Document:

EXHIBIT 10.33

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

EXECUTIVE EMPLOYMENT
AGREEMENT (“Agreement”), dated as of April 29, 2015 (the “Effective Date”), by and between Shire Human
Genetic Therapies, Inc., a Delaware corporation (the “Company”), and Jeffrey V. Poulton (“Executive”).

 

BACKGROUND

 

WHEREAS, the Company
and Executive wish to set forth and confirm the terms and conditions of Executive’s employment by the Company as hereinafter
set forth.

 

NOW, THEREFORE, in consideration
of the foregoing, and of the mutual covenants and agreements hereinafter set forth, and intending to be legally bound, the parties
hereto hereby agree as follows:

 

1          Employment.
Executive hereby accepts employment with the Company in accordance with the terms and conditions set forth in this Agreement.
Upon the Effective Date, Executive shall serve as the Chief Financial Officer of Shire plc in accordance with the terms and conditions
set forth in this Agreement. Effective as of the Effective Date, in connection with Executive’s appointment to the position
of Chief Financial Officer of Shire plc, Executive shall be appointed to the Board of Directors of Shire plc (the “Board”);
provided, however, that Executive’s continued service on the Board shall be subject to approval by the shareholders of Shire
plc at the applicable shareholder meetings. Executive agrees to promptly notify the Board of becoming aware of any reason that
would preclude his ability to legally perform any of his duties. Executive represents that he is not bound by or party to any
employment contract, restrictive covenant or other restriction (contractual or otherwise) (collectively, the “Existing RC
Agreements”) preventing or impairing him from entering into employment with or carrying out his responsibilities for Shire
(as defined below) under this Agreement or otherwise, or which is in any way inconsistent with the terms of this Agreement.

 

2          Term of Agreement and Employment. The term of this Agreement and Executive’s employment by the Company hereunder
shall commence on the Effective Date and shall continue until Executive’s employment is terminated as provided in Section
9 hereof (the “Employment Period”); provided, however, that the Company’s payment obligations in Section 9,
the Executive’s repayment obligations under Section 4.3 and the provisions of Sections 5, 6, 7, 8, 9.5, 9.6, 10 and 11 shall
survive the termination of this Agreement and Executive’s employment.

 

3          Duties and Responsibilities;
Location; Company Policies.

 

3.1     
In Executive’s capacity as Chief Financial Officer of Shire plc, Executive shall report to the Chief Executive Officer of
Shire plc (the “CEO”). In his capacity as Chief Financial Officer of Shire plc, Executive shall have the customary
powers, responsibilities and authorities of chief financial officers of corporations of the size, type and nature of Shire plc,
subject to direction of the CEO. In performing Executive’s duties and responsibilities hereunder, Executive shall (i) faithfully
and diligently perform such duties and exercise such powers consistent with his position as the CEO may from time to time assign
to or confer upon him in connection with the business of Shire; (ii) protect,

    	 

    	 

    

 

promote, develop and extend the business interests
and reputation of Shire; (iii) conform to and comply with the lawful and reasonable directions of the CEO that are consistent
with his position; (iv) upon receiving reasonable notice, promptly
give (in writing if so requested) to the CEO all such information, explanations and assistance as the CEO may require in connection
with the business and affairs of Shire for which Executive is required to perform duties and which are consistent with his position;
(v) comply with Shire’s Code of Ethics Policy; (vi) in relation to any dealings in securities, comply with all laws affecting
dealings in securities and all regulations of any relevant stock exchanges on which such dealings take place and any policies
or rules adopted by Shire in relation to the holding or trading of securities; (vii) not directly or indirectly procure, accept
or obtain for his own benefit (or for the benefit of any other person) any payment, rebate, discount, commission, vouchers, gift,
entertainment or other benefit from any third party in respect of any business transacted or proposed to be transacted (excluding
air miles or similar vouchers from other such schemes) (whether or not by him) by or on behalf of Shire (“Gratuities”);
(viii) observe the terms of any policy issued by Shire in relation to Gratuities; and (ix) promptly disclose and account to Shire
for any Gratuities received by him (or by any other person on his behalf or at his instruction). During the Employment Period,
Executive shall also serve as a director or officer (without additional compensation) of the Company or any Affiliated Company
(as defined below) as may be determined by the Board from time to time.

 

3.2          Executive shall devote all of Executive’s
business time, attention and skill loyally and faithfully to the business and interests of Shire plc, the Company and any company
or entity which from time to time, directly or indirectly owns, is owned by or is under common ownership with Shire plc (each an
“Affiliated Company” and, together with the Company and Shire plc, collectively “Shire”) in a proper and
efficient manner, and shall further and promote the business of Shire. During the Employment Period, Executive may not be employed
by or engaged in any other business (whether paid or unpaid), including serving on any board of directors or similar governing
bodies (other than a board of Shire), without first obtaining the Board’s prior written consent; provided, however,
that nothing herein shall limit or restrict Executive from engaging in charitable or civic activities or from providing unpaid
assistance to friends and family members, provided that such activities do not in any material respect interfere with Executives
duties, responsibilities or obligations to Shire and are not contrary to the interests of Shire.

 

3.3          Executive’s principal place
of work shall be at the Company’s offices in Lexington, Massachusetts, or at such other place to which Executive may be relocated
from time to time. Should Executive’s principal place of work change, Executive shall be entitled to all benefits under the
Shire relocation policy that is in effect and covering Executive at such time. Executive understands that he shall be required
in the performance of his duties to travel to, and perform work at, such places in the United States or abroad as business of Shire
may require. As a result, the Company and Executive shall each use their best efforts to obtain authorization for Executive to
legally work in any such non-United States jurisdiction and the Company shall promptly reimburse Executive for all reasonable costs
and expenses he incurs in attempting to receive authorization to legally work in such jurisdictions. All air travel by Executive
shall be in accordance with Shire’s air travel policies for employees of Executive’s level, as may be in effect from
time to time.

    	 

    	 

    

 

3.4.          Executive shall not, other than at the request of the Board, (a) voluntarily resign as a member of the Board or (b) take any
action or fail to take any action that would result in him no longer being permitted to serve on the Board (whether by law or
otherwise).

 

3.5          Executive hereby agrees that Executive is subject to, and shall comply at all times with, any and all policies adopted by
Shire as in effect from time to time, including, without limitation, any Shire policy on malus and clawback and share ownership
guidelines. Any variable remuneration awarded to the Executive may be subject to clawback in accordance with Shire’s policies
from time to time, the specific terms of any applicable bonus or incentive plans and/or the terms of any relevant awards. 
Clawback may be effected by withholding or off-setting against any payments or awards to which the Executive may become entitled
in connection with Executive’s employment with the Company or alternatively by the Executive making a cash repayment to
the Company or transferring shares to the Company. By entering into this Agreement, the Executive agrees to the operation of
such withholding, off-setting, repayment or transfer.

 

4          Compensation and Benefits.

 

4.1       Base Salary. During the Employment
Period, Executive shall be paid an annual base salary of $575,000 in accordance with the normal payroll practices of the Company
(as may be in effect from time to time). Executive’s base salary, as it may be in effect from time to time, is referred to
herein as the “Base Salary.” The Base Salary shall be inclusive of any directors’ fees payable to Executive under
the Articles of Association or other governing documents of Shire plc, the Company or any Affiliated Company (and any such fees
as the Executive shall receive shall be paid by him to the Company promptly upon receipt thereof). Such Base Salary shall also
be inclusive of an annual amount payable in respect of Board duties performed by Executive in the Republic of Ireland (the “Irish
Board Fee”), which is currently £98,000. Executive’s Base Salary shall be reviewed annually (commencing with
the 2015 year-end performance and reward process) and may be increased at the sole discretion of the Remuneration Committee of
Shire plc (the “Remuneration Committee”). All amounts set forth herein are in U.S. dollars (except with respect to
the Irish Board Fee).

 

4.2        Executive Annual Incentive Plan.
During the Employment Period, Executive shall be eligible to earn a bonus in accordance with the rules and terms of Shire’s
Executive Annual Incentive Plan or such other bonus plan as Shire may determine (“Incentive Plan”). Commencing with
the bonus period starting January 1, 2015, such bonus, if any, shall be subject to a target bonus level as determined in the sole
discretion of the Remuneration Committee (which, for the 2015 fiscal year, shall be equal to eighty percent (80%) of Executive’s
Base Salary), subject to adjustment by the Remuneration Committee (with seventy-five percent (75%) payable in cash and twenty-five
percent (25%) payable in deferred shares). Any actual bonus payable on an annual basis or for such other period as may be deemed
appropriate shall be determined at the sole discretion of the Remuneration Committee and, commencing with the bonus period starting
January 1, 2015, shall be subject to a maximum bonus opportunity as determined in the sole discretion of the Remuneration Committee
(which, for the 2015 fiscal year, shall equal one-hundred and sixty percent (160%) of Executive’s Base Salary), subject to
adjustment by the Remuneration Committee (with seventy-five percent (75%) of the maximum award payable in cash and twenty-five
percent (25%) of

    	 

    	 

    

 

the maximum award payable in deferred shares). Any cash bonus earned under the Incentive Plan shall be paid by
no later than March 15th of the year following the year in which such bonus was earned and any non-cash bonus earned
under the Incentive Plan shall be paid in accordance with the terms of the Incentive Plan. All bonus payments shall be subject
to tax and other withholdings and deductions as appropriate. Any bonus paid in deferred shares shall be subject to any malus and
clawback policy as in effect from time to time. If the deferral arrangement described in this Section 4.2 is not permitted with
respect to the 2015 calendar year, the Company shall implement an alternative bonus structure for such calendar year designed to
restrict Executive’s transfer of any shares received in respect of the 2015 annual bonus in the same manner as if the deferral
was permitted.

 

4.3        Indebtedness. If Executive
is indebted to Shire for any reason, Shire may make a deduction from Executive’s Base Salary or from any other amount owed
to Executive by Shire to satisfy all or a portion of such obligation.

 

4.4       Equity Grants. During the Employment
Period, commencing with the fiscal year beginning January 1, 2015, Executive will be eligible for performance-based equity-based
incentive awards (“Shire Equity Award”) that may be granted to Executive at such times, in such amounts and to the
extent the Remuneration Committee may determine in its sole discretion. If Executive is at any time granted a Shire Equity Award,
such Shire Equity Award will be subject to the rules of the relevant plan or such other applicable regulations as are established
by the Remuneration Committee (including without limitation performance conditions and Shire’s clawback and malus policies). 
If Executive’s employment should terminate for any reason, Executive’s rights in relation to any Shire Equity Award
shall be entirely governed by the terms of the relevant plan (or such regulations established by the Remuneration Committee) and
Executive shall not be entitled to any compensation under this Agreement for the loss of any right or benefit or any prospective
right or benefit in relation to any cancelled or forfeited Shire Equity Award, whether such compensation is claimed by way of damages
for unlawful dismissal, breach of contract or any other claim, including without limitation, claims arising out of Executive’s
employment with Shire or the termination of such employment.

 

4.5        Expenses.
The Company shall reimburse Executive for all reasonable business expenses which Executive is authorized to incur
while carrying out Executive’s duties under this Agreement, provided the applicable claims procedure is followed and
invoices or other evidence of payment is produced. So long as Executive serves as an Executive Director, Executive shall be
subject to any expense reimbursement policy applicable to Executive Directors as in effect from time to time. All
reimbursements which are subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
shall be paid to Executive as soon as practicable after submission of the required documentation, but no later than December
31st of the year following the year during which such expense was incurred.
 
 

 

4.6        Company Car and Benefits. During
the Employment Period, Executive shall be eligible to participate in the Company’s employee benefit plans (including any
executive-level plans, such as financial planning) in accordance with the terms and conditions of such plans, as may be amended
by the Company in its sole discretion from time to time. During the Employment Period, Executive shall be provided with a cash
benefit of $1,200 per calendar month, representing the cash alternative to providing Executive with a company car. This amount
shall be paid ratably every pay period with

    	 

    	 

    

 

Executive’s Base Salary and will be subject to applicable tax and other withholdings
and deductions as appropriate.

 

4.7        Retirement Benefits. During
the Employment Period, the Company shall contribute on Executive’s behalf an amount to the Company’s 401(k) Plan (through
matching contributions) and/or the Shire Group Supplemental Executive Retirement Plan (the “SERP”), or into such other
equivalent arrangement under the Company’s policies on retirement plans based on the rate of contribution then in effect
for Executive’s position under the Company’s applicable policies (currently 25% of Base Salary); provided that the
maximum amount of such contribution that may be allocated to the Company’s 401(k) Plan through matching contributions shall
be so allocated to the 401(k) Plan first, with the remainder of such contribution being allocated to the SERP. SERP contributions
shall be made on a quarterly basis and are subject to Executive’s employment with Shire on the date of the contribution.
In addition, the maximum contribution is currently contingent upon Executive’s participation in the Company’s 401(k)
Plan at a minimum personal contribution level of 3%. The provisions of this Section 4.7 shall in all events be subject to the terms
of the Company’s 401(k) Plan, the SERP and the Company’s policies on retirement plans, which the Company may change
from time to time in its sole discretion with or without notice, and shall be superseded by such plans and policies to the extent
inconsistent.

 

4.8      Vacation.
During the Employment Period, Executive shall be entitled to paid vacation of 25 days per annum in accordance with the Company’s
vacation policy, or such greater number as may be provided by the Company with the approval of the Remuneration Committee, exclusive
of national and customary holidays recognized by the Company. The vacation year is from January 1st to December 31st
and up to 5 unused vacation days may be carried forward into the succeeding vacation year (any unused vacation days at the
end of a year in excess of 5 shall, to the extent permitted by applicable state law, be forfeited with no compensation due Executive);
and if vacation days carried forward into the succeeding vacation year are not used by December 31st of that year,
those vacation days shall be forfeited to the extent permissible under applicable state law with no compensation due Executive.
Entitlement to vacation pay in the first and last year of employment will be calculated pro rata by reference to the number of
completed months worked in that year. On termination of employment, a payment will be made by the Company or refunded by Executive
(as appropriate) depending on whether vacation entitlement has been unused or exceeded. This Section 4.8 is subject to the Company’s
vacation policy as in effect from time to time and shall be superseded by such vacation policy to the extent inconsistent.

 

5        Intellectual
Property

 

5.1     Definitions.

 

(a)      “Intellectual Property Rights”
or “IPRs” means all intellectual and industrial property rights, in any jurisdiction, whether registered or unregistered,
including without limitation all rights in patents, trade secrets and know-how, trade and service marks, copyrights (including
copyrights in software), and database rights, and all rights or forms of protection of a similar nature or having equivalent or
similar effect to any of these, including claims and causes of action under any of the foregoing which may subsist anywhere in
the world.

    	 

    	 

    

 

(b)      “Work” or “Works”
means inventions, discoveries, designs, developments, improvements, formulas, ideas, processes, techniques, technical data, hardware
configurations, software (including without limitation source code and object code), specifications, spreadsheets, data, databases,
analytics, algorithms, methods or methodologies, systems, concepts, technology, trademarks, service marks, logos, work product,
trade secrets, know-how, documentation, any other financial, technical or business material or information, Confidential Information,
and modifications, updates to and derivatives of the foregoing, in each case whether or not patentable, copyrightable or susceptible
to other forms of protection and in any medium, and all claims and causes of action arising thereunder anywhere in the world.

 

5.2     If during the period of Executive’s
employment with Shire, Executive creates, makes, authors, originates, conceives, writes or reduces to practice (either alone or
with others) any Work(s), including any IPRs in and to the foregoing, irrespective of whether it or they are related to Shire
(collectively and including, for the avoidance of doubt, any IPRs in and to such Work(s), “Company Works”):

 

		(a)	Executive will promptly disclose to the Company the full details of any and all Company Works;

 

		(b)	Executive agrees and acknowledges that all Company Works are and shall be the sole and exclusive property of the Company and
shall legally and beneficially vest solely in the Company immediately upon their creation, without any further consideration to
Executive (and all such rights are hereby assigned to the Company);

 

		(c)	Executive agrees and acknowledges that all Company Works are “works made for hire,” as that term is defined in
the United States Copyright Act, with the Company being the entity for which such work was performed;

 

		(d)	Executive hereby irrevocably and unconditionally waives, in favor of Shire, its licensees, and successors-in-title, any and
all moral and similar rights conferred on Executive in relation to Company Works (whether now existing or in the future); and

 

		(e)	Executive shall not knowingly do anything, or omit to do anything, to imperil the validity of any Company Works.

 

5.3      To the extent any Company Works and/or
IPRs do not so vest in the Company, Executive hereby presently assigns to the Company all of Executive’s right, title and
interest in and to any and all Company Works, including without limitation, all IPRs therein in any jurisdiction.

 

5.4      Executive hereby irrevocably authorizes
the Company or its nominee to be Executive’s attorney, and to make use of Executive’s name and to sign and execute
any documents and/or perform any act on Executive’s behalf, for the purpose of giving to the Company the full benefit of
the provisions of this Section 5 and, where permissible, to obtain patent or any other protection in respect of any of the
Company Works in the name of the Company or its nominee.

 

5.5     
Executive shall from time to time, both during the Employment Period and thereafter, at the request and expense of the
Company or its nominee, promptly do all things and execute all documents necessary or desirable to give effect to the
provisions of this Section 5, including, without limitation, all things necessary to obtain, maintain and/or enforce
patent or any other protection with respect to any Company Work in any

    	 

    	 

    

 

part of the world and to vest such rights (including, without limitation, all IPRs) in and to the Company Works in the Company
or its nominee.

 

5.6      For the avoidance
of doubt, the provisions of this Section 5 shall apply to any rights (including, without limitation, any IPRs) in the Company Works
arising in any jurisdiction, and the provisions of this Section 5 shall apply in respect of any jurisdiction to the extent permitted
by the directives, statutes, regulations and other laws of any such jurisdiction.

 

5.7      Maintenance of Records. Executive
will keep and maintain adequate and current written records of all Company Works created, made, authored, originated, conceived,
written or reduced to practice by Executive (either alone or with others), during the period of Executive’s employment with
Shire. The records will be in the form of notes, sketches, drawings and any other format that may be specified by the Company.
The records will be available to and remain the sole property of the Company at all times.

 

5.8      Excluded Works. Notwithstanding
this Section 5 of this Agreement, Company Works shall not include, and Executive’s obligations with respect thereto shall
not apply to, any Works about which Executive proves with written evidence all of the following:

 

		(a)	the Work was developed entirely by Executive without materially interfering with Executive’s duties for the Company (i.e.,
outside of working hours and not within the scope of the Executive’s employment);

 

		(b)	no Confidential Information (as defined below), Works of Company or resources, equipment, supplies, assets, personnel or facility
of Shire was used in the development or creation of the Work;

 

		(c)	the Work does not relate to the business of Shire or to the reasonably anticipated future business of Shire; and

 

		(d)	the Work does not result from any work performed by Executive for Shire.

 

5.9      Executive shall not use, incorporate or reference
any Work owned in whole or in part by Executive and made prior to the Employment Period (“Prior Work”) or any IPRs
owned by any third party (“Third Party Work”) in connection with the creation of any Company Works, except with the
prior written consent of the Company. If, notwithstanding the foregoing, in the course of the creation of any Company Work Executive
uses any Prior Work or Third Party Work, Executive shall have or secure rights sufficient to grant, and Executive hereby grants
to the Company a perpetual, nonexclusive, royalty-free, fully paid-up, irrevocable, transferable, sublicensable, worldwide license
to reproduce, make derivative works of, distribute, perform, display, import, make, have made, modify, use, sell, offer to sell,
and exploit in any other way such Prior Work or Third Party Work as part of or in connection with any product, process or service,
and to practice any method related thereto, as necessary to use and exploit any applicable Company Works or Works of Company. Executive
represents and warrants that use of any such Prior Work or Third Party Work will not violate any proprietary rights of third parties
and Executive shall indemnify and hold Shire harmless from and against any liability, cost and expense (including reasonable attorneys’
fees) arising out of any such third party claims. Executive attaches hereto a complete list of all Prior Works, and those Prior
Works are excluded from this Agreement. If no such list is attached, then there are no such Prior Works.

    	 

    	 

    

 

5.10     Executive
acknowledges and agrees that the compensation paid by Company is adequate consideration for the terms and conditions set
forth in this Section 5. For the avoidance of doubt, the obligations of Executive under this Section 5 shall operate during
the course of Executive’s employment, shall survive cessation of such employment and shall continue indefinitely
thereafter.

 

6        Confidentiality; Certain Representations; Cooperation

 

6.1      Definitions. Confidential Information
is any information, idea or material:

 

		(a)	generated, collected by or used in the operations of Shire that relates to the actual or anticipated business or research and
development of Shire and that has not been made available generally to the public by Shire, or

 

		(b)	suggested by or resulting from any task or responsibility assigned to Executive or work performed by Executive for Shire, or
known to Executive as a consequence of Executive’s employment with Shire, and that has not been made available generally
to the public by Shire.

 

Confidential Information includes, but is not limited
to, information relating to the business of Shire, including information relating to its suppliers, customers, personnel, commercial
and scientific data, strategic plans, IPRs, profits, markets, sales, budgets, pricing policies, accounting, finance, products,
product development, marketing strategies, operational methods, technical processes, research and development techniques, strategic
plans, formulas, Work (as defined above in Section 5.1), discoveries, research, patent applications, business forecasts, agreements,
personnel files and other business affairs and methods not generally available to the public and including anything that constitutes
a trade secret within the meaning of the Pennsylvania Uniform Trade Secret Act or other applicable law. Information shall not be,
or shall cease to be, Confidential Information if it is or becomes public general knowledge, other than through any direct or indirect
unauthorized disclosure or other breach of the restrictions in Section 6 on the part of Executive.

 

6.2      All Confidential Information acquired
or generated by Executive in connection with Executive’s employment with Shire (whether written, oral or in any other medium)
shall be the sole property of Shire, shall be used by Executive only as required in the performance of Executive’s duties
and shall be returned to the Company on request or on termination of Executive’s employment.

 

6.3      Executive will use his best efforts
to protect the confidentiality of Shire’s Confidential Information and shall keep the Confidential Information secret. Except
as required in the performance of Executive’s duties for Shire, Executive will not, without the Board’s express written
permission, directly or indirectly, disclose Confidential Information to anyone outside Shire or use Confidential Information in
other than Shire’s business, either during or after Executive’s employment by Shire; provided, however, that nothing
in this Agreement or otherwise shall restrict Executive from disclosing Confidential Information (i) as required by law (provided
that, prior to such disclosure, Executive shall, if permitted by law, provide the Company with prompt written notice of his requirement
to disclose such information and shall work with the Company (at the Company’s expense) to limit the disclosure so required
and to otherwise protect the confidentiality of such information) or (ii) solely to the limited extent necessary in

    	 

    	 

    

 

connection
with the defense or prosecution of any claim against the Company or its affiliates.

 

6.4      Executive
acknowledges that Shire may receive from others their confidential information, subject to a duty on Shire’s part to maintain
the confidentiality of such information. During and after Executive’s employment with Shire, Executive will not, directly
or indirectly, disclose such confidential information to anyone outside Shire or use such information for any purpose other than
as is both required in the performance of Executive’s duties for Shire and in a manner as is consistent with Shire’s
duty to maintain the confidentiality of such information; provided, however, that nothing in this Agreement or otherwise shall
restrict Executive from disclosing such information (i) as required by law (provided that, prior to such disclosure, Executive
shall, if permitted by law, provide the Company with prompt written notice of his requirement to disclose such information and
shall work with the Company (at the Company’s expense) to limit the disclosure so required and to otherwise protect the
confidentiality of such information) or (ii) solely to the limited extent necessary in connection with the defense or prosecution
of any claim against the Company or its affiliates.

 

6.5      Executive represents and warrants
that Executive’s employment with Shire does not and will not breach any agreement with or duty owed to any of Executive’s
former employers or otherwise. Executive will not disclose to Shire and will not use or induce Shire to use any proprietary, confidential
or trade secret information of others, including, but not limited to, former employers. Executive represents and warrants that
Executive has returned all property and confidential information belonging to all Executive’s prior employers.

 

6.6      During the Employment Period and at
all times thereafter, Executive agrees to cooperate fully with Shire in any internal investigation, any administrative, regulatory
or judicial proceeding or any dispute with a third party concerning issues of which Executive has any knowledge or that may relate
to Executive or Executive’s employment or other service with Shire (or the termination thereof).  Executive’s
cooperation may include but is not limited to being available to Shire upon reasonable notice for interviews and factual investigations,
appearing at Shire’s request to give testimony without requiring service of a subpoena or other legal process, volunteering
to Shire all pertinent information, and turning over to Shire all relevant documents which are or may come into Executive’s
possession or under Executive’s control.

 

7        Executive’s
Restrictive Covenants 

 

7.1      Executive acknowledges that during
the course of Executive’s employment with Shire, Executive will receive and have access to Confidential Information and Executive
will also receive and have access to detailed employee data and information relating to the operations and business of Shire and
accordingly, Executive is willing to enter into the covenants described in this Section 7 in order to provide Shire with what Executive
considers to be reasonable protection for those interests.

 

7.2      Executive covenants and agrees that
during the Employment Period and for a period of one year following the date on which the Notice of Termination is provided (which
period shall be inclusive of the Notice Period (as defined in Section 9.1 below)) (collectively, the “Restricted Period”),
regardless of whether the termination is initiated by Executive or Shire, Executive will not, directly or indirectly, engage in
any

    	 

    	 

    

 

business or activity or render service, whether as principal, agent, officer, director, employee, consultant or otherwise,
with or to any person, business, corporation or other entity that engages in the research, development, production, licensing,
marketing, sale or supply of any product or service that is similar in kind, type or purpose to any product or service offered
in or under development by Shire at any time during Executive’s last 12 months of active employment with Shire (“Restricted
Business”); provided however, that this Section 7.2 shall not prohibit Executive from acquiring, solely as an investment
and through open market purchases, securities of any entity which are publicly traded, so long as Executive is not part of any
control group of such entity, and such securities do not constitute more than five percent (5%) of the outstanding voting power
of that entity.

 

7.3      During
the Restricted Period, regardless of whether the termination is initiated by Executive or Shire, Executive will not, directly
or indirectly, solicit, divert, or attempt to solicit or divert, or accept Restricted Business from, any customer or account,
or prospective customer or account, of Shire with whom Executive or those employees who reported, directly or indirectly, to Executive
had contact at any time during the last 12 months of Executive’s active employment with Shire.

 

7.4      During
the Restricted Period, regardless of whether the termination is initiated by Executive or Shire, Executive will not, directly
or indirectly, solicit, or assist or encourage the solicitation of, any employee of Shire to work for Executive or for any entity
with which Executive may become employed or affiliated, without the prior written consent of the Board. The term “solicit”
shall mean Executive’s contacting, or providing information to others who may be reasonably expected to contact, any employee
of Shire regarding such employee’s interest in seeking employment with Executive or any entity with which Executive may
become employed or affiliated.

7.5      During the Restricted Period, regardless of whether the termination is initiated by Executive or Shire, Executive shall not,
directly or indirectly, employ, and shall not cause any entity that Executive controls to employ, any person who is a full-time
employee of Shire, or who was a full-time employee of Shire as of the date of the termination of Executive’s employment
or within twelve (12) months prior thereto, without the prior written consent of the Board.

 

7.6      Executive will not, during Executive’s
employment with Shire or at any time thereafter, directly (or through any other person or entity) make any public or private statements
(whether orally or in writing) that disparage, denigrate or malign the Company, Shire plc, any Affiliated Company or any of their
respective businesses, activities, operations, affairs, reputations, prospects, officers, employees or directors. For purposes
of clarification, and not limitation, a statement shall be deemed to disparage, denigrate or malign a person or entity if such
statement could be reasonably construed to adversely affect the opinion any other person may have or form of any such person or
entity. The foregoing limitations shall not be violated by truthful statements in response to legal process, required governmental
testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with
such proceedings).

 

7.7      Executive hereby agrees that Executive
will at the request of the Company enter into a direct agreement or undertaking with Shire plc or any Affiliated Company containing
restrictions and provisions corresponding to the restrictions and

    	 

    	 

    

 

provisions in this Section 7 (or such portion thereof as may
be appropriate in the circumstances) as Shire plc or any such Affiliated Company (as applicable) may reasonably require for the
protection of its legitimate business interests.

 

7.8      Section 7.2 shall not restrain Executive
from being engaged or concerned in any business activity in so far as Executive’s duties or work shall relate solely:

 

		(a)	to geographical areas where the business concern is not in competition with the Restricted Business; or

 

		(b)	to services or activities of a kind with which Executive was not concerned to a material extent during the last 12 months of
Executive’s active employment with Shire.

 

8        Remedies. Executive acknowledges
and agrees that the restrictions and covenants outlined in Sections 5, 6 and 7 are reasonable and necessary protections of the
immediate interests of Shire, and that Shire would not have employed Executive without receiving additional consideration offered
by Executive in binding Executive to such restrictions and covenants. Executive agrees that no claim that Executive may have against
Shire, whether predicated on this Agreement or otherwise, shall constitute a defense to the Company’s, Shire plc’s
or any Affiliated Company’s enforcement of such restrictions and covenants. In addition to such other rights and remedies
as the Company, Shire plc and each Affiliated Company may have at equity or in law with respect to any breach of this Agreement,
Executive agrees that if Executive breaches (or threatens to breach) any of the provisions of Sections 5, 6 or 7, (x) the Company,
Shire plc and each Affiliated Company shall have the right and remedy to have such provisions specifically enforced by any court
having equity jurisdiction, and Executive acknowledges and agrees that any such breach or threatened breach will cause irreparable
injury to Shire and that money damages will not provide an adequate remedy to Shire and (y) the Company’s obligation to provide
any payments or benefits under Section 9 (other than the Accrued Benefits) shall immediately cease. If it shall be judicially determined
that Executive has violated any of Executive’s obligations under Section 7 of this Agreement (other than obligations that
apply in perpetuity), then the period of time applicable to the obligation which Executive shall have been determined to have violated
shall automatically be extended by a period of time equal in length to the period during which said violation(s) occurred. It is
expressly acknowledged and agreed that Shire plc and each Affiliated Company are third party beneficiaries of the provisions of
Sections 5, 6, 7 and 8 hereof and may enforce the terms of such Sections as if Shire plc and each such Affiliated Company were
a party hereto. Furthermore, the provisions of Section 5, 6 and 7 hereof are independent of any other restrictive covenants to
which Executive may be bound in favor of Shire.

 

9        Termination.

 

9.1      Definitions.
For purposes of this Agreement, the following terms shall have the respective meanings set forth below:

 

		(a)	“Cause” shall mean:

 

		(i)	the willful failure or refusal by Executive substantially to perform Executive’s duties and responsibilities hereunder
(other than any such failure resulting from Executive’s incapacity due to Executive’s physical or mental illness) after
written demand by the CEO identifying the nature of such failure or refusal;

    	 

    	 

    

 

		(ii)	Executive has engaged in conduct which brings or is likely to bring himself or Shire into disrepute;

 

		(iii)	the willful misconduct by Executive which is materially injurious to Shire, monetarily or otherwise, or which results or is
intended to result in personal gain or enrichment at the expense of Shire; (provided that no act or failure to act shall be considered
“willful” unless done, or omitted to be done, by him in bad faith and without reasonable belief that his action or
omission was in the best interest of Shire);

 

		(iv)	Executive’s conviction of or plea of no contest to a felony, or to a crime involving moral
turpitude;

 

		(v)	Executive’s material breach of the terms of this Agreement (including, without limitation, any breach of Section 3.4),
provided that such breach, to the extent capable of cure, is not cured within 10 days after written notice describing such breach
is provided to Executive by the Board or the CEO;

 

		(vi)	Executive’s unlawful discrimination, including harassment, against employees, customers or business associates of the
Company, Shire plc or an Affiliated Company; or

 

		(vii)	Executive becoming disqualified from being a director of any of the Company, Shire plc or any Affiliated Company.

 

		(b)	Date of Termination. “Date of Termination”
or “Termination Date” shall mean:

 

		(i)	In the event Executive’s employment is terminated by Executive’s death, the date of Executive’s death;

 

		(ii)	If Executive’s employment is terminated by Shire by reason of Executive’s Permanent
Disability, the date that is thirty (30) days following the date the Board provides Executive with a notice of termination in accordance
with Section 11.6 hereof (a “Notice of Termination”);

 

		(iii)	If Executive’s employment is terminated by Shire without Cause, the date that is twelve
(12) months following the date the Board provides Executive with a Notice of Termination;

 

		(iv)	If Executive’s employment is terminated by Executive for any reason (including retirement
in accordance with Shire’s policy applicable to executive directors (as determined by the Board in its sole discretion)),
the date that is twelve (12) months following the date Executive provides the Board with a Notice of Termination; 

 

		(v)	If Executive’s employment is terminated by Shire for Cause, the date on which the Notice
of Termination is provided to Executive.

 

For all purposes of this Agreement, the time between
the Notice of Termination and the Date of Termination, if any, shall constitute the “Notice Period.” In the case of
Executive’s termination as a result of Executive’s death or as a result of a termination for Cause, there shall not
be a Notice Period.

 

		(c)	“Permanent Disability” shall mean any physical or mental ailment or incapacity as determined
by a licensed physician agreed to by the Board

    	 

    	 

    

 

 

			and Executive (or Executive’s legal representatives) (or, in the event that
Executive and the Board cannot so agree, by a licensed physician agreed upon by two physicians, one selected by Executive (or Executive’s
legal representatives) and the other selected by the Board), which prevents Executive from performing the duties incident to Executive’s
employment hereunder and which ailment or incapacity has continued for a period of either (A) ninety (90) consecutive days or (B)
one hundred eighty (180) total days in any 12-month period, and which, in each case, is expected to render Executive incapable
of performing Executive’s duties hereunder for not less than one (1) year, provided, however, in no event shall Executive
have incurred a Permanent Disability hereunder unless he is eligible to receive disability benefits pursuant to the Company’s
long-term disability plan. Without limiting the foregoing, for purposes of determining whether Permanent Disability exists, Executive
agrees to submit himself to a medical examination at the Company’s request.

 

9.2      Notice Period; Notice of Termination.
During the Notice Period, the Executive shall remain employed by Shire and the Executive’s relationship with Shire shall
continue to be governed by the terms of this Agreement (subject to the Board’s right to accelerate the date of the Executive’s
termination of employment in accordance with Section 9.3 hereof); provided, however, that during the Notice Period (i) the Board
may require the Executive to perform such services as it, in good faith, deems appropriate, provided that such services are consistent
with Executive’s education, skill, and experience, (ii) the Board may remove some or all of Executive’s duties and
responsibilities including, without limitation, as Chief Financial Officer of Shire plc (provided, however, that, unless otherwise
requested by the Board, Executive shall continue to perform his duties and responsibilities as an employee of the Company, whether
express or implied, during the entire Notice Period), (iii) the Board may exclude the Executive from any premises of the Company,
Shire plc and any Affiliated Company (and need not give any reason for doing so), (iv) the Executive shall conduct himself with
good faith towards Shire and not intentionally do anything that is harmful to Shire, (v) the Executive may not directly or indirectly
be employed by or retained by or advise or assist any other person or entity in any capacity either paid or unpaid (except Board
approved non-executive positions and such other activities as are permitted under Section 3.2 hereof) and (vi) the Board may require
the Executive to resign from any positions he holds with the Company, Shire plc and any Affiliated Company (including director)
and Executive shall resign as soon as reasonably practicable thereafter (Executive hereby irrevocably appoints the Board or its
designee to execute any instrument on his behalf to effect such resignation if he fails to comply with the Board’s request
to so resign). The Executive acknowledges that any action taken by the Board pursuant to this Section shall not be a breach of
this Agreement and the Executive shall have no claim against the Company, Shire plc or any Affiliated Company for the same. Notwithstanding
the foregoing, Executive shall be entitled to participate in the Company’s benefit plans during the Notice Period only if
permitted under the terms of such plans (provided that if Executive is not permitted to participate in any health or welfare plan,
the Company shall pay Executive a monthly amount during the Notice Period equal to the premiums paid by the Company for the benefit
of Executive for coverage under such plan immediately prior to the date on which the Notice of Termination was provided). Any
termination of Executive’s employment shall be communicated by a written Notice of Termination. Executive acknowledges and
agrees that upon his termination of employment with the Company for any reason, he shall cease to have any employment, officer,
director or

    	 

    	 

    

 

other positions with Shire plc, the Company or any Affiliated Company (and his sole compensation for such termination shall be
as set forth in Section 9.3).

 

9.3       Compensation
Upon Termination.

 

		(a)	General. Upon termination of Executive’s employment, Executive shall be entitled to receive all compensation,
vested benefits and other payments which were earned and vested but unpaid at the time of Executive’s termination of employment
in accordance with the terms of the applicable benefit plans in which Executive is then participating (the “Accrued Benefits”).
In the event of Executive’s death, the Accrued Benefits shall be paid to Executive’s estate, designated beneficiary
or personal representative, as applicable.

 

		(b)	Pay in Lieu of Notice. Notwithstanding anything contained
herein to the contrary, following the delivery of a Notice of Termination by either party, the Board may, in its sole discretion,
accelerate the Date of Termination to a date that is earlier than the date specified in Section 9.1(b) above (including to the
date on which a Notice of Termination is provided). In such an event, the Company shall provide Executive with the following payments
and benefits: (A) an amount equal to the Base Salary the Executive would have received through the last day of the Notice Period,
with such amount to be paid in substantially equal installments in accordance with the Company’s normal payroll practices
commencing with the payroll date coincident with or next following the 90th day following such termination of employment
and ending on the last payroll date on or before the last day of the year in which the 90th day following Executive’s
termination of employment occurs (or if the payment end date would precede the payment beginning date, all such payments will
be made in a lump sum on the payroll date coincident with or next following the 90th day following such termination
of employment); (B) an amount, to be decided at the absolute discretion of the Remuneration Committee, which may be anywhere from
zero up to the target annual bonus under the Incentive Plan, to which the Executive would have been entitled pursuant to Section
4.2 for the bonus year in which the Notice Period terminates (based on the Executive’s Base Salary at the date on which
his employment terminated and pro-rated based on the number of unserved months in the Notice Period in relation to 12), with the
cash portion of such bonus to be paid in substantially equal installments in accordance with the Company’s normal payroll
practices commencing with the payroll date coincident with or next following the 90th day following such termination
of employment and ending on the last payroll date on or before the last day of the year in which the 90th day following
Executive’s termination of employment occurs (or if the payment end date would precede the payment beginning date, all such
payments will be made in a lump sum on the payroll date coincident with or next following the 90th day following such
termination of employment), and with the non-cash portion of such bonus to be paid at the same time as if Executive’s employment
had not terminated (provided that, with respect to the 2015 calendar year, any such bonus paid shall not exceed the amount of
the bonus that would have been earned under Section 4.2 based on actual

    	 

    	 

    

 

	 	 	performance); (C) an amount equal to the SERP contributions that Executive would have received during the remainder of
the Notice Period, with such amount to be paid in a lump sum on the 90th day after the date of Executive’s termination
of employment; (D) monthly car allowance payments for the remainder of the Notice Period, with such amount to be paid in substantially
equal installments in accordance with the Company’s normal payroll practices commencing with the payroll date coincident
with or next following the 90th day following such termination of employment and ending on the last payroll date on
or before the last day of the year in which the 90th day following Executive’s termination of employment occurs
(or if the payment end date would precede the payment beginning date, all such payments will be made in a lump sum on the payroll
date coincident with or next following the 90th day following such termination of employment); and (E) continued participation
in the Company’s medical and dental benefit plans (to the extent permitted by such plans) for the remainder of the Notice
Period (provided that if Executive is not permitted to participate in such plans, the Company shall pay Executive a monthly amount
during the remainder of the Notice Period equal to the premiums paid by the Executive for coverage under such plans as of immediately
prior to the date of Executive’s termination).

 

		(c)	Mitigation and Offset. If the Executive obtains an alternative remunerated position (as defined below) during the unworked
portion of the Notice Period, then the payments described in clauses (A), (B), (C) and (D) of Section 9.3(b) shall be reduced by
the basic remuneration to which the Executive is entitled from the alternative remunerated position during such unworked portion
of the Notice Period (or in the event that Executive already received such payments under such clauses, Executive shall be required
to repay the gross amount of the required reduction to the Company within 10 days after receipt of such basic remuneration from
the alternative remunerated position). The reduction shall apply first to the payments in clause (A), then clause (B), then clause
(D) and then clause (C). In addition, the benefit described in clause (E) of Section 9.3(b) shall immediately cease if Executive
becomes entitled to health coverage from an alternative remunerated position. For the purposes of calculating the amount of the
deduction in respect of remuneration from the alternative remunerated position, any basic salary or fees shall be included, together
with the value of any pension provided, but not any entitlement to bonus or the value of any equity or equity-based incentive arrangements.
The value of any entitlement to pension shall be calculated as the amount which the new employer contributes to a pension scheme
on the Executive’s behalf (in the case of a defined benefit arrangement, being the long term contribution rate, ignoring
any adjustment to reflect an overall deficit or surplus in the scheme). For the purposes of this Agreement, “alternative
remunerated position” shall mean any new position, whether under a contract of employment, consultancy arrangement, non executive
appointment or otherwise, whereby the Executive is directly or indirectly remunerated. Executive shall immediately notify the Company
in the event that he obtains an alternative remunerated position during the unworked portion of the Notice Period.

    	 

    	 

    

 

		(d)	Equity Awards. Executive’s rights under his Shire Equity Awards will be determined in accordance with the rules
of the relevant scheme.

 

		(e)	Override. Notwithstanding anything contained in this Agreement to the contrary, if either party hereto has provided
a Notice of Termination to the other party, then Executive’s employment shall be deemed to terminate (if not terminated earlier)
on the date on which he incurs a “separation from service” under Code Section 409A, even if the Company has not exercised
its authority under Section 9.3(b) above to accelerate the date of Executive’s termination of employment. In such event,
it shall be treated as if the Company had elected to terminate Executive’s employment on the date on which such separation
from service occurs for purposes of Code Section 409A and Executive shall be entitled to receive the payments and benefits set
forth in, and in accordance with, Section 9.3(b) above (and Executive shall not be entitled to receive any additional payments
or benefits from Shire in respect of his employment or termination of employment, other than the Accrued Benefits).

 

9.4      Release of Shire. As a condition to the Company’s provision of the payments and benefits described in Section 9.3(b)
(other than the Accrued Benefits), Executive shall execute and deliver to the Company a General Release in form and substance
satisfactory to the Company such that such General Release is effective (with all revocation periods having expired unexercised)
by the 60th day following Executive’s termination of employment.

 

9.5      Specified Employee. Notwithstanding any other provision of this Agreement, if (a) Executive becomes entitled to receive
payments or benefits under this Agreement or otherwise as a result of Executive’s separation from service (within the meaning
of Code Section 409A), (b) Executive is a “specified employee” within the meaning of Code Section 409A and (c) such
payments or benefits would be subject to tax under Code Section 409A if the payments or benefits are paid within six (6) months
after Executive’s separation from service, then any such payments or benefits that are otherwise scheduled to be paid during
such six (6) month period shall be delayed for a period of six (6) months after Executive’s separation from service, as
required by Code Section 409A. The accumulated delayed amount shall be paid, without interest, in a lump sum payment within ten
(10) days after the end of such six (6) month period (the “Delayed Payment Date”). In the event of Executive’s
death prior to the Delayed Payment Date, the payments and benefits delayed on account of Code Section 409A shall be paid to Executive’s
personal representative within thirty (30) days after the date of Executive’s death.

 

9.6      Parachute
Payment. In the event that (i) Executive becomes entitled to any payments or benefits hereunder or otherwise from the Company,
Shire plc or any Affiliated Company which constitute a “parachute payment” as defined in Code Section 280G (the “Total
Payments”) and (ii) Executive is subject to an excise tax imposed under Code Section 4999 (the “Excise Tax”),
then, if it would be economically advantageous for Executive, the Total Payments shall be reduced by an amount that results in
the receipt by Executive on an after tax basis (including the applicable federal, state and local income taxes, and the Excise
Tax) of the greatest Total Payment, notwithstanding that some or all of the portion of the Total Payment may be subject to the
Excise Tax.

    	 

    	 

    

 

Any such reduction in payments and benefits shall be applied first against the latest scheduled cash payments; then
current cash payments; then any equity or equity derivatives that are included under Section 280G of the Code at full value rather
than accelerated value (with the highest value reduced first); then any equity or equity derivatives included under Section 280G
of the Code at an accelerated value (and not at full value) shall be reduced with the highest value reduced first (as such values
are determined under Treasury Regulation Section 1.280G-1, Q&A 24); finally any other non-cash benefits will be reduced.

 

10      Data
Protection. Executive consents to the Company, Shire plc and any Affiliated Company holding and processing both electronically
and manually the data it collects which relates to Executive for the purposes of the administration and management of its employees
and its business and for compliance with applicable procedures, laws and regulations. Executive also consents to the transfer
of such personal information to other offices the Company may have or to Shire plc or an Affiliated Company or to other third
parties whether or not outside the United States or the European Economic Area for administration purposes and other purposes
in connection with Executive’s employment where it is necessary or desirable for the Company to do so.

 

11      Miscellaneous

 

11.1   409A Compliance. This Agreement
is intended to comply with Code Section 409A (to the extent applicable) and the parties hereto agree to interpret this Agreement
in the least restrictive manner necessary to comply therewith and without resulting in any increase in the amounts owed hereunder
by the Company. Notwithstanding anything herein to the contrary, neither the Company, Shire plc nor any Affiliated Company shall
have any liability to Executive or to any other person if the payments and benefits provided in this Agreement or otherwise are
not exempt from or compliant with Code Section 409A. Executive’s right to reimbursement or in-kind benefits under this Agreement
may not be liquidated or exchanged for any other benefit and no reimbursement under this Agreement may occur later than the last
day of the calendar year immediately following the calendar year in which such expenses were incurred, nor shall the amount available
for reimbursement, or in-kind benefits provided, during one year affect the amount available for reimbursement, or in-kind benefits
to be provided, in any other year. In addition, the phrase “termination of employment” and similar phrases as used
throughout the Agreement shall mean Executive’s “separation from service” within the meaning of Code Section
409A, and any amounts payable to Executive hereunder upon Executive’s termination of employment that are treated as “non-qualified
deferred compensation” under Code Section 409A shall not be paid to Executive until Executive has incurred a separation from
service within the meaning of Code Section 409A. To the extent that any schedule of notice or severance payments herein would violate
Code Section 409A, such schedule shall not apply and any payments subject to such schedule shall be made pursuant to a schedule
that complies with Code Section 409A (as reasonably determined by the Company).
Each payment made under this Agreement shall be treated as a “separate payment” within the meaning of Code Section
409A.

 

11.2    Entire Agreement; Termination
of Prior Employment Agreement; Counterparts; Withholding. This Agreement supersedes any and all prior or contemporaneous employment
agreements, offer letters, term sheets or other agreements or other communications, in whatever medium, between the parties with

    	 

    	 

    

 

respect to the subject matter hereof (including, without limitation, the United States Executive Employment Agreement, dated as
of November 1, 2010, between the Company and Executive, as amended by that certain offer letter agreement between the Company and
Executive as of January 1, 2015 (the “Prior Employment Agreement”); provided, however, that Shire’s obligation
to pay Executive a total incentive bonus of $120,000 in consideration for his service as Interim Chief Financial Officer in 2015
shall remain in full force and effect, with such payment to be made in accordance with the terms of the Prior Employment Agreement).
This Agreement may be executed and delivered in separate counterparts (including by means of facsimile), each of which is deemed
to be an original and all of which taken together constitute one and the same Agreement. All amounts payable hereunder will be
subject to applicable tax and other withholdings and deductions as appropriate.

 

11.3     No
Waiver; Amendment. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall
not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence
to that term or any other term of this Agreement. This Agreement may be amended or modified only upon written agreement of the
parties hereto.

 

11.4     Severability.  If any
provision of this Agreement is held to be invalid or unenforceable, it is to that extent to be deemed omitted; and the remainder
of the Agreement shall be valid and enforceable to the maximum extent possible; provided, however, that should a court of competent
jurisdiction conclude that any restriction in Section 5, 6 or 7 is unenforceable because it extends for too long a period of time
or over too great a range of activities or in too broad a geographic area, then such restriction shall be enforced to the maximum
extent permitted by law and the court making such determination shall have the power to modify such Section in order to conform
it with applicable law.

 

11.5     Assignment. This Agreement
shall not be assignable by Executive. The Company shall have the right to assign this Agreement, including Executive’s restrictive
covenants in Section 7 hereof, to Shire plc or an Affiliated Company without Executive’s consent. In addition, in the event
that Executive’s employment is transferred to Shire plc or an Affiliated Company (which Executive acknowledges the Company
may do without Executive’s consent and such shall not result in a breach of this Agreement or give rise to severance or similar
benefits), this Agreement may be assigned to Shire plc or such Affiliated Company, as applicable (in which case references herein
to “Company” shall be deemed to be to Shire plc or such Affiliated Company, as applicable) or Executive may be required
to execute an employment agreement with Shire plc or such Affiliated Company (as applicable) that is substantially the same as
this Agreement (and this Agreement shall terminate without any liability to Executive upon such execution).

 

11.6     Notices. All notices, demands
and other communications which are required to be given, served or sent pursuant to this Agreement shall be in writing and shall
be delivered personally, or by facsimile or sent by air courier or first-class certified or registered mail, return receipt requested
and postage prepaid, addressed as follows:

    	 

    	 

    

 

If to Executive:

Jeffrey V. Poulton

4 Palmer Ln 

Acton, Massachusetts 01720

 

If to Shire:

 

Shire 

Attention: EVP, Human Resources

300 Shire Way

Lexington, Massachusetts 02421

 

All notices and other communications given
to any party in accordance with the provisions of this Agreement will be deemed to have been given on the date of delivery if personally
delivered; upon confirmation of receipt if faxed; on the business day after the date which sent by air courier; and on the third
business day after the date when sent if sent by first-class mail, in each case addressed to such party as provided in this Section
11.6 or in accordance with the latest unrevoked direction from such party.

 

11.7     Governing Law and Forum.This
Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard
to its choice of laws provisions. The Company and Executive agree that any action at law, suit in equity, or judicial proceeding
relating to the validity, construction, interpretation, and enforcement of this Agreement, or any provision hereof or otherwise
relating to Executive’s employment with Shire, shall be instituted and determined exclusively in the United States District
Court for the District of Massachusetts (if federal jurisdiction exists, or in the state courts located in Woburn, Massachusetts
if federal jurisdiction does not exist), and the Company and Executive each hereby consents to the personal jurisdiction of such
courts for such purpose.

 

11.8     Waiver
of Jury Trial. The Company and Executive each hereby waive, to the fullest extent permitted by law, a trial by jury in
any action, proceeding or counterclaim brought or asserted by either the Company or Executive against the other on any matters
whatsoever arising out of this Agreement or Executive’s service with Shire or the termination thereof. By their initials
following this sentence, the Company and Executive acknowledge that each has read, understands and consents to their waivers of
a trial by jury.    /s/ JP   ,     /s/ FO    .

 

11.9.     Indemnification. Executive
shall be entitled to indemnification under, and in accordance with, the terms of the Deed of Indemnity attached hereto as Exhibit
A.

 

11.10    Consistency with directors’
remuneration policy and regulatory requirements. Nothing in this Agreement shall oblige the Company, Shire plc or any Affiliated
Company or any other person or entity to issue or transfer any shares or make any payment (including any remuneration payment or
payment for loss of office) which would be inconsistent with the approved directors’ remuneration policy of Shire and in
breach of Chapter 4A of Part 10 of the Companies Act 2006.   Neither the Company, Shire plc nor any Affiliated Company
will be obliged to seek the approval of any regulator or of its members in general meeting for any such payment but may make such
changes as they consider are necessary or desirable to the terms of the payment to ensure that consistency.

 

*****

 

    	 

    	 

    

IN WITNESSETH, WHEREOF, each of the Company and Executive have
executed and delivered this Agreement, as of the date first written above.

 

SHIRE HUMAN GENETIC THEREAPIES,INC.

  

	
	 	 	JEFFREY V. POULTON	 
	 	 	 	 	 	 
	Sign: 	/s/ Flemming Ornskov	 	Sign: 	/s/ Jeffrey Poulton	 
	Date:  	May 6, 2015	 	Date:  	April 29, 2015	 

    	 

    	 

    

Dated 29 April 2015

 

SHIRE PLC

 

and

 

JEFFREY V. POULTON

 

_____________________________________________

 

DIRECTOR’S INDEMNITY

 

_____________________________________________

 

 

    	 

    	 

    

 

EXHIBIT A

 

Deed of Indemnity

 

THIS AGREEMENT is made on April 29, 2015.

 

BETWEEN:

 

(1)        SHIRE PLC, a company incorporated in Jersey (registered
number 99854) whose registered office is at 22 Grenville Street, St Helier, Jersey (the “Company”); and

 

(2)        JEFFREY V.
POULTON, of 22 Grenville Street, St Helier, Jersey (the “Director”).

 

WHEREAS:

 

	(A)	The Director has been appointed an executive director
of the Company with effect from April 29, 2015.

 

		(B)	The Company has agreed to indemnify the Director, and the Director has agreed to give certain undertakings to the Company,
in each case on the terms of and subject to the conditions of this Agreement.

 

THIS AGREEMENT PROVIDES as follows:

 

1.        INTERPRETATION

 

1.1       In this Agreement:

 

		(A)	“Associated Company” means any Subsidiary of the Company, any holding company of the Company (if created)
and any Subsidiary of that holding company (if created);

 

		(B)	“Companies Law” means the Companies (Jersey) Law 1991;

 

		(C)	“Subsidiary” means any subsidiary of the Company, as defined in the Companies Law;

 

		(D)	“Effective Date” means April 29, 2015

 

		(E)	references to Clauses and sub-clauses are to clauses and sub-clauses of this Agreement;

 

		(F)	use of any gender includes the other genders;

    	 

    	 

    

 

		(G)	a reference to any statute or statutory provision shall be construed as a reference to the same as it may have been, or may
from time to time be, amended, modified or re-enacted; and

 

		(H)	headings and titles are inserted for convenience only and are to be ignored in the interpretation of this Agreement.

 

		1.2	If there is any inconsistency between the provisions of this Agreement and the provisions of any contract of employment between
the Director and the Company in effect on the Effective Date, the provisions of this Agreement shall prevail.

 

	2.	INDEMNITIES

 

		2.1	Claims by Third Parties

 

Subject to Clauses 2.2, 2.5
and 2.6, the Company undertakes to indemnify the Director against any liability suffered or incurred by the Director on or after
the Effective Date:

 

		(A)	in respect of the Director’s acts or omissions (whether on or after the Effective Date) while, or in the course of acting
as, a director or employee of the Company or a director or employee of any Subsidiary; and/or

 

		(B)	which otherwise arise by virtue of the Director holding
or having held such office;

 

in each case, to the extent arising out of or in
connection with, directly or indirectly, any claim, action or proceedings brought against the Director or any other person by or
on behalf of any third party (not being the Company or an Associated Company) in any jurisdiction in respect of any alleged loss,
liability or damage actually or allegedly suffered by any third party, the Company or an Associated Company.

 

	2.2	Scope of Indemnity for Claims by Third Parties

 

The indemnity in Clause 2.1 shall not apply
to any liability incurred by the Director:

 

		(A)	to pay a fine imposed in criminal proceedings;

 

		(B)	to pay a sum payable to a regulatory authority by way
of a penalty in respect of non-compliance with any requirement of a regulatory nature;

 

		(C)	in defending any criminal proceedings in which he is
convicted;

 

		(D)	in connection with any application made under Article 212 of the Companies Law in connection with which the court refuses to
grant him relief; and

 

		(E)	unless, in connection with the matters giving rise to the liability, the Director acted in good faith with a view to the best
interests of the Company, or in connection

    	 

    	 

    

 

			only with any liability incurred in defending civil proceedings (regardless of whether
the Director has acted in good faith with a view to the best interests of the Company), judgment is given in favour of the Director.

 

	2.3	Claims by or on behalf of the Company or an Associated
Company

 

Subject to Clauses 2.4, 2.5 and 2.6, the Company
undertakes to indemnify the Director from the Effective Date against any liability incurred by him as a director in defending any
civil or criminal claim, action or proceedings which relate to anything done or omitted, or claimed to have been done or omitted,
by him which are brought against the Director or any other person by or on behalf of the Company or an Associated Company.

 

		2.4	Exclusions from Indemnity for Claims by or on behalf of the Company or an Associated Company

 

The indemnity in Clause 2.3 shall not apply
to any liability:

 

		(A)	(for the avoidance of doubt) incurred by the Director
to the Company or an Associated Company;

		 	 

		(B)	incurred by the Director in defending any criminal
proceedings in which he is convicted;

		 	 

		(C)	incurred by the Director in defending any civil proceedings
in which judgment is given against him; and

		 	 

		(D)	incurred by the Director in connection with any application
made under Article 212 of the Companies Law in which the court refuses to grant him relief.

 

 

		2.5	Funding of Expenditure

 

		(A)	Subject to the provisions of this Agreement, the Company
agrees to loan to the Director, on an interest free basis, such funds as may be required to meet any expenditure incurred or to
be incurred by him, in defending any claim, action or proceedings falling within the scope of such claims, actions, or proceedings
as are covered by the provisions of Clause 2.1 and 2.3.

 

		(B)	Subject to Clause 2.5(C) below, if the Company loans
funds to the Director pursuant to Clause 2.5(A) then such loan shall become due and repayable upon any conviction of, judgment
given against, or refusal of relief to, the Director becoming final or the claim, action, or proceeding otherwise being settled
or terminating.

 

		(C)	In the event that the liability to which the loan
relates can properly be discharged by way of indemnity in accordance with Clause 2, the obligation to repay such loan will be
discharged by way of indemnity in accordance with this Clause 2.

 

    	 

    	 

    

		(D)	For purposes of this
Clause 2.5(B), a conviction, judgment or refusal of relief becomes final:

 

		(i)	if not appealed against, at the end of the period
for bringing an appeal; or

 

		(ii)	if appealed against, at the time when the appeal (or
any further appeal) is determined and the period for bringing any further appeal has ended or if the appeal is abandoned or otherwise
ceases to have effect.

 

	2.6	Limitations on indemnity

 

Without prejudice to any other rights or remedies
which may be available to the Director, the indemnity granted by the Company to the Director in either Clause 2.1 or Clause 2.3
shall not apply to the extent that it is not permitted by, or consistent with, law or statute from time to time in force (including,
without limitation, the Companies Law), the memorandum and articles of the Company or the rules and regulations of any regulatory
body.

 

	3.	Conduct of Claims and Access to Information

 

		3.1	Without prejudice to the sub-clause 3.2, if the Director becomes aware of any claim, action or demand against him which could
give rise to any claim, action or demand by him against the Company under Clause 2.1 (referred to herein as a “Third
Party Claim”), the Director shall:

 

		(A)	within 20 days of becoming so aware, notify the Company
in writing of the existence of such Third Party Claim, giving reasonable details in that notification (or, to the extent that
such details are not available to the Director at that time, as soon as possible thereafter) of the person(s) making such Third
Party Claim, the circumstances leading to, and the grounds for, that Third Party Claim and the quantum or possible quantum of
the Third Party Claim;

 

		(B)	subject to the Company agreeing to pay the reasonable
out-of-pocket expenses of the Director, give such access to premises, chattels, documents and records to the Company and its professional
advisers as the Company may reasonably request;

		 	 

		(C)	take such action and give such information and assistance
in order to avoid, dispute, resist, mitigate, settle, compromise, defend or appeal any Third Party Claim or judgment or adjudication
with respect thereto as the Company may reasonably request;

		 	 

		(D)	at the request of the Company, allow the Company to
take the sole conduct of such actions as the Company may deem appropriate in connection with any such Third Party Claim in the
name of the Director and in that connection the Director shall give or cause to be given to the Company all such assistance as
the

    	 

    	 

    

 

			Company may reasonably require in avoiding, disputing, resisting, mitigating, settling, compromising, defending or appealing
any such Third Party Claim and shall instruct such solicitors or other professional advisers as the Company may nominate to act
on behalf of the Director in relation thereto but to act in accordance with the Company’s sole instructions;

 

		(E)	make no admission of liability, agreement, settlement
or compromise with any person in relation to any such Third Party Claim without the prior written consent of the Company; and

 

		(F)	take all reasonable action to mitigate any loss suffered
by him in respect of such Third Party Claim.

 

		3.2	In any event, the Company shall be entitled at any stage and at its sole discretion to settle any Third Party Claim and shall
be under no obligation in this respect to notify the Director of its decision so to settle such Third Party Claim.

 

		3.3	If the Director intends to make a claim, action or demand against the Company under Clause 2.3 (referred to herein as a “Costs
Claim”) the Director shall:

 

		(A)	promptly notify the Company in writing of his intention
to make such a Costs Claim, giving reasonable details in that notification (or, to the extent that such details are not available
to the Director at that time, as soon as possible thereafter) of the grounds for that Costs Claim and the quantum or possible
quantum of the Costs Claim;

		 	 

		(B)	subject to the Company agreeing to pay the reasonable
out-of-pocket expenses of the Director, take such action and give such information and access to premises, chattels, documents
and records to the Company and its professional advisers as the Company may reasonably request;

		 	 

		(C)	take all reasonable action to mitigate any loss suffered
by him in respect of such Costs Claim.

 

	4.	Notices

 

		4.1	A notice under this Agreement shall only be effective if it is in writing. Faxes are permitted. E-mail is not permitted.

    	 

    	 

    

 

		4.2	Notices under this Agreement shall be sent to a party at its address or number and, in the case of the Company, for the attention
of the individual, set out below:

 

	 	Party and title of individual	Address	Fax number
	 	
        Company

         

        Attention: Global General Counsel

         
	22 Grenville Street

St Helier

Jersey

JE4 8PX	
        +44 (0) 1256 894710

         

	 	
        With a copy to:

         
	Hampshire International Business Park, Basingstoke, Hampshire RG24 8EP	 
	 	Director	22 Grenville Street

St Helier

Jersey

JE4 8PX	
        +44 (0) 1256 894710

         

 

		4.3	Either party may change its notice details on giving notice to the other party of the change in accordance with this Clause.
That notice shall only be effective on the date falling two Business Days after the notification has been received or on such later
date as may be specified in the notice.

 

		4.4	Subject to sub-clause 4.5 and without prejudice to sub-clause 4.6, any notice given under this Agreement shall not be effective
until it is received by the intended recipient.

 

		4.5	Any notice which is received by its intended recipient under this Agreement outside normal working hours in the place to which
it is addressed shall be deemed to have been given at the start of the next period of normal working hours in such place.

 

		4.6	No notice given under this Agreement may be withdrawn or revoked except by notice given in accordance with this Clause.

 

	5.	Remedies and Waivers

 

		5.1	No delay or omission by either party to this Agreement in exercising any right, power or remedy provided by law or under this
Agreement shall:

 

		(A)	affect that right, power or remedy; or

		 	 

		(B)	operate as a waiver of it.

    	 

    	 

    

 

		5.2	The single or partial exercise of any right, power or remedy provided by law or under this Agreement shall not preclude any
other or further exercise of it or the exercise of any other right, power or remedy.

 

		5.3	The rights, powers and remedies provided in this Agreement are cumulative and not exclusive of any rights, powers and remedies
provided by law.

 

	6.	Invalidity

 

If at any time any provision of this Agreement is
or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair:

 

		(A)	the legality, validity or enforceability in that jurisdiction
of any other provision of this Agreement; or

		 	 

		(B)	the legality, validity or enforceability under the
law of any other jurisdiction of that or any other provision of this Agreement.

 

	7.	No Partnership

 

Nothing in this Agreement and no action taken by
the parties under this Agreement shall constitute a partnership, association, joint venture or other co-operative entity between
the parties.

 

	8.	Entire Agreement

 

		8.1	This Agreement, the Company’s Articles of Association and, subject to Clause 1.2, any provision of any employment contract
under which the Director is, or is entitled to be, indemnified by the Company, constitute the whole and only agreement between
the parties relating to the indemnification of the Director by the Company and the obligations of the parties in relation to Third
Party Claims and Costs Claims.

 

	8.2	This Agreement may only be varied in writing signed
by each of the parties.

	 	 

	9.	Assignment

 

		9.1	The Company may at any time assign all or any part of the benefit of, or its rights or benefits under, this Agreement to any
Subsidiary.

 

		9.2	The Director shall not assign, or purport to assign, all or any part of the benefit of, or his rights or benefits under, this
Agreement, provided that the benefit of, and rights under, this Agreement shall ensure to the benefit of, and be enforceable by,
the successors, heirs and personal representatives of the Director.

 

    	 

    	 

    

		10.	Confidentiality

 

		10.1	Subject to Clause 11.3, each party shall treat as confidential all information obtained as a result of entering into or performing
this Agreement which relates to:

 

		(A)	the provisions of this Agreement;

		 	 

		(B)	any negotiations relating to this Agreement;

		 	 

		(C)	the subject matter of this Agreement; or

		 	 

		(D)	the other party

 

(in each case referred to herein
as “Confidential Information”).

 

	10.2	Subject to Clause 11.3, each party shall:

 

		(A)	not disclose any Confidential Information to any person
other than any of its professional advisers and, in the case of the Company, directors and employees and directors and employees
of any Subsidiary who need to know such information in order to discharge their respective duties; and

		 	 

		(B)	procure that any person to whom any Confidential Information
is disclosed by it complies with the restrictions contained in this Clause as if such person were a party to this Agreement.

 

		10.3	Notwithstanding the other provisions of this Clause, either party may disclose Confidential Information:

 

		(A)	if and to the extent required by law;

		 	 

		(B)	in the case of the Company, if and to the extent required
by any securities exchange or regulatory or governmental body to which the Company is subject or submits, wherever situated, including
(amongst other bodies) the Stock Exchange, the Jersey Financial Services Commission, the Financial Services Authority or The Panel
on Takeovers and Mergers, whether or not the requirement for information has the force of law;

		 	 

		(C)	to its professional advisers, and, in the case of
the Company, its auditors and bankers;

		 	 

		(D)	if and to the extent the Confidential Information
has come into the public domain through no fault of that party; or

		 	 

		(E)	if and to the extent the other party has given prior
written consent to the disclosure, such consent not to be unreasonably withheld or delayed.

			

    	 

    	 

    

 

Any Confidential Information to be disclosed by either
party pursuant to paragraph (A), (B), (C) or (D) shall be disclosed only after notice to the other party.

 

		10.4	The restrictions contained in this Clause shall continue to apply after the Director ceases to be a director of the Company,
without limit in time.

 

	11.	Counterparts

 

		11.1	This Agreement may be executed in any number of counterparts, and by the parties on separate counterparts, but shall not be
effective until each party has executed at least one counterpart.

 

		11.2	Each counterpart shall constitute an original of this Agreement, but all the counterparts shall together constitute but one
and the same instrument.

 

	12.	Choice of Governing Law

 

This Agreement is governed by, and shall
be construed in accordance with, Jersey law.

 

	13.	Jurisdiction

 

The courts of Jersey are to have jurisdiction to
settle any dispute arising out of or in connection with this Agreement. Any proceedings relating to this Agreement may therefore
be brought in the Jersey courts.

 

	14.	Process agent

 

	14.1	Without prejudice to any other mode of service allowed
under Jersey law, the Director:

 

		(A)	irrevocably appoints Mourant & Co Secretaries
Limited of 22 Grenville Street, St Helier, Jersey JE4 8PX, as its agent for service of process in relation to any proceedings
before the Jersey courts in connection with this Agreement:

 

		(B)	agrees that, if a process agent ceases to act as process agent or no longer has and address in Jersey, it shall appoint a substitute
process agent acceptable to the Company within ten Business Days and to delivery the Company a copy of the new process agent’s
acceptance of that appointment, and failing this, the Company may appoint another agent for this purpose; and

 

		(C)	agrees that the failure by a process agent to notify
him of any process will not invalidate the proceedings concerned.

 

		14.2	The Company shall send by post to the Director a copy of the document served on his agent for service of process. However no
failure or delay in so doing shall prejudice the effectiveness of service of such document or given rise to any claim by the Director
against the Company.

 

    	 

    	 

    

IN WITNESS of which this document has been executed and
delivered as a deed on the date which first appears on page 1 above.

 

	Company

	 	 	 
	
        SIGNED for and on behalf of

         

        SHIRE PLC

         
	/s/ Flemming Ornskov	 	)

)

)
	Director

	 	 	 
	
        SIGNED by 

         

        JEFFREY V. POULTON

         
	/s/ Jeffrey Poulton	 	)

)

)

)Exhibit 10.1

 

Collaboration
Agreement

 

This COLLABORATION
AGREEMENT (the “Agreement”) is entered into and effective as of July 27, 2015 (the “Effective Date”),
by and between Stellar Biotechnologies Inc., a California corporation (“SBI”), and Ostiones Guerrero, SA de
CV (“OG”). SBI and OG are referred to individually herein from time to time as a “Party,”
and collectively as the “Parties.”

 

Whereas,
SBI is engaged in the business of designing, developing and manufacturing keyhole limpet hemocyanin (“KLH”)
for conjugated immune therapies and diagnostics, and owns certain patents, know-how and other intellectual property rights for
keyhole limpet aquaculture and KLH formulation and manufacturing;

 

Whereas,
OG is engaged in the business of designing and developing facilities and resources in Baja California, Mexico for the production
and processing of various marine species for the seafood market, and seeks to expand its resources to include production capabilities
for keyhole limpets and other resources that are included in the intellectual property and know-how owned by SBI;

 

Whereas,
SBI and OG entered into that certain Term Sheet, dated May 19, 2015 (the “Term Sheet”), with the purpose of
forming a commercial collaboration through which OG and SBI will collectively endeavor to develop the facilities and resources
necessary for OG to produce and harvest keyhole limpets at OG’s aquaculture facility at Poblado La Chorera, Delegacion San
Quintin, Municipio Ensenada, Baja California, Mexico 22930 (“La Chorera”) for the exclusive purchase by SBI;
and

 

WHEREAS, in accordance
with the common goals set out in the Term Sheet, SBI has entered into a lease, dated June 30, 2015 with Reyes Guerrero Sandoval,
a principal officer and owner of OG, on certain undeveloped land at the OG La Chorera aquaculture facility (the “La Chorera
Lease”) for the purpose of evaluating the feasibility of producing keyhole limpets for the commercial production of (“KLH”);
and

 

Whereas,
SBI and OG desire to establish their respective rights and obligations for the commercial collaboration at La Chorera as contemplated
by, and in accordance with the principles set out in, the Term Sheet.

 

Now,
therefore, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties
hereto agree as follows:

 

1.           
Development Objectives.

 

1.1         
Purpose. The Parties agree to collaborate on the terms and conditions set forth herein in the design, expansion and development
of the aquaculture and fishery supply resources and production facilities owned and operated by OG in La Chorera, including the
ocean-bottom concession controlled by OG through direct ownership, licenses and Mexican Government Permit DGOPA PC-02 File N. 173179,
to provide SBI with an additional site for the hatchery production and maturation of keyhole limpets and KLH for its GMP-grade
KLH business, subject in all cases to the completion of a satisfactory site suitability study at La Chorera as determined by SBI
in its sole discretion.

 

    	Page 1 of 10

    	 

    

  

1.2         
Statement of Work.

 

		1.2.1	Except as otherwise set forth in this Section 1.2 and this Agreement, the responsibilities and
obligations of the parties shall be set forth in the Statement of Work attached hereto as Appendix A, and incorporated herein
by reference.

 

		1.2.2	SBI shall be responsible for the development of and certain improvements to the La Chorera leasehold
for the purpose of evaluating the suitability of the site and resources for the production of keyhole limpets and the extraction,
processing and delivery of SBI’s proprietary Stellar KLHTM. SBI shall also be responsible for the construction and installation
of certain structures and utilities on the leasehold, including a seawater intake system and an electrical power generating station
with sufficient minimum capacity of approximately 25 kW to meet SBI’s requirements, each of which shall be owned exclusively
by SBI. OG agrees to execute any documents or instruments as may be required to assign and transfer all rights, title and interest
and/or otherwise confirm the ownership of the seawater intake system and electrical power generating station to and in the name
of SBI.

 

		1.2.3	SBI and OG agree to enter into a separate Usage Agreement, pursuant to which OG shall be entitled
to the use of the seawater intake system and electrical power generating station on terms to be negotiated in good faith by the
Parties after completion of the installations. SBI may, at its option, install additional infrastructure and equipment as it deems
necessary and appropriate for its purposes. OG agrees to provide reasonable assistance to SBI in connection with the acquisition
of such local, state and national permits as SBI may be required to possess in connection with the construction, installation,
operation and ownership of the seawater intake system, the electrical power generating station, and such other improvements (collectively,
the “SBI Improvements”) as SBI deems necessary.

 

		1.2.4	SBI will provide OG with consulting support, including training of OG staff and personnel as may
be required, for the design and development at OG’s La Chorera facility of (a) a marine aquaculture hatchery facility including
a limpet production tank system and related equipment, (b) an aquaculture grow-out/maturation tank system and related equipment
for marine shellfish, including keyhole limpets, (c) seawater pumping, drainage and distribution systems, (d) seawater treatment
systems, (e) site perimeter security and emergency/back-up systems, (f) such other systems and equipment as may be reasonably required,
and (g) the development, implementation and optimization of the OG marine aquaculture operating plan (collectively, the “OG
Improvements”). The Parties agree that the seawater drainage system shall be accessible at all times by SBI with sufficient
capacity to accommodate discharge of seawater from SBI’s aquaculture operations. OG shall be responsible for the final design,
construction and maintenance of the OG Improvements. OG agrees to provide SBI with design drawings in advance of construction and
to consult with SBI in order to ensure the OG Improvements will be suitable for SBI’s needs.

 

    	Page 2 of 10

    	 

    

 

		1.2.5	Except as specifically provided in the Statement of Work or otherwise in this Agreement, the Parties
have no obligation to provide research, development, support, training, maintenance, product enhancements, modifications or other
services for the benefit of the other. Any such services must be agreed in the Statement of Work, or in a written amendment to
this Agreement, and signed by both Parties

 

		1.2.6	OG and SBI will collaborate on the development of a plan for the production of keyhole limpets
by OG for exclusive supply to SBI under terms to be negotiated in good faith in a separate Supply Agreement as contemplated in
the Term Sheet.

 

1.3         
Modifications to Statement of Work. If the Parties desire any change in the responsibilities, deliverables, schedule or
other aspects of the collaboration, any such change shall be effected only by a written amendment to the respective Statement of
Work. Any amendment to any Statement of Work shall take effect no less than thirty (30) days prior to the intended start date of
each project contemplated by that amended Statement of Work, unless otherwise agreed to in writing by the Parties.

 

1.4         
Deliverables. On an ongoing basis as available, each of SBI and OG shall deliver to the other Party any and all designs,
plans, data, and other documentation as appropriate to permit prompt performance under this Agreement. All deliverables shall be
memorialized by a delivery confirmation to indicate receipt of the contents described therein.

 

1.5         
Standard of Performance. SBI and OG shall each devote such time and resources as reasonably necessary to timely accomplish
the objectives of this Agreement, and all services shall be accomplished in compliance with applicable laws and regulations. SBI
and OGI shall each perform its respective obligations, and shall fully cooperate and communicate with each other, in a reasonable
and good faith manner in order not to hinder or delay the services of the other Party, and in order to facilitate the prompt and
satisfactory completion of the Statement of Work. SBI and OG shall each promptly notify the other in writing of any factor, occurrence
or event coming to its attention that may affect its ability to timely fulfill its obligations under this Agreement.

 

1.6         
Designated Representatives. The following individuals shall be the primary representatives to manage and implement the collaboration
(each, a “Representative”). The Representatives may be substituted from time to time by the respective Party
following notice given to the other Party, and provided that the substituted Representative holds substantially similar authority.
Meetings or conference calls of the Representatives shall be held as needed at a time and location mutually acceptable to each
Party, in order to evaluate performance, to discuss problems and to set goals.

 

    	Page 3 of 10

    	 

    

 

 

	 	SBI	OG
	Name:	Frank Oakes	Ron Hoff
	Title:	CEO	 
	E-mail:	foakes@stellarbiotech.com	ron@ostionesguerrero.com
	Phone:	805 844-9141	 

 

 

1.7         
Fees and Expenses.

 

		1.7.1	Labor Expense. OG agrees to provide SBI with such manpower, labor and operational support
as SBI may reasonably request from time to time for SBI’s operations and activities at the La Chorera site. The nature of
and related costs associated with such support shall be subject to SBI’s prior written approval. SBI agrees to reimburse
OG monthly for such agreed support (the “Labor Expense”), subject to receipt by SBI of related invoices and/or
other supporting documentation confirming the incurrence by OG of the Labor Expense. Reimbursement of the Labor Expense shall be
made within fifteen (15) days of receipt by SBI of the requisite supporting documentation from OG.

 

		1.7.2	Direct Cost Reimbursement. Subject to SBI’s prior written approval, SBI shall reimburse
OG for all direct costs for contract expenses and specialty items specifically requested by SBI from time to time during the term
of this Agreement in connection with the Statement of Work. OG shall reimburse SBI for all direct costs for contract expenses and
specialty items specifically requested by OG in the execution of the provisions of this Agreement as specified in Appendix A.

 

		1.7.3	Expenses. Except as otherwise set forth in this Section 1.7, each Party shall be responsible
for its own project expenses and payment schedules as agreed herein or otherwise specified in Appendix A. Neither Party
shall have any responsibility for the payment or reimbursement of any expenses incurred by the other Party outside of the Statement
of Work of this Agreement, unless specified by another agreement between the Parties.

 

1.8         
Use of Subcontractors. Either Party shall have the right to subcontract services under this Agreement to reasonably qualified
subcontractors, subject to (a) the other Party’s prior written consent, which shall not be unreasonably withheld, and (b)
the subcontractor signing an appropriate nondisclosure agreement equivalent to the Mutual Nondisclosure Agreement, dated April
22, 2015, between the Parties, and attached hereto as Appendix B (the “Mutual NDA”). However, the subcontracting
of any services shall not diminish the contractual responsibility hereunder of the Party entering into such relationship. The notice
required by this paragraph shall include the name, address, contact information, scope of the services subcontracted, and other
pertinent information. Notwithstanding the foregoing or any other term of this Agreement, OG covenants and agrees that it shall
not transfer or make available to any third party any Stellar Materials (as defined below) without the express prior written consent
of SBI.

 

    	Page 4 of 10

    	 

    

  

		2.	Proprietary Rights.

 

2.1         
SBI/OG Intellectual Property. Each of SBI and OG shall retain ownership of all intellectual property presently owned by
such Party, unless otherwise agreed in this Agreement or in writing by both Parties. SBI shall retain all right, title and interest
in all technology for the production of keyhole limpets and in the production and formulation of Stellar KLHTM, any other
KLH formulations and test articles produced by SBI hereunder, any precursors or components of any of the foregoing, and any reformulations
or improvements of any of the foregoing that are conceived of and/or reduced to practice during and as a result of the work conducted
hereunder (collectively, “Stellar Materials”). OG shall retain all right, title and interest in all technology
for the production of abalone and other marine species produced in its marine aquaculture facility, exclusive of the Stellar Materials
(collectively, “OG Materials”).

 

2.2         
Grant of License. SBI hereby agrees to grant, and does grant, to OG a limited non-exclusive, royalty-free license during
the term of this Agreement to use SBI’s proprietary aquaculture know-how (“SBI Know-How”) solely for the
purpose of fulfilling its obligations under this Agreement. The use of the SBI Know-How shall be subject at all times to the Mutual
NDA. OG accepts such limited license and agrees that neither such license nor any other provision of this Agreement shall imbue
to OG any proprietary rights of ownership in the SBI Know-How.

 

2.3         
Joint Intellectual Property. Although it is not intended that SBI and OG will jointly develop any intellectual property
during the course of the collaboration hereunder, if any intellectual property is jointly developed, the Parties shall attempt
to negotiate ownership and licensing rights in good faith, depending on the technology being developed and the relative interests
and needs of the Parties. If no agreement can be reached on the allocation of ownership and licensing rights, then:

 

		2.3.1	all jointly conceived or developed intellectual property in or relating to Stellar Materials shall
belong to SBI regardless of the Party by whom such intellectual property was generated;

 

		2.3.2	all jointly conceived or developed intellectual property in or relating to OG Materials shall belong
to OG regardless of the Party by whom such intellectual property was generated; and

 

		2.3.3	any other intellectual property that is jointly conceived or developed by SBI and OG shall be jointly
owned by SBI and OG.

 

The Parties shall from time to time each
execute and deliver to the other assignments of intellectual property in order to effectuate the foregoing.

 

2.4         
Collaboration Data. Each Party shall use good scientific practices and shall comply in all material respects with
applicable regulations and customary good laboratory and clinical practices in the performance of the evaluation activities hereunder
and under any Statement of Work (including all data in the form required to be maintained under any applicable governmental regulations).
Such records shall comprise books, results, reports, research notes, charts, graphs, comments, computations, analyses, recordings,
photographs, computer programs and documentation thereof, computer information storage means, samples of materials and other graphic
or written data generated in connection with such evaluation activities. Any such data developed by employees of SBI, or others
on behalf of SBI, shall be owned by SBI (“SBI Data”) and any such data developed
by employees of OG, or others on behalf of OG, shall be owned by OG (“OG Data”).
For purposes of evaluation of mutual performance of the objectives defined in the Statement of Work and to support regulatory filings,
each Party shall provide summaries of its Data, to the extent reasonably required. Each Party shall maintain such data in confidence
in accordance with Section 2.5 below and the Mutual NDA and shall not use such data of the other Party except to the extent otherwise
permitted by this Agreement or consented by the other Party

 

    	Page 5 of 10

    	 

    

  

2.5         
Nondisclosure. SBI and OG acknowledge and agree that each will have access to, become acquainted with, and receive
Confidential Information (as defined in the Mutual NDA) of the other in the course of performance of this collaboration hereunder,
including but not limited to each Party’s intellectual property, the SBI Know-How, SBI Data and OG Data. SBI and OG hereby
confirm and agree that the terms and provisions contained in the Mutual NDA shall be incorporated herein by reference and form
a part of this Agreement.

 

2.6         
No Other Technology Rights. Except as otherwise expressly provided in this Agreement, under no circumstances shall
a Party hereto, as a result of this Agreement, obtain any ownership interest in, license rights to use, or other right to any technology,
know-how, patents, pending patent applications, compounds, products or biological materials of the other Party, including items
owned, controlled or developed by the other Party, or transferred by the other Party to said Party at any time pursuant to this
Agreement. 

 

3.           
Warranties and Representations. Each of SBI and OG hereby warrant and represent, severally and not jointly, for the
benefit of the other that:

 

		3.1.	Such Party shall not make any unauthorized use of any patents, copyrights, trade secrets, confidential
information, or any other intellectual property of any third party in performing its obligations under this Agreement;

 

		3.2.	Such Party owns, and at all times during the term of this Agreement shall own, all rights, title
and interest in and to its intellectual property, or it has obtained or shall obtain valid and enforceable licenses to thereto;

 

		3.3.	Such Party has the right, power and authority to enter into and perform this Agreement; this Agreement
has been duly authorized and executed by it and constitutes a valid, binding and enforceable obligation of such Party.

 

		3.4.	This Agreement, when executed and delivered by such Party, will not result in or constitute a breach
or default under any license, agreement, contract, arrangement, judgment, decree, order, law, regulation or permit, or violate
any provision of such Party’s charter documents.

 

    	Page 6 of 10

    	 

    

 

		4.	Termination and Remedies.

 

4.1         
Term. This Agreement shall commence on the Effective Date. Unless (a) earlier terminated in accordance with the provisions
of this Agreement or by the mutual written agreement of the Parties or (b) extended by a duly executed Statement of Work or other
amendment of this Agreement that is executed by both Parties, this Agreement shall continue in effect until June 30, 2018 (the
“Expiration Date”). Notwithstanding, the foregoing, this Agreement shall terminate prior to the Expiration Date
on such date, if any, that the La Chorera Lease is terminated. The expiration or earlier termination of this Agreement shall not
trigger the expiration or termination of any manufacture or supply agreement subsequently entered into between the Parties, the
terms of which agreement shall be subject to its own provisions.

 

4.2         
Termination for Breach. Either Party may terminate this Agreement if the other Party materially breaches any of its duties
or obligations hereunder and such breach remains uncured for at least thirty (30) days after the non-breaching Party gives written
notice of the breach. Any such termination shall not constitute the sole remedy in the event of a breach.

 

4.3         
Indemnification. Each of SBI and OG agree, severally and not jointly, to indemnify, defend and hold harmless the other Party
and its affiliates, officers, directors, consultants, managers and employees against any and all claims, suits, actions or threats
of action, liabilities, settlement amounts, damages, expenses or costs of any kind whatsoever, including without limitation reasonable
attorneys' fees and costs, which directly result from or arise out of (a) any material inaccuracy of any representations or warranties
made by the indemnifying Party under this Agreement, (b) the indemnifying Party's material breach or failure to perform any provision
of this Agreement that it is required to perform and remain uncured per Section 4.2 hereof, or (c) the gross negligence or intentional
misconduct of the indemnifying Party.

 

4.4         
No Exclusive Remedy. Nothing in this Agreement is intended to limit any remedies available to either Party at law or in
equity.

 

4.5         
Survival. The following Sections shall survive any expiration or termination of this Agreement: Sections 2.5, 3.1 through
3.4, 4.3 through 4.5, 5.1, 5.2, 6.3, 6.4, 6.6 through 6.8, and Appendix B.

 

		5.	Relationships; Additional Agreements.

 

5.1         
Relationship. Pursuant to the terms of this Agreement, SBI and OG shall act in this collaboration as independent contractors.
SBI and OG shall not be partners or joint venturers, and the collaboration shall not constitute a partnership, joint venture, unincorporated
association or any other form of legal entity. No Party is authorized to, and shall not, enter into any contract or commitments
in the name of, or on behalf of, the other Party.

 

    	Page 7 of 10

    	 

    

  

5.2         
Non-Competition/Non-Circumvention.

 

		5.2.1	During the Term of this Agreement and for a period of five (5) years thereafter, OG agrees that
it shall not respond to or enter into any negotiations, discussions, agreements or understanding, whether oral or in writing, with
any person or entity with an interest in, or for the sale or supply of, keyhole limpets, KLH or KLH-related products, or aquaculture
support, including but not limited to any competitor of SBI, anywhere in the world, without the prior written consent of SBI in
its sole discretion., or otherwise. OG agrees to promptly advise SBI of any inquiry it receives from a person or entity with respect
to keyhole limpets, KLH, KLH-related products, or aquaculture support. Notwithstanding the foregoing, OG shall be entitled to at
all times harvest and sell processed (i.e. out of shell) limpets to wholesale or retail buyers for the food/consumption market.

 

		5.2.2	During the Term of this Agreement and for a period of five (5) years thereafter, SBI agrees that
it shall not utilize, sell or offer its aquaculture expertise or any of its facilities to produce shellfish in markets that compete
with OG’s products, excluding keyhole limpets.

 

		5.2.3	The Parties agree that during the Term of this Agreement, SBI shall have the exclusive right to
purchase or “extract first” all keyhole limpets produced or harvested by OG, upon and subject to the terms and conditions
set forth in a separate Supply Agreement as contemplated by the Term Sheet.

 

		5.2.4	Except as otherwise specified in this Agreement or any Statement of Work, SBI and OG shall each
be free to conduct its own business and to pursue its own opportunities. Subject to the provisions of this Section 5.2 and as otherwise
set forth in this Agreement, a Party shall not have an obligation to disclose to the other Party any business opportunities that
may result from the activities generated by this Agreement or any Statement of Work.

 

5.3         
Non-Transferability. The Parties have carefully selected each other for this collaboration as a result of many factors including,
without limitation, technical expertise, credibility, integrity, reputation and business acumen. Therefore, subject to the Parties
rights to engage subcontractors pursuant to Section 1.8 hereof, no Party shall voluntarily or by operation of law, assign, hypothecate,
give, transfer, mortgage, or otherwise transfer or encumber all or any part of its rights, duties or other interests in this Agreement
(collectively “Assignment”), without the other Party’s prior written consent, which consent may be withheld
at the sole discretion of the non-assigning Party. Any attempt to make an Assignment in violation of this provision shall be a
material breach of this Agreement and any Assignment in violation of this provision shall be null and void. Notwithstanding the
foregoing, this Agreement shall be assignable as part of a bona fide transfer of all or substantially all of the assets or capital
stock of a Party, or a merger in which the Party is not the surviving entity, providing the surviving entity agrees to assume,
and does assume, all of such Party’s obligations under this Agreement.

 

    	Page 8 of 10

    	 

    

  

		6.	General Provisions.

 

6.1         
Import/Export. Each Party shall comply with all applicable laws, regulations and restrictions of the United States and Mexico
concerning the import and export of products, technical data and direct products thereof including, without limitation, all regulations
regarding import, export, asset control and destination control of the U.S. Commerce, Treasury, State and Defense Departments of
the United States Government, and the Export Administration Act of 1979, as amended from time to time, and comparable requirements
under the laws of Mexico.

 

6.2         
Amendment. No amendment or modification of this Agreement shall be binding on any of the Parties unless it is in writing
and signed by each of the Parties hereto at the time of the modification.

 

6.3         
Successors. Without limiting any restrictions on assignment contained in this Agreement, each and all of the provisions
hereof shall be binding on and inure to the benefit of the Parties hereto and their respective successors and permitted assigns.

 

6.4         
Dispute Resolution. If any dispute arises between the Parties relating to the validity, construction, enforceability,
or performance of this Agreement, the aggrieved Party shall notify the other Party in writing of such dispute. If, within thirty
(30) days after such notice is deemed to have been received, the Parties have not succeeded in negotiating a resolution of the
dispute, either Party shall be free to proceed to arbitration. The arbitration shall be conducted in San Diego, California, pursuant
to the rules of the International Chamber of Commerce. The Arbitrator shall, in rendering its decision, apply the substantive law
of the State of California without regard to its conflicts of law provisions, except that the interpretation of an enforcement
of this section shall be governed by the United States Federal Arbitration Act.

 

6.5         
Warranty Limitation. EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, NEITHER PARTY MAKES ANY WARRANTY, AND EACH PARTY EXPRESSLY
DISCLAIMS ALL DISCLAIMS, ALL IMPLIED WARRANTIES, INCLUDING WARRANTIES OR MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH
RESPECT TO ANY COMPOUNDS OR OTHER BIOLOGICAL OR CHEMICAL MATERIALS OR INFORMATION PROVIDED TO THE OTHER PARTY PURSUANT TO THIS
AGREEMENT.

 

6.6         
Entire Agreement. This Agreement and Appendices A and B constitute the entire agreement between
the Parties and supersede all prior understandings and agreements, whether oral or in writing, between the Parties as to the subject
matter contained herein. There are no verbal representations between or among the Parties that are being relied upon by either
of the Parties other than those expressly set forth in this Agreement.

 

6.7         
Notices. All notices required to be given under this Agreement must be made in writing by (i) first-class mail, postage
prepaid, certified, return receipt, (ii) by regularly scheduled commercial delivery service, Federal Express or equivalent,
(iii) by facsimile or electronic communication, followed immediately by first-class mail, or (iv) by personal delivery.
Such notices will be deemed given ten (10) business days after deposit with the postal service, three business days after deposit
with the commercial carrier, or on the day of personal delivery.

 

    	Page 9 of 10

    	 

    

  

6.8         
Severability. If any term or provision of this Agreement is determined to be illegal, unenforceable, or invalid in whole
or in part for any reason, such illegal, unenforceable, or invalid provisions or part thereof shall be stricken from this Agreement,
and such provision shall not affect the legality, enforceability, or validity of the remainder of this Agreement.

 

6.9         
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument.

 

6.10      
Waiver. Any waiver must be in writing. No waiver of any provision or consent to any action shall constitute a waiver of
any other provision or consent to any other action, whether or not similar. No waiver or consent shall constitute a continuing
waiver or consent or commit a Party to provide a waiver in the future except to the extent specifically set forth in writing. Any
waiver given by a Party shall be null and void if the Party requesting such waiver has not provided a full and complete disclosure
of all material facts relevant to the waiver requested.

 

6.11      
Time of Essence. For purposes of this Agreement, time is of the essence.

 

IN WITNESS WHEREOF,
each of the Parties hereto has executed this Agreement as of the date first set forth above.

 

 

	Stellar Biotechnologies, Inc.	 	Ostiones Guerrero, SA de CV
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Frank Oakes
	 	By:	/s/ Reyes Guerrero
Sandoval
	 	 	 	 	
	 	Frank Oakes	 	 	Reyes Guerrero Sandoval
	 	 Chief Executive Officer	 	 	Legal Representative

 

    	Page 10 of 10

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