting to the Company if any sale or distribution of the shares by such
person is contrary to the representation and agreement referred to above. The Committee may, in
its absolute discretion, take whatever additional actions it deems appropriate to ensure the
observance and performance of such representation and agreement and to effect compliance with the
Securities Act and any other federal or state securities laws or regulations. Without limiting the
generality of the foregoing, the Committee may require an opinion of counsel acceptable to it to
the effect that any subsequent transfer of shares acquired on an Option exercise does not violate
the Securities Act, and may issue stop-transfer orders covering such shares. Share certificates
evidencing Stock issued on exercise of the Option shall bear an appropriate legend referring to the
provisions of this subsection (c) and the agreements herein. The written representation and
agreement referred to in the first sentence of this subsection (c) shall, however, not be required
if the shares to be issued pursuant to such exercise have been registered under the Securities Act,
and such registration is then effective in respect of such shares; and

(d) Full payment to the Company (or other employer corporation) of all amounts which, under
federal, state or local tax law, it is required to withhold upon exercise of the Option. With the
consent of the Committee, (i) shares of Stock owned by the Optionee for at least six months duly
endorsed for transfer or (ii) shares of Stock issuable to the Optionee upon exercise of the Option,
having a Fair Market Value at the date of Option exercise equal to the statutory minimum sums
required to be withheld, may be used to make all or part of such payment; and

(e) In the event the Option or portion thereof shall be exercised pursuant to Section 4.1 by
any person or persons other than the Optionee, appropriate proof of the right of such person or
persons to exercise the Option.

4.4 Conditions to Issuance of Stock Certificates. The shares of Stock deliverable
upon the exercise of the Option, or any portion thereof, may be either previously authorized but
unissued shares or issued shares which have then been reacquired by the Company. Such shares shall
be fully paid and nonassessable. The Company shall not be required to issue or deliver any
certificate or certificates for shares of Stock purchased upon the exercise of the Option or
portion thereof prior to fulfillment of all of the following conditions:

(a) The admission of such shares to listing on all stock exchanges on which such Stock is then
listed; and

(b) The completion of any registration or other qualification of such shares under any state
or federal law or under rulings or regulations of the Securities and Exchange Commission or of any
other governmental regulatory body, which the Committee shall, in its absolute discretion, deem
necessary or advisable; and

(c) The obtaining of any approval or other clearance from any state or federal governmental
agency which the Committee shall, in its absolute discretion, determine to be necessary or
advisable; and

(d) The receipt by the Company of full payment for such shares, including payment of all
amounts which, under federal, state or local tax law, the Company (or other employer corporation)
is required to withhold upon exercise of the Option; and

(e) The lapse of such reasonable period of time following the exercise of the Option as the
Committee may from time to time establish for reasons of administrative convenience.

4.5 Rights as Stockholder. The holder of the Option shall not be, nor have any of the
rights or privileges of, a stockholder of the Company in respect of any shares purchasable upon the
exercise of any part of the Option unless and until certificates representing such shares shall
have been issued by the Company to such holder.

ARTICLE V

OTHER PROVISIONS

5.1 Administration. The Committee shall have the power to interpret the Plan and this
Agreement and to adopt such rules for the administration, interpretation and application of the
Plan as are consistent therewith and to interpret, amend or revoke any such rules. All actions
taken and all interpretations and determinations made by the Committee in good faith shall be final
and binding upon the Optionee, the Company and all other interested persons. No member of the
Committee shall be personally liable for any action, determination or interpretation made in good
faith with respect to the Plan, this Agreement or the Option. In its absolute discretion, the
Board may at any time and from time to time exercise any and all rights and duties of the Committee
under the Plan and this Agreement.

5.2 Option Not Transferable.

(a) Subject to Section 5.2(b), the Option may not be sold, pledged, assigned or transferred in
any manner other than by will or the laws of descent and distribution unless and until the Option
has been exercised, or the shares underlying such Option have been issued, and all restrictions
applicable to such shares have lapsed. Neither the Option nor any interest or right therein shall
be liable for the debts, contracts or engagements of the Optionee or his or her successors in
interest or shall be subject to disposition by transfer, alienation, anticipation, pledge,
encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or
by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable
proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void
and of no effect, except to the extent that such disposition is permitted by the preceding
sentence.

(b) Notwithstanding any other provision in this Agreement, with the consent of the Committee
and to the extent the Option is not intended to qualify as an Incentive Stock Option, the Option
may be transferred to, exercised by and paid to certain persons or entities related to the
Optionee, including but not limited to members of the Optionee’s family, charitable institutes or
trusts or other entities whose beneficiaries or beneficial owners are members of the Optionee’s
family or to such other persons or entities as may be expressly approved by the Committee (each a
“Permitted Transferee”), pursuant to such conditions and procedures as the Committee may require.

(c) Unless transferred to a Permitted Transferee in accordance with Section 5.2(b), during the
lifetime of the Optionee, only the Optionee may exercise the Option or any portion thereof.
Subject to such conditions and procedures as the Committee may require, a Permitted Transferee may
exercise the Option or any portion thereof during the Optionee’s lifetime. After the death of the
Optionee, any exercisable portion of the Option may, prior to the time when the Option becomes
unexercisable under Section 3.3, be exercised by the Optionee’s beneficiary designated in
accordance with Section 10.4 of the Plan. If no beneficiary has been designated or survives the
Optionee, the Option may be exercised by the person entitled to such exercise pursuant to the
Optionee’s will or the laws of descent and distribution.

5.3 Lock-Up Period. The Optionee hereby agrees that, if so requested by the Company
or any representative of the underwriters (the “Managing Underwriter”) in connection with any
registration of the offering of any securities of the Company under the Securities Act, the
Optionee shall not sell or otherwise transfer any shares of Stock or other securities of the
Company during such period as may be requested in writing by the Managing Underwriter and agreed to
in writing by the Company (which period shall not be longer than 180 days) (the “Market Standoff
Period”) following the effective date of a registration statement of the Company filed under the
Securities Act; provided, however, that such restriction shall apply only to the
first registration statement of the Company to become effective under the Securities  Act
that includes securities to be sold on behalf of the Company to the public in an underwritten
public offering under the Securities Act.

5.4 Restrictive Legends and Stop-Transfer Orders.

(a) The share certificate or certificates evidencing the shares of Stock purchased hereunder
shall be endorsed with any legends that may be required by state or federal securities laws.

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

(c) The Company shall not be required: (i) to transfer on its books any shares of Stock that
have been sold or otherwise transferred in violation of any of the provisions of this Agreement, or
(ii) to treat as owner of such shares of Stock or to accord the right to vote or pay dividends to
any purchaser or other transferee to whom such shares shall have been so transferred.

5.5 Shares to Be Reserved. The Company shall at all times during the term of the
Option reserve and keep available such number of shares of Stock as will be sufficient to satisfy
the requirements of this Agreement.

5.6 Notices. Any notice to be given under the terms of this Agreement to the Company
shall be addressed to the Company in care of the Legal Affairs Department, and any notice to be
given to the Optionee shall be addressed to the Optionee at the address given beneath the
Optionee’s signature hereto. By a notice given pursuant to this Section 5.6, either party may
hereafter designate a different address for notices to be given to that party. Any notice which is
required to be given to the Optionee shall, if the Optionee is then deceased, be given to the
Optionee’s designated beneficiary if any, or the person otherwise entitled to exercise his or her
Option pursuant to Section 4.1 by written notice under this Section 5.6. Any notice shall be
deemed duly given when sent via email or enclosed in a properly sealed envelope or wrapper
addressed as aforesaid and deposited (with postage prepaid) in a post office or branch post office
regularly maintained by the United States Postal Service.

5.7 Titles. Titles are provided herein for convenience only and are not to serve as a
basis for interpretation or construction of this Agreement.

5.8 Stockholder Approval. The Plan will be submitted for approval by the Company’s
stockholders within 12 months after the date the Plan was initially adopted by the Board. The
Option may not be exercised to any extent by anyone prior to the time when the Plan is approved by
the stockholders, and if such approval has not been obtained by the end of said 12 month period,
the Option shall thereupon be canceled and become null and void.

5.9 Notification of Disposition. If this Option is designated as an Incentive Stock
Option, the Optionee shall give prompt notice to the Company of any disposition or other transfer
of any shares of stock acquired under this Agreement if such disposition or transfer is made (a)
within two years from the Grant Date with respect to such shares or (b) within one year after the
transfer of such shares to him. Such notice shall specify the date of such disposition or other
transfer and the amount realized, in cash, other property, assumption of indebtedness or other
consideration, by the Optionee in such disposition or other transfer.

5.10 Construction. This Agreement shall be administered, interpreted and enforced
under the laws of the State of California without regard to conflicts of laws thereof.

5.11 Conformity to Securities Laws. The Optionee acknowledges that the Plan is
intended to conform to the extent necessary with all provisions of the Securities Act and the
Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange
Commission thereunder, and state securities laws and regulations. Notwithstanding anything herein
to the contrary, the Plan shall be administered, and the Option is granted and may be exercised,
only in such a manner as to conform to such laws, rules and regulations. To the extent permitted
by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to
conform to such laws, rules and regulations.

5.12 Amendments. This Agreement may not be modified, amended or terminated except by
an instrument in writing, signed by the Optionee or such other person as may be permitted to
exercise the Option pursuant to Section 4.1 and by a duly authorized representative of the Company.

(signature page follows)

1

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto.

SANTARUS, INC.

BY:

Optionee Name:

Address:

Optionee’s Social Security Number:

2

EXHIBIT A

STOCK OPTION AGREEMENT

dated _____________, _____,

by and between

Santarus, Inc.

and _____________________

Optionee’s Name:      

Optionee’s Address:      

Optionee’s Social Security Number:      

Type of Option (check one):

 ̈  Incentive Stock Option

 ̈ Non-Qualified Stock Option

Date of Grant:     

Vesting Commencement Date:      

1. Pursuant to Section 2.1 of the Agreement, the Company grants an option to purchase any part
or all of an aggregate of      shares of Common Stock (“Option Shares”) at a price per
share of $     upon the terms and conditions set forth in the Agreement.

2. In accordance with Section 3.1(a) of the Agreement and subject to stockholder approval of
the Plan, the Option shall become exercisable in cumulative installments, rounded down to the
nearest whole number of shares, as follows:

(a) One-fourth (1/4) of the Option Shares will vest one year after the Vesting
Commencement Date.

(b) The remainder of the Option Shares will vest monthly thereafter over the following
three (3) years at a rate of 1/36th of the shares each month.

3. Capitalized terms not otherwise defined herein shall have the meanings assigned thereto in
the Agreement.

3

EXHIBIT B

FORM OF EXERCISE NOTICE

Santarus, Inc.

10590 West Ocean Air Drive

Suite 200

San Diego, CA 92130

Attention: [Secretary]

Re: Exercise of Stock Option

Ladies and Gentlemen:

1. Exercise of Option. The undersigned Optionee,      , was granted an
option (the “Option”) to purchase shares of the Common Stock, par value $0.0001 per share (“Common
Stock”), of Santarus, Inc., a Delaware corporation (the “Company”), effective as of      ,
pursuant to the Stock Option Agreement, dated      (the “Option Agreement”). The
undersigned hereby elects to exercise the Option as follows:

	 	(a)	 	The undersigned hereby elects to exercise the Option as to
     shares of the Common Stock, in accordance with Section 3.1 of the
Option Agreement (the “Shares”).

(b) This date of this exercise is      ,      .

2. Payment. The undersigned has enclosed herewith      (representing full payment for
such Shares in accordance with Section 4.3 of the Option Agreement). The undersigned authorizes
payroll withholding and otherwise will make adequate provision for the tax withholding obligations
of the Company, if any, with respect to such exercise.

3. Binding Effect. The undersigned agrees that the Shares are being acquired in accordance
with and subject to the terms, provisions and conditions of the Option Agreement set forth therein,
to all of which the undersigned hereby expressly assent. This Agreement shall inure to the benefit
of and be binding upon the heirs, executors, administrators, successors and assigns of the
undersigned.

The undersigned understands that she is purchasing the Shares pursuant to the terms of the
Option Agreement, a copy of which the undersigned has received and carefully read and understands.

     

Receipt of the above is hereby acknowledged

SANTARUS, INC.,

a Delaware corporation

By:     

Title:     

4

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