EX-10.1



 Exhibit 10.1 

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT 

This Amended and Restated Executive Employment Agreement (the “Agreement”) is entered into as of July 7, 2014
(the “Effective Date”), by and between Julie Anne Smith (“Executive”) and Raptor Pharmaceutical Corp. (the “Company”). 

WHEREAS, the Company and Executive entered into that certain Employment Agreement entered into as of
September 10, 2012 setting forth the terms of Executive’s employment by the Company as its Executive Vice President, Strategy, and Chief Operating Officer (the “Prior Agreement”);  

WHEREAS, Executive is currently employed by Company as its Executive Vice President, Strategy, and Chief
Operating Officer, and Company desires to promote Executive to the position of President and Chief Executive Officer Designate effective as of the Effective Date and to the position of President and Chief Executive Officer effective January 1,
2015, and Executive desires to serve in such capacities, pursuant to the terms and conditions set forth in this Agreement; and 

WHEREAS, Company and Executive intend that the Prior Agreement be superseded in all respects by this
Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein, it is hereby agreed by and between the parties hereto as follows: 
 ARTICLE I 

DEFINITIONS 
 For purposes
of the Agreement, the following terms are defined as follows: 
 1.1. “Board” means the Board of Directors of the Company. 

1.2. “Cause” means any of the following events described below: 

(a) Executive’s commission of a felony or other crime involving moral turpitude; 

(b) any willful act or acts of dishonesty undertaken by Executive and intended to result in substantial gain or personal enrichment of
Executive, Executive’s family or any third party at the expense of the Company; 
 (c) any willful act of gross misconduct which
is materially and demonstrably injurious to the Company; and/or 
 (d) Employee’s inability to lawfully work in the United
States. 
 For the purpose of this Agreement, no act, or failure to act, by Executive shall be considered “willful” if done, or omitted to be
done, by her in good faith and in the reasonable belief that her act or omission was in the best interest of the Company and/or required by applicable law.. 







 1.3. “Change in Control” means the occurrence of any of the following events:
(i) any sale or exchange of the capital stock by the stockholders of the Company in one transaction or series of related transactions where more than fifty percent (50%) of the outstanding voting power of the Company is acquired by a
person or entity or group of related persons or entities; or (ii) any reorganization, consolidation or merger of the Company where the outstanding voting securities of the Company immediately before the transaction represent or are converted
into less than fifty percent (50%) of the outstanding voting power of the surviving entity (or its parent corporation) immediately after the transaction; or (iii) the consummation of any transaction or series of related transactions that
results in the sale of all or substantially all of the assets of the Company; or (iv) any “person” or “group” (as defined in the Securities Exchange Act of 1934, as amended (the “Exchange Act”) becoming the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly of securities representing more than fifty percent (50%) of the voting power of the Company then outstanding. 

1.4. “Change in Control Multiple” shall mean 1.5 during Executive’s service as President and Chief Executive Officer Designate
and shall mean 2 during Executive’s service as President and Chief Executive Officer. 
 1.5. “Change in Control Period” means
that period commencing on the consummation of a Change in Control and ending on the first anniversary thereof. 
 1.6. “COBRA” means
the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 
 1.7. “Code” means the Internal Revenue Code of 1986, as
amended. 
 1.8. “Company” means Raptor Pharmaceutical Corp. or any successor thereto. 

1.9. “Confidential Information Agreement” means the Employee Invention Assignment and Confidentiality Agreement entered into between
Executive and the Company. 
 1.10. “Covered Termination” means (a) an Involuntary Termination Without Cause or (b) a
voluntary termination for Good Reason, provided that the termination constitutes a Separation from Service. 
 1.11. “Good Reason”
means Executive’s resignation as a result of a Good Reason Condition. In order to resign for Good Reason, Executive must provide written notice to the Company of the existence of the Good Reason Condition within thirty (30) days of the
initial existence of such Good Reason Condition. Upon receipt of such notice of the Good Reason Condition, the Company will be provided with a period of thirty (30) days during which it may remedy the Good Reason Condition and not be required
to provide for the payments and benefits described in Section 4 as a result of such proposed resignation due to the Good Reason Condition specified in the notice. If the Good Reason Condition is not remedied within the period specified in the
preceding sentence, Executive may resign for Good Reason based on the Good Reason Condition specified in the notice, provided that such resignation must occur within sixty (60) days after the initial existence of such Good Reason Condition.


  
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 1.12. “Good Reason Condition” means that any of the following are undertaken without
Executive’s express written consent: 
 (a) a material reduction in Executive’s Base Salary (other than as part of a
reduction in the base salary of at least a majority of the Company’s executives of the same or greater percentage); 
 (b) a
material diminution in Executive’s responsibilities; 
 (c) the Company’s material breach of any material term of this
Agreement; or 
 (d) a requirement that Executive relocate to an office that would increase Executive’s one-way commute distance
by more than fifty (50) miles based on Executive’s primary residence at the time such relocation is announced, provided, that this Section 1.10(d) shall only apply after Executive relocates her primary residence to the San Francisco
Bay area as contemplated by Section 2.1 of this Agreement.. 
 1.13. “Involuntary Termination Without Cause” means
Executive’s dismissal or discharge by the Company other than for Cause. The termination of Executive’s employment as a result of Executive’s death or inability to perform the essential functions of her job due to disability will not
be deemed to be an Involuntary Termination Without Cause. 
 1.14. “Separation from Service” means Executive’s termination of
employment or service constitutes a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h). 

ARTICLE II 
 EMPLOYMENT
BY THE COMPANY 
 2.1. Position and Duties. Subject to terms set forth herein, as of the Effective Date, Executive shall serve as the
Company’s President and Chief Executive Officer Designate and perform such duties as are customarily associated with the position of President and Chief Executive Officer Designate and such other duties as are assigned to Executive by the
Board. Subject to terms and conditions set forth herein, effective January 1, 2015, Executive shall serve as the Company’s President and Chief Executive Officer and perform such duties as are customarily associated with the position of
President and Chief Executive Officer and such other duties as are assigned to Executive by the Board. During the term of Executive’s employment with the Company, Executive will devote Executive’s best efforts and substantially all of
Executive’s business time and attention (except for vacation periods and reasonable periods of illness or other incapacities permitted by the Company’s general employment policies or as otherwise set forth in this Agreement) to the
business of the Company. As of January 1, 2015, Executive shall be appointed to serve as a member of the Board. Executive shall relocate her primary residence to the San Francisco Bay area no later than January 1, 2015, unless the parties
otherwise agree prior to such date in writing. 
 2.2. Employment at Will. Both the Company and Executive shall have the right to terminate
Executive’s employment with the Company at any time, with or without Cause, and without prior notice. If Executive’s employment with the Company is terminated, Executive will be eligible to receive severance benefits to the extent provided
in this Agreement. 

  
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 2.3. Employment Policies. The employment relationship between the parties shall also be governed by the
general employment policies and practices of the Company, including those relating to protection of confidential information and assignment of inventions, except that when the terms of this Agreement differ from or are in conflict with the
Company’s general employment policies or practices, this Agreement shall control. 
 ARTICLE III 

COMPENSATION 
 3.1. Base Salary. As
of the Effective Date, Executive shall receive for services to be rendered hereunder an annual base salary of $450,000 (“Base Salary”), payable on the regular payroll dates of the Company, subject to increase in the sole discretion
of the Board. Effective January 1, 2015, in connection with Executive’s promotion to President and Chief Executive Officer, Executive’s Base Salary shall be increased to $550,000 and shall remain subject to increase in the sole
discretion of the Board. Executive shall not be entitled to any additional compensation for her services as a member of the Board. 
 3.2. Bonus. As
of the Effective Date, Executive’s annual performance bonus target shall be increased to fifty percent (50%) of Base Salary and shall be prorated for the period beginning on the Effective Date and continuing through December 31, 2014
(the “Annual Bonus”). Effective January 1, 2015, in connection with Executive’s promotion to President and Chief Executive Officer, Executive’s Annual Bonus shall be increased to sixty percent (60%) of Base
Salary. Annual Bonus payments for 2014, as well as for future years, will be determined in the discretion of the Board or a committee of the Board and will be (a) subject to achievement of any applicable bonus objectives and/or conditions
determined by the Board or a committee of the Board, and (b) payable to Executive during the year following the end of the applicable calendar year at the same time as bonuses for other Company executives are paid. In the event that Executive
leads the Company through a transaction or series of transactions that provides significant demonstrable value to the Company’s stockholders, Executive will be eligible for a transaction bonus the amount of which will be determined based on the
contribution of Executive and the value provided and other terms and conditions to be determined by the Board or a committee of the Board. 
 3.3.
Standard Company Benefits. Executive shall continue to be entitled to all rights and benefits for which Executive is eligible under the terms and conditions of the standard Company benefits and compensation practices that may be in effect from
time to time and are provided by the Company to its executive employees generally. Executive shall be entitled each year to four (4) weeks leave for vacation at full pay, provided, that the maximum amount Executive may have accrued at any point
in time is four (4) weeks (meaning that once Executive has accrued four (4) weeks, Executive will not accrue any additional vacation time until she takes vacation and falls below the four (4) week accrual cap). Executive shall also be
entitled to reasonable holidays and illness days with full pay in accordance with the policies applicable to the Company and its affiliates from time to time in effect. Employee acknowledges and agrees that in order to maintain flexibility, the
Company and its affiliates have the right to amend or terminate any employee benefit plan at any time. 

  
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 3.4. Stock Option Awards. Subject to approval by the Board, in connection with Executive’s promotion
to President and Chief Executive Officer Designate, Executive will be granted an option to purchase 175,000 shares of the Company’s common stock with an exercise price equal to the closing price on the day preceding the date of grant. Following
Executive’s promotion to President and Chief Executive Officer, subject to approval by the Board, Executive will be granted an option to purchase 350,000 shares of the Company’s common stock with an exercise price equal to the closing
price on the day preceding the date of grant. Such grant shall be in lieu of an annual fiscal 2015 option grant. Subject to Executive’s continued employment with the Company through each applicable vesting date, each such stock option will vest
with respect to 1/8th of the total number of shares initially subject thereto on the six month anniversary of the applicable promotion date and 1/48th per month on each subsequent monthly anniversary of such date thereafter. Notwithstanding
anything to the contrary contained in this Agreement, such options shall be subject to the terms and conditions of the Company’s 2010 Stock Incentive Plan, as amended from time to time, and the applicable Notice of Grant and Stock Option
Agreement. Executive will be eligible to receive future stock grants and stock option awards at the discretion of the Board. 
 3.5. Expenses. 

(a) Relocation Expenses. The Company will reimburse Executive for reasonable relocation expenses, not to exceed, in the aggregate,
$100,000, which Executive incurs in relocating herself, her family, and her automobile and household goods to the San Francisco Bay area as contemplated by Section 2.1 of this Agreement, provided that Executive submits such expenses for
reimbursement within the normal the Company procedures for the reimbursement of employee business expenses and in accordance with subsection (c) of this Section 3.5. The expenses covered by this Section 3.5(a) are: airfare for
Executive and her family to the San Francisco Bay area for the purposes of house hunting and associated travel and lodging expenses, costs for packing/unpacking and shipping Executive’s household goods and automobiles, temporary lodging
expenses, realtor or other fees or costs associated with selling and/or purchasing a residence and charges to terminate and start any utility services and other similar charges that Executive incurs as the result of her relocation to the San
Francisco Bay area. To the extent that the Company reasonably determines that any such reimbursement will be taxable to Executive, it will pay Executive an additional amount designed to net employee an after tax amount (taking into account the
reimbursement and the additional amount) approximately equal to the amount being reimbursed. For the sake of clarity, any such additional payment shall not count toward the $100,000 limit set forth in this subsection (a). Executive agrees that if
her employment with the Company terminates prior to a Change in Control and other than in connection with a Covered Termination, death or permanent disability, she will promptly reimburse the Company for (i) the full payment she received under
this Section 3.5(a) if such termination occurs prior to the first anniversary of the Effective Date and (ii) 50% of the payment she received under this Section 3.5(a) if such termination occurs following the first anniversary but
prior to the second anniversary of the Effective Date. 

  
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 (b) Commuting Expenses. The Company will reimburse Executive for all reasonable mutually
agreeable commuting expenses (i.e., air transportation, airport transportation, overnight lodging, a reasonable per diem for meals to be agreed between the Company and Executive) associated with her commute from the Summerlin, Nevada area to the San
Francisco Bay area that are directly related to the performance of Executive’s job duties for the Company until the earlier of (i) December 31, 2014 or (ii) the date Executive moves her primary residence to the San Francisco Bay
area, provided that Executive submits such expenses for reimbursement within the time period required by the normal the Company procedures for the reimbursement of employee business expenses and in accordance with subsection (c) of this
Section 3.5. After December 31, 2014 or the date of her move to the San Francisco Bay area, the Company shall not have any further obligation to reimburse Executive such expenses. Executive acknowledges and agrees that any such amounts
that are taxable to Executive shall not be grossed up by the Company. 
 (c) The Company will reimburse Executive for all
reasonable and necessary expenses incurred by Executive in connection with the Company’s business, excluding those expenses described in subsection (a) or (b), above, but including reasonable “business class” airfare for any
flight with a duration of five hours or more one-way, provided that such expenses are in accordance with applicable policies set by the Board from time to time and are properly documented and accounted for in accordance with such policies and with
the requirements of the Internal Revenue Service. 
 (d) The Company shall reimburse Executive for the reasonable
attorneys’ and professional tax fees and related expenses and disbursements incurred by Executive in connection with the negotiation and preparation of this Agreement, in an aggregate amount not to exceed $5,000. 

ARTICLE IV 
 SEVERANCE
AND CHANGE IN CONTROL BENEFITS 
 4.1. Severance Benefits. Upon Executive’s termination of employment, Executive shall receive any accrued
but unpaid Base Salary and other accrued and unpaid compensation, including any Annual Bonus that has been earned with respect to a prior year, but remains unpaid as of the date of the termination. If the termination is due to a Covered Termination
or permanent disability, provided that Executive first returns all Company property in her possession and, within sixty (60) days following the Covered Termination, executes and does not revoke an effective general release of all claims against
the Company and its affiliates in a form reasonably acceptable to the Company (a “Release of Claims”), Executive shall also be entitled to receive the following severance benefits described in this Section 4.1. 

(a) Covered Termination Not Related to a Change in Control. If Executive’s employment terminates due to a Covered Termination
which occurs outside of a Change in Control Period, Executive shall receive the following:  
 (i) An amount equal to twelve
(12) months of Executive’s Base Salary payable in substantially equal installments in accordance with the Company’s normal payroll policies, less applicable withholdings, with such installments to commence as soon as administratively
practicable following the date the Release of Claims is not subject to revocation and, in any event, within sixty (60) days following the date of the Covered Termination. 

  
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 (ii) If Executive elects to receive continued healthcare coverage pursuant to the
provisions of COBRA, the Company shall directly pay, or reimburse Executive for, the premium for Executive and Executive’s covered dependents through the earlier of (i) the first anniversary of the date of Executive’s termination of
employment and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s). Notwithstanding the foregoing, (i) if any plan pursuant to which such
benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code under Treasury Regulation Section 1.409A-1(a)(5), or (ii) the
Company is otherwise unable to continue to cover Executive under its group health plans without penalty under applicable law (including without limitation, Section 2716 of the Public Health Service Act), then, in either case, an amount equal to
each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments. After the Company ceases to pay premiums pursuant to this Section 4.1(a)(ii), Executive may, if eligible, elect to continue
healthcare coverage at Executive’s expense in accordance the provisions of COBRA. 
 (iii) All of Employee’s vested options
or stock appreciation rights with respect to the Company’s common stock shall remain exercisable until the first anniversary of Executive’s termination of employment (or, if earlier, the maximum period specified in the award documents and
plans governing such options or stock appreciation rights, as applicable, assuming Executive’s employment had not terminated), and all shares of the Company’s common stock owned by Executive shall immediately be released from any and all
resale or repurchase rights restrictions (other than those imposed under applicable law. 
 (iv) the Company shall pay Executive a
lump sum equal to the Adjusted Annual Bonus (for purposes of this subsection (iv), the term “Adjusted Annual Cash Bonus” means the average Annual Bonus Executive received with respect to the two years preceding the year of termination or,
if two Annual Bonus payment dates have not occurred (regardless of whether Executive received an Annual Bonus on such dates) prior to Executive’s termination of employment, the Annual Bonus Executive received with respect to the year preceding
the year of termination, which amount shall be paid on as soon as administratively practicable following the date the Release of Claims is not subject to revocation and, in any event, within sixty (60) days following the date of the Covered
Termination. 
 (b) Covered Termination Related to a Change in Control. If Executive’s employment terminates due to a Covered
Termination that occurs during a Change in Control Period, Executive shall receive the following: 
 (i) Executive shall be
entitled to receive an amount equal to the Change in Control Multiplier multiplied by the sum of: (i) Executive’s Base Salary and (ii) Executive’s target Annual Bonus for the fiscal year of Executive’s termination, in each
case, at the rate equal to the higher of (x) the rate in effect immediately prior to Executive’s termination of employment or (y) the rate in effect immediately prior to the Change in Control payable in a cash lump sum, less
applicable withholdings, as soon as administratively practicable following the date the Release of Claims is not subject to revocation and, in any event, within sixty (60) days following the date of the Covered Termination. 

  
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 (ii) If Executive elects to receive continued healthcare coverage pursuant to the
provisions of COBRA, the Company shall directly pay, or reimburse Executive for, the premium for Executive and Executive’s covered dependents through the earlier of (i) the date that is that number of years equal to the Change in Control
Multiplier following the date of Executive’s termination of employment and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s).
Notwithstanding the foregoing, (i) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code
under Treasury Regulation Section 1.409A-1(a)(5), or (ii) the Company is otherwise unable to continue to cover Executive under its group health plans without penalty under applicable law (including without limitation, Section 2716 of
the Public Health Service Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments. After the Company ceases to pay premiums pursuant to this
Section 4.1(b)(ii), Executive may, if eligible, elect to continue healthcare coverage at Executive’s expense in accordance the provisions of COBRA. 

(iii) Each outstanding equity award, including, without limitation, each stock option and restricted stock award, held by Executive
shall automatically become vested and, if applicable, exercisable and any forfeiture restrictions or rights of repurchase thereon shall immediately lapse, in each case, with respect to one hundred percent (100%) of the shares subject thereto.
To the extent vested after giving effect to the acceleration provided in the preceding sentence, each stock option held by Executive shall remain exercisable until the earlier of the original expiration date for such stock option or the second
anniversary of Executive’s Covered Termination and all shares of the Company’s common stock owned by Executive shall immediately be released from any and all resale or repurchase restrictions (other than those imposed under applicable
law). 
 (c) Termination for Death or Disability. If Executive’s employment is terminated due to death or permanent disability
where the Company makes a determination in good faith that, due to a mental or physical incapacity, Executive has been unable to perform her duties under this Agreement for a period of not less than six (6) consecutive months or 180 days in the
aggregate in any 12-month period, Executive shall receive the following:  
 (i) An amount equal to six (6) months of
Executive’s Base Salary payable in substantially equal installments in accordance with the Company’s normal payroll policies, less applicable withholdings, with such installments to commence as soon as administratively practicable
following the date the Release of Claims is not subject to revocation and, in any event, within sixty (60) days following the date of the Covered Termination. 

(ii) If Executive (or in the event of death, her designee) elects to receive continued healthcare coverage pursuant to the provisions
of COBRA, the Company shall directly pay, or reimburse Executive for, the premium for Executive and Executive’s covered dependents through the earlier of (i) the six (6) month anniversary of the date of Executive’s termination of


  
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employment and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s). Notwithstanding the
foregoing, (i) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code under Treasury
Regulation Section 1.409A-1(a)(5), or (ii) the Company is otherwise unable to continue to cover Executive under its group health plans without penalty under applicable law (including without limitation, Section 2716 of the Public
Health Service Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments. After the Company ceases to pay premiums pursuant to this
Section 4.1(b)(ii), Executive may, if eligible, elect to continue healthcare coverage at Executive’s expense in accordance the provisions of COBRA. 

4.2. 280G Provisions. Notwithstanding anything in this Agreement to the contrary, if any payment or distribution Executive would receive pursuant to
this Agreement or otherwise (“Payment”) would (a) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (b) but for this sentence, be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), then such Payment shall either be (i) delivered in full, or (ii) delivered as to such lesser extent which would result in no portion of such Payment being subject to the
Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by Executive on an after-tax basis, of the largest payment, notwithstanding that all
or some portion the Payment may be taxable under Section 4999 of the Code. The accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing
calculations. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. The accounting firm shall provide its calculations to the Company and Executive within fifteen
(15) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at that time by the Company or Executive) or such other time as requested by the Company or Executive. Any good faith determinations of
the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive. Any reduction in payments and/or benefits pursuant to this Section 4.2 will occur in the following order: (1) reduction of cash
payments; (2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits payable to Executive. 

4.3. Section 409A. 
 (a)
Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed at the time of her Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent
delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code which would subject Executive to a tax
obligation under Section 409A of the Code, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (i) the expiration of the six- month period measured from the date of the Executive’s
Separation from Service or (ii) the date of Executive’s death. Upon the expiration of the applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Section 4.3(a) shall be paid in a lump sum to
Executive, and any remaining payments due under the Agreement shall be paid as otherwise provided herein. 

  
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 (b) Any reimbursements payable to Executive pursuant to the Agreement shall be paid to
Executive no later than 30 days after Executive provides the Company with a written request for reimbursement, and to the extent that any such reimbursements are deemed to constitute “nonqualified deferred compensation” within the meaning
of Section 409A of the Code (i) such amounts shall be paid or reimbursed to Executive promptly, but in no event later than December 31 of the year following the year in which the expense is incurred, (ii) the amount of any such
payments eligible for reimbursement in one year shall not affect the payments or expenses that are eligible for payment or reimbursement in any other taxable year, and (iii) Executive’s right to such payments or reimbursement shall not be
subject to liquidation or exchange for any other benefit. 
 (c) For purposes of Section 409A of the Code (including,
without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Executive’s right to receive installment payments under the Agreement shall be treated as a right to receive a series of separate payments and,
accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. 
 4.4. Mitigation. Executive shall
not be required to mitigate damages or the amount of any payment provided under this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for under this Agreement be reduced by any compensation earned by
Executive as a result of employment by another employer or by any retirement benefits received by Executive after the date of the Covered Termination, or otherwise. 

ARTICLE V 
 PROPRIETARY
INFORMATION OBLIGATIONS 
 5.1. Agreement. Executive agrees to continue to abide by the Confidential Information Agreement. 

5.2. Remedies. Executive’s duties under the Confidential Information Agreement shall survive termination of Executive’s employment with the
Company and the termination of this Agreement. Executive acknowledges that a remedy at law for any breach or threatened breach by Executive of the provisions of the Confidential Information Agreement, as well as Executive’s obligations pursuant
to Section 6.2 and Article 7 below, would be inadequate, and Executive therefore agrees that the Company shall be entitled to seek injunctive relief in case of any such breach or threatened breach. 

ARTICLE VI 
 OUTSIDE
ACTIVITIES 
 6.1. Other Activities. 

(a) Except as otherwise provided in Section 6.1(b), 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, unless she obtains the prior written consent of the Board. 

  
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 (b) Executive may engage in civic and not-for-profit activities so long as such activities
do not materially interfere with the performance of Executive’s duties hereunder. In addition, Executive shall be allowed to serve as a member of the board of directors of up to two (2) other for profit entities at any time during the term
of this Agreement, which service shall not materially interfere with the performance of Executive’s duties hereunder; provided, however, that the Board, in its discretion, may require that Executive resign from one or both of such director
positions if it determines that such resignation(s) would be in the best interests of the Company. 
 6.2. Competition/Investments. During the
term of Executive’s employment by the Company, except on behalf of the Company, Executive shall not directly or indirectly, whether as an officer, director, stockholder, partner, proprietor, associate, representative, consultant, or in any
capacity whatsoever engage in, become financially interested in, be employed by or have any business connection with any other person, corporation, firm, partnership or other entity whatsoever which were known by Executive to compete directly with
the Company, throughout the world, in any line of business engaged in (or planned to be engaged in) by the Company; provided, however, that anything above to the contrary notwithstanding, Executive may own, as a passive investor, securities of any
competitor corporation, so long as Executive’s direct holdings in any one such corporation shall not in the aggregate constitute more than 1% of the voting stock of such corporation. 

ARTICLE VII 

NONINTERFERENCE 
 In
addition to Executive’s obligations under the Confidential Information Agreement, Executive shall not for a period of one (1) year following Executive’s termination of employment for any reason, either on Executive’s own account
or jointly with or as a manager, agent, officer, employee, consultant, partner, joint venturer, owner or stockholder or otherwise on behalf of any other person, firm or corporation, directly or indirectly solicit or attempt to solicit away from the
Company any of its officers or employees or offer employment to any person who is an officer or employee of the Company; provided, however, that a general advertisement to which an employee of the Company responds shall in no event be deemed
to result in a breach of this Article 7. Executive also agrees not to harass or disparage the Company or its employees, clients, directors or agents or divert or attempt to divert any actual or potential business of the Company. The provisions of
this Article 7 shall survive the termination or expiration of the applicable Executive’s employment with the Company and shall be fully enforceable thereafter. If it is determined by a court of competent jurisdiction in any state that any
restriction in this Article 7 is excessive in duration or scope or is unreasonable or unenforceable under the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the court to render it
enforceable to the maximum extent permitted by the law of that state. 

  
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 ARTICLE VIII 

GENERAL PROVISIONS 
 8.1. Notices.
Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of personal delivery (including personal delivery by facsimile) or the third day after mailing by first class mail, to the Company at its primary office
location and to Executive at Executive’s address as listed on the Company payroll. 
 8.2. Tax Withholding. Executive acknowledges that all
amounts and benefits payable under this Agreement are subject to deduction and withholding to the extent required by applicable law. 
 8.3.
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any
respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provisions had never been contained herein. 
 8.4. Waiver. If either party should waive
any breach of any provisions of this Agreement, they shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 

8.5. Complete Agreement. This Agreement constitutes the entire agreement between Executive and the Company and is the complete, final, and exclusive
embodiment of their agreement with regard to this subject matter, and will supersede all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with respect to the subject matter
hereof, including without limitation, the Prior Agreement. This Agreement is entered into without reliance on any promise or representation other than those expressly contained herein or therein, and cannot be modified or amended except in a writing
signed by an officer of the Company and Executive. 
 8.6. Counterparts. This Agreement may be executed in separate counterparts, any one of which
need not contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement. 
 8.7. Headings. The
headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof. 

8.8. Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company, and their
respective successors, assigns, heirs, executors and administrators, except that Executive may not assign her rights or delegate her duties or obligations hereunder without the prior written consent of the Company. 

8.9. Arbitration. Unless otherwise prohibited by law or specified below, all disputes, claims and causes of action, in law or equity, arising from or
relating to this Agreement or its enforcement, performance, breach, or interpretation shall be resolved solely and exclusively by 

  
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final and binding arbitration held in Marin County, California through Judicial Arbitration & Mediation Services/Endispute (“JAMS”) in conformity with the then-existing
JAMS employment arbitration rules and California law. The arbitrator shall: (a) provide adequate discovery for the resolution of the dispute; and (b) issue a written arbitration decision, to include the arbitrator’s essential findings
and conclusions and a statement of the award. However, nothing in this section is intended to prevent either party from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. The Company
shall bear the costs of any such arbitration. 
 8.10. Executive Acknowledgement. Executive acknowledges that (a) she has consulted with or has
had the opportunity to consult with independent counsel of her own choice concerning this Agreement, and has been advised to do so by the Company, and (b) that she has read and understands the Agreement, is fully aware of its legal effect, and
has entered into it freely based on her own judgment. 
 8.11. Choice of Law. All questions concerning the construction, validity and interpretation
of this Agreement will be governed by the law of the State of California without regard to the conflicts of law provisions thereof. 

[Signature page follows] 

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

			
	RAPTOR PHARMACEUTICAL CORP.
		
	By:	 	  /s/ LLEW KELTNER

		 	LLEW KELTNER, M.D., P.H.D.
		
	Title:	 	Chairman of the Board of Directors


 Accepted and Agreed: 
  

	
	 /s/ JULIE ANNE SMITH

	JULIE ANNE SMITH