SEC Contract Filing

Filing Date: 2017-08-07

Document Content:
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<TYPE>EX-10.12
<SEQUENCE>11
<FILENAME>Exhibit10_12.htm
<DESCRIPTION>EX-10.12
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<TITLE>EX-10.12</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 10.12 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>HORIZON PHARMA, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIRST AMENDMENT TO </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXECUTIVE EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This First Amendment to Executive Employment Agreement<B> </B>(this &#147;<B><I>Amendment</I></B>&#148;), amending that certain Executive
Employment Agreement dated March&nbsp;5, 2014 (the &#147;<B><I>Employment Agreement</I></B>&#148;), by and among Horizon Pharma, Inc., a Delaware corporation, and its wholly owned subsidiary, Horizon Pharma USA, Inc., a Delaware corporation
(hereinafter referred to together as the &#147;<B><I>Company</I></B>&#148;), and Robert F. Carey (the &#147;<B><I>Executive</I></B>&#148;), is entered into as of May&nbsp;4, 2017 by and among the Company and the Executive. Capitalized terms used
herein which are not defined herein shall have the definition ascribed to them in the Employment Agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>W<SMALL>HEREAS</SMALL>,</B> the Company and the Executive have previously entered into the Employment Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>W<SMALL>HEREAS</SMALL>, </B>Section&nbsp;9 of the Employment Agreement provides that the Employment Agreement may be amended with the
written agreement of the Company and the Executive; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>W<SMALL>HEREAS</SMALL>,</B> the Company and the Executive desire to amend the
Employment Agreement as set forth herein. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>N<SMALL>OW</SMALL>, T<SMALL>HEREFORE</SMALL>, </B>in consideration of the foregoing and the promises and covenants contained herein and in
the Employment Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <B>Section 4.4.3 of the Employment Agreement.</B> Section&nbsp;4.4.3 of the Employment Agreement is hereby amended and restated in its
entirety to read as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>4.4.3 Without Cause or For Good Reason. </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(i) Not in Connection With a Change in Control. </B>If the Company terminates the Executive&#146;s employment without Cause
or the Executive terminates his employment for Good Reason, and Section&nbsp;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)&nbsp;days after the date of termination. In addition, subject to the limitations stated in this Agreement and upon the Executive&#146;s furnishing to the Company an executed waiver and release of claims (the form of which is attached hereto as
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Exhibit A) (the &#147;<B><I>Release</I></B>&#148;) 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 &#147;<B><I>Release Effective Date</I></B>&#148;), and subject to Executive
entering into no later than the Release Effective Date a <FONT STYLE="white-space:nowrap">non-competition</FONT> agreement to be effective during the Severance Period (as defined below), substantially similar to Section<B></B>&nbsp;2.3, and
continuing to abide by its terms during the Severance Period, the Executive shall be entitled to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(a) </B>the
equivalent of the Executive&#146;s Base Salary in effect at the time of termination will continue to be paid for a period of twelve&nbsp;(12)&nbsp;months following the date of termination (hereinafter referred to as the &#147;<B><I>Non Change in
Control Severance Period</I></B>&#148;), less standard deductions and withholdings, to be paid during the Non Change in Control Severance Period according to the Company&#146;s regular payroll practices, subject to any delay in payment required by
Section&nbsp;4.6 in connection with the Release Effective Date; and </P> <P STYLE="margin-t