Document:

Exhibit 10.6

 

amended
 & restATED

EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(the “Agreement”) is made by and between COLLEGIUM PHARMACEUTICAL, INC. (the “Company”) and RICHARD
MALAMUT, M.D. (the “Executive”).

 

WHEREAS, the Company
and the Executive are parties to an Employment Agreement dated as of April 1, 2019 (the “Existing Agreement”);
and

 

WHEREAS, the Company
and the Executive desire to amend and restate the Existing Agreement and enter into this Agreement pursuant to which the Company
will continue to employ Executive.

 

NOW, THEREFORE, in
consideration of the foregoing and intending to be bound hereby, the parties agree as follows:

 

1.                 
Duration of Agreement. This Agreement is effective as of January 1, 2021 and has no specific expiration date. Unless
terminated by agreement of the parties, this Agreement will govern Executive’s employment by the Company until that employment
ceases.

 

2.                 
Title; Duties. Executive will continue to be employed as the Company’s Executive Vice President and Chief Medical
Officer and will report to the Company’s Chief Executive Officer. Executive will devote his best efforts and substantially
all of his business time and services to the Company and its affiliates to perform such duties as may be customarily incident to
his position and as may reasonably be assigned to him from time to time consistent with his position. Executive will not, in any
capacity, engage in other business activities or perform services for any other individual, firm or corporation without the prior
written consent of the Company; provided, however, that without such consent, Executive may engage in charitable, non-profit
and public service activities, so long as such activities do not materially interfere or conflict with Executive’s performance
of his duties and obligations to the Company.

 

3.                 
Place of Performance. Executive will perform his services hereunder at the principal executive offices of the Company
in Stoughton, Massachusetts, or such other locations approved by the Chief Executive Officer.

 

4.                 
Compensation.

 

4.1             
Base Salary. Executive’s annual salary will be $423,300 (the “Base Salary”), paid in accordance
with the Company’s payroll practices as in effect from time to time. The Base Salary will be reviewed annually for increase
by the Compensation Committee of the Company’s Board of Directors (the “Committee”).

 

4.2             
Annual Bonuses.

 

4.2.1        For
each fiscal year ending during his employment, Executive will be eligible to earn an annual bonus. The target amount of that
bonus will be 50% of Executive’s Base Salary for the applicable fiscal year. The actual bonus payable with respect to a
particular year will be determined by the Committee, based on the achievement of corporate and/or individual performance
objectives established by the Committee. Any bonus payable under this paragraph will be paid during the calendar year
immediately following the fiscal year in respect of which the bonus is payable and, except as otherwise provided in Section
5.1.1, will only be paid if Executive remains continuously employed by the Company through the actual bonus payment
date.

 

     

     

    

 

4.2.2       
For purposes of determining any bonus payable to Executive, the measurement of corporate and individual performance will
be performed by the Committee in good faith. From time to time, the Committee may, in its sole discretion, make adjustments to
corporate or individual performance goals, so that required departures from the Company’s operating budget, changes in accounting
principles, acquisitions, dispositions, mergers, consolidations and other corporate transactions, and other factors influencing
the achievement or calculation of such goals do not affect the operation of this provision in a manner inconsistent with its intended
purposes.

 

4.3             
Employee Benefits. During Executive’s employment, Executive will be eligible to participate in all employee
benefit plans and programs made available by the Company from time to time to employees generally, subject to applicable plan terms
and policies. The Company periodically reviews its benefits, policies, benefits providers and practices and may terminate, alter
or change them at its discretion from time to time.

 

4.4             
Reimbursement of Expenses. The Executive will be reimbursed by the Company for all reasonable business expenses incurred
by Executive in accordance with the Company’s customary expense reimbursement policies as in effect from time to time. Notwithstanding
anything herein to the contrary, to the extent any expense, reimbursement or in-kind benefit provided to the Executive constitutes
a “deferral of compensation” within the meaning of Section 409A of the Internal Revenue Code (the “Code”)
(i) the amount of expenses eligible for reimbursement or in-kind benefits provided to the Executive must be incurred during the
Executive’s term of employment; (ii) the amount of expenses eligible for reimbursement or in- kind benefits provided to the
Executive during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided
to the Executive in any other calendar year, (iii) the reimbursements for expenses for which the 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 (iv) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit.

 

4.5             
Commuting Costs. The Company shall pay or shall reimburse the Executive for his reasonable costs incurred for commuting
to and from the Company’s principal executive office and for costs for lodging in the area of such office, subject to the
Company’s travel and entertainment policies.

 

5.                  Termination.
Executive’s employment with the Company may be terminated by the Company or Executive at any time and for any reason.
Upon any cessation of his employment with the Company, Executive will be entitled only to such compensation and benefits as
described in this Section 5. Upon any cessation of his employment for any reason, unless otherwise requested by the
Company, Executive agrees to resign immediately from all officer and director positions he then holds with the Company and
its affiliates.

 

    -2-

     

    

 

5.1             
Termination without Cause or for Good Reason. If Executive’s employment by the Company ceases due to a termination
by the Company without Cause (as defined below) or a resignation by Executive for Good Reason (as defined below), Executive will
be entitled to:

 

5.1.1       
payment of any annual bonus otherwise payable (but for the cessation of Executive’s employment) with respect to a
year ended prior to the cessation of Executive’s employment;

 

5.1.2       
continuation of Executive’s Base Salary for a period equal to twelve (12) months, payable in accordance with the Company’s
standard payroll practices;

 

5.1.3       
payment equal to Executive’s target annual bonus described in Section 4.2.1, paid in twelve (12) substantially
equal installments over a twelve-month period and in accordance with the Company’s standard payroll practices;

 

5.1.4       
accelerated vesting of any unvested restricted stock, stock options and other equity incentives awarded to Executive by
the Company that are solely subject to time-based vesting criteria equal to what would have vested had Executive remained employed
for twelve (12) additional months; and

 

5.1.5       
waiver of the applicable premium otherwise payable for COBRA continuation coverage for Executive (and, to the extent covered
immediately prior to the date of such cessation, his eligible dependents) for a period equal to twelve (12) months.

 

Except as otherwise provided in this Section
5.1, and except for payment of all (i) accrued and unpaid Base Salary through the date of such cessation, (ii) any expense
reimbursements to be paid in accordance with Company policy, (iii) payments for any accrued but unused paid time off in accordance
with the Company’s policies and applicable law and (iv) payments and benefits accrued under the Plan or any other employee
benefit plan maintained by the Company or any of its affiliates, all compensation and benefits will cease at the time of such cessation
and the Company will have no further liability or obligation by reason of such cessation. The payments and benefits described in
this Section 5.1 are in lieu of, and not in addition to, any other severance arrangement maintained by the Company. For
avoidance of doubt, any unvested restricted stock, stock options and other equity incentives awarded to Executive by the Company
that are subject to performance-based vesting shall become vested, if at all, in accordance with the Company’s Amended and
Restated 2014 Stock Incentive Plan (or any successor provision or plan) (the “Plan”) and the applicable award
agreement.

 

Notwithstanding any provision of this
Agreement, the payments and benefits described in Section 5.1 are conditioned on: (a) the Executive’s execution and
delivery to the Company and the expiration of all applicable statutory revocation periods, by the 45th day following the effective
date of his cessation of employment, of a release of employment claims against the Company and its affiliates in a form reasonably
prescribed by the Company, which release shall include Executive’s affirmation of his obligation not to compete with the
Company as described in Section 6.1.1(a)-(b) herein (the “Release”); and (b) the Executive’s continued
compliance with the Restrictive Covenants (as defined below). Subject to Section 5.4, below, the benefits described in
Section 5.1 will be paid or provided (or begin to be paid or provided) as soon as administratively practicable (or determinable
in the case of the benefits described in Section 5.1.1) after the Release becomes irrevocable, provided that if the 45
day period described above begins in one taxable year and ends in a second taxable year such payments or benefits shall not commence
until the second taxable year.

 

    -3-

     

    

 

5.2             
Termination Following a Change in Control. If Executive’s employment by the Company ceases due to a termination
by the Company without Cause or a resignation by Executive for Good Reason during the twelve (12) month period immediately following
the occurrence of a Change in Control (as defined below), (i) all unvested restricted stock, stock options and other equity incentives
awarded to Executive by the Company that are subject only to time-based vesting will become immediately and automatically fully
vested and exercisable (as applicable), (ii) in lieu of the salary continuation described in Section 5.1.2, the Executive
shall receive eighteen (18) months of his Base Salary, paid in a lump sum; (iii) in lieu of the bonus described in Section 5.1.3,
the Executive shall receive 1.5 times his then-current target annual bonus payable in a lump sum, and (iv) the COBRA continuation
period described in Section 5.1.5 will be eighteen (18) months in lieu of twelve (12). Any unvested restricted stock, stock
options and other equity incentives awarded to Executive by the Company that are subject to performance-based vesting shall become
vested, if at all, in accordance with the Plan and the applicable award agreement.

 

For the avoidance of
doubt, any benefits received under this Section 5.2 shall be governed by the otherwise applicable terms and conditions described
in Section 5.1 above, including without limitation the requirement that Executive timely execute a Release and comply with
the Restrictive Covenants.

 

5.3             
Other Terminations. If Executive’s employment with the Company ceases for any reason other than as described
in Section 5.1 or Section 5.2 above (including but not limited to termination (i) by the Company for Cause, (ii)
as a result of Executive’s death, (iii) as a result of Executive’s Disability or (d) by Executive without Good Reason,
then the Company’s obligation to Executive will be limited solely to (a) accrued and unpaid Base Salary through the date
of such cessation, (b) any expense reimbursements to be paid in accordance with Company policy and (c) payments for any accrued
but unused paid time off in accordance with the Company’s policies and applicable law. All compensation and benefits will
cease at the time of such cessation and, except as otherwise provided by COBRA or this Section 5.3, the Company will have
no further liability or obligation by reason of such termination. The foregoing will not be construed to limit Executive’s
right to payment or reimbursement for claims incurred prior to the date of such termination under any insurance contract funding
an employee benefit plan, policy or arrangement of the Company in accordance with the terms of such insurance contract.

 

5.4              Compliance
with Section 409A. If the termination giving rise to the payments described in Section 5.1 or Section 5.2
is not a “Separation from Service” within the meaning of Treas. Reg. § 1.409A-1(h)(1) (or any successor
provision), then the amounts otherwise payable pursuant to that section will instead be deferred without interest and will
not be paid until Executive experiences a Separation from Service. To the maximum extent permitted under Section 409A of the
Code and its corresponding regulations, the cash severance benefits payable under this Agreement are intended to meet the
requirements of the short-term deferral exemption under Section 409A of the Code and the “separation pay
exception” under Treas. Reg. §1.409A-1(b)(9) (iii). To the extent compliance with the requirements of Treas. Reg.
 § 1.409A-3(i)(2) (or any successor provision) is necessary to avoid the application of an additional tax under Section
409A of the Internal Revenue Code to payments due to Executive upon or following his Separation from Service, then
notwithstanding any other provision of this Agreement (or any otherwise applicable plan, policy, agreement or arrangement),
any such payments that are otherwise due within six months following Executive’s Separation from Service (taking into
account the preceding sentence of this paragraph) will be deferred without interest and paid to Executive in a lump sum
immediately following that six month period. For purposes of the application of Treas. Reg. § 1.409A-1(b)(4)(or any
successor provision), each payment in a series of payments will be deemed a separate payment.

 

    -4-

     

    

 

5.5             
PPACA. Notwithstanding anything in this Agreement to the contrary, the waiver in respect of COBRA premiums pursuant
to Sections 5.1 and 5.2 shall cease to the extent required to avoid adverse consequences to the Company under the
Patient Protection and Affordable Care Act of 2010 and regulations thereunder.

 

5.6             
Section 280G. If any payment or distribution by the Company to or for the benefit of the Executive, whether paid
or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any
other agreement, policy, plan, program or arrangement or the lapse or termination of any restriction on or the vesting or exercisability
of any payment or benefit (each a “Payment”), would be subject to the excise tax imposed by Section 4999 of
the Code (or any successor provision thereto) or to any similar tax imposed by state or local law (such tax or taxes are hereafter
collectively referred to as the “Excise Tax”), then the aggregate amount of Payments payable to Executive shall
be reduced to the aggregate amount of Payments that may be made to the Executive without incurring an excise tax (the “Safe-Harbor
Amount”) in accordance with the immediately following sentence; provided that such reduction shall only be imposed
if the aggregate after-tax value of the Payments retained by Executive (after giving effect to such reduction) is equal to or greater
than the aggregate after-tax value (after giving effect to the Excise Tax) of the Payments to Executive without any such reduction.
Any such reduction shall be made in the following order: (i) first, any future cash payments (if any) shall be reduced (if necessary,
to zero); (ii) second, any current cash payments shall be reduced (if necessary, to zero); (iii) third, all non-cash payments (other
than equity or equity derivative related payments) shall be reduced (if necessary, to zero); and (iv) fourth, all equity or equity
derivative payments shall be reduced.

 

5.7             
Definitions. For purposes of this Agreement:

 

5.7.1       
“Cause” means (a) conviction of any felony or any crime involving dishonesty; (b) commission of any fraud
against the Company; (c) intentional and material damage to any material property of the Company; (d) Executive’s material
breach of any agreement with or duty owed to the Company or any of its affiliates (including, without limitation, Executive’s
material breach of any of the Restrictive Covenants, as defined below); or (e) refusal to perform the lawful, reasonable and material
directives of the Company’s Board of Directors (the “Board”) or the Company’s Chief Executive Officer.

 

5.7.2       
 “Change in Control” means the first to occur of any of the events described in Section l(g) of the Plan.

 

    -5-

     

    

 

5.7.3       
“Disability” means a condition entitling the Executive to benefits under the Company’s long term
disability plan, policy or arrangement; provided, however, that if no such plan, policy or arrangement is then maintained
by the Company and applicable to the Executive, “Disability” will mean the Executive’s inability to perform
his duties under this Agreement due to a mental or physical condition that can be expected to result in death or that can be expected
to last (or has already lasted) for a continuous period of 90 days or more, or for 120 days in any 180 consecutive day period.
Termination as a result of a Disability will not be construed as a termination by the Company “without Cause.”

 

5.7.4       
“Good Reason” means any of the following, without the Executive’s prior consent: (a) a material
diminution of the Executive’s duties or authority with the Company, reporting relationships or the assignment of duties and
responsibilities inconsistent with Executive’s status at the Company; or (b) a reduction in Base Salary. However, none of
the foregoing events or conditions will constitute Good Reason unless the Executive provides the Company with written objection
to the event or condition within 30 days following the occurrence thereof, the Company does not reverse or otherwise cure the event
or condition within 30 days of receiving that written objection, and the Executive resigns Executive’s employment within
30 days following the expiration of that cure period. Notwithstanding the foregoing and for the avoidance of doubt, a diminution
of the Executive’s title as a result of Change in Control shall not, in itself, constitute Good Reason; provided that (i)
any new title resulting from such diminution shall be reasonably equivalent in seniority and eligibility for executive compensation
(including equity compensation) as the prior title; and (ii) Sections 5.7.4(a) and (b) shall otherwise fully continue
to apply.

 

6.                 
Restrictive Covenants. To induce the Company to enter into this Agreement and in recognition of the consideration
set forth in Sections 4 and 5 of this Agreement, the Executive agrees to be bound by the provisions of this Section
6 (the “Restrictive Covenants”). These Restrictive Covenants will apply without regard to whether any termination
or cessation of the Executive’s employment is initiated by the Company or the Executive, and without regard to the reason
for that termination or cessation.

 

6.1             
Non-Competition and Non-Solicitation.

 

6.1.1       
The Executive covenants that, during his employment by the Company and for a period of twelve (12) months following immediately
thereafter (the “Restricted Period”), the Executive will not (except in his capacity as an employee or director
of the Company) do any of the following, directly or indirectly:

 

(a)              
engage or participate in any Competing Business (as defined below) wherever the Company or its affiliates do business, do
or plan to do business or sell or market their products or services;

 

(b)               become
interested in (as owner, stockholder, lender, partner, co-venturer, director, officer, employee, agent or consultant) any
person, firm, corporation, association or other entity engaged in a Competing Business. Notwithstanding the foregoing, the
Executive may hold up to 1% of the outstanding securities of any class of any publicly-traded securities of any company;

 

    -6-

     

    

 

(c)              
influence or attempt to influence any employee, consultant, supplier, licensor, licensee, contractor, agent, strategic partner,
distributor, customer or other person to terminate or modify any written or oral agreement, arrangement or course of dealing with
the Company or any of its affiliates; or

 

(d)              
solicit for employment or retention as an independent contractor (or arrange to have any other person or entity solicit
for employment or retention) any person employed or retained by the Company or any of its affiliates.

 

6.1.2       
Consideration for Covenant Not to Compete After Cessation of Employment. Executive acknowledges that the consideration
described in Sections 4 and 5, constitutes mutually-agreed upon consideration with respect to the covenants set forth
in Section 6.1.1(a)-(b) for purposes of Section 24L(b)(vii) of Chapter 149 of the Massachusetts General Laws.

 

6.2             
Confidentiality. The Executive recognizes and acknowledges that the Proprietary Information (as defined in below)
is a valuable, special and unique asset of the business of the Company and its affiliates. As a result, both during the term of
employment and thereafter, the Executive will not, without the prior written consent of the Company, for any reason divulge to
any third-party or use for his own benefit, or for any purpose other than the exclusive benefit of the Company and its affiliates,
any Proprietary Information. Notwithstanding the foregoing, if the Executive is compelled to disclose Proprietary Information by
court order or other legal or regulatory process, to the extent permitted by applicable law, he shall promptly so notify the Company
so that it may seek a protective order or other assurance that confidential treatment of such Proprietary Information shall be
afforded, and the Executive shall reasonably cooperate with the Company and its affiliates in connection therewith. If the Executive
is so obligated by court order or other legal process to disclose Proprietary Information it will disclose only the minimum amount
of such Proprietary Information as is necessary for the Executive to comply with such court order or other legal process.

 

Notwithstanding
anything herein to the contrary, nothing in this Agreement shall (x) prohibit Executive from making reports of possible
violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules
promulgated under Section 21F of the Securities Exchange Act of 1934, as amended, or Section 806 of the Sarbanes- Oxley Act
of 2002, or of any other whistleblower protection provisions of federal law or regulation, or (y) require notification or
prior approval by the Company of any such report; provided that, Executive is not authorized to disclose communications with
counsel that were made for the purpose of receiving legal advice or that contain legal advice or that are protected by the
attorney work product or similar privilege. Furthermore, Executive shall not be held criminally or civilly liable under any
federal or state trade secret law for the disclosure of a trade secret that is made (1) in confidence to a federal, state or
local government official, either directly or indirectly, or to an attorney, in each case, solely for the purpose of
reporting or investigating a suspected violation of law or (2) in a complaint or other document filed in a lawsuit or
proceeding, if such filings are made under seal.

 

    -7-

     

    

 

6.3             
Property of the Company.

 

6.3.1       
Proprietary Information. All right, title and interest in and to Proprietary Information will be and remain the sole
and exclusive property of the Company and its affiliates. The Executive will not remove from the Company’s or its affiliates’
offices or premises any documents, records, notebooks, files, correspondence, reports, memoranda or similar materials of or containing
Proprietary Information, or other materials or property of any kind belonging to the Company or its affiliates unless necessary
or appropriate in the performance of his duties to the Company and its affiliates. If the Executive removes such materials or property
in the performance of his duties, he will return such materials or property promptly after the removal has served its purpose.
The Executive will not make, retain, remove and/or distribute any copies of any such materials or property, or divulge to any third
person the nature of and/or contents of such materials or property, except to the extent necessary to satisfy contractual obligations
of the Company or its affiliates or to perform his duties on behalf of the Company and its affiliates or pursuant to the exceptions
set forth in Section 6.2. Upon termination of the Executive’s employment with the Company, he will leave with the
Company and its affiliates or promptly return to the Company and its affiliates all originals and copies of such materials or property
then in his possession.

 

6.3.2       
Intellectual Property. The Executive agrees that all the Intellectual Property (as defined below) will be considered
 “works made for hire” as that term is defined in Section 101 of the Copyright Act (17 U.S.C. § 101) and that all
right, title and interest in such Intellectual Property will be the sole and exclusive property of the Company and its affiliates.
To the extent that any of the Intellectual Property may not by law be considered a work made for hire, or to the extent that, notwithstanding
the foregoing, the Executive retains any interest in the Intellectual Property, the Executive hereby irrevocably assigns and transfers
to the Company and its affiliates any and all right, title, or interest that the Executive may now or in the future have in the
Intellectual Property under patent, copyright, trade secret, trademark or other law, in perpetuity or for the longest period otherwise
permitted by law, without the necessity of further consideration. The Company and its affiliates will be entitled to obtain and
hold in its own name all copyrights, patents, trade secrets, trademarks and other similar registrations with respect to such Intellectual
Property. The Executive further agrees to execute any and all documents and provide any further cooperation or assistance reasonably
required by the Company, at the Company’s expense, to perfect, maintain or otherwise protect its rights in the Intellectual
Property. If the Company or its affiliates, as applicable, are unable after reasonable efforts to secure the Executive’s
signature, cooperation or assistance in accordance with the preceding sentence, whether because of the Executive’s incapacity
or any other reason whatsoever, the Executive hereby designates and appoints the Company, the appropriate affiliate, or their respective
designee as the Executive’s agent and attorney-in-fact, to act on his behalf, to execute and file documents and to
do all other lawfully permitted acts necessary or desirable to perfect, maintain or otherwise protect the Company’s or its
affiliates’ rights in the Intellectual Property. The Executive acknowledges and agrees that such appointment is coupled with
an interest and is therefore irrevocable.

 

    -8-

     

    

 

6.4             
Definitions. For purposes of this Agreement:

 

6.4.1       
 “Competing Business” means any person, firm, corporation, partnership, association or other entity engaged
in developing, manufacturing, marketing, distributing or selling, directly or indirectly, pharmaceutical abuse-deterrent products
or any other product for pain indications that directly competes with a product developed, manufactured, marketed, distributed
or sold by the Company. A division, subsidiary or similar business unit of an entity that does not engage in the business activities
described in this definition will not be considered a Competing Business even if another separate division, subsidiary or similar
business unit does engage in such activities.

 

6.4.2       
“Intellectual Property” means (a) all inventions (whether patentable or unpatentable and whether or not
reduced to practice), all improvements thereto, and all patents and patent applications claiming such inventions, (b) all trademarks,
service marks, trade dress, logos, trade names, fictitious names, brand names, brand marks and corporate names, together with all
translations, adaptations, derivations, and combinations thereof and including all goodwill associated therewith, and all applications,
registrations, and renewals in connection therewith, (c) all copyrightable works, all copyrights, and all applications, registrations,
and renewals in connection therewith, (d) all mask works and all applications, registrations, and renewals in connection therewith,
(e) all trade secrets (including research and development, know-how, formulas, compositions, manufacturing and production processes
and techniques, methodologies, technical data, designs, drawings and specifications), (f) all computer software (including data,
source and object codes and related documentation), (g) all other proprietary rights, (h) all copies and tangible embodiments thereof
(in whatever form or medium), or (i) similar intangible personal property which have been or are developed or created in whole
or in part by the Executive (1) at any time and at any place while the Executive is employed by Company and which, in the case
of any or all of the foregoing, are related to and used in connection with the business of the Company or its affiliates, or (2)
as a result of tasks assigned to the Executive by the Company or its affiliates.

 

6.4.3       
“Proprietary Information” means any and all proprietary information developed or acquired by the Company
or any of its subsidiaries or affiliates that has not been specifically authorized to be disclosed. Such Proprietary Information
shall include, but shall not be limited to, the following items and information relating to the following items: (a) all intellectual
property and proprietary rights of the Company (including, without limitation, the Intellectual Property), (b) computer codes and
instructions, processing systems and techniques, inputs and outputs (regardless of the media on which stored or located) and hardware
and software configurations, designs, architecture and interfaces, (c) business research, studies, procedures and costs, (d) financial
data, (e) distribution methods, (f) marketing data, methods, plans and efforts,

 

(a)              
the identities of actual and prospective suppliers, (h) the terms of contracts and agreements with, the needs and requirements
of, and the Company’s or its affiliates’ course of dealing with, actual or prospective suppliers, (i) personnel information,
(j) customer and vendor credit information, and (k) information received from third parties subject to obligations of non- disclosure
or non-use. Failure by the Company or its affiliates to mark any of the Proprietary Information as confidential or proprietary
shall not affect its status as Proprietary Information.

 

6.5              Acknowledgements.
The Executive acknowledges that the Restrictive Covenants are reasonable and necessary to protect the legitimate interests of
the Company and its affiliates, that the duration and geographic scope of the Restrictive Covenants are reasonable given the
nature of this Agreement and the position the Executive holds within the Company, and that the Company would not enter into
this Agreement or otherwise employ or continue to employ the Executive unless the Executive agrees to be bound by the
Restrictive Covenants set forth in this Section 6.

 

    -9-

     

    

 

6.6             
Remedies and Enforcement Upon Breach.

 

6.6.1       
Specific Enforcement. The Executive acknowledges that any breach by him, willfully or otherwise, of the Restrictive
Covenants will cause continuing and irreparable injury to the Company or its affiliates for which monetary damages would not be
an adequate remedy. The Executive shall not, in any action or proceeding to enforce any of the provisions of this Agreement, assert
the claim or defense that such an adequate remedy at law exists. In the event of any such breach or threatened breach by the Executive
of any of the Restrictive Covenants, the Company or its affiliates, as applicable, shall be entitled to injunctive or other similar
equitable relief in any court, without any requirement that a bond or other security be posted, and this Agreement shall not in
any way limit remedies of law or in equity otherwise available to the Company and its affiliates.

 

6.6.2       
Judicial Modification. If any court determines that any of the Restrictive Covenants, or any part thereof, is unenforceable
because of the duration or geographical scope of such provision, such court shall have the power to modify such provision and,
in its modified form, such provision shall then be enforceable.

 

6.6.3       
Enforceability. If any court holds the Restrictive Covenants unenforceable by reason of their breadth or scope or
otherwise, it is the intention of the parties hereto that such determination not bar or in any way affect the right of the Company
and its affiliates to the relief provided above in the courts of any other jurisdiction within the geographic scope of such Restrictive
Covenants.

 

6.6.4       
Disclosure of Restrictive Covenants. The Executive agrees to disclose the existence and terms of the Restrictive
Covenants to any employer that the Executive may work for during the Restricted Period.

 

6.6.5       
Extension of Restricted Period. If the Executive breaches Section 6.1 in any respect, the restrictions contained
in that section will be extended for a period equal to the period that the Executive was in breach, provided that, to the extent
applicable, such extension is permitted under applicable law.

 

7.                 
Miscellaneous.

 

7.1             
Right to Consult Counsel. Executive understands and acknowledges that Executive has the right to consult with counsel
prior to signing this Agreement. Executive further represents that Executive is signing this Agreement freely and voluntarily in
exchange for the benefits provided herein.

 

    -10-

     

    

 

7.2              Other
Agreements. Executive represents and warrants to the Company that there are no restrictions, agreements or understandings
whatsoever to which he is a party that would prevent or make unlawful his execution of this Agreement, that would be
inconsistent or in conflict with this Agreement or Executive’s obligations hereunder, or that would otherwise prevent,
limit or impair the performance by Executive of his duties under this Agreement.

 

7.3             
Successors and Assigns. The Company may assign this Agreement to any successor to its assets and business by means
of liquidation, dissolution, sale of assets or otherwise; provided, however, that any such successor must expressly assume this
Agreement. The duties of Executive hereunder are personal to Executive and may not be assigned by him.

 

7.4             
Governing Law and Enforcement. This Agreement will be governed by and construed in accordance with the laws of the
Commonwealth of Massachusetts, without regard to the principles of conflicts of laws. Any legal proceeding arising out of or relating
to this Agreement will be instituted in a state or federal court in the Commonwealth of Massachusetts, and Executive and the Company
hereby consent to the personal and exclusive jurisdiction of such court(s) and hereby waive any objection(s) that they may have
to personal jurisdiction, the laying of venue of any such proceeding and any claim or defense of inconvenient forum. Notwithstanding
the foregoing, any action that is commenced by either party to resolve any matter arising under Section 6.1 of this Agreement,
shall be commenced only in the Massachusetts Superior Court located in Suffolk County, Massachusetts and the parties each consent
to the jurisdiction of such court.

 

7.5             
Waivers. The waiver by either party of any right hereunder or of any breach by the other party will not be deemed
a waiver of any other right hereunder or of any other breach by the other party. No waiver will be deemed to have occurred unless
set forth in a writing. No waiver will constitute a continuing waiver unless specifically stated, and any waiver will operate only
as to the specific term or condition waived.

 

7.6             
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective
and valid under applicable law. However, if any provision of this Agreement is held to be invalid, illegal or unenforceable in
any respect, such invalidity, illegality or unenforceability will not affect any other provision, and this Agreement will be reformed,
construed and enforced as though the invalid, illegal or unenforceable provision had never been herein contained.

 

7.7             
Survival. This Agreement will survive the cessation of Executive’s employment to the extent necessary to fulfill
the purposes and intent the Agreement.

 

7.8             
Notices. Any notice or communication required or permitted under this Agreement will be made in writing and (a) sent
by overnight courier, (b) mailed by overnight U.S. express mail, return receipt requested or (c) sent by telecopier. Any notice
or communication to Executive will be sent to the address contained in his personnel file. Any notice or communication to the Company
will be sent to the Company’s principal executive offices, to the attention of its Chief Executive Officer. Notwithstanding
the foregoing, either party may change the address for notices or communications hereunder by providing written notice to the other
in the manner specified in this paragraph.

 

    -11-

     

    

 

7.9              Entire
Agreement; Amendments. This Agreement contains the entire agreement and understanding of the parties hereto relating to
the subject matter hereof, and merges and supersedes all prior and contemporaneous discussions, agreements and understandings
of every nature relating to that subject matter (including, without limitation, the Existing Agreement). This Agreement may
not be changed or modified, except by an agreement in writing signed by each of the parties hereto.

 

7.10         
Withholding. All payments (or transfers of property) to Executive will be subject to tax withholding to the extent
required by applicable law.

 

7.11         
Section Headings. The headings of sections and paragraphs of this Agreement are inserted for convenience only and
will not in any way affect the meaning or construction of any provision of this Agreement.

 

7.12         
Counterparts; Facsimile. This Agreement may be executed in multiple counterparts (including by facsimile signature),
each of which will be deemed to be an original, but all of which together will constitute but one and the same instrument. Counterparts
may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall
be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

<remainder of page intentionally left
blank; signature page follows>

    -12-

     

    

 

IN WITNESS
WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and Executive has executed this Agreement,
on the date(s) indicated below.

 

	 	COLLEGIUM
    PHARMACEUTICAL, INC.
	 	 
	 	By: 	/s/ Paul Brannelly
	 	 
	 	Name: 	Paul Brannelly
	 	 
	 	Title: 	CFO
	 	 
	 	Date: 	12/27/2020

 

	 	 
	 	RICHARD
    MALAMUT, M.D.
	 	 
	 	/s/
    Richard Malamut
	 	 
	 	Date: 	12/24/2020

 

[Signature Page
to Employment Agreement]Exhibit 10.6

 

THIS
PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION
OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY NOTE

 

	Principal Amount:  Up to $300,000	Dated as of September 22, 2020
	 	New York, New York

 

 

Class Acquisition
Corporation, a Delaware corporation and blank check company (the “Maker”), promises to pay to the order
of Class Acquisition Sponsor LLC or its registered assigns or successors in interest (the
“Payee”), or order, the principal sum of up to Three Hundred Thousand Dollars ($300,000) in lawful money of
the United States of America, on the terms and conditions described below.  All payments on this Note shall be made by
check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may
from time to time designate by written notice in accordance with the provisions of this Note.

 

1. Principal. The
principal balance of this Note shall be payable by the Maker on the earlier of: (i) June 30, 2021 or (ii) the date on which Maker
consummates an initial public offering of its securities. The principal balance may be prepaid at any time. Under no circumstances
shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally
for any obligations or liabilities of the Maker hereunder.

 

2. Interest. No interest
shall accrue on the unpaid principal balance of this Note.

 

3. Drawdown Requests. Maker
and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for costs reasonably related to Maker’s
initial public offering of its securities. The principal of this Note may be drawn down from time to time prior to the earlier
of: (i) June 30, 2021 or (ii) the date on which Maker consummates an initial public offering of its securities, upon written request
from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down,
and must not be an amount less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee. Payee shall fund each
Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the maximum
amount of drawdowns collectively under this Note is Three Hundred Thousand Dollars ($300,000). Once an amount is drawn down under
this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be
due to Payee in connection with, or as a result of, any Drawdown Request by Maker. Notwithstanding the foregoing, all payments
shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without
limitation) reasonable attorneys’ fees, and then to the reduction of the unpaid principal balance of this Note.

 

4. Application of Payments. All
payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including
(without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction
of the unpaid principal balance of this Note.

 

5. Events of Default. The
following shall constitute an event of default (“Event of Default”):

 

(a) Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

     

     

    

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

  

6. Remedies.

 

(a) Upon the
occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to
be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 

 

(b) Upon the
occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

7. Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under
the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property,
real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution,
or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any
real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

 

8. Unconditional Liability. Maker
hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this
Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be
affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee,
and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to
the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become
parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9. Notices. All notices,
statements or other documents which are required or contemplated by this Note shall be made in writing and delivered: (i) personally
or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address
designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number
as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided
to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication
so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following
receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight
courier service or five (5) days after mailing if sent by mail.

 

    2

     

    

 

10. Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

11. Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  

12. Trust Waiver.  Notwithstanding
anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”)
in or to any distribution of or from the trust account to be established in which the proceeds of the initial public offering (the
“IPO”) to be conducted by the Maker (including the deferred underwriters discounts and commissions) and the
proceeds of the sale of the warrants to be issued in a private placement to occur prior to the closing of the IPO are to be deposited,
as described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission
in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against
the trust account for any reason whatsoever.

 

13. Amendment; Waiver.  Any
amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

 

14. Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of
law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required
consent shall be void.

 

[Signature page
follows]

 

    3

     

    

 

IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year
first above written.

 

	 	CLASS ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/ Robert C. Daugherty 
	 	 	Name: Robert C. Daugherty
	 	 	Title:  Vice President

 

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]