Document:

EX-10.56

 Exhibit 10.56 

EXECUTIVE EMPLOYMENT 

AGREEMENT BY AND BETWEEN 

HORIZON PHARMA, INC., HORIZON PHARMA USA, INC. AND 

ROBERT F. CAREY 

This Executive Employment Agreement (hereinafter referred to as the “Agreement”), is entered into by
and between Horizon Pharma, Inc., a Delaware corporation, and its wholly owned subsidiary, Horizon Pharma USA, Inc., a Delaware corporation, each having a principal place of business at 520 Lake Cook Road, Suite 520, Deerfield, IL 60015,
(hereinafter referred to together as the “Company”) and Robert F. Carey (hereinafter referred as to the “Executive”). The terms of this Agreement shall remain confidential until the Executive’s
first day of employment with the Company (the “Date of Hire”), which will be on March 5, 2014 and which is also the effective date of this Agreement (the “Effective Date”). 

RECITALS 

WHEREAS, Company desires assurance of the association and services of the Executive in order to retain the
Executive’s experience, skills, abilities, background and knowledge, and is willing to engage the Executive’s services on the terms and conditions set forth in this Agreement; and 

WHEREAS, Executive desires to be in the employ of the Company, and is willing to accept such employment on the terms
and conditions set forth in this Agreement. 
 AGREEMENT 
  

	1.	 Employment. 

1.1       Term.    The Company hereby agrees to employ the Executive,
and the Executive hereby accepts employment by the Company, upon the terms and conditions set forth in this Agreement. Executive’s employment shall be governed under the terms set forth in this Agreement beginning on the Effective Date and
shall continue until it is terminated pursuant to Section 4 herein (hereinafter referred to as the “Term”). 

1.2       Title.    The Executive shall have the title of Executive
Vice President, Chief Business Officer (hereinafter referred to as “CBO”) of the Company and shall serve in such other capacity or capacities commensurate with his position as CBO as the President and Chief Executive
Officer of the Company may from time to time prescribe. 

  
 1 

 1.3       Duties.    The
Executive shall do and perform all services, acts or things necessary or advisable to manage and conduct the business of the Company and shall have the authority and responsibilities which are generally associated with the position of CBO including
being responsible for the Company’s business development, alliance management, corporate strategy and investor relations. The Executive shall report to the President and Chief Executive Officer. 

1.4       Policies and Practices.   The employment relationship between the
Parties shall be governed by this Agreement and the policies and practices established by the Company and the Board of Directors (hereinafter referred to as the “Board”). In the event that the terms of this Agreement differ
from or are in conflict with the Company’s policies or practices or the Company’s Employee Handbook, this Agreement shall control. 

1.5       Location.    The Executive shall perform the services the
Executive is required to perform pursuant to this Agreement in the headquarters office for the Company in the Deerfield, Illinois area. The Company may from time to time require the Executive to travel temporarily to other locations outside of the
Northbrook, Illinois area in connection with the Company’s business. 
  

	2.	 Loyalty of Executive. 

2.1       Loyalty.     During the Executive’s employment by the
Company, the Executive shall devote the Executive’s business energies, interest, abilities and productive time to the proper and efficient performance of Executive’s duties under this Agreement. Subject to the prior written consent of the
President and Chief Executive Officer, the Executive is permitted to serve on the board of directors of up to two public companies, so long as the other companies do not compete with the Company.  

2.2       Exclusive Employment.    Except with the prior written
consent of the Board, Executive shall not, during the term of this Agreement, undertake or engage in any other employment, occupation or business enterprise, other than ones in which Executive is a passive investor. Executive may engage in any civic
and not-for-profit activities so long as such activities do not materially interfere with the performance of his duties hereunder or present a conflict of interest with the Company. 

2.3       Agreement not to Participate in Company’s
Competitors.    During the Term of this Agreement, the Executive agrees not to acquire, assume or participate in, directly or indirectly, any position, investment or interest known by Executive to be adverse or antagonistic
to the Company, its business or prospects, financial or otherwise or in any company, person or entity that is, directly or indirectly, in competition with the business of the Company or any of its affiliates. Notwithstanding the foregoing, Executive
may invest and/or maintain investments in public or private life sciences companies up to an amount of 2% of an entity’s fully diluted shares and on a passive basis. 

  
 2 

	3.	 Compensation to Executive.  

3.1       Base Salary.   The Company shall pay the Executive a base salary at
the initial annualized rate of four hundred thousand dollars ($400,000.00) per year, subject to standard deductions and withholdings, or such higher rate as may be determined from time to time by the Board or the compensation committee thereof
(hereinafter referred to as the “Base Salary”). Such Base Salary shall be paid in accordance with the Company’s standard payroll practice. Payments of salary installments shall be made no less frequently than once per
month. Executive’s Base Salary will be reviewed annually each December and Executive shall be eligible to receive a salary increase (but not decrease) annually in an amount to be determined by the Board or the compensation committee thereof in
its sole and exclusive discretion. Once increased, the new salary shall become the Base Salary for purposes of this Agreement and shall not be reduced without the Executive’s written consent. Any material reduction in the Base Salary of the
Executive, without his written consent, may be deemed Good Reason as set forth in and subject to Section 4.5.2 of this Agreement. 

3.2       Discretionary Bonus.   Provided the Executive meets the conditions
stated in this Section 3.2, the Executive shall be eligible for an annual discretionary bonus (hereinafter referred to as the “Bonus”) with a target amount of fifty percent (50%) of the Executive’s Base Salary,
subject to standard deductions and withholdings. The bonus shall be based upon (a) the Chief Executive Officers recommendation and the Board’s determination, in good faith, of whether the Executive achieved certain performance milestones
established for the Executive by the Board in good faith (herein referred to as the “Performance Milestones”) and (b) company performance objectives as set by the Board. The Performance Milestones will be based on
certain factors including, but not limited to, the Executive’s performance and the Company’s financial performance. The Executive’s Bonus target will be reviewed annually and may be adjusted by the Board or the compensation committee
thereof in its discretion, provided however, that the Bonus target may only be materially reduced upon Executive’s written consent. The Executive must be employed on the date the Bonus is awarded to be eligible for the Bonus, subject to the
termination provisions thereof. The Bonus shall be paid during the calendar year following the performance calendar year. 

3.3       Equity Awards.   As an inducement to the Executive’s
commencement of employment with the Company, at the next scheduled Compensation Committee meeting that follows the Date of Hire the Executive will be granted the following equity awards as “Inducement Awards” pursuant to and subject to the
terms of the Company’s 2011 Equity Incentive Plan and its form of stock option and restricted stock unit award agreements, in the forms provided to Executive concurrently with this Agreement (collectively the “Equity Plan
Documents”) and compliance with applicable securities laws: 
 3.3.1     Inducement
Option.   A non-qualified stock option to purchase up to 100,000 shares of the Company’s common stock (the “Inducement Option”). The 

  
 3 

 
Inducement Option will have an exercise price equal to the fair market value of the Company’s common stock on the applicable date of grant. Subject to Executive’s continuous service
with the Company through the first anniversary of the Date of Hire, the Inducement Option will vest 1/12th monthly and be vested in full on the first anniversary of the Date of Hire. 

3.3.2     New Hire Option.   An additional non-qualified stock option to purchase up to
140,000 shares of the Company’s common stock (the “New Hire Option”). The New-Hire Option will have an exercise price equal to the fair market value of the Company’s common stock on the applicable date of grant.
Subject to Executive’s continued provision of services to the Company through the applicable vesting dates, the New Hire Option shall vest as follows: 25% of the total number of shares subject to the New Hire Option shall vest on the first
anniversary of the Date of Hire and 1/36 of the remaining number of shares subject to the New-Hire Option shall vest on each monthly anniversary thereafter so that the New Hire Option would fully vest on the four (4) year anniversary of the
Date of Hire subject to Executive’s continued services with the Company through such date. 
 3.3.3
    New Hire Restricted Stock Unit Award.   A restricted stock unit award in respect of 124,000 shares of the Company’s common stock granted at a price of $0 in consideration of the Executive’s continued
services hereunder (the “RSU Award”). Subject to Executive’s continued provision of services to the Company through the applicable vesting dates, the RSU Award shall vest as follows: 25% of the total number of units
subject to the RSU Award shall vest on each anniversary of the Date of Hire so that the RSU Award would fully vest on the four (4) year anniversary of the Date of Hire subject to Executive’s continued services with the Company through such
date. 
 3.4       Retention Bonus.     Within thirty
(30) days of Executive’s Date of Hire, Executive will be advanced a one-time bonus of one hundred thousand dollars ($100,000.00) (the “Retention Bonus”). Additionally, the Company shall also pay the Executive
additional amounts (the “Gross-Up Payments”) such that after payment by Executive of all applicable federal, state and local taxes, imposed upon the Retention Bonus and such Gross-Up Payments, Executive will retain a net
amount equal to the amount of the Retention Bonus ($100,000.00). For purposes of this provision, Executive’s applicable federal, state and local taxes shall be computed at the maximum marginal rates, taking into account the effect of any loss
of personal exemptions resulting from receipt of the Gross-Up Payments. The Retention Bonus and the Gross-Up Payments are intended to compensate Executive for the costs of relocating Executive’s residence to Deerfield Illinois. To earn the
Retention Bonus and the Gross-Up Payments, the Executive must remain employed with the Company through the first anniversary of the Date of Hire. If, prior to the first anniversary of the Date of Hire, Executive resigns for any reason other than for
Good Reason, or the Company terminates his employment for Cause, Employee must repay to the Company, on or within thirty (30) days after the 

  
 4 

 
employment termination date, an amount equal to the sum of the Retention Bonus and the Gross-Up Payments. 

3.5       Legal Review.   Upon the Executive’s submission of appropriate
itemized proof and verification of reasonable and customary legal fees incurred by the Executive in obtaining legal advice associated with the review, preparation, approval, and execution of this Agreement, the Company shall pay for up to $10,000.00
of such legal fees subject to receipt of appropriate proof and verification of such legal fees no later than sixty (60) days of receipt of an invoice for legal services from the Executive and/or his attorneys. To be eligible for reimbursement,
the invoice must be submitted no later than ninety (90) days after the legal fees are incurred. 
 3.6
      Changes to Compensation.    The Executive’s compensation may be changed from time to time by mutual agreement of the Executive and the Company. In the event that the Executive’s
base salary is materially decreased without his written consent, said decrease will be Good Reason for the Executive to terminate the Agreement as set forth in and subject to Section 4.5.2 of this Agreement. 

3.7       Taxes.  All amounts paid under this Agreement to the Executive by the
Company will be paid less applicable tax withholdings and any other withholdings required by law or authorized by the Executive. 

3.8       Benefits.  The Executive shall, in accordance with Company policy and
the terms of the applicable plan documents, be eligible to participate in benefits under any executive benefit plan or arrangement which may be in effect from time to time and made available to the Company’s executives or key management
employees, provided, however, that the Executive shall be entitled to at least four (4) weeks of paid vacation annually. 
  

	4.	 Termination. 

4.1      Termination by the Company.  The Executive’s employment with the
Company may be terminated only under the following conditions: 
 4.1.1    Termination for Death or
Disability.       The Executive’s employment with the Company shall terminate effective upon the date of the Executive’s death or “Complete Disability” (as defined in Section 4.5.1),
provided, however, that this Section 4.1.1 shall in no way limit the Company’s obligations to provide such reasonable accommodations to the Executive and/or his heirs as may be required by law. 

4.1.2    Termination by the Company For Cause.  The Company may terminate the
Executive’s employment under this Agreement for “Cause” (as defined in Section 4.5.3) by delivery of written notice to the Executive specifying the Cause or Causes relied upon for such termination, provided that such notice is
delivered within two (2) months following the occurrence or discovery of any event or events constituting 

  
 5 

 
“Cause”. Any notice of termination given pursuant to this Section 4.1.2 shall effect termination as of the date of the notice or such date as specified in the notice. The Executive
shall have the right to appear before the CEO before any termination for Cause becomes effective and binding upon the Executive. 

4.1.3    Termination by the Company Without Cause. The Company may terminate the Executive’s
employment under this Agreement at any time and for any reason or no reason subject to the requirements set out in Section 4.4 of this Agreement. Such termination shall be effective on the date the Executive is so informed or as otherwise
specified by the Company, pursuant to notice requirements set forth in Section 6 of this Agreement. 
 4.2
      Termination By The Executive.     The Executive may terminate his employment with the Company at any time and for any reason or no reason, including, but not limited, to the following
conditions: 
 4.2.1       Good Reason.     The Executive may
terminate his employment under this Agreement for “Good Reason” (as defined below in Section 4.5.2) by delivery of written notice to the Company specifying the Good Reason relied upon by the Executive for such termination in
accordance with the requirements of such section. 
 4.2.2     Without Good
Reason.    The Executive may terminate the Executive’s employment hereunder for other than Good Reason upon thirty (30) days written notice to the Company. 

4.3      Termination by Mutual Agreement of the Parties.    The
Executive’s employment pursuant to this Agreement may be terminated at any time upon a mutual agreement in writing of the Parties. Any such termination of employment shall have the consequences specified in such mutual agreement. 

4.4       Compensation to Executive Upon Termination.  

4.4.1    Death or Complete Disability. If the Executive’s employment shall be terminated by
death or Complete Disability as provided in Section 4.1.1, the Company shall pay to Executive, and/or Executive’s heirs, all earned but unpaid Base Salary, any earned but unpaid discretionary bonuses for any prior period at such time as
bonuses would have been paid if the Executive remained employed, all accrued but unpaid business expenses, and all accrued but unused vacation time earned through the date of termination at the rate in effect at the time of termination (hereinafter
referred to as the “Accrued Amounts”), less standard deductions and withholdings. The Executive shall also be eligible to receive a pro-rated bonus for the year of termination, as determined by the Board or the Compensation
Committee of the Board based on actual performance and the period of the year he was employed (hereinafter referred to as the “Pro-rata Bonus”), less standard deductions and withholdings, to be paid as a lump sum within
thirty (30) days after the date of termination. 

  
 6 

 4.4.2   With Cause or Without Good Reason. If the
Executive’s employment shall be terminated by the Company for Cause, or if the Executive terminates employment hereunder without Good Reason, the Company shall pay the Executive’s Base Salary, accrued but unpaid business expenses and
accrued and unused vacation benefits earned through the date of termination at the rate in effect at the time of termination, less standard deductions and withholdings. 

4.4.3   Without Cause or For Good Reason. 

(i)       Not in Connection With a Change in Control. If the Company terminates the
Executive’s employment without Cause or the Executive terminates his employment for Good Reason, and Section 4.4.3(ii) below does not apply, the Company shall pay the Accrued Amounts subject to standard deductions and withholdings, to be
paid as a lump sum no later than thirty (30) days after the date of termination. In addition, subject to the limitations stated in this Agreement and upon the Executive’s furnishing to the Company an executed waiver and release of claims
(the form of which is attached hereto as Exhibit A) (the “Release”) within the applicable time period set forth therein, but in no event later than forty-five days following termination of employment and permitting such
Release to become effective in accordance with its terms (the “Release Effective Date”), and subject to Executive entering into no later than the Release Effective Date a non-competition agreement to be effective during the
Severance Period (as defined below), substantially similar to Section 2.3, and continuing to abide by its terms during the Severance Period, the Executive shall be entitled to: 

(a)       the equivalent of the Executive’s Base Salary in effect at the time of
termination will continue to be paid for a period of twelve (12) months following the date of termination (hereinafter referred to as the “Severance Period”), less standard deductions and withholdings, to be paid during
the Severance Period according to the Company’s regular payroll practices, subject to any delay in payment required by Section 4.6 in connection with the Release Effective Date; and 

(b)       in the event the Executive timely elects continued coverage under COBRA, the
Company will continue to pay the same portion of Executive’s COBRA health insurance premium as the percentage of health insurance premiums that it paid during the Executive’s employment, including any amounts that Company paid for benefits
to the qualifying family members of the Executive, following the date of termination up until the earlier of either (i) the last day of the Severance Period or, (ii) the date on which the Executive begins full-time employment with another
company or business entity which offers comparable health insurance coverage to the Executive (such period, the “COBRA Payment Period”). Notwithstanding the foregoing, if the Company determines, in its sole discretion, that
the Company cannot provide the COBRA premium benefits without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu
thereof pay Executive a taxable cash amount, which 

  
 7 

 
payment shall be made regardless of whether the Executive or his qualifying family members elect COBRA continuation coverage (the “Health Care Benefit Payment”). The
Health Care Benefit Payment shall be paid in monthly or bi-weekly installments on the same schedule that the COBRA premiums would otherwise have been paid to the insurer. The Health Care Benefit Payment shall be equal to the amount that the Company
otherwise would have paid for COBRA insurance premiums (which amount shall be calculated based on the premium for the first month of coverage), and shall be paid until the expiration of the COBRA Payment Period. 

(ii)     In Connection With a Change in Control. If the Company (or its successor) terminates the
Executive’s employment without Cause or the Executive terminates his employment for Good Reason within the period commencing ninety (90) days immediately prior to a Change in Control of the Company and ending eighteen (18) months
immediately following a Change in Control of the Company (as defined in Section 4.5.4 of this Agreement), the Executive shall receive the Accrued Amounts subject to standard deductions and withholdings, to be paid as a lump sum no later than
thirty (30) days after the date of termination. In addition, subject to the limitations stated in this Agreement and upon the Executive’s furnishing to the Company (or its successor) an executed Release within the applicable time period
set forth therein, but in no event later than forty-five days following termination of employment and permitting such Release to become effective in accordance with its terms, and subject to Executive entering into no later than the Release
Effective Date a non-competition agreement to be effective during the Severance Period, substantially similar to Section 2.3, and continuing to abide by its terms during the Severance Period, then in lieu of (and not additional to) the benefits
provided pursuant to Section 4.4.3(i) above, the Executive shall be entitled to: 
 (a)
      the equivalent of the Executive’s Base Salary in effect at the time of termination will continue to be paid during the Severance Period, less standard deductions and withholdings, to be paid during the
Severance Period according to the Company’s regular payroll practices, subject to any delay in payment required by Section 4.6 in connection with the Release Effective Date; 

(b)       Executive’s target Bonus in effect at the time of termination, or if
none, the last target Bonus in effect for Executive, less standard deductions and withholdings, to be paid in a lump sum within ten (10) days following the later of (i) the Release Effective Date, or (ii) the effective date of the
Change in Control; and 
 (c)       in the event the Executive timely elects continued
coverage under COBRA, the Company will continue to pay the same portion of Executive’s COBRA health insurance premium as the percentage of health insurance premiums that it paid during the Executive’s employment, including any amounts that
Company paid for benefits to the qualifying family members of the Executive, following the date of termination until the expiration of the COBRA Payment Period. 

  
 8 

 
Notwithstanding the foregoing, if the Company determines, in its sole discretion, that the Company cannot provide the COBRA premium benefits without potentially incurring financial costs or
penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof pay Executive the Health Care Benefit Payment, which payment shall be made regardless of whether
the Executive or his qualifying family members elect COBRA continuation coverage. The Health Care Benefit Payment shall be paid in monthly or bi-weekly installments on the same schedule that the COBRA premiums would otherwise have been paid to the
insurer. The Health Care Benefit Payment shall be equal to the amount that the Company otherwise would have paid for COBRA insurance premiums (which amount shall be calculated based on the premium for the first month of coverage), and shall be paid
until the expiration of the COBRA Payment Period. 
 (iii)     No Duplication of Benefits. For
the avoidance of doubt, in no event will Executive be entitled to benefits under Section 4.4.3(i) and Section 4.4.3(ii). If Executive commences to receive benefits under Section 4.4.3(i) due to a qualifying termination prior to a
Change in Control and thereafter becomes entitled to benefits under Section 4.4.3(ii), any benefits previously provided to Executive under Section 4.4.3(i) shall offset the benefits to be provided to Executive under Section 4.4.3(ii)
and shall be deemed to have been provided to Executive pursuant to Section 4.4.3(ii). 
 4.4.4   Equity
Award Acceleration. 
 (i)       In Connection With a Change in Control. In the
event that the Executive’s employment is terminated without Cause or for Good Reason within the ninety (90) days immediately preceding or during the eighteen (18) months immediately following a Change in Control of the Company (as
defined in Section 4.5.4 of this Agreement), the vesting of the Inducement Option, the New Hire Option, the RSU Award and any other Company equity awards granted to Executive shall be fully accelerated such that on the effective date of such
termination one hundred percent (100%) of the equity award shares granted to Executive prior to such termination shall be fully vested and immediately exercisable, if applicable, by the Executive. 

(ii) Without Cause or for Good Reason. In the event that the Executive’s employment is terminated without Cause
or for Good Reason, the vesting of the Inducement Option shall be fully accelerated such that on the effective date of such termination one hundred percent (100%) of the Inducement Option equity award shares granted to Executive prior to such
termination shall be fully vested and immediately exercisable, if applicable, by the Executive. 
 (iii) Release and
Waiver. Any equity vesting acceleration pursuant to this Section 4.4.4 shall be conditioned upon and subject to the Executive’s delivery to the Company of a fully effective Release in accordance with the terms

  
 9 

 
specified by Section 4.4.3 hereof and such vesting acceleration benefit shall be in addition to the benefits provided by Section 4.4.3 hereof. 

4.5       Definitions. For purposes of this Agreement, the following terms shall have the
following meanings: 
 4.5.1     Complete Disability. “Complete
Disability” shall mean the inability of the Executive to perform the Executive’s duties under this Agreement, whether with or without reasonable accommodation, because the Executive has become permanently disabled within the
meaning of any policy of disability income insurance covering employees of the Company then in force. In the event the Company has no policy of disability income insurance covering employees of the Company in force when the Executive becomes
disabled, the term “Complete Disability” shall mean the inability of the Executive to perform the Executive’s duties under this Agreement, whether with or without reasonable accommodation, by reason of any incapacity, physical or
mental, which the Board, based upon medical advice or an opinion provided by a licensed physician, determines to have incapacitated the Executive from satisfactorily performing all of the Executive’s usual services for the Company, with or
without reasonable accommodation, for a period of at least one hundred eighty (180) days during any twelve (12) month period that need not be consecutive. 

4.5.2     Good Reason. “Good Reason” for the Executive to terminate the
Executive’s employment hereunder shall mean the occurrence of any of the following events without the Executive’s consent: 

(i)      a material reduction in the Executive’s duties, authority, or
responsibilities relative to the duties, authority, or responsibilities in effect immediately prior to such reduction, including by way of example, having the same title, duties, authority and responsibilities at a subsidiary level following a
Change in Control; 
 (ii)     the relocation of the Executive’s primary work location
to a point more than fifty (50) miles from the Executive’s current work location set forth in Section 1.5 that requires a material increase in Executive’s one-way driving distance; and 

(iii)    a material reduction by the Company of the Executive’s base salary or annual target
Bonus opportunity, without the written consent of the Executive, as initially set forth herein or as the same may be increased from time to time pursuant to this Agreement. 

Provided, however that, such termination by the Executive shall only be deemed for Good Reason pursuant to the foregoing definition if
(i) the Company is given written notice from the Executive within sixty (60) days following the first occurrence of the condition that he considers to constitute Good Reason describing the condition and the Company fails to satisfactorily
remedy such condition within thirty (30) days following such written notice, and (ii) the Executive terminates employment within thirty (30) days 

  
 10 

 
following the end of the period within which the Company was entitled to remedy the condition constituting Good Reason but failed to do so. 

4.5.3   Cause.     “Cause” for the Company to terminate
Executive’s employment hereunder shall mean the occurrence of any of the following events, as determined reasonably and in good faith by the Board or a committee designated by the Board: 

(i)      the Executive’s gross negligence or willful failure to substantially
perform his duties and responsibilities to the Company or willful and deliberate violation of a Company policy; 

(ii)     the Executive’s conviction of a felony or the Executive’s commission of
any act of fraud, embezzlement or dishonesty against the Company or involving moral turpitude that is likely to inflict or has inflicted material injury on the business of the Company, to be determined by the sole discretion of the Company; 

(iii)    the Executive’s unauthorized use or disclosure of any proprietary information or
trade secrets of the Company or any other party that the Executive owes an obligation of nondisclosure as a result of the Executive’s relationship with the Company; and 

(iv)   the Executive’s willful and deliberate breach of the obligations under this Agreement that
causes material injury to the business of the Company. 
 4.5.4     Change in Control. For
purposes of this Agreement, “Change in Control” means: (i) a sale of all or substantially all of the assets of the Company; (ii) a merger or consolidation in which the Company is not the surviving entity and in
which the holders of the Company’s outstanding voting stock immediately prior to such transaction own, immediately after such transaction, securities representing less than fifty percent (50%) of the voting power of the entity surviving
such transaction or, where the surviving entity is a wholly-owned subsidiary of another entity, the surviving entity’s parent; (iii) a reverse merger in which the Company is the surviving entity but the shares of Common Stock outstanding
immediately preceding the merger are converted by virtue of the merger into other property, whether in the form of securities of the surviving entity’s parent, cash or otherwise, and in which the holders of the Company’s outstanding voting
stock immediately prior to such transaction own, immediately after such transaction, securities representing less than fifty percent (50%) of the voting power of the Company or, where the Company is a wholly-owned subsidiary of another entity,
the Company’s parent; or (iv) an acquisition by any person, entity or group (excluding any employee benefit plan, or related trust, sponsored or maintained by the Company or subsidiary of the Company or other entity controlled by the
Company) of the beneficial ownership of securities of the Company representing at least seventy-five percent (75%) of the combined voting power entitled to vote in the election of Directors; provided,

  
 11 

 
however, that nothing in this paragraph shall apply to a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company. 

4.6     Application of Internal Revenue Code Section 409A. Notwithstanding anything to the
contrary set forth herein, any payments and benefits provided under this Agreement (the “Severance Benefits”) that constitute “deferred compensation” within the meaning of Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”) and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”) shall not commence in connection with
Executive’s termination of employment unless and until Executive has also incurred a “separation from service” (as such term is defined in Treasury Regulation Section 1.409A-1(h) (“Separation From
Service”), unless the Company reasonably determines that such amounts may be provided to Executive without causing Executive to incur the additional 20% tax under Section 409A. 

It is intended that each installment of the Severance Benefits payments provided for in this Agreement is a separate
“payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). For the avoidance of doubt, it is intended that payments of the Severance Benefits set forth in this Agreement satisfy, to the greatest extent possible, the
exemptions from the application of Section 409A provided under Treasury Regulation Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if the Company (or, if applicable, the successor entity thereto) determines that the
Severance Benefits constitute “deferred compensation” under Section 409A and Executive is, on the termination of service, a “specified employee” of the Company or any successor entity thereto, as such term is defined in
Section 409A(a)(2)(B)(i) of the Code, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the Severance Benefit payments shall be delayed until the earlier
to occur of: (i) the date that is six months and one day after Executive’s Separation From Service, or (ii) the date of Executive’s death (such applicable date, the “Specified Employee Initial Payment
Date”), the Company (or the successor entity thereto, as applicable) shall (A) pay to Executive a lump sum amount equal to the sum of the Severance Benefit payments that Executive would otherwise have received through the Specified
Employee Initial Payment Date if the commencement of the payment of the Severance Benefits had not been so delayed pursuant to this Section and (B) commence paying the balance of the Severance Benefits in accordance with the applicable payment
schedules set forth in this Agreement. 
 Notwithstanding anything to the contrary set forth herein, Executive shall receive
the Severance Benefits described above, if and only if Executive duly executes and returns to the Company within the applicable time period set forth therein, but in no event more than forty-five days following Separation From Service, the
Company’s standard form of release of claims in favor of the Company (attached to this Agreement as Exhibit A) and permits the release of claims contained therein to become effective in accordance

  
 12 

 
with its terms. Notwithstanding any other payment schedule set forth in this Agreement, none of the Severance Benefits will be paid or otherwise delivered prior to the effective date of the
Release. Except to the extent that payments may be delayed until the Specified Employee Initial Payment Date pursuant to the preceding paragraph, on the first regular payroll pay day following the effective date of the Release, the Company will pay
Executive the Severance Benefits Executive would otherwise have received under the Agreement on or prior to such date but for the delay in payment related to the effectiveness of the Release, with the balance of the Severance Benefits being paid as
originally scheduled. 
 The severance benefits are intended to qualify for an exemption from application of
Section 409A or comply with its requirements to the extent necessary to avoid adverse personal tax consequences under Section 409A, and any ambiguities herein shall be interpreted accordingly. 

4.7       Application of Internal Revenue Code Section 280G. If any payment or
benefit Executive would receive pursuant to a Change in Control from the Company or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G
of the Code, and (ii) but for this sentence, 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. The
“Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment,
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 Executive’s receipt, on an after-tax
basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. 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 manner that results in the greatest economic benefit for Executive. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro
rata. 
 In the event it is subsequently determined by the Internal Revenue Service that some portion of the Reduced
Amount as determined pursuant to clause (x) in the preceding paragraph is subject to the Excise Tax, Executive agrees to promptly return to the Company a sufficient amount of the Payment so that no portion of the Reduced Amount is subject to
the Excise Tax. For the avoidance of doubt, if the Reduced Amount is determined pursuant to clause (y) in the preceding paragraph, Executive will have no obligation to return any portion of the Payment pursuant to the preceding sentence. 

Unless Executive and the Company agree on an alternative accounting firm, the accounting firm engaged by the Company for
general tax compliance purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant

  
 13 

 
or auditor for the individual, entity or group effecting the Change in Control, the Company shall 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. 

The Company shall use commercially reasonable efforts to cause the accounting firm engaged to make the determinations
hereunder to provide its calculations, together with detailed supporting documentation, to Executive and the Company within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at
that time by Executive or the Company) or such other time as requested by Executive or the Company. 
 4.8
      Indemnification Agreement. Concurrently with the execution of this Agreement, the Company and the Executive shall enter into an indemnification agreement, a copy of which is attached hereto as Exhibit B. 

4.9       Confidential Information and Invention Assignment Agreement. Concurrently with
the execution of this Agreement, the Executive shall execute the Company’s Confidential Information and Invention Assignment Agreement, a copy of which is attached as Exhibit C. 

 

	5.	 Assignment and Binding Effect. 

This Agreement shall be binding upon the Executive and the Company and inure to the benefit of the Executive and the
Executive’s heirs, executors, personal representatives, assigns, administrators and legal representatives. Because of the unique and personal nature of the Executive’s duties under this Agreement, neither this Agreement nor obligations
under this Agreement shall be assignable by the Executive. This Agreement shall be binding upon and inure to the benefit of the Company and its successors, assigns and legal representatives, provided that the Agreement may only be assigned to an
acquirer of all or substantially all of the Company’s assets. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any
person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company. 

 

	6.	 Notice. 

For the purposes of this Agreement, notices, demands, and all other forms of communication provided for in this Agreement
shall be in writing and shall be deemed to have been duly given when delivered or (unless otherwise specified) mailed by registered mail, return receipt requested, postage prepaid, or by confirmed facsimile, addressed as set forth below, or to such
other address as any party may have furnished to the other in 

  
 14 

 
writing in accordance herewith, except that notices of address shall be effective only upon receipt, as follows: 

If to the Company: 

Horizon Pharma, Inc. 

520 Lake Cook Road, Suite 520 

Deerfield, IL 60015 

Attention: Timothy P. Walbert, Chairman, President & Chief Executive Officer 

Fax: 847-572-1372 

If to the Executive: 

Robert F. Carey 

2534 Lake Shore Drive 

Long Beach, IN 46360 

Any such written notice shall be deemed given on the earlier of the date on which such notice is personally delivered or five (5) days
after its deposit in the United States mail as specified above. Either Party may change its address for notices by giving written notice to the other Party in the manner specified in this section. 

 

	7.	 Choice of Law. 

This Agreement shall be governed by the laws of the State of Illinois, without regard to any conflicts of law principals
thereof that would call for the application of the laws of any other jurisdiction. The Parties consent to the exclusive jurisdiction and venue of the federal court in the Northern District of Illinois, and state courts located in the state of
Illinois, county of Cook. Nothing in this Section 7 limits the rights of the Parties to seek appeal of a decision of an Illinois court outside of Illinois that has proper jurisdiction over the decision of a court sitting in Illinois. 

 

	8.	 Integration. 

This Agreement, including Exhibit A, Exhibit B, Exhibit C and the Equity Plan Documents, contains the complete, final and
exclusive agreement of the Parties relating to the terms and conditions of the Executive’s employment and the termination of Executive’s employment, and supersedes all prior and contemporaneous oral and written employment agreements or
arrangements between the Parties. 

  
 15 

	9.	 Amendment. 

This Agreement cannot be amended or modified except by a written agreement signed by the Executive and the Company. 

 

	10.	 Waiver. 

No term, covenant or condition of this Agreement or any breach thereof shall be deemed waived, except with the written consent
of the Party against whom the wavier is claimed, and any waiver or any such term, covenant, condition or breach shall not be deemed to be a waiver of any preceding or succeeding breach of the same or any other term, covenant, condition or breach.

  

	11.	 Severability. 

The finding by a court of competent jurisdiction of the unenforceability, invalidity or illegality of any provision of this
Agreement shall not render any other provision of this Agreement unenforceable, invalid or illegal. Such court shall have the authority to modify or replace the invalid or unenforceable term or provision with a valid and enforceable term or
provision, which most accurately represents the Parties’ intention with respect to the invalid, unenforceable, or illegal term or provision. 
  

	12.	 Interpretation; Construction. 

The headings set forth in this Agreement are for convenience of reference only and shall not be used in interpreting this
Agreement. This Agreement has been drafted and negotiated by legal counsel representing the Company and the Executive. The Parties acknowledge that each Party and its counsel has reviewed and revised, or had an opportunity to review and revise, this
Agreement, and any rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement. 

 

	13.	 Execution by Facsimile Signatures and in Counterparts. 

The parties agree that facsimile signatures shall have the same force and effect as original signatures. This Agreement may be
executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

  
 16 

 IN WITNESS WHEREFORE, the parties have signed this Agreement on the date
first written above. 
 COMPANY: 
 HORIZON PHARMA,
INC. 
 HORIZON PHARMA USA, INC. 

By: 
 Title: Chairman, President
and Chief Executive Officer 
 Print Name: Timothy P. Walbert 
  

	
	 /s/ Timothy P. Walbert

 Signature: 

As authorized agent of the Company 
  

	
	 

 Date: March 5, 2014 

EXECUTIVE: 
 Robert F.
Carey 
  

	
	 /s/ Robert F. Carey

	  
 Robert F. Carey,
individually

	
	  
 Date: March 5,
2014

  
 17EX-10.54

 Exhibit 10.54 
  

 
 January 3, 2014 

Louis Brenner, MD 
 90 Fairlee Road 

Newton, MA 02468 
 Dear Lou: 

It is my pleasure to extend you this offer of employment with Idera Pharmaceuticals, Inc. (the “Company”). On behalf of the Company, I set forth the
terms of your employment. 
  

	1.	Employment. You will be employed to serve on a full time basis as Senior Vice President and Chief Medical Officer, effective on January     , 2014 (the “Commencement Date”).
You will be responsible for performing such duties as are consistent with your position, plus such other duties as may from time to time be assigned to you by the Chief Executive Officer. You shall report solely to the Chief Executive Officer. You
agree to devote your full business time, best efforts, skill, knowledge, attention and energies to the advancement of the Company’s business and interests and to the performance of your duties and responsibilities as an employee of the Company.
Notwithstanding the foregoing or anything else to the contrary, you may continue to perform clinical outpatient responsibilities for approximately five hours per week and may serve on Clinical Events Committees, Data Safety and Monitoring Boards,
Advisory Boards or other similar activities, provided that such responsibilities and activities comply with the Invention, Non-Disclosure and Non-Competition Agreement referenced in Section 8 below and do not, individually or in the aggregate,
materially interfere with your duties to the Company. 

  

	2.	Base Salary and Bonus. 

  

	 	(a)	Your annual base salary shall be $350,000 per year and shall be payable to you at periodic intervals in accordance with the Company’s payroll practices for salaried employees. Such base salary may be increased from
time to time in accordance with normal business practices and in the sole discretion of the Company. 

  

	 	(b)	 You shall be eligible to receive, for each fiscal year of the Company ending during your employment with the Company, an annual bonus of up to 35% of
your annual base salary, whether pursuant to a formal bonus or incentive plan or program of the Company or otherwise. Such bonus, if any, will be approved by the Board of Directors or the Compensation Committee of the Board of Directors (together,
the “Board”) in its sole discretion and will be based on both individual and Company performance objectives as developed and determined by the Company in its sole discretion. Notwithstanding the foregoing, the Company agrees that it shall
pay you as your annual bonus for 2014 an amount equal to at 

 Louis Brenner, MD 

January 3, 2014 
  Page
 2
 
  

	 	
least $122,500 if you remain employed with the Company through December 31, 2014. Any bonus earned by you and approved by the Board under this Section 2(b) shall be paid to you no later
than March 15th of the calendar year following the calendar year in which such bonus is earned and approved by the Board under this Section 2. 

 

	 	(c)	The Company will pay you a signing bonus of $30,000 payable on March 1, 2014 if you remain employed with the Company as of such date. 

 

	 	(d)	All salary, bonus and other compensation payable to you pursuant to this Agreement shall be subject to applicable withholding taxes. 

 

	3.	Benefit Programs. You may participate in any and all benefit programs that the Company may establish and make available to its employees from time to time, provided you are eligible under (and subject to
all provisions of) the plan documents governing those programs. Such benefits may include medical, dental and retirement plans. Any benefits made available by the Company, and the rules, terms and conditions for participation in such benefit plans,
may be changed by the Company at any time and from time to time without advance notice. 

  

	4.	Reimbursement of Expenses. The Company shall reimburse you, in accordance with the Company’s expense reimbursement policy, for all reasonable travel, entertainment and other expenses incurred or paid
by you in connection with, or related to, the performance of your duties, responsibilities or services under this Agreement, upon presentation by you of appropriate documentation, expense statements, vouchers and/or such other supporting information
as the Company may request and in accordance with Section 11(e) below. 

  

	5.	Equity. Upon the commencement of your employment with the Company, you will receive, pursuant and subject to the terms of the Company’s 2013 Stock Incentive Plan, a non-statutory stock option award to
purchase 600,000 shares of the Company’s common stock at an exercise price equal to the fair market value of the Company’s common stock on the Commencement Date (the “Option”). The Option shall vest over four years with the first
installment vesting on the first anniversary of the Commencement Date and the balance of the shares vesting in equal quarterly installments over the remaining three years. The Option shall be evidenced by an option agreement that is consistent with
the form of option agreement generally used by the Company and the terms of this letter. 

  

	6.	Termination of Employment Period. Your employment by the Company pursuant to this Agreement shall terminate upon the occurrence of any of the following: 

 

	 	(a)	At the election of the Company, for Cause (as defined on Exhibit A), immediately upon written notice by the Company to you, which notice shall identify the Cause upon which the termination is based.

 Louis Brenner, MD 

January 3, 2014 
  Page
 3
 
  

	 	(b)	At the election of either party, upon not less than fifteen days’ prior written notice of termination. 

  

	7.	Effect of Termination.  

  

	 	(a)	In the event your employment is terminated pursuant to Section 6(a) or 6(b), the Company shall pay to you the compensation and benefits otherwise payable you under Section 2 through the last day of your actual
employment by the Company. 

  

	 	(b)	In the event that the Company terminates your employment with the Company at any time without Cause pursuant to Section 6(b), then, subject to Section 7(e) the Company shall also (i) continue to pay you
your then current base salary for a period of twelve (12) months, payable in accordance with and at the times contemplated by the Company’s then current payroll practices and (ii) pay you any bonus earned by you and approved by the
Board prior to such termination that is then unpaid. 

  

	 	(c)	Notwithstanding Section 7(b) above, and in lieu of any payment owed under Section 7(b), if any, in the event that the Company terminates you without Cause or you resign from employment with the Company for
Good Reason upon a Change in Control (as such terms are defined below) or within the twelve (12) month period following the Change in Control, then, subject to Section 7(e), (i) the Company shall continue to pay you your then current
base salary for a period of twelve (12) months, payable in accordance with and at the times contemplated by the Company’s then current payroll practices, (ii) the Company shall pay you any bonus earned by you and approved by the Board
prior to such termination or resignation that is then unpaid and (iii) the Options shall vest in full and become immediately exercisable. 

  

	 	(d)	Following a termination of your employment entitling you to severance payments under Section 7(b) or Section 7(c), and subject to Section 7(e), if you are eligible for and elect to continue receiving
group medical and/or dental insurance under the continuation coverage rules known as COBRA, the Company will pay the share of the premium for such coverage that it pays for active and similarly-situated employees who receive the same type of
coverage (single, family, or other) until the earlier of (i) the end of the period for which the Company is paying you your then current base salary pursuant to Section 7(b) or Section 7(c) above (as applicable, the “Severance
Period”) or (ii) the date your COBRA continuation coverage expires. 

  

	 	(e)	 Notwithstanding anything in this Section 7 to the contrary, the Company’s obligations to make severance payments and provide benefits to you
pursuant to this Section 7 shall be contingent upon your execution of a separation and release agreement (the “Release Agreement”) in a form reasonably acceptable to the Company which Release Agreement must become irrevocable within
60 days (or 

 Louis Brenner, MD 

January 3, 2014 
  Page
 4
 
  

	 	
such earlier date as the Release Agreement provides) following the date of your termination of employment. Such payments and benefits shall begin to be paid or provided in the first regular
payroll period beginning after the Release Agreement becomes binding on you; provided, however, that if the 60th day after termination occurs in the calendar year following the year of your date
of termination, the severance payments and benefits shall be paid or provided no earlier than January 1 of such subsequent calendar year (whether or not the Release Agreement is executed prior to such date). You must continue to comply with the
covenants referenced in Section 8 to continue to receive severance benefits. The severance payments and benefits shall constitute your sole remedy in connection with the termination of your employment in the event of a termination of your
employment by the Company without Cause or by you for Good Reason. 

  

	8.	Invention, Non-Disclosure and Non-Competition Agreement. As a condition to your employment, you will be required to execute an Invention, Non-Disclosure and Non-Competition Agreement with the Company.

  

	9.	Company Policies and Procedures. As an employee of the Company, you will be required to comply with all Company policies and procedures. Violations of the Company’s policies may lead to immediate
termination of your employment. Further, the Company’s premises, including all workspaces, furniture, documents and other tangible materials, and all information technology resources of the Company (including computers, data and other
electronic files, and all internet and e-mail) are subject to oversight and inspection by the Company at any time. Company employees should have no expectation of privacy with regard to any Company premises, materials, resources or information.

  

	10.	Other Agreements and Governing Law. You represent that you are not bound by any employment contract, restrictive covenant or other restriction preventing you from continuing in employment with or carrying
out your responsibilities for the Company, or which is in any way inconsistent with the terms of this Agreement. Please note that this Agreement supersedes any and all prior or contemporaneous agreements, discussions and/or understandings, whether
written or oral, relating to the subject matter of this Agreement or your employment with the Company. The resolution of any disputes under this Agreement will be governed by Massachusetts law. 

 

	11.	Compliance with Section 409A. Subject to the provisions in this Section 11, any severance payments or benefits under this Agreement (including under Section 7 hereof) shall begin only upon
the date of your “separation from service” (determined as set forth below) which occurs on or after the date of termination of your employment. The following rules shall apply with respect to distribution of the payments and benefits, if
any, to be provided to you under this Agreement: 

  

	 	(a)	 It is intended that each installment of the severance payments and benefits provided under this Agreement shall be treated as a separate
“payment” for 

 Louis Brenner, MD 

January 3, 2014 
  Page
 5
 
  

	 	
purposes of Section 409A. Neither the Company nor you shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or
required by Section 409A. 

  

	 	(b)	If, as of the date of your “separation from service” from the Company, you are not a “specified employee” (within the meaning of Section 409A), then each installment of the severance payments
and benefits shall be made on the dates and terms set forth in this Agreement. 

  

	 	(c)	If, as of the date of your “separation from service” from the Company, you are a “specified employee” (within the meaning of Section 409A), then: 

 

	 	(i)	Each installment of the severance payments and benefits due under this Agreement that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when the separation from service
occurs, be paid within the Short-Term Deferral Period (as hereinafter defined) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A.
For purposes of this Agreement, the “Short-Term Deferral Period” means the period ending on the later of the fifteenth day of the third month following the end of your tax year in which the separation from service occurs and the fifteenth
day of the third month following the end of the Company’s tax year in which the separation from service occurs; and 

  

	 	(ii)	Each installment of the severance payments and benefits due under this Agreement that is not described in Section 11(c)(i) above and that would, absent this subsection, be paid within the six-month period following
your “separation from service” from the Company shall not be paid until the date that is six months and one day after such separation from service (or, if earlier, your death), with any such installments that are required to be delayed
being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following your separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set
forth herein; provided, however, that the preceding provisions of this sentence shall not apply to any installment of severance payments and benefits if and to the maximum extent that such installment is deemed to be paid under a
separation pay plan that does not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). Any installments that
qualify for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of your second taxable year following your taxable year in which the separation from service occurs. 

 Louis Brenner, MD 

January 3, 2014 
  Page
 6
 
  

	 	(d)	The determination of whether and when your separation from service from the Company has occurred shall be made in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation
Section 1.409A-1(h). Solely for purposes of this Section 11(d), “Company” shall include all persons with whom the Company would be considered a single employer under Section 414(b) and 414(c) of the Code. 

 

	 	(e)	All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are
subject to Section 409A, including, where applicable, the requirements that (i) any reimbursement is for expenses incurred during your lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of
expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar
year following the year in which the expense is incurred and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit. 

 

	 	(f)	Notwithstanding anything herein to the contrary, the Company shall have no liability to you or to any other person if the payments and benefits provided hereunder that are intended to be exempt from or compliant with
Section 409A are not so exempt or compliant. 

  

	12.	Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of both parties and their respective successors and assigns, including any corporation with which or into which the
Company may be merged or which may succeed to its assets or business; provided, however, that your obligations to the Company are personal and shall not be assigned by you. 

 

	13.	Acknowledgment. You state and represent that you have had an opportunity to fully discuss and review the terms of this Agreement with an attorney. You further state and represent that you have
carefully read this Agreement, understand the contents herein, freely and voluntarily assent to all of the terms and conditions hereof, and sign your name of your own free act. 

 

	14.	Miscellaneous. 

  

	 	(a)	No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only
in that instance and shall not be construed as a bar to or waiver of any right on any other occasion. 

 Louis Brenner, MD 

January 3, 2014 
  Page
 7
 
  

	 	(b)	The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement. 

 

	 	(c)	In case any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby.

 If this Agreement correctly sets forth the initial terms under which you will be employed by the Company, please sign the enclosed
duplicate of this Agreement in the space provided below, along with the enclosed Invention, Non-Disclosure and Non-Competition Agreement, and return them to me. If you do not accept this offer by January 9, 2014, the offer will be
revoked. This offer is contingent on satisfactory reference checks. 
  

			
	Very truly yours,
		
	By:	 	 /s/ Sudhir Agrawal

	Name:	 	Sudhir Agrawal
	Title:	 	Chief Executive Officer

 The foregoing correctly sets forth the terms of my employment with Idera Pharmaceuticals, Inc. I am not relying on any
representations other than as set forth above. 
  

					
	 /s/ Louis Brenner
	 		 	Date: 1/6/14
	Louis Brenner, M.D.	 		 	

 EXHIBIT A 

Definitions 
 The following terms
shall have the following definitions for purposes of this Agreement: 
  

	(a)	Cause shall mean (i) a material breach of any material term of this Agreement, (ii) a plea of guilty or nolo contendere to, or conviction of, a felony offense, (iii) repeated unexplained or
unjustified absence, or refusals to carry out the lawful directions of the Board or (iv) material breach of a fiduciary duty owed to the Company under this Agreement, provided that any action or inaction described by (i), (iii) or (iv),
above, shall not be the basis of a termination of your employment with the Company for “Cause” unless the Company provided you with at least 20 days advance written notice specifying in reasonable detail the conduct in need of being cured
and such conduct was not cured within the notice period or prior to termination. 

  

	(b)	Change in Control shall mean the occurrence of any of the following events: (i) a change in the composition of the Board over a period of thirty-six consecutive months or less such that a majority of the
members of the Board ceases to be comprised of individuals who are Continuing Members; for such purpose, a “Continuing Member” shall mean an individual who is a member of the Board on the date of this Agreement and any successor of a
Continuing Member who is elected to the Board or nominated for election by action of a majority of Continuing Members then serving on the Board; (ii) any merger or consolidation that results in the voting securities of the Company outstanding
immediately prior thereto representing (either by remaining outstanding or by being converted into voting securities of the surviving or acquiring entity) less than 60% of the combined voting power of the voting securities of the Company or such
surviving or acquiring entity outstanding immediately after such merger or consolidation; (iii) any sale of all or substantially all of the assets of the Company; (iv) the complete liquidation or dissolution of the Company; or (v) the
acquisition of “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act) of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities (other than
through a merger or consolidation or an acquisition of securities directly from the Company) by any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act, other than the Company, any trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company; provided however
that, where applied to compensation subject to Section 409A of the Internal Revenue Code and the guidance issued thereunder (“Section 409A”), any acceleration of or change in payment shall only apply (if required by Section 409A)
if the Change in Control is also a change in control event described in Treasury Regulation 1.409A-3(i)(5). 

  
 1 

	(c)	Good Reason shall mean any action on the part of the Company not consented to by you in writing having the following effect or effects: (i) a material reduction in your base salary; (ii) a material
diminution in your duties, responsibilities or authority as set forth in Section 1 of this Agreement or (iii) the Company’s requiring you to perform your ongoing and regular services at a location more than 50 miles from the location
you are then performing your ongoing and regular services. You must (A) give notice to the Company of your intention to resign for Good Reason within 90 days after the occurrence of the event (or series of events) that you assert entitle you to
resign for Good Reason, (B) state in that notice the condition that you consider to provide you with Good Reason to resign, (C) provide the Company with at least 30 days after you deliver your notice to cure the condition and (D) if
the condition is not cured, resign for Good Reason on or prior to the 60th day after you deliver your notice. 

  
 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}]]