Document:

Employment Agreement, dated February 23, 2009

 Exhibit 10.51 
 

 
 February 23, 2009 
 Kathryn E. Falberg 
 52 Piedmont Road 
 Larkspur, CA
94939 
  

	Re:	Employment Agreement 

 Dear Kate: 
 ARCA biopharma, Inc. (the “Company”) is pleased to offer you the following agreement regarding your employment as the Company’s Chief Financial
Officer and Chief Operating Officer and certain severance benefits (the “Agreement”). This Agreement amends, supersedes and terminates any and all prior agreements or understandings with respect to your employment terms and
severance benefits, including but not limited to, that certain Offer Letter dated February 18, 2009; provided, however, that, except as otherwise expressly provided, the Employee Intellectual Property Agreement (as defined below)
is not modified or terminated hereby, and shall continue in full force and effect. 
 1. Employment. The Company hereby agrees to
employ you and you hereby accept such employment upon the terms and conditions set forth herein and agree to perform such duties as are commensurate with your office as prescribed by the Board of Directors of the Company. Your start date will be
effective as of February 24, 2009 (the “Start Date”). 
 2. Duties. You shall render exclusive, full-time
services to the Company as its Chief Financial Officer and Chief Operating Officer and shall report to the Company’s President and Chief Executive Officer. Your responsibilities, title, working conditions, duties, reporting relationship and/or
any other aspect of your employment may be changed, added to or eliminated during your employment at the sole discretion of the Company. During the term of your employment hereunder, you shall devote your best efforts and your full business time,
skill and attention to the performance of your duties on behalf of the Company. 
 3. Compensation. 
 (a) For all services rendered and to be rendered hereunder, and for the other agreements by you contained herein, the Company agrees to pay you,
and you agree to accept a salary of $25,000.00 per month. Such salary will be subject to review and adjustment on an annual basis in accordance with the procedures set forth by the Company’s Board of Directors or Compensation Committee of the
Board of Directors. Any such salary shall be payable pursuant to the Company’s payroll procedures which may be changed by the Company from time to time and shall be subject to such deductions or withholdings as the Company is required to make

  

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pursuant to law, or by further agreement with you. In addition to your base salary, you may be eligible to receive a bonus pursuant to an employee bonus plan
as approved by the Board of Directors in its sole discretion. Your target bonus percentage will be forty percent (40%) of your base salary and any bonus earned shall be paid at the same time as bonuses are paid to your peer executives at the
Company. You will also be eligible to participate in the Company’s benefit plans based on the eligibility criteria for each of those plans as they become available, which plans will remain subject to change from time to time at the
Company’s discretion. 
 (b) You will be granted an option (the “Initial Option”) to purchase 49,500 shares of
the Company’s Common Stock, within thirty (30) days following the Start Date, with an exercise price equal to the market value of the Company’s stock on the date of grant. The terms and conditions of Initial Option will be governed by
your Stock Option Agreement with the Company, which you will sign, and the Company’s 2004 Equity Incentive Plan. 
 4.
Termination. You and the Company each acknowledge that your employment relationship with the Company is at-will and that either party has the right to terminate your employment with the Company at any time for any reason whatsoever, with or
without cause or advance notice pursuant to the following provisions. 
 (a) Termination by Death or Disability. In the event you shall
die during the period of your employment hereunder or become permanently disabled, which shall mean you are unable to perform each of the essential duties of your position by reason of a medically determinable physical or mental impairment which is
potentially permanent in character or which can be expected to last for a continuous period of not less than twelve (12) months, your employment and the Company’s obligation to make payments hereunder shall terminate on the date of your
death, or the date upon which, in the sole reasonable determination of the Board of Directors, you are determined to be permanently disabled. The Company’s ability to terminate you as a result of any disability shall be to the extent permitted
by state and/or federal law. 
 (b) Voluntary Resignation. In the event you voluntarily resign from your employment with the Company
(other than for Good Reason as defined below), the Company’s obligation to make payments hereunder shall cease upon such resignation, and you shall not be entitled to any severance pay, accelerated vesting, pay in lieu of notice or any other
such compensation, except the Company shall pay you (i) any salary earned but unpaid prior to the resignation and all accrued but unused vacation, (ii) if applicable, all commissions rightfully earned prior to your resignation and
(iii) any business expenses incurred by you in connection with your performance of your duties, according to the policies of the Company, that were incurred but not reimbursed as of the date of resignation. Vesting of any of your stock options
outstanding on the date of resignation shall cease on the date of resignation. 
 (c) Termination for Cause. In the event you are
terminated by the Company for Cause (as defined below), the Company’s obligation to make payments hereunder shall cease upon the date of receipt by you of written notice and explanation of such termination (the “Date of
Termination”), and you shall not be entitled to any severance pay, accelerated vesting, pay in lieu of notice or any other such compensation, except the Company shall pay you (i) any salary 

  

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earned but unpaid prior to the Date of Termination and all accrued but unused vacation, (ii) if applicable, all commissions rightfully earned prior to
the Date of Termination and (iii) any business expenses incurred by you in connection with your performance of your duties, according to the policies of the Company, that were incurred but not reimbursed as of the Date of Termination. Vesting
of any stock options outstanding on the Date of Termination shall cease on the Date of Termination. 
 (d) Termination by the Company
Without Cause or Resignation for Good Reason. Subject to the terms and conditions of this Agreement, the Company will provide you with Severance Benefits (as defined below) if (i) the Company terminates your employment without Cause or
(ii) you resign your employment for Good Reason. You will not be entitled to receive any Severance Benefits if (A) the Company terminates your employment for Cause, (B) you resign from your employment with the Company other than for
Good Reason, or (C) in the event of your death or permanent disability. In addition, to the extent that any federal, state or local laws, including, without limitation, so-called “plant closing” laws, require the Company to give
advance notice or make a payment of any kind to you because of your involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business, change of control, or any other similar event or reason, the Severance
Benefits payable under this Agreement shall either be reduced proportionately or eliminated, such that the total amounts paid to you do not exceed the amounts specified herein. The Severance Benefits provided under this Agreement are intended to
satisfy any and all statutory obligations that may arise out of your involuntary termination of employment for the foregoing reasons. 
 5. Description of Severance Benefits. For purposes of this Agreement, “Severance Benefits” are defined as: 
 (a) (i) severance pay (the “Severance Pay”) equivalent to: (A)(i) twelve (12) months of your Base Salary (as defined below) in effect as of your last day of employment with the Company in accordance
with this agreement (which payment will not extend your covenants and obligations set forth in Article IV of the Employee Intellectual Property, Confidentiality and Non-Compete Agreement); and (B) a pro rata portion of any bonus
compensation under any employee bonus plan that has been approved by the Board of Directors (“Bonus Pay”) payable to you for the fiscal year in which your employment terminated to be paid at the same time that such incentive bonus
would have been paid if such termination had not occurred; and (ii) acceleration of the vesting of fifty percent (50%) of the unvested portion of the Initial Option. Your pro rata portion of any Bonus Pay shall be based upon the number of
days in such calendar year elapsed through the Notice Date of such termination as a proportion of 365. (For the purpose of clarification, the Bonus Pay is in addition to any bonus you have earned for the prior fiscal year under any employee bonus
plan approved by the Board of Directors, which bonus shall be payable as provided in Section 3(a), regardless of whether the Notice Date occurs prior to the determination of the bonus for the prior fiscal year). 
 The date you are notified that your employment with the Company is being terminated without Cause or the date you notify the Company that you are
terminating your employment for Good Reason, shall be referred to herein as the “Notice Date.” The Severance 

  

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Pay shall be payable in equal installments over twelve months (the “Initial Severance Period”) in accordance with the Company’s then
applicable payroll policies, beginning no earlier than seven (7) days after the effective date of the release described below, and will be subject to standard payroll deductions and withholdings; provided, however, that any Bonus
Pay shall not be payable to you until such time as bonus compensation under the applicable employee bonus plan is paid to other employees of the Company; and 
 (b) reimbursement of your out-of-pocket costs to continue your group health insurance benefits (and dependent coverage, if applicable) under COBRA at substantially the same level of coverage in effect
immediately prior to the Notice Date for twelve (12) months, following the last day of the month in which your Notice Date occurs, payable in advance on the first day of each month whether or not you elect or are eligible to receive COBRA;
provided, that even if you do not elect or are not eligible to receive COBRA, you shall receive the equivalent of such out-of-pocket costs paid by you not to exceed the costs that such benefits would equal under COBRA if you were so eligible.

 To receive any of the Severance Benefits, you must first sign and date and must not revoke a general release of claims in favor of the
Company in the form attached hereto as Exhibit A (the “Release”). Such Release shall not be signed or dated until the Notice Date, and, except as otherwise required by applicable law, is not valid (and will not entitle you to
Severance Benefits) unless signed and delivered to the Company within three (3) days after such Notice Date. 
 (c) The Company
may elect, in its sole discretion, to pay you up to twelve (12) months of your Base Salary in effect as of your last day of employment with the Company in accordance with this agreement, which additional payment shall extend your
covenants and obligations set forth in Article IV of the Employee Intellectual Property, Confidentiality and Non-Compete Agreement for an additional period equal to the number of months of your Base Salary that the Company elects to pay your under
this sub-paragraph. If the Company elects to make such additional payment to you, the Company shall make such payments in equal installments over the applicable number of months following the Initial Severance Period, if any, in accordance with the
Company’s then applicable payroll policies, or in the sole discretion of the Company as designated by the Company in writing within seven (7) days after the Notice Date, in a single lump sum cash payment, subject to standard payroll
deductions and withholdings, and such additional amounts shall be deemed to be “Severance Pay” and to be part of the “Severance Benefits” for purposes of this Agreement. 
 6. Parachute Payments. 
 (a)
Notwithstanding anything in this Agreement to the contrary, if any payment or benefit you would receive pursuant to a Corporate Transaction from the Company or otherwise (“Payment”) (i) would constitute a “parachute
payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) but for this sentence, would be subject to the excise tax imposed by Section 4999 of the Code
(the “Excise Tax”), then such Payment shall be equal to the Reduced Amount (as defined below). 

  

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For the avoidance of doubt, a Payment shall not be considered a parachute payment for purposes of this paragraph if such Payment is approved by the
shareholders of the Company in accordance with the procedures set forth in Sections 280G(b)(5)(A)(ii) and (B) of the Code and the regulations thereunder, and at the time of such shareholder approval, no stock of the Company is readily tradeable
on an established securities market or otherwise (within the meaning of Section 280G(b)(5)(A)(ii)(I) of the Code) (“280G Shareholder Approval”). The “Reduced Amount” shall be either (i) the largest portion
of the Payment that would result in no portion of the Payment being subject to the Excise Tax, or (ii) the Payment or a portion thereof after payment of the applicable Excise Tax, whichever amount after taking into account all applicable
federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an after-tax basis, of the greatest amount of the Payment to you. If a reduction in
payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order: reduction of cash payments; cancellation of accelerated vesting of stock
awards; reduction of employee benefits. In the event that acceleration of vesting of stock award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of your stock awards unless you
elect in writing a different order for cancellation. You may elect to decline the acceleration of vesting of stock awards so as to avoid having any other right, payment or benefit deemed to be a parachute payment; provided, however,
that in order to comply with Section 409A of the Code, in the event you make such an election, the reduction or elimination of the acceleration of vesting will only be permitted if the same result would be obtained by reducing the dollar value
of all rights, payments or benefits in the order in which each dollar of value subject to a right, payment or award reduces the parachute payment to the greatest extent. 
 (b) The accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the event giving rise to the Payment (“Payment Event”) shall perform the
foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the Payment Event, the Board shall have the discretion to appoint a nationally recognized
accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. 
 (c) The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting
documentation, to the Company and you within fifteen (15) calendar days after the date on which your right to a Payment is triggered (if requested at that time by the Company or you) or such other time as requested by the Company or you. If the
accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish the Company and you with an opinion reasonably acceptable to you that no Excise Tax
will be imposed with respect to such Payment. The Company shall be entitled to rely upon the accounting firm’s determinations, which shall be final and binding. 
 7. Compliance with Revenue Code Section 409A. (a) To the extent any Severance Benefits are paid from the date of termination of your employment through March 15 of the 

  

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calendar year following such termination, such Severance Benefits are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of
the Treasury Regulations and thus payable pursuant to the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations; (b) are paid following said March 15, such Severance Benefits are intended
to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations made upon an involuntary separation from service and payable pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations, to the
maximum extent permitted by said provision, and (c) are in excess of the amounts specified in clauses (a) and (b) of this paragraph, shall (unless otherwise exempt under Treasury Regulations) be considered separate payments subject to
the distribution requirements of Section 409A(a)(2)(A) of the Code, including, without limitation, the requirement of Section 409A(a)(2)(B)(i) of the Code that payments or benefits be delayed until 6 months after your separation from
service (if the Company is publicly traded and you are a “specified employee” within the meaning of the aforesaid section of the Code at the time of such separation from service). In the event that a six-month delay of any such separation
payments or benefits is required, on the first regularly scheduled pay date following the conclusion of the delay period (or on your date of death, if earlier) you shall receive a lump sum payment or benefit in an amount equal to the separation
payments and benefits that were so delayed, and any remaining separation payments or benefits shall be paid on the same basis and at the same time as otherwise specified pursuant to this Agreement (subject to applicable tax withholdings and
deductions). For the purposes of determining when amounts otherwise payable on account of your termination of employment under this Agreement will be paid, which amounts become due because of your termination of employment, “termination of
employment” or words of similar import, as used in this Agreement, shall be construed as the date that your first incur a “separation from service” for purposes of Section 409A of the Code on or following termination of
employment. 
 (b) Any taxable reimbursement of business or other expenses as specified under this Agreement shall be subject to the
following conditions: (1) the expenses eligible for reimbursement in one taxable year shall not affect the expenses eligible for reimbursement in any other taxable year; (2) the reimbursement of an eligible expense shall be made no later
than the end of the year after the year in which such expense was incurred; and (3) the right to reimbursement shall not be subject to liquidation or exchange for another benefit. 
 (c) Any amounts otherwise payable on account of your termination of employment under this Agreement which (i) are conditioned in any part on
a release of claims and (ii) would otherwise be paid (assuming the release is given) prior to the last day on which the release could become irrevocable assuming your latest possible execution and delivery of the release (such last day, the
“Release Deadline”) shall be paid, if ever, only on the Release Deadline, even if your release becomes irrevocable before that date. The Company may elect to make such payment up to thirty (30) days prior to the
Release Deadline, however. 
 8. Description of Corporate Transaction. For purposes of this Agreement, “Corporate
Transaction” is defined as: (i) a sale of all or substantially all of the assets of the Company; (ii) a merger, consolidation or reorganization involving the Company if, immediately after the consummation of such merger,
consolidation or reorganization, the stockholders of the 

  

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Company immediately prior thereto do not own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent
(50%) of the combined outstanding voting power of the surviving entity in such merger, consolidation or reorganization or (B) more than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving entity
in such merger, consolidation or similar transaction; or (iii) any transaction (including without limitation a merger or reorganization in which the Company is the surviving entity) which results in any person or entity (other than persons who
are stockholders or affiliates of the Company immediately prior to the transaction) owning fifty percent (50%) or more of the combined voting power of all classes of stock of the Company, other than the sale by the Company of stock in
transactions the primary purpose of which is to raise capital for the Company’s operations and activities. 
 9. Salary and Accrued
PTO/Vacation. On your last date of employment with the Company, the Company will pay to you all of your accrued salary and all of your accrued but unused paid time off (“PTO”) or vacation as the case may be earned through your
last day of employment. 
 10. Definition of Base Salary. For purposes of this Agreement, “Base Salary” means your
base salary in effect as of your last day of full-time employment with the Company, excluding the following: any type of commissions, incentive payments or any other similar remuneration paid directly to you, or any other income received in
connection with stock options, contributions made by the Company under any employee benefit plan, or similar items of compensation. 
 11.
Definition of Cause. For purposes of this Agreement, “Cause” means that you have committed or engaged in: (i) willful misconduct, gross negligence, theft, fraud, or other illegal or dishonest conduct, any of which are
considered to be materially harmful to the Company; (ii) refusal, unwillingness, failure, or inability to perform material job duties or habitual absenteeism; or (iii) violation of fiduciary duty, violation of any duty of loyalty, or
material breach of any material term of this Agreement or of your Employee Intellectual Property, Confidentiality and Non-Compete Agreement (a copy of which is attached hereto as Exhibit B) (the “Employee Intellectual Property
Agreement”) or any other contract between you and the Company. In the event you are terminated for Cause you will not be entitled to the Severance Benefits, pay in lieu of notice, vesting of any shares under any option plan, vesting of any
unrestricted shares, or any other such compensation set forth herein and you shall immediately forfeit all rights to any options to purchase shares of the Company’s common stock (including vested options) and such options shall immediately
expire, but you will be entitled to all other compensation (including commissions rightfully earned), benefits and unreimbursed expenses accrued through the Date of Termination. 
 12. Definition of Good Reason. For purposes of this Agreement, “Good Reason” shall mean (i) the relocation of your normal
principal place of work greater than fifty (50) miles from your then current normal work location; (ii) a decrease in your then current base salary of more than fifteen percent (15%), other than any such decrease resulting from a general
reduction by the Company in the base salary of all Company executive officers; (iii) the Company 

  

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unilaterally makes significant detrimental reductions in your job responsibilities (for example, if the Company changes your reporting relationships such
that you are no longer reporting directly to the President and Chief Executive Officer); provided, that you shall give written notice to the Chairman of the Company’s Board of Directors setting forth your intent to resign for Good Reason and
the facts in support of your claim that Good Reason exists within ninety (90) days of the initial existence of any of the foregoing conditions; and the Company shall have thirty (30) days after the applicable party has received such notice
to take such actions, if any, to eliminate such claimed Good Reason (without thereby admitting that such Good Reason had occurred); and your final separation from service occurs within two (2) years of the initial existence of any of the
foregoing conditions. If the Company eliminates such claimed Good Reason within the thirty (30) day period after receipt of your notice, then you shall not be deemed to be resigning for Good Reason under such facts. 
 13. At-Will Employment. Nothing in this Agreement alters the at-will nature of your employment relationship with the Company. Any contrary
representations or agreements, which may have been made to you, are superseded by this Agreement. Subject to the terms of this Agreement, either you or the Company may terminate your employment relationship at any time, with or without Cause or
advance notice. 
 14. Employee Intellectual Property Agreement. 
 (a) Execution and Compliance. You acknowledge that you are a member of the Company’s executive and management personnel and that, as
such, you have been and will be privy to extremely sensitive, confidential and valuable commercial information, which constitutes trade secrets of the Company, the disclosure of which would greatly harm the Company. Your work for the Company is
conditioned on your execution of and compliance with the Employee Intellectual Property Agreement, attached hereto as Exhibit B. 
 (b)
Extension of Time. In the event that you breach any covenant, obligation or duty in the Employee Intellectual Property Agreement or its subparts, any such duty, obligation, or covenants to which you and the Company agreed by the Employee
Intellectual Property Agreement and its subparts shall automatically toll from the date of the first breach, and all subsequent breaches, until the resolution of the breach through private settlement, judicial or other action, including all appeals.
The duration and length of your duties and obligations as agreed by the Employee Intellectual Property Agreement and its subparts shall continue upon the effective date of any such settlement, or judicial or other resolution. 
 15. Miscellaneous. Except as specifically set forth herein, this Agreement constitutes the complete, final and exclusive embodiment of the entire
agreement between you and the Company with regard to your employment terms and Severance Benefits. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes
any other such promises, warranties or representations. This Agreement may not be modified or amended except in writing signed by you and a duly authorized officer of the Company. This Agreement will be deemed to have been entered into and will be
construed and enforced in accordance with the laws of the State of Colorado as applied to contracts made and to be performed entirely within Colorado. 
 ***** 
  

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 Please sign below to indicate your understanding and acceptance of this Agreement and return the signed original to me at
your earliest convenience. 
  

							
	Very truly yours,	  	 	 	 
			
	ARCA BIOPHARMA, INC.	  		 	
				
	By:	 	 /s/ Christopher D. Ozeroff
	  		 	
	Name:	 	 Christopher D. Ozeroff
	  		 	
	Title:	 	 EVP Business Development and General Counsel
	  		 	
			
	UNDERSTOOD AND AGREED:	  		 	
			
	 /S/ KATHRYN E. FALBERG
	  	 February 23, 2009
	 	
	Kathryn E. Falberg	  	Date	 	

  

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 EXHIBIT A 
 RELEASE 
 In exchange for the Severance Benefits provided under the foregoing Employment and
Retention Agreement with ARCA biopharma, Inc. (the “Company”), dated [                        ], and except as
set forth in this release, I hereby release, acquit and forever discharge the Company, its parents and subsidiaries, and their officers, directors, agents, servants, employees, shareholders, successors, assigns and affiliates, of and from any and
all claims, liabilities, demands, causes of action, costs, expenses, attorneys fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed
(other than any claim for indemnification I may have as a result of any third party action against me based on my employment with the Company), arising out of or in any way related to agreements, events, acts or conduct at any time prior to the date
I execute this release, including, but not limited to: all such claims and demands directly or indirectly arising out of or in any way connected with my employment with the Company or the termination of that employment, including but not limited to,
claims of intentional and negligent infliction of emotional distress, any and all tort claims for personal injury, claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company,
vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; all claims for breach of contract and wrongful termination; claims pursuant to any federal, state or local law or cause of action including, but
not limited to, the federal Civil Rights Act of 1964, as amended; the federal Employee Retirement Income Security Act of 1974, as amended; the federal Americans with Disabilities Act of 1990; Colorado anti-discrimination statutes, including the
Colorado Civil Rights Act (as amended); tort law; contract law; wrongful discharge; discrimination; fraud; defamation; emotional distress; and breach of the implied covenant of good faith and fair dealing; provided, however, that nothing in
this paragraph shall be construed in any way to release the Company from its existing obligations to indemnify me pursuant to any agreement or applicable law. 
 I also hereby acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”). I also acknowledge that the
consideration given for the release in the preceding paragraph hereof is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: 
  

	 	(a)	my waiver and release do not apply to any rights or claims that arise on or after the date I execute this release; 

  

	 	(b)	I have the right to consult with an attorney prior to executing this release; 

  

	 	(c)	I have twenty-one (21) days to consider this release (although I may choose to voluntarily execute this release earlier); 

  

	 	(d)	I have seven (7) days following my execution of this release to revoke the release; and 

  

	 	(e)	this release shall not be effective until the date upon which the revocation period has expired, which shall be the eighth day after I execute this release.

 This Release constitutes the complete, final and exclusive embodiment of the entire agreement between the Company and me
with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly stated herein. This Release may only be modified by a writing signed by both me and a duly authorized officer of the
Company. This Release will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of Colorado as applied to contracts made and to be performed entirely within Colorado. This Release shall be
effective on the date I sign and return it to the Company, provided that the Company has also signed it. 
 I accept and agree to the terms and conditions
stated above. 
  

			
	  

	Kathryn E. Falberg
		
	Date:	 	  

	
	ARCA BIOPHARMA, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT B 
 EMPLOYEE INTELLECTUAL PROPERTY, CONFIDENTIALITY AND NON-COMPETE AGREEMENT 
 [Omitted]Indemnity Agreement

 Exhibit 10.52 
 INDEMNITY AGREEMENT 
 THIS INDEMNITY AGREEMENT
(this “Agreement”) is made and entered into this      day of
                             by and between ARCA biopharma, Inc., a Delaware corporation (the
“Corporation”), and                          (“Agent”). 
 RECITALS 
 WHEREAS, Agent has agreed to perform a valuable service to the Corporation as a [director/officer] of the Corporation; 
 WHEREAS, the Corporation has previously adopted amended and restated bylaws (as amended, the “Bylaws”) providing for the indemnification of the directors, officers, employees and other
agents of the Corporation, including persons serving at the request of the Corporation in such capacities with other corporations or enterprises, as authorized by the Delaware General Corporation Law, as amended (the “Code”); 

WHEREAS, the Bylaws and the Code, by their non-exclusive nature, permit contracts between the Corporation and its agents,
officers, employees and other agents with respect to indemnification of such persons; and 
 WHEREAS, in order to
induce Agent to serve as a [director/officer] of the Corporation, the Corporation has determined and agreed to enter into this Agreement with Agent; 
 NOW, THEREFORE, in consideration of Agent’s service as a [director/officer] of the Corporation after the date hereof, the parties hereto agree as follows:

 AGREEMENT 
 1. Services to the Corporation. Agent will serve, at the will of the Corporation or under separate contract, if any such contract exists, as a [director/officer] of the Corporation or as a director, officer or other fiduciary of an
affiliate of the Corporation (including any employee benefit plan of the Corporation) faithfully and to the best of his ability so long as he is duly elected and qualified in accordance with the provisions of the Bylaws or other applicable charter
documents of the Corporation or such affiliate; provided, however, that Agent may at any time and for any reason resign from such position (subject to any contractual obligation that Agent may have assumed apart from this Agreement) and that
the Corporation or any affiliate shall have no obligation under this Agreement to continue Agent in any such position. 
 2. Indemnity of
Agent. Subject in all instances to the terms, conditions and limitations of this Agreement, the Corporation hereby agrees to hold harmless and indemnify Agent to the fullest extent authorized or permitted by the provisions of the Bylaws and the
Code, as the same may be amended from time to time (but, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than the Bylaws or the Code permitted prior to adoption of such amendment). 

 

 1. 

 3. Additional Indemnity. In addition to and not in limitation of the indemnification otherwise
provided for herein, and subject only to the exclusions set forth in Section 4 hereof, the Corporation hereby further agrees to hold harmless and indemnify Agent: 
 (a) against any and all expenses (including attorneys’ fees), witness fees, damages, judgments, fines and amounts paid in settlement and any other amounts that Agent becomes legally obligated to pay
because of any claim or claims made against or by him in connection with any threatened, pending or completed action, suit or proceeding, whether civil, criminal, arbitrational, administrative or investigative (including an action by or in the right
of the Corporation) to which Agent is, was or at any time becomes a party, or is threatened to be made a party, by reason of the fact that Agent is, was or at any time becomes a director, officer, employee or other agent of Corporation, or is or was
serving or at any time serves at the request of the Corporation as a director, officer, employee or other agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise; and 
 (b) otherwise to the fullest extent as may be provided to Agent by the Corporation under the non-exclusivity provisions of the Code and
Section 8 of the Bylaws. 
 4. Limitations on Additional Indemnity. No indemnity pursuant to Section 3 hereof shall be paid
by the Corporation: 
 (a) on account of any claim against Agent solely for an accounting of profits made from the purchase or sale by
Agent of securities of the Corporation pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934 and amendments thereto or similar provisions of any federal, state or local statutory law; 
 (b) on account of Agent’s conduct that is established by a final judgment as knowingly fraudulent or deliberately dishonest or that
constituted willful misconduct; 
 (c) on account of Agent’s conduct that is established by a final judgment as constituting a
breach of Agent’s duty of loyalty to the Corporation or resulting in any personal profit or advantage to which Agent was not legally entitled; 
 (d) [subject to Section 11(c) herein,] for which payment is actually made to Agent under a valid and collectible insurance policy or under a valid and enforceable indemnity clause, bylaw or agreement, except in respect of any
excess beyond payment under such insurance, clause, bylaw or agreement (it also being understood that with respect to any policy or policies of director’s and officer’s liability insurance procured by the Corporation, in its discretion,
for the benefit of its officers and directors, (i) Agent shall be named as an insured, (ii) the Company shall give prompt notice of the commencement of any proceeding involving Agent for which Agent is insured to the insurers in accordance
with the procedures set forth in the respective policies, (iii) the Corporation shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Agent, all amounts payable as a result of such proceeding in
accordance with the terms of such policies, and (iv) in the event the Corporation makes any indemnification payments to Agent and Agent is subsequently reimbursed from the proceeds of insurance, Agent shall promptly refund such indemnification
payments to the Corporation to the extent of such insurance reimbursement). 
  

 2. 

 (e) if indemnification is not lawful (and, in this respect, both the Corporation and Agent have
been advised that the Securities and Exchange Commission believes that indemnification for liabilities arising under the federal securities laws is against public policy and is, therefore, unenforceable and that claims for indemnification should be
submitted to appropriate courts for adjudication); or 
 (f) in connection with any proceeding (or part thereof) initiated by Agent, or
any proceeding by Agent against the Corporation or its directors, officers, employees or other agents, unless (i) such indemnification is expressly required to be made by law, (ii) the proceeding was authorized by the Board of Directors of
the Corporation, (iii) such indemnification is provided by the Corporation, in its sole discretion, pursuant to the powers vested in the Corporation under the Code, or (iv) the proceeding is initiated pursuant to Section 9 hereof.

 5. Continuation of Indemnity. All agreements and obligations of the Corporation contained herein shall continue during the period
Agent is a director, officer, employee or other agent of the Corporation (or is or was serving at the request of the Corporation as a director, officer, employee or other agent of another corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise) and shall continue thereafter so long as Agent shall be subject to any possible claim or threatened, pending or completed action, suit or proceeding, whether civil, criminal, arbitrational, administrative or
investigative, by reason of the fact that Agent was serving in the capacity referred to herein. 
 6. Partial Indemnification. Agent
shall be entitled under this Agreement to indemnification by the Corporation for a portion of the expenses (including attorneys’ fees), witness fees, damages, judgments, fines and amounts paid in settlement and any other amounts that Agent
becomes legally obligated to pay in connection with any action, suit or proceeding referred to in Section 3 hereof even if not entitled hereunder to indemnification for the total amount thereof, and the Corporation shall indemnify Agent for the
portion thereof to which Agent is entitled. 
 7. Notification and Defense of Claim. Not later than thirty (30) days after
receipt by Agent of notice of the commencement of any action, suit or proceeding, Agent will, if a claim in respect thereof is to be made against the Corporation under this Agreement, notify the Corporation of the commencement thereof; but the
omission so to notify the Corporation will not relieve it from any liability which it may have to Agent otherwise than under this Agreement. With respect to any such action, suit or proceeding as to which Agent notifies the Corporation of the
commencement thereof: 
 (a) the Corporation will be entitled to participate therein at its own expense; 
 (b) except as otherwise provided below, the Corporation may, at its option and jointly with any other indemnifying party similarly notified and
electing to assume such defense, assume the defense thereof, with counsel reasonably satisfactory to Agent. After notice from the Corporation to Agent of its election to assume the defense thereof, the Corporation will not be liable to Agent under
this Agreement for any legal or other expenses subsequently incurred by Agent in connection with the defense thereof except for reasonable costs of 

  

 3. 

 
investigation or otherwise as provided below. Agent shall have the right to employ separate counsel in such action, suit or proceeding but the fees and
expenses of such counsel incurred after notice from the Corporation of its assumption of the defense thereof shall be at the expense of Agent unless (i) the employment of counsel by Agent has been authorized by the Corporation, (ii) Agent
shall have reasonably concluded, and so notified the Corporation, that there is an actual conflict of interest between the Corporation and Agent in the conduct of the defense of such action or (iii) the Corporation shall not in fact have
employed counsel to assume the defense of such action, in each of which cases the fees and expenses of Agent’s separate counsel shall be at the expense of the Corporation. The Corporation shall not be entitled to assume the defense of any
action, suit or proceeding brought by or on behalf of the Corporation or as to which Agent shall have made the conclusion provided for in clause (ii) above; and 
 (c) the Corporation shall not be liable to indemnify Agent under this Agreement for any amounts paid in settlement of any action or claim effected without its written consent, which shall not be unreasonably
withheld. The Corporation shall be permitted to settle any action except that it shall not settle any action or claim in any manner which would impose any penalty or limitation on Agent without Agent’s written consent, which may be given or
withheld in Agent’s sole discretion. 
 8. Expenses. The Corporation shall advance, prior to the final disposition of any
proceeding, promptly following request therefor, all expenses incurred by Agent in connection with such proceeding upon receipt of an undertaking by or on behalf of Agent to repay said amounts if it shall be determined ultimately that Agent is not
entitled to be indemnified under the provisions of this Agreement, the Bylaws, the Code or otherwise. 
 9. Enforcement. Any right to
indemnification or advances granted by this Agreement to Agent shall be enforceable by or on behalf of Agent in any court of competent jurisdiction if (i) the claim for indemnification or advances is denied, in whole or in part, or (ii) no
disposition of such claim is made within ninety (90) days of request therefor. Agent, in such enforcement action, if successful in whole or in part, shall be entitled to be paid also the expense of prosecuting his claim. It shall be a defense
to any action for which a claim for indemnification is made under Section 3 hereof (other than an action brought to enforce a claim for expenses pursuant to Section 8 hereof, provided that the required undertaking has been tendered
to the Corporation) that Agent is not entitled to indemnification because of the limitations set forth in Section 4 hereof. Neither the failure of the Corporation (including its Board of Directors or its stockholders) to have made a
determination prior to the commencement of such enforcement action that indemnification of Agent is proper in the circumstances, nor an actual determination by the Corporation (including its Board of Directors or its stockholders) that such
indemnification is improper shall be a defense to the action or create a presumption that Agent is not entitled to indemnification under this Agreement or otherwise. 
 10. Subrogation. [Except as provided in Section 11(c) below,] in the event of payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the rights of
recovery of Agent [(other than against the Fund Indemnitors (as defined below))], who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Corporation effectively to bring suit to
enforce such rights. 
  

 4. 

 11. Non-Exclusivity of Rights. 
 (a) The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Agent may at any time be
entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders, a resolution of directors or otherwise, of the Corporation. No amendment, alteration or repeal of this Agreement or of any provision
hereof shall limit or restrict any right of Agent under this Agreement in respect of any action taken or omitted by such Agent in his or her capacity as an officer or director of the Corporation prior to such amendment, alteration or repeal. To the
extent that a change in the Code, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Certificate of Incorporation, Bylaws and this Agreement, it is the intent of the parties hereto
that Agent shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other right or remedy. 
 (b) To the extent that the Corporation maintains an insurance policy or policies providing
liability insurance for directors, officers, employees, or agents or fiduciaries of the Corporation or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of
the Corporation, Agent shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies. If, at
the time of the receipt of a notice of a claim pursuant to the terms hereof, the Corporation has director and officer liability insurance in effect, the Corporation shall give prompt notice of the commencement of such proceeding to the insurers in
accordance with the procedures set forth in the respective policies. The Corporation shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Agent, all amounts payable as a result of such proceeding in
accordance with the terms of such policies. 
 (c) [The Corporation hereby acknowledges that Agent has certain rights to
indemnification, advancement of expenses and/or insurance provided by Atlas Venture Fund VII, L.P. and certain of its affiliates (collectively, the “Fund Indemnitors”). The Corporation hereby agrees (i) that it is the indemnitor of
first resort (i.e., its obligations to Agent are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Agent are secondary), (ii) that it shall be
required to advance the full amount of expenses incurred by Agent and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of
this Agreement and the Certificate of Incorporation or Bylaws (or any other agreement between the Corporation and Agent), without regard to any rights Agent may have against the Fund Indemnitors, and, (iii) that it irrevocably waives,
relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Corporation further agrees that no advancement or payment by
the Fund Indemnitors on behalf of Agent with respect to any claim for which Agent has sought indemnification from the 

  

 5. 

 
Corporation shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or
payment to all of the rights of recovery of Indemnitee against the Corporation. The Corporation and Agent agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section 11(c).] 
 12. Survival of Rights. 
 (a)
The rights conferred on Agent by this Agreement shall continue after Agent has ceased to be a director, officer, employee or other agent of the Corporation or to serve at the request of the Corporation as a director, officer, employee or other agent
of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise and shall inure to the benefit of Agent’s heirs, executors and administrators. 
 (b) The Corporation shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Corporation, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken
place. 
 13. Separability. Each of the provisions of this Agreement is a separate and distinct agreement and independent of the
others, so that if any provision hereof shall be held to be invalid for any reason, such invalidity or unenforceability shall not affect the validity or enforceability of the other provisions hereof. Furthermore, if this Agreement shall be
invalidated in its entirety on any ground, then the Corporation shall nevertheless indemnify Agent to the fullest extent provided by the Bylaws, the Code or any other applicable law. 
 14. Governing Law. This Agreement shall be interpreted and enforced in accordance with the laws of the State of Delaware. 
 15. Amendment and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing
signed by both parties hereto. 
 16. Identical Counterparts; Facsimile Delivery. This Agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute but one and the same Agreement. Only one such counterpart need be produced to evidence the existence of this Agreement. This
Agreement may be delivered via facsimile. 
 17. Headings. The headings of the sections of this Agreement are inserted for convenience
only and shall not be deemed to constitute part of this Agreement or to affect the construction hereof. 
 18. Notices. All notices,
requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (i) upon delivery if delivered by hand to the party to whom such communication was directed or (ii) upon the third
business day after the date on which such communication was mailed if mailed by certified or registered mail with postage prepaid: 
  

 6. 

 (a) If to Agent, at the address indicated on the signature page hereof. 
 (b) If to the Corporation, to: 
 ARCA biopharma, Inc. 
 8001 Arista Place, Suite 200 
 Broomfield, CO 80021 
 Attention: Chief Executive Officer and General Counsel 
 or to such other addresses as may have been furnished to Agent by the Corporation or the
Corporation by Agent. 
 [remainder of page intentionally blank] 
  

 7. 

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

			
	ARCA BIOPHARMA, INC.
		
	By:	 	 
		
	Title:	 	 

  

			
	AGENT
	
	 
	Print Name:	 	 

  

			
	Address:
	
	 
	
	 

  

 8.

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