Document:

Employment Agreement dated September 15, 2008, Alexandre P. LeBeaut

 Exhibit 10.14 
 EMPLOYMENT AGREEMENT 
 This AGREEMENT, dated as of September 15, 2008 (the
“Agreement”), between Axcan Pharma Inc. (“Axcan”), Axcan Pharma US, Inc. (“Axcan US”), Axcan Holdings Inc. (“Parent,” and together with Axcan and Axcan US, the
“Company”), and Alexandre P. LeBeaut (the “Executive”). 
 WHEREAS, the Company desires to hire the
Executive to serve the Company and its operating subsidiaries as Senior Vice President and Chief Scientific Officer, on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties agree as follows: 
 1. General. 
 The parties agree that, subject
to the terms hereof, the Executive shall be employed as Senior Vice President and Chief Scientific Officer of Axcan, and shall also be Senior Vice President and Chief Scientific Officer of Parent and Axcan US, after the Effective Date (defined
below) hereof in accordance with the terms and conditions set out herein. 
 In connection with his employment, the Executive may, from time
to time, be called upon to serve as a director or officer of one or more direct or indirect subsidiaries of the Company. 
 2. Employment,
Duties and Agreements. 
 (a) The Company hereby agrees to employ the Executive as its Senior Vice President and Chief Scientific Officer, and
the Executive hereby accepts such position and agrees to serve the Company in such capacity during the employment period fixed by Section 4 hereof (the “Employment Period”). The Executive shall have such duties and
responsibilities as are consistent with the Executive’s position and as may be assigned by the Company from time to time. During the Employment Period, the Executive shall be subject to, and shall act in accordance with, all reasonable
instructions and directions of the Company and all applicable policies and rules of the Company. 
 (b) During the Employment Period,
excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive shall devote his full working time, energy and attention to the performance of his duties and responsibilities hereunder and shall faithfully and
diligently endeavor to promote the business and best interests of the Company and any of its direct or indirect subsidiaries. 
 (c) During
the Employment Period, the Executive may not, without the prior written consent of Parent, directly or indirectly, operate, participate in the management, operations or control of, or act as an executive, officer, consultant, agent or representative
of, any 

 
type of business or service (other than as an executive of the Company); provided, that it shall not be a violation of the foregoing for the Executive
to manage his personal, financial and legal affairs so long as such activities do not interfere with the performance of his duties and responsibilities to the Company as provided hereunder; and provided, further, that Parent shall not
unreasonably withhold consent to the Executive serving as a director on the board of a company whose activities are not in competition, directly or indirectly, with those of the Company or any of its direct or indirect subsidiaries and the amount of
time and attention required of the Executive to satisfy his obligations as such a director are not reasonably likely to detract from the execution of his duties and responsibilities hereunder in any material respect. 
 3. Compensation. 
 (a) As
compensation for the agreements made by the Executive herein and the performance by the Executive of his obligations hereunder, during the Employment Period, the Company shall pay the Executive, pursuant to the Company’s normal and customary
payroll procedures, a base salary at the rate of US$382,000 per annum (the “Base Salary”). 
 (b) In addition
to the Base Salary, during the Employment Period, the Executive shall be eligible to earn an annual bonus (the “Annual Bonus”) in each fiscal year during the Employment Period, with a target Annual Bonus of 45% of Base Salary, based
on the achievement of annual individual and Company performance objectives established by the board of directors of Parent (the “Board”), subject to the Executive’s employment with the Company through the applicable payment
date for any such Annual Bonus. 
 (c) As soon as practicable after the Effective Date (as defined below) and subject to prior
approval by the Board, the Executive will receive a one-time nonrecurring grant of 230,000 options (the “Options”) to purchase shares (the “Shares”) of Parent. The specific terms and conditions governing all aspects
of the Options shall be provided in the Company’s management equity incentive plan (the (“Plan”) and in the Option grant agreement (collectively with the Plan, the “Option Agreements”). 50% of the Options shall
be Time-Based Options, as such term is defined in the Option Agreements, 25% of the Options shall be Premium Options, as such term is defined in the Option Agreements, and 25% of the Options shall be Performance Based Options, as such term is
defined in the Option Agreements. The exercise price for the Options shall be equal to the Fair Market Value (as defined in the Plan) of the underlying Shares at the time of grant, as determined by the Board (subject, with respect to the Premium
Options, to increase as provided in the Option Agreements). 
 (d) In addition, as soon as practicable after the Effective
Date ( as defined below) the Executive shall receive the following bonuses and incentive payments: 
 (d.1) a signing bonus in the amount of
US$50,000; 
 (d.2) a tax assistance payment in the amount of US$35,000; and 
  

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 (d.3) a special signing bonus in the amount of US$42,000. 
 The foregoing bonus and incentive payment amounts shall be made net of any required tax withholdings at the next regularly scheduled payroll date
subsequent to the Effective Date (defined below). 
 (e) In the event that the Executive’s employment is terminated prior
to the second anniversary of the Effective Date (defined below) for any reason, other than if the Company terminates the Executive’s employment without Cause or the Executive terminates his employment for Good Reason, the Executive shall refund
and pay the Company the full gross amount of the aforesaid bonus and incentive payments and hereby agrees that the Company may set-off the amount thereof against any other amounts owing to him. 
 (f) As soon as practicable after the Effective Date, The Executive shall purchase Shares from Parent (the “Investment”)
at their Fair Market Value, for an aggregate investment of no less than ($25,000), subject to the Executive executing a subscription agreement reasonably satisfactory to Parent (the “Subscription Agreement”) and the Management
Stockholders’ Agreement (as defined below). 
 (g) The parties recognize that the purchase of any Shares upon the
exercise of the Options, or any other purchase or issuance of Shares, including pursuant to the Investment as provided above, will be subject to the Executive’s execution of a Management Stockholders’ Agreement for Parent in substantially
the form attached hereto as Exhibit B (the “Management Stockholders’ Agreement” and, together with the Option Agreements and the Subscription Agreement, the “Equity Agreements”). To the extent of any
inconsistency between the Equity Agreements and this Agreement, the provisions of the Equity Agreements, as applicable, will prevail. 
 (h) During the Employment Period: (i) except as specifically provided herein, the Executive shall be entitled to participate in all savings and retirement plans, practices, policies and programs of the Company
which are made available generally to other executive officers of the Company, and (ii) except as specifically provided herein, the Executive and/or the Executive’s family, as the case may be, shall be eligible for participation in, and
shall receive all benefits under, all welfare benefit plans, practices, policies and programs (including the Company’s disability plan) provided by the Company and which are made available generally to other executive officers of the Company
(for the avoidance of doubt, such plans, practices, policies or programs shall not include any plan, practice, policy or program which provides benefits in the nature of severance or continuation pay). 
 (i) The Company shall reimburse the Executive for all reasonable business expenses upon the presentation of statements of such expenses in
accordance with the Company’s policies and procedures now in force or as such policies and procedures may be modified with respect to all senior executive officers of the Company.. 
  

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 (j) The Company shall, for so long as it continues to be a policy of the Company to
provide a car to (or reimburse on the basis of mileage) its senior executives, provide the Executive with a car and assume costs related to its use and operation, or reimburse the Executive on the basis of mileage or provide a reasonable allocation
for the use of his car, whichever method is the most advantageous to both parties. 
 (k) Any obligation of the Company to pay
salary or benefits under or pursuant to this Agreement may be satisfied, met or fulfilled, in whole or in part, at the Company’s sole and exclusive option, either by the Company directly or by any affiliate of the Company that the Company
causes to satisfy, meet or fulfill such obligation, in whole or in part. 
 4. Employment Period. 
 The Employment Period shall commence on September 29, 2008 (the “Effective Date”) and shall terminate on the fifth anniversary of
the Effective Date, provided that on the fifth anniversary of the Effective Date and on each anniversary thereafter, the Employment Period shall automatically be extended for additional one-year periods unless either party provides the other party
with notice of non-renewal at least sixty (60) days before any such anniversary (the anniversary date on which the Employment Period terminates shall be referred to herein as the “Scheduled Termination Date”). A non-renewal
notice given to the Executive by the Company as contemplated in this Section 4 shall be deemed a termination of employment by the Company of the Executive’s employment without Cause, and the Executive will be entitled to receive the
payments as set forth in Section 6 (a). Notwithstanding the foregoing, the Executive’s employment hereunder may be terminated during the Employment Period prior to the Scheduled Termination Date upon the earliest to occur of any one of the
following events (at which time the Employment Period shall be terminated). 
 (a) Death. The Executive’s employment hereunder shall
terminate upon his death. 
 (b) Disability. The Company shall be entitled to terminate the Executive’s employment hereunder for
“Disability” if, as a result of the Executive’s incapacity due to physical or mental illness or injury, the Executive shall have been unable to perform his duties hereunder for a period of one hundred eighty
(180) consecutive days. 
 (c) Cause. The Company may terminate the Executive’s employment hereunder for Cause. For purposes of
this Agreement, the term “Cause” shall mean: (i) gross negligence or willful misconduct of the Executive in connection with the performance of his duties hereunder; (ii) the Executive’s conviction of (or pleading
guilty or pleading no contest or nolo contendere to) a felony or comparable crime in any jurisdiction that does not classify crimes using “felony”, other than minor traffic offenses and other minor offenses that are not inconsistent
with the Company’s reasonable expectations of a person occupying the position of an executive officer of the Company; (iii) the Executive’s unauthorized removal, use or disclosure of the Company’s or any affiliate’s
confidential information that could reasonably be 

  

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expected to cause harm to the Company; provided, that the Executive shall, to the extent an unauthorized removal is reasonably susceptible to cure, be
given a reasonable opportunity, not to exceed thirty (30) days, after written notice by the Company to the Executive to cure such removal of confidential information; (iv) the performance by the Executive of any act or acts of dishonesty
in connection with or relating to the Company’s or its affiliates’ business or the misappropriation (or attempted misappropriation) of any of the Company’s or any of its affiliates’ funds or property; (v) a material breach
of any of the Executive’s obligations under any agreement entered into between the Executive and the Company or any of its affiliates that is material to the employment relationship between Company or any of its affiliates and the Executive or
the relationship between the Company and the Executive as investor or prospective investor in the Company; provided, that the Executive shall, to the extent a breach is reasonably susceptible to cure, be given a reasonable opportunity, not to
exceed thirty (30) days, after written notice by the Company to the Executive to cure such breach; or (vi) a breach of the Company’s policies or procedures, which breach causes or could reasonably be expected to cause harm to the
Company or its business reputation; provided, that the Executive shall, to the extent a breach is reasonably susceptible to cure, be given a reasonable opportunity, not to exceed thirty (30) days, after written notice by the Company to
the Executive to cure such breach. 
 (d) Without Cause. The Company may terminate the Executive’s employment hereunder during the
Employment Period without Cause. 
 (e) Voluntarily. The Executive may voluntarily terminate his employment hereunder, without Good Reason,
provided that the Executive provides the Company with notice of his intent to terminate his employment at least 60 days in advance of the Date of Termination (as defined in Section 5 below). 
 (f) For Good Reason. The Executive may terminate his employment hereunder for Good Reason, provided the Executive complies with all requirements of such
a termination as provided hereunder. 
 5. Termination Procedure. 
 (a) Notice of Termination. Any termination of the Executive’s employment by the Company or by the Executive during the Employment Period (other than
a termination on account of the death of Executive) shall be communicated by written “Notice of Termination” to the other party hereto in accordance with Section 11(a). 
 (b) Date of Termination. “Date of Termination” shall mean (i) if the Executive’s employment is terminated by his death, the
date of his death, (ii) if the Executive’s employment is terminated pursuant to Section 4(b), on the date the Executive receives Notice of Termination from the Company, (iii) if the Executive voluntarily terminates his employment
(whether or not for Good Reason), the date specified in the notice given pursuant to Section 4(e) herein which shall not be less than 60 days after the Notice of Termination, and (iv) if the Executive’s employment is terminated for
any other reason, the date on which a Notice of 

  

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Termination is given or any later date (within thirty (30) days, or any alternative time period agreed upon by the parties, after the giving of such
notice) set forth in such Notice of Termination. 
 6. Termination Payments. 
 (a) Without Cause. In the event the Employment Period terminates under this Agreement as a result of the Company terminating the Executive’s
employment without Cause or the Executive terminating his employment for Good Reason, the Company shall pay the Executive (A) within thirty (30) days following the Date of Termination, the Executive’s accrued but unused vacation and
Base Salary through the Date of Termination (to the extent not theretofore paid) (the “Accrued Benefits”) and (B) one and a half (1.5) times the Executive’s Base Salary, payable in equal installments over an eighteen
(18)-month period in accordance with the Company’s standard payroll practices. For the eighteen (18)-month period commencing on the day after Executive’s Date of Termination, the Company shall continue to provide medical benefits to the
Executive which are substantially similar to those provided generally to executive officers of the Company (including any required contribution by such executive officers) pursuant to such medical plan as may be in effect from time to time as if the
Executive’s employment had not been terminated (it being understood that the Company may provide such coverage by paying the Executive’s COBRA premiums, less any contribution required by the Executive); provided, however,
that if the Executive becomes re-employed with another employer and is eligible to receive comparable medical or other welfare benefits under another employer provided plan, the corresponding medical and other welfare benefits described herein shall
be terminated, but the Executive shall have the right to receive the other payments provided herein unaffected by any duty to mitigate. The Executive shall promptly notify the Company of any changes in his medical benefits coverage. The payments and
benefits provided under this Section 6(a) are subject to and conditioned upon the Executive executing a valid general release and waiver (in the form provided by the Company), waiving all claims the Executive may have against the Company, its
successors, assigns, affiliates, executives, officers and directors, and such waiver becoming effective, and the payments and benefits are subject to and conditioned upon the Executive’s compliance with the Restrictive Covenants provided in
Sections 8 and 9 hereof. For the avoidance of doubt, upon a termination of the Employment Period without Cause or as a result of Good Reason, the Executive shall not be entitled to any other compensation or benefits not expressly provided for in
this section, regardless of the time that would otherwise remain in the Employment Period had the Employment Period not been terminated without Cause or for Good Reason. Except as provided in this Section 6(a) and except for any vested benefits
under any tax qualified pension plans of the Company, and continuation of health insurance benefits on the terms and to the extent required by Section 4980B of the Internal Revenue Code of 1986, as amended (the (“Code”) and
Section 601 of the Employee Retirement Income Security Act of 1974, as amended (which provisions are commonly known as “COBRA”) or such other analogous legislation as may be applicable to the Executive, the Company shall have
no additional obligations under this Agreement. For purposes of this Agreement, “Good Reason” shall mean, without the Executive’s consent: (i) any materially adverse change in the Executive’s title, (ii) any
material diminution in the Executive’s authority or responsibilities, (iii) any material reduction, either from one year to the next, or 

  

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within the current year, in the Executive’s base salary or bonus opportunity, other than, in the case of bonus opportunity, a decrease that applies to a
similarly situated class of employees of the Company or its affiliates, or (iv) a change in the Executive’s principal place of business to a location more than 50 miles from its present location, provided, that Good Reason shall not
occur unless the Executive shall have given a detailed written notice to the Company of any fact or circumstance believed by the Executive to constitute Good Reason within thirty (30) days of the occurrence of such fact or circumstance, and the
Company shall have thirty (30) days to cure such fact or circumstance and shall have failed to so cure. 
 (b) Change in Control.
Subject to Section 11(m), in the event the Employment Period terminates under this Agreement as a result of the Company terminating the Executive’s employment without Cause or the Executive terminating his employment for Good Reason, within
twelve (12) months following a transaction or event constituting a Change in Control (as such term is defined in the Option Agreements), the Company shall provide the Executive with all payments and benefits described in Section 6(a)
above, except that the amounts payable under clause (B) of the first sentence of Section 6(a) above shall be payable immediately rather than over an eighteen (18)-month period. 
 (c) Cause or Voluntarily Other than for Good Reason. If the Executive’s employment is terminated during the Employment Period by the Company for
Cause or voluntarily by the Executive other than for Good Reason, the Company shall pay the Executive within thirty (30) days following the Date of Termination the Accrued Benefits. Except as provided in this Section 6(c) and, as the case
may be, except for any vested benefits under any tax qualified pension plans of the Company, and continuation of health insurance benefits on the terms and to the extent required by COBRA or any other analogous legislation as may be applicable to
the Executive, the Company shall have no additional obligations under this Agreement. 
 (d) Disability or Death. If the Executive’s
employment is terminated during the Employment Period as a result of the Executive’s death or Disability, the Company shall pay the Executive or the Executive’s estate, as the case may be, within thirty (30) days following the Date of
Termination, the Accrued Benefits. Except as provided in this Section 6(d) and, as the case may be, except for any vested benefits under any tax qualified pension plans of the Company, and continuation of health insurance benefits on the terms
and to the extent required by COBRA or any other analogous legislation as may be applicable to the Executive, the Company shall have no additional obligations under this Agreement. 
 7. Legal Fees; Officers’ Liability Insurance. 
 (a) In the event of any contest or dispute between the Company and the Executive with respect to this Agreement or the Executive’s employment hereunder, each of the parties shall be responsible for its respective legal fees and
expenses. 
 (b) During the Employment Period and for a period of six years thereafter, the Executive shall be entitled to the same
directors’ and officers’ liability insurance coverage that the Company provides generally to its other directors and officers, as may be amended from time to time for such directors and officers. 
  

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 8. Non-Solicitation. 
 During the Employment Period and for eighteen (18) months thereafter, the Executive hereby agrees not to, directly or indirectly, solicit or assist any other person or entity in soliciting any employee of Parent,
Axcan, Axcan US or any of their respective affiliates to perform services for any entity (other than Parent, Axcan, Axcan US or their respective affiliates), or attempt to induce any such employee to leave the employ of Parent, Axcan, Axcan US or
their respective affiliates, or interfere in any manner with any such employee’s relationship with Parent, Axcan, Axcan US or their respective affiliates, or solicit, hire or engage on behalf of himself or any other Person (as defined below)
anyone who was employed by Parent, Axcan, Axcan US or their respective affiliates during the six-month period preceding such hiring or engagement. Nothing herein shall preclude the Executive or such other person or entity from using any public
advertising of a nature not specifically directed to employees of Parent, Axcan, Axcan US or any of their affiliates to solicit or hire employees of Axcan, Axcan US or Parent or their respective affiliates if such employees initiate contact with the
Executive further to such advertising without specific solicitation. 
 9. Confidentiality; Non-Compete; Non-Disclosure; Non-Disparagement.

 (a) The Executive hereby agrees that, during the Employment Period and thereafter, he will hold in strict confidence any proprietary or
Confidential Information related to Parent, Axcan, Axcan US or their respective affiliates. For purposes of this Agreement, the term “Confidential Information” shall mean all information of Parent, Axcan, Axcan US or their
respective affiliates (in whatever form) which is not generally known to the public, including without limitation any inventions, processes, methods of distribution, customer lists or customers’ or trade secrets, but shall exclude information
that: 
  

	 	(i)	is or becomes generally available to the public other than as a result of disclosure directly or indirectly by the Executive in breach of his or her obligations;

  

	 	(ii)	is or becomes available to the Executive on a non-confidential basis from a source other than the Executive unless the Executive knows after due inquiry that such source is
prohibited from disclosing the information to the Executive by a contractual, fiduciary or other legal obligation to the Company or any of its affiliates; or 

  

	 	(iii)	is or was independently acquired or developed by the Executive after the termination of his or her employment without violating the Executive’s obligations under this Agreement
or any other obligation of confidentiality the Executive may have to the Company or any of its affiliates. 

  

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 (b) The Executive and the Company agree that Parent, Axcan, Axcan US or their respective affiliates would
likely suffer significant harm from the Executive’s competing with Parent, Axcan, Axcan US or their respective affiliates during the Employment Period and for some period of time thereafter. Accordingly, the Executive agrees that he will not,
during the Employment Period and for a period of eighteen months following the termination of the Employment Period, directly or indirectly, own, operate, manage, consult with, control, participate in the management or control of, be employed by,
maintain or continue any interest whatsoever in, any Person, in any jurisdiction in which the Company does business at the Date of Termination, that (i) designs, manufactures, distributes, markets or promotes pharmaceutical products in the
field of gastroenterology or (ii) is engaged in any other business in which the Company is engaged as of, or in which the Company is reasonably likely to become engaged (by reason of product development work undertaken by the Company or
negotiation of potential acquisitions prior to the Date of Termination, in each case that has received approval of the Board of Directors of the Company) within the 6 months following, the Date of Termination (each of (i) and (ii), the
“Restricted Field”), without the Company’s written consent. Notwithstanding the foregoing, the Executive shall have the right to seek employment with a Person engaged in the Restricted Field if (i) such Person’s total
activities and revenues in the Restricted Field represent less than twenty percent (20%) of such Person’s total activities and revenues (provided that, if the Restricted Field is a business in which the Company is not yet engaged as of the
Date of Termination, such percentage shall represent less than forty percent (40%) of such Person’s total activities and revenues) and (ii) the Executive is not hired to manage, oversee or be in any way associated with, and does not
manage, oversee or become associated with, the Restricted Field. The Executive shall, however, not be in default under this Section 9 solely by virtue of the Executive holding, strictly for portfolio purposes and as a passive investor, no more
than one percent (1%) of the issued and outstanding shares of, or any other interest in, any body corporate or other entity whose shares are listed on any widely recognized stock exchange, the business of which is in the Restricted Field or is
otherwise in competition, in whole or in part, with the business of the Company. For purposes of this Agreement, the term “Person” shall mean any individual, partnership, corporation, limited liability company, unincorporated
organization, trust or joint venture, or a governmental agency or political subdivision thereof. 
 (c) The Executive hereby agrees that,
upon the termination of the Employment Period, he shall not take, without the prior written consent of the Company, any drawing, blueprint, specification or other document (in whatever form) of the Company or any of its affiliates, which is of a
confidential nature relating to the Company or any of its affiliates, or, without limitation, relating to its or their methods of distribution, or any description of any formulas or secret processes and will return any such information (in whatever
form) then in his possession. 
 (d) The Executive hereby agrees not to defame or disparage Parent, Axcan, Axcan US or any of their
respective affiliates and any of the officers, directors, members or 

  

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executives of the foregoing. The Executive hereby agrees to cooperate with Parent, Axcan, Axcan US or any of their respective affiliates in refuting any
defamatory or disparaging remarks by any third party made in respect of Parent, Axcan, Axcan US or any of their respective affiliates or any directors, members, officers or executives of the foregoing. 
 10. Injunctive Relief. 
 It is impossible to
measure in money the damages that will accrue to Parent, Axcan, Axcan US or any of their respective affiliates in the event that the Executive breaches any of the restrictive covenants provided in Sections 8 and 9 hereof. In the event that the
Executive breaches any such restrictive covenant, Parent, Axcan, Axcan US or any of their respective affiliates shall be entitled to an injunction restraining the Executive from violating such restrictive covenant (without posting any bond). If
Parent, Axcan, Axcan US or any of their respective affiliates shall institute any action or proceeding to enforce any such restrictive covenant, the Executive hereby waives the claim or defense that Parent, Axcan, Axcan US or any of their respective
affiliates has an adequate remedy at law and agrees not to assert in any such action or proceeding the claim or defense that Parent, Axcan, Axcan US or any of their respective affiliates has an adequate remedy at law. The foregoing shall not
prejudice Parent’s, Axcan’s, Axcan US’s or any of their respective affiliates’ right to require the Executive to account for and pay over to Parent, Axcan, Axcan US or any of their respective affiliates, and the Executive hereby
agrees to account for and pay over, the compensation, profits, monies, accruals or other benefits derived or received by the Executive as a result of any transaction constituting a breach of any of the restrictive covenants provided in Sections 8
and 9 hereof. 
 11. Miscellaneous. 
 (a) Any notice or other communication required or permitted under this Agreement shall be effective only if it is in writing and shall be deemed to be given when delivered personally or four days after it is mailed by registered or
certified mail, postage prepaid, return receipt requested or one day after it is sent by a reputable overnight courier service and, in each case, addressed as follows (or if it is sent through any other method agreed upon by the parties):

 If to the Company or Parent : 
 Axcan Pharma Inc. 
 597 Laurier Boulevard 
 Mont Saint-Hilaire, Quebec 
 J3H 6C4 Canada 
 Attn: General Counsel 
  

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 If to the Executive: 
 Alexandre P. LeBeaut, M.D. 
 9 Easly Terrace 
 Morristown, NJ 
 07960 USA 
 or to such other address as any party hereto may designate by notice to the others or, in the case of the Executive, to such other address as is his current principal
residence according to the employment records of the Company. 
 (b) This Agreement and the agreements or arrangements expressly referenced
herein, including without limitation the benefits as set forth in Section 3 hereof, shall constitute the entire agreement among the parties hereto with respect to the Executive’s employment hereunder, and supersede and are in full
substitution for any and all prior understandings or agreements with respect to the Executive’s employment. 
 (c) This Agreement may be
amended only by an instrument in writing (excluding email exchanges) signed by the parties hereto, and any provision hereof may be waived only by an instrument in writing signed by the party or parties against whom or which enforcement of such
waiver is sought. The failure of any party hereto at any time to require the performance by any other party hereto of any provision hereof shall in no way affect the full right to require such performance at any time thereafter, nor shall the waiver
by any party hereto of a breach of any provision hereof be taken or held to be a waiver of any succeeding breach of such provision or a waiver of the provision itself or a waiver of any other provision of this Agreement. 
 (d) The parties hereto acknowledge and agree that each party has reviewed and negotiated the terms and provisions of this Agreement and has had the
opportunity to contribute to its revision. Accordingly, the rule of construction to the effect that ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement. Rather, the terms of this
Agreement shall be construed fairly as to both parties hereto and not in favor or against either party. 
 (e) The parties hereto hereby
represent that they each have the authority to enter into this Agreement, and the Executive hereby represents to the Company that the execution of, and performance of duties under, this Agreement shall not constitute a breach of or otherwise violate
any other agreement to which the Executive is a party. The Executive hereby further represents to the Company that he will not utilize or disclose any confidential information obtained by the Executive in connection with any former employment with
respect to his duties and responsibilities hereunder. 
 (f) This Agreement is binding on and is for the benefit of the parties hereto and
their respective successors, assigns, heirs, executors, administrators and other legal representatives. Neither this Agreement nor any right or obligation hereunder may be assigned by the Executive. 
  

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 (g) The Company shall require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume this Agreement in the same manner and to the same extent that the Company would have been required to perform it if no such succession had
taken place. As used in the Agreement, “the Company” shall mean both the Company as defined above and any such successor that assumes this Agreement, by operation of law or otherwise. 
 (h) Any provision of this Agreement (or portion thereof) which is deemed invalid, illegal or unenforceable in any jurisdiction shall, as to that
jurisdiction and subject to this Section, be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions thereof in such jurisdiction or rendering that or any other provisions
of this Agreement invalid, illegal, or unenforceable in any other jurisdiction. If any covenant should be deemed invalid, illegal or unenforceable because its scope is considered excessive, such covenant shall be modified so that the scope of the
covenant is reduced only to the minimum extent necessary to render the modified covenant valid, legal and enforceable. No waiver of any provision or violation of this Agreement by the Company shall be implied by the Company’s forbearance or
failure to take action. 
 (i) The Company may withhold from any amounts payable to the Executive hereunder all federal, state, provincial,
city or other taxes that the Company may reasonably determine are required to be withheld pursuant to any applicable law or regulation, (it being understood, that the Executive shall be responsible for payment of all taxes in respect of the payments
and benefits provided herein). 
 (j) This Agreement shall be governed by and construed in accordance with the laws of the State of New York
without reference to its principles of conflicts of law. 
 (k) This Agreement may be executed in several counterparts, each of which shall
be deemed an original, but all of which shall constitute one and the same instrument. A facsimile of a signature shall be deemed to be and have the effect of an original signature. 
 (l) The headings in this Agreement are inserted for convenience of reference only and shall not be a part of or control or affect the meaning of any
provision hereof. 
 (m) Notwithstanding anything to the contrary herein, in the event any payment hereunder would result in the imposition
of an excise tax pursuant to Section 409A of the Code (the “409A Excise Tax”), the Executive agrees that such payment shall be postponed to the date that is the earliest date upon which such payment would no longer result in
the imposition of a 409A Excise Tax. 
 (n) Language. The parties hereto confirm their express wish that this Agreement, as well as all other
documents related to it, including notices, be drawn up in the English language only and declare themselves satisfied therewith; les parties aux présentes 

  

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confirment leur volonté expresse de voir la présente convention de même que tous les documents, y compris tous avis, s’y
rattachant, rédigés en langue anglaise seulement et s’en déclarent satisfaits. 
 *    *    *    *    * 
  

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

  

			
	 /s/ Alexandre P. LeBeaut 

	Name: Alexandre P. LeBeaut
		
	Axcan Pharma Inc.	 	
	  
 /s/ Frank A.G.M. Verwiel
	 
	Name: Frank A.G.M. Verwiel 	 
	Title: President and Chief Executive Officer	 
	
	Axcan Pharma US, Inc.
	
	 /s/ Frank A.G.M. Verwiel

	Name: Frank A.G.M. Verwiel 
	Title: President and Chief Executive Officer 
	
	Axcan Holdings Inc.
	
	 /s/ Frank A.G.M. Verwiel

	Name: Frank A.G.M. Verwiel
	Title: President and Chief Executive Officer 

  

 14 

 EXHIBIT A 
 [NONE] 

 EXHIBIT B 
 [Form of Axcan Holdings Inc. Management Stockholders’ Agreement]Form of Axcan Holdings Inc. Management Stockholders Agreement

 Exhibit 10.18 
 FORM OF AXCAN HOLDINGS INC. MANAGEMENT STOCKHOLDERS’ AGREEMENT 
 This MANAGEMENT
STOCKHOLDERS’ AGREEMENT (this “Agreement”), dated as of                     ,
            , between Axcan Holdings Inc. (the “Company”), the Majority Stockholder (as defined below) and each individual listed on Exhibit A attached hereto (the
“Management Stockholder”). 
 WHEREAS, the Management Stockholder may be the owner of shares of common stock of the Company,
$0.01 par value per share (“Common Stock”) and/or may be granted an Option pursuant to and as defined in the Axcan Holdings Inc. Management Equity Incentive Plan (the “Plan”); and 
 WHEREAS, as a condition to the issuance of any shares of Common Stock by the Company to the Management Stockholder, the Management Stockholder is
required to execute this Agreement; and 
 WHEREAS, the Management Stockholder, the Majority Stockholder and the Company desire to enter into
this Agreement and to have this Agreement apply to any shares of Common Stock acquired by the Management Stockholder from whatever source, including without limitation the Investment Shares and the Option Shares (in the aggregate, the
“Shares”); 
 NOW THEREFORE, in consideration of the premises hereinafter set forth, and other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows. 
 1. Definitions. As used in this
Agreement, the following capitalized terms shall have the following meanings: 
 (a) “Affiliate” shall mean, with respect to
any entity, any other corporation, organization, association, partnership, sole proprietorship or other type of entity, whether incorporated or unincorporated, directly or indirectly controlling or controlled by or under direct or indirect common
control with such entity. 
 (b) “Axcan” shall mean Axcan Pharma Inc. 
 (c) “Board” shall mean the Board of Directors of the Company or any committee appointed by the Board to administer the Plan pursuant to
the terms of the Plan. 
 (d) “Canadian Securities Law” shall mean the securities legislation applicable to any jurisdiction
in Canada where Shares are delivered. 
 (e) “Cause” shall mean, when used in connection with the termination of a
Management Stockholder’s Employment, unless otherwise provided in the applicable stock option grant agreement entered into between the Company and the Management Stockholder with respect to any Options that may be granted under the Plan or in
the Management Stockholder’s effective employment agreement on the date of termination, the termination of the Management Stockholder’s Employment with the Company and all Affiliates on account of (i) gross negligence or willful
misconduct of the Management Stockholder in connection with the 

 
performance of his or her duties as an employee; (ii) Management Stockholder’s conviction of (or pleading guilty or pleading no contest or nolo
contendere to) a felony or comparable crime in any jurisdiction that does not classify crimes using “felony”, other than minor traffic offenses and other minor offenses that are not inconsistent with the Company’s reasonable
expectations of a person occupying the Management Stockholder’s position; (iii) the Management Stockholder’s unauthorized removal, use or disclosure of the Company’s or any Affiliate’s confidential information that could
reasonably be expected to cause harm to the Company; provided, that the Management Stockholder shall, to the extent an unauthorized removal is reasonably susceptible to cure, be given a reasonable opportunity, not to exceed thirty
(30) days, after written notice by the Company to the Management Stockholder to cure such removal of confidential information; (iv) the performance by the Management Stockholder of any act or acts of dishonesty in connection with or
relating to the Company’s or its Affiliates’ business or the misappropriation (or attempted misappropriation) of any of the Company’s or any of its Affiliates’ funds or property; (v) a material breach of any of the
Management Stockholder’s obligations under any agreement entered into between the Management Stockholder and the Company or any of its Affiliates that is material to the employment relationship between Company or any of its Affiliates and the
Management Stockholder or the relationship between the Company and the Management Stockholder as investor or prospective investor in the Company; provided, that the Management Stockholder shall, to the extent a breach is reasonably
susceptible to cure, be given a reasonable opportunity, not to exceed thirty (30) days, after written notice by the Company to the Management Stockholder to cure such breach; or (vi) a breach of the Company’s policies or procedures,
which breach causes or could reasonably be expected to cause harm to the Company or its business reputation; provided, that the Management Stockholder shall, to the extent a breach is reasonably susceptible to cure, be given a reasonable
opportunity, not to exceed thirty (30) days, after written notice by the Company to the Management Stockholder to cure such breach. 
 (f) “Change in Control” shall mean the occurrence of any of the following events after the Closing Date: (i) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all
or substantially all of the assets of the Company on a consolidated basis to any Person or group of related persons for purposes of Section 13(d) of the Exchange Act (a “Group”), together with any Affiliates thereof other than
to the Majority Stockholder; (ii) the approval by the holders of the outstanding voting power of the Company of any plan or proposal for the liquidation or dissolution of the Company; (iii) (A) any Person or Group (other than the
Majority Stockholder) shall, directly or indirectly (in one transaction or a series of related transactions) become the beneficial owner (within the meaning of Section 13(d) of the Exchange Act) of (1) Shares of Common Stock representing
more than 40% of the aggregate outstanding voting power of the Company or (2) Shares of common stock representing more than 40% of the aggregate outstanding voting power of any subsidiary of the Company whose book value accounts for 50% or more
of the aggregate book value of the Company’s assets, on a consolidated basis, and in either case such Person or Group actually has the power to vote such Common Stock or common stock in any such election and (B) the Majority Stockholder
beneficially owns (within the meaning of Section 13(d) of the Exchange Act), directly or indirectly, in the aggregate a lesser percentage of the voting power of the Company or such subsidiary than such other Person or Group; (iv) the
replacement of a majority of the Board over a two-year period from the 

  

 2 

 
directors who constituted the Board at the beginning of such period, and such replacement shall not have been approved by a vote of at least a majority of
the Board then still in office who either were members of such Board at the beginning of such period or whose election as a member of such Board was previously so approved or who were nominated by, or designees of, the Majority Stockholder; or
(v) consummation of a merger or consolidation of the Company (or any subsidiary of the Company whose book value accounts for 50% or more of the aggregate book value of the Company’s assets, on a consolidated basis) with another entity in
which either holders of the Common Stock of the Company immediately prior to the consummation of the transaction hold, directly or indirectly, immediately following the consummation of the transaction, less than 50% of the common equity interest in
the surviving corporation in such transaction or as a consequence of which the Majority Stockholder does not hold a sufficient amount of voting power (or similar securities) to elect a majority of the surviving entity’s board of directors.

 (g) “Closing Date” shall mean February 25, 2008. 
 (h) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (i) “Disability” shall mean, unless otherwise provided in any applicable stock option grant agreement, effective employment agreement or
other written agreement, a permanent disability as defined in the Company’s or an Affiliate’s disability plans, or as defined from time to time by the Company, in its discretion. 
 (j) “Employment” shall mean employment with the Company or any Affiliate and shall include the provision of services as a director or
consultant for the Company or any Affiliate. “Employee” and “Employed” shall have correlative meanings. 
 (k) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 (l) “Fair Market
Value” shall mean, as of any date: 
 i. prior to the occurrence of an Initial Public Offering, the fair value per share of Common
Stock determined by the Board in good faith and based upon a reasonable and appropriate valuation method, taking into account any relevant factors determinate of value; or 
 ii. following the occurrence of an Initial Public Offering, (i) the closing price on such day of a share of Common Stock as reported on the
principal securities exchange on which shares of Common Stock are then listed or admitted to trading or (ii) if not so reported, the average of the closing bid and ask prices on such day as reported on the National Association of Securities
Dealers Automated Quotation System or (iii) if not so reported, as furnished by any member of the National Association of Securities Dealers, Inc. (“NASD”) selected by the Board. The Fair Market Value of a share of Common Stock as of
any such date on which the applicable exchange or inter-dealer quotation system through which trading in the Common Stock regularly occurs is closed shall be the Fair Market Value determined pursuant to the preceding sentence as of the immediately
preceding date on which the Common Stock is traded, a bid and ask price is reported or a trading price is reported by any member of NASD selected by the Board. In the 

  

 3 

 
event that the price of a share of Common Stock shall not be so reported or furnished, the Fair Market Value shall be determined by the Board in good faith
to reflect the fair market value of a share of Common Stock. 
 (m) “Good Reason” shall mean, when used in connection with
the termination of a Management Stockholder’s Employment, unless otherwise provided in the applicable stock option grant agreement entered into between the Company and the Management Stockholder with respect to any Options that may be granted
under the Plan or in the Management Stockholder’s effective employment agreement on the date of termination, the occurrence of the following without the Management Stockholder’s consent (i) any materially adverse change in the
Management Stockholder’s title, (ii) any material diminution in the Management Stockholder’s authority or responsibilities, other than a change in such Management Stockholder’s authority and responsibilities that results from
becoming part of a larger organization following a Change in Control (provided that such authority and responsibilities continue to be substantially similar to those prior to the Change in Control), (iii) any material reduction, either from one
year to the next, or within the current year, in the Management Stockholder’s base salary or bonus opportunity, other than a decrease in base salary or bonus opportunity that applies to a similarly situated class of employees of the Company or
its Affiliates, or (iv) a change of the Management Stockholder’s principal place of business to a location more than fifty (50) miles from such Management Stockholder’s location on the Closing Date or, if later, the date upon
which the Management Stockholder became Employed; provided that, within 60 days following the occurrence of any of the events set forth herein, the Management Stockholder shall have delivered written notice to the Company of his or her intention to
terminate his or her Employment for Good Reason, which notice specifies in reasonable detail the circumstances claimed to give rise to the Management Stockholder’s right to terminate Employment for Good Reason, and the Company shall not have
cured such circumstances within 30 days following the Company’s receipt of such notice. 
 (n) An “Initial Public
Offering” shall be deemed to occur on the effective date on which at least 20% of the total then-outstanding equity interests in the Company are listed or admitted for quotation of trades on an internationally recognized stock
exchange or quotation system pursuant to a registration statement (other than a registration on Form S-4 or S-8, or any successor form or comparable form in any non-U.S. jurisdiction) filed pursuant to the Securities Act or comparable law in any
non-U.S. jurisdiction. 
 (o) “Investment Shares” shall mean Shares which are not Option Shares and which are acquired
through (i) direct purchase by the Management Stockholder of Shares from the Company pursuant to the exercise of rights under Section 4(d) hereof or at a price per Share at least equal to Fair Market Value on the date of purchase,
(ii) exercise of the “Penny Options” granted pursuant to the Penny Option Grant Agreement on or about the Closing Date, or (iii) settlement of the Restricted Stock Units granted pursuant to the Restricted Stock Unit Grant
Agreement on or about the Closing Date. 
 (p) “Liquid Securities” shall mean securities as to which the issuer of such
securities has a “public float value”, within the meaning of Rule 100, equal to at least two times the “public float value” of Axcan based upon the average number of shares outstanding during its 2006 fiscal year and the closing
price reported on the Nasdaq Global Select Market, as quoted on such exchange or system on March 15, 2007, as reported in The Wall Street Journal. 
  

 4 

 (q) “Majority Stockholder,” for purposes of this Agreement, shall mean, collectively or
individually as the context requires, TPG Partners V, L.P., TPG FOF V-A, L.P., TPG FOF V-B, L.P., TPG Biotechnology Partners II, L.P., and their respective Affiliates. 
 (r) “Option Shares” shall mean Shares acquired through the exercise of Options. 
 (s)
“Person” means an individual, partnership, corporation, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 
 (t) “Securities Act” shall mean the Securities Act of 1933, as amended, or such other comparable securities law in a non-U.S.
jurisdiction. 
 (u) “Transfer” shall mean any transfer, sale, assignment, gift, testamentary transfer, pledge,
hypothecation or other disposition of any interest. “Transferee” and “Transferor” shall have correlative meanings. 
 2. Investment; Issuance of Shares. 
 (a) The Management Stockholder represents that the Shares are
being acquired for investment and not with a view toward the distribution thereof. 
 (b) Issuance of Shares. The Management
Stockholder acknowledges and agrees that, to the extent the Shares are certificated, the certificate for the Shares shall bear the following legends (except that the second paragraph of this legend shall not be required after the Shares have been
registered and except that the first paragraph of this legend shall not be required after the termination of this Agreement): 
 The shares
represented by this certificate are subject to the terms and conditions of a Management Stockholders’ Agreement dated as of
                             and may not be sold, transferred, hypothecated, assigned or encumbered,
except as may be permitted by the aforesaid Agreement. A copy of the Management Stockholders’ Agreement may be obtained from the Secretary of the Company. 
 The shares represented by this certificate have not been registered under the Securities Act of 1933. The shares have been acquired for investment and may not be sold, transferred, pledged or hypothecated in the
absence of an effective registration statement for the shares under the Securities Act of 1933 or an opinion of counsel for the Company that registration is not required under said Act. 
  

 5 

 Upon the termination of this Agreement, or upon registration of the Shares under the Securities Act, the
Management Stockholder shall have the right to exchange any certificated Shares containing the above legend (i) in the case of the registration of the Shares, for Shares legended only with the first paragraph described above and (ii) in
the case of the termination of this Agreement, for Shares legended only with the second paragraph described above. 
 3. Transfer of
Shares; Lock-Up; Call Rights; 
 (a) Transfer and Lock-Up of Shares. 
 (i) The Management Stockholder agrees that he or she will not cause or permit the Shares or his or her interest in the Shares to be sold, transferred,
hypothecated, assigned or encumbered except as expressly permitted by this Section 3; provided, however, that the Shares or any such interest may be Transferred (A) on the Management Stockholder’s death by bequest or
inheritance to the Management Stockholder’s executors, administrators, testamentary trustees, legatees or beneficiaries, (B) subject to the prior written approval by the Board or an individual designated by the Board for this purpose,
which approval shall not be unreasonably withheld, and subject to compliance with all applicable tax, securities and other laws, any trust or custodianship created by the Management Stockholder, the beneficiaries of which may include only the
Management Stockholder, the Management Stockholder’s spouse or the Management Stockholder’s lineal descendants (by blood or adoption) and (C) in accordance with Section 4 of this Agreement, subject in each case to
(x) paragraph (ii) of this Section 3(a), (y) compliance with all applicable tax, securities and other laws and (z) the agreement by each Transferee (other than the Company or as otherwise permitted by the Company) in writing
to be bound by the terms of this Agreement as if such Transferee had been an original signatory hereto and provided in any such case that, in the case of a Transfer pursuant to clauses (A) or (B) above, such Transfer will not be
permitted if it would cause the Company to be required to register the Common Stock under Section 12(g) of the Exchange Act. 
 (ii)
The Management Stockholder agrees that, notwithstanding any provision in this Agreement to the contrary, he or she will not, without the prior written consent of the Board, during the period following an Initial Public Offering or any secondary
registered equity offering during which the Majority Stockholders are subject to underwriter-imposed restrictions on the transfer of shares of Common Stock or, if longer, during which the employee is prohibited from selling Shares pursuant to Rule
144A under the Securities Act and pursuant to National Instrument 45-102 under Canadian Securities Law (the “Lock-Up Period”), (A) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or
contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Shares, Options or other securities convertible into or exercisable or
exchangeable for Common Stock (including without limitation, Common Stock which may be deemed to be beneficially owned by such Management Stockholder in accordance with the rules and regulations of the Securities and Exchange Commission) or
(B) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (A) or (B) above is to be settled by
delivery of Common Stock or such other securities, in cash or otherwise, provided that such restrictions shall be no more onerous than those applicable to the Majority Stockholders. 
  

 6 

 (b) Company Call Right. 
 (i) Except as provided in paragraph (ii) of this Section 3(b), in the event the
Management Stockholder’s Employment with the Company terminates for any reason prior to the Agreement Termination Date (as hereinafter defined), the Company (or its designated assignee) shall have the right, during the 180-day period following
the later to occur of (A) such termination of Employment for any reason and (B) the 181st day after the Management Stockholder or
Transferee has held the Shares most recently acquired to be sold pursuant to this Section 3(b)(i), to purchase from the Management Stockholder or the Management Stockholder’s Transferee, and upon the exercise of such right the Management
Stockholder or such Transferee shall sell to the Company (or its designated assignee), all or any portion of the Shares held by the Management Stockholder or Transferee as of the date as of which such right is exercised at a per Share price equal to
the Fair Market Value of a share of Common Stock determined as of the date such right is exercised. 
 (ii) With respect to the Shares held
by the Management Stockholder that are not Investment Shares, in the event that either the Management Stockholder’s Employment with the Company is terminated for Cause or the Management Stockholder violates any of the restrictive covenants set
forth in the Plan or in any equity award grant agreement under the Plan, in either case prior to the Agreement Termination Date, the per Share price for purposes of clause (i) of this Section 3(b) shall be, as of the date as of which such
right is exercised, equal to the lesser of (a) the Fair Market Value of a share of Common Stock determined as of the date such right is exercised or (b) the price per Share at which the Management Stockholder acquired such Share.

 (iii) The Company (or its designated assignee) shall exercise the call rights described in this Section 3(b) by delivering to the
Management Stockholder or Transferee, as applicable, a written notice specifying its intent to purchase Shares held by the Management Stockholder or Transferee (the “Call Notice”) and the number of Shares to be purchased. The
Company’s call right shall be deemed exercised as of the date on which the Company delivers such Call Notice to the Management Stockholder or Transferee. Such purchase and sale shall occur on the date on which the Call Notice is delivered. The
Company will use commercially reasonable efforts to make the payment for the Shares in cash on such date as the Company (or its designated assignee) shall specify in the Call Notice but no later than ninety (90) days after the end of the fiscal
quarter in which the Call Notice is delivered; provided that, despite using such efforts, if such payment will result in the violation of the terms or provisions of, or result in a default or event of default under, any guarantee, financing
or security agreement or document entered into by the Company or any of its Affiliates and in effect on such date (hereinafter a “Financing Agreement”), the Company may delay any such payment. In the event the payment of the
purchase price is delayed as a result of a restriction imposed by a Financing Agreement as provided above, such payment shall be made without the application of further conditions or impediments as soon as practicable after the payment of such
purchase price would no longer result in the violation of the terms or provisions of, or result in a default or event of default under, any Financing Agreement, and such payment shall equal the amount that would have been paid to the Management
Stockholder or Transferee if no delay had occurred plus interest for the period from the date on which the purchase price would have been paid but for the delay in payment provided herein to the date on which such payment is made (the “Delay
Period”), calculated at an annual rate equal to such reasonable rate as may be established by the Board. 
  

 7 

 (iv) With respect to the Shares held by the Management Stockholder that are not Investment Shares, in
the event that the Company exercises its call right to purchase such Shares from the Management Stockholder under Section 3(b)(i) and, following the date that the Company pays the Management Stockholder the applicable purchase price for such
Shares, the Management Stockholder violates any of the restrictive covenants set forth in the Plan or in any equity award grant agreement under the Plan, the Management Stockholder or the Management Stockholder’s Transferee shall pay to the
Company, within ten (10) business days following the date of such violation, an amount equal to (A) the amount the Company paid the Management Stockholder or Transferee to purchase such Shares less (B) the amount the Company would
have been required to pay the Management Stockholder or Transferee for such Shares if the Company had purchased the Shares pursuant to Section 3(b)(ii). 
 (v) With respect to the Shares held by the Management Stockholder that are not Investment Shares, if, following an Initial Public Offering, the Management Stockholder is terminated for Cause or violates any of the
restrictive covenants set forth in the Plan or in any equity award grant agreement under the Plan, the Management Stockholder or the Management Stockholder’s Transferee shall pay to the Company, within ten (10) business days following the
date of such violation, an amount equal to the amount which, as a result of the exercise of Options at any time following, or within one year prior to, the date of termination of employment, the Management Stockholder or the Management
Stockholder’s Transferee will be required to recognize in income for U.S. federal income tax purposes. 
 (c) Put Right

 (i) In the event the Management Stockholder’s Employment with the Company terminates due to the death or Disability of the Management
Stockholder, such Management Stockholder or his or her Transferee shall have the right, during the 120-day period following the later to occur of (x) such termination of Employment and (y) the date on which the Management Stockholder or
Transferee has held the Shares most recently acquired to be sold pursuant to this Section 3(c) for at least six (6) months, to sell to the Company (or its designated assignee), and upon the exercise of such right the Company (or its
designated assignee) shall purchase from such Management Stockholder or Transferee, all or any portion of the Shares held by such Management Stockholder or Transferee as of the date as of which such right is exercised at a per Share price equal to
the Fair Market Value of a Share of Common Stock determined as of the date as of which such right is exercised. The Management Stockholder or Transferee shall exercise such right by delivering to the Company a written notice (the “Put
Notice”) specifying his or her intent to sell Shares held by the Management Stockholder or Transferee, the proposed date as of which such right is to be exercised and the number of Shares to be sold. The Company (or its designated assignee)
and the Stockholder shall agree on the actual date of exercise, which date shall be within thirty (30) days after the delivery of the Put Notice and which shall be the date on which the purchase and sale occurs. The Company will use
commercially reasonable efforts to make the payment for the Shares in cash on the date of such purchase and sale; provided that, despite using such efforts, if such payment will result in the violation of the terms or provisions of, or result
in a default or event of default under, a Financing Agreement, the Company may delay any such payment. In the event the payment of the 

  

 8 

 
purchase price is delayed as a result of a restriction imposed by a Financing Agreement as provided above, the Company shall notify the Management
Stockholder or Transferee as soon as practicable of the need for such a delay (the “Delay Notice”), and shall permit the Management Stockholder or Transferee, within ten (10) days of the delivery of the Delay Notice, to rescind
the Put Notice. If the Management Stockholder or Transferee does not rescind the Put Notice as provided in the preceding sentence, the purchase and sale shall occur as provided above and any payment in respect thereof shall be made without the
application of further conditions or impediments as soon as practicable after the payment of such purchase price would no longer result in the violation of the terms or provisions of, or result in a default or event of default under, any Financing
Agreement, and such payment shall equal the amount that would have been paid to the Management Stockholder or Transferee if no delay had occurred plus interest for the Delay Period, calculated at an annual rate equal to such reasonable rate as may
be established by the Board. 
 (ii) With respect to the Shares held by the Management Stockholder that are not Investment Shares, in the
event that the Management Stockholder exercises his or her put right under Section 3(c)(i) and, following the date that the Company pays the Management Stockholder the applicable purchase price for such Shares, the Management Stockholder
violates any of the restrictive covenants set forth in the Plan or in any equity award grant agreement under the Plan, the Management Stockholder or the Management Stockholder’s Transferee shall pay to the Company, within ten (10) business
days following the date of such violation, an amount equal to (A) the amount the Company paid the Management Stockholder or Transferee to purchase such Shares less (B) the amount the Company would have been required to pay the Management
Stockholder or Transferee for such Shares if the Company had purchased the Shares pursuant to Section 3(b)(ii). 
 (d) Notwithstanding
the foregoing, if (i) within six months following the date either a Call Notice or Put Notice was exercised, the Company completes an appraisal to determine the Fair Market Value of a Share for purposes of delivery to the limited partners of
the Majority Stockholder or its affiliates (the first such appraisal to occur following payment to a Management Stockholder pursuant to Sections 3(b) or (c), an “Appraisal”) or enters into definitive documentation to sell for cash
or Liquid Securities, in an arm’s length transaction to an unaffiliated third party buyer, shares of Common Stock equal to at least 5% of the outstanding shares of Common Stock immediately prior to the sale (a “Third Party
Sale”), (ii) the Fair Market Value of a Share determined pursuant to the earlier to occur of such Outside Appraisal or Third Party Sale is higher than the Fair Market Value of a Share at which such payment was made, (iii) the
Board has not determined, in good faith, that events since the date either such Call Notice or such Put Notice was exercised have, individually or in the aggregate, had a materially positive effect on the Fair Market Value of the Common Shares such
that the Appraisal or Third Party Sale is not an accurate reflection of the Fair Market Value on the date the Call Notice or Put Notice was exercised, and (iv) an Initial Public Offering has not occurred, then the Company shall pay to the
Management Stockholder, for each Share purchased pursuant to the exercise of such rights at Fair Market Value, the excess of the Fair Market Value of a Share as determined pursuant to the Appraisal or paid for by the buyer in a Third Party Sale and
the price per Share paid therefor; provided, that this Section 3(d) shall not apply in the event the Management Stockholder’s Employment with the Company was terminated for Cause and shall cease to apply in the event the Management
Stockholder violates any of the restrictive covenants set forth in the Plan or in any equity award grant agreement under the Plan. 
  

 9 

 4. Certain Rights. 
 (a) Drag Along Rights. If the Majority Stockholder desires to (i) sell, prior to the Agreement Termination Date, twenty percent (20%) or more of its direct or indirect pecuniary interest (as defined
in Rule 16a-1 under the Exchange Act) in any Shares of Common Stock, in a single transaction or a series of related transactions, to a good faith independent purchaser (a “Purchaser”) (other than any other investment partnership,
limited liability company or other entity established for investment purposes and controlled by one or more of the members (other than passive investors) or the principals of the Majority Stockholder or any of their Affiliates and other than any
Employees of the Majority Stockholder or their Affiliates, hereinafter referred to as a “Permitted Transferee”), the Management Stockholder or Transferee agrees, at the request of the Majority Stockholder, to sell to such Purchaser
a number of its Shares of Common Stock, not to exceed (a) the number of Shares of Common Stock held by such Management Stockholder or Transferee multiplied by (b) a fraction, the numerator of which is the aggregate number of Shares of
Common Stock in which the Majority Stockholder has a pecuniary interest that such Majority Stockholder has proposed to be transferred, and the denominator of which is the aggregate number of Shares of Common Stock in which the Majority Stockholder
has a pecuniary interest (or to vote such number of Shares in favor of any merger or other transaction which would effect a sale of such Shares) at the same price per share of Common Stock and pursuant to the same terms and conditions with respect
to payment for the Shares as agreed to by the Majority Stockholder; provided that, except with respect to any liability incurred by such Management Stockholder for his or her own acts or omissions, the Management Stockholders and any
Transferees shall not be liable to a Purchaser for an amount greater than the proceeds from the sale. In such case, the Majority Stockholder shall give written notice of such sale to the Management Stockholder or Transferee at least fifteen
(15) days prior to the consummation of such sale, setting forth (i) the consideration to be received by the holders of shares of Common Stock, (ii) the identity of the Purchaser, (iii) any other material terms and conditions of
the proposed Transfer and (iv) the date of the proposed Transfer. The Company shall be responsible for the proportionate share of the costs of the proposed Transfer incurred by the Management Stockholders and any Transferees to the extent not
paid or reimbursed by the proposed Purchaser. Notwithstanding the foregoing, the Management Stockholder shall not be required to agree to any additional non-compete or similar restrictions in connection with the sale. 
 (b) Tag Along Rights. 
 (i) If one or
more Majority Stockholder or its Permitted Transferee proposes to transfer, prior to the Agreement Termination Date, its direct or indirect pecuniary interest (as defined in Rule 16a-1 under the Exchange Act) in any shares of Common Stock to a
Purchaser (other than a Permitted Transferee), other than a transfer through an Initial Public Offering or any secondary registered equity offering, then the Majority Stockholder or his or her Permitted Transferee (hereinafter referred to as a
“Selling Stockholder”) shall give written notice of such proposed transfer to the Management Stockholder or Transferee (the “Selling Stockholder’s Notice”) at least ten (10) days prior to the consummation
of such proposed transfer, and shall provide notice to all other 

  

 10 

 
stockholders of the Company to whom the Majority Stockholder has granted similar “tag-along” rights (such stockholders together with the Management
Stockholder or Transferee, referred to herein as the “Other Stockholders”) setting forth the proposed material terms and conditions of such Transfer (including price per Share). 
 (ii) The Management Stockholder or Transferee shall have the right to elect, by delivery of written notice to the Majority Stockholder within five
(5) days from delivery of the Selling Stockholder’s Notice, to sell to the proposed Transferee a number of its Shares, not to exceed the product of (A) the total number of Shares owned by the Management Stockholder or Transferee and
(B) a fraction, the numerator of which is the aggregate number of Shares in which the Majority Stockholder has a pecuniary interest that such Majority Stockholder has proposed to be transferred, and the denominator of which is the aggregate
number of Shares of Common Stock in which the Majority Stockholder has a pecuniary interest (the Management Stockholder’s or Transferee’s “Pro Rata Amount”), on the same terms and conditions (including price per share of
Common Stock) as agreed to by the Selling Stockholder. In the event that the Transferee does not wish to acquire all of the Shares offered by the Management Stockholder or Transferee, the number of Shares of Common Stock to be purchased by such
Transferee shall be allocated pro rata among the Majority Stockholders and the Other Stockholders in accordance with the number of shares of Common Stock that each such stockholder elected to transfer to the Transferee. 
 (iii) In order to be entitled to exercise its rights pursuant to this Section 4(b), the Management Stockholder or Transferee must agree to make to
the proposed Purchaser representations, warranties, covenants, indemnities and agreements comparable to those made by the Selling Stockholder in connection with the proposed transfer and agree to the same conditions to the proposed transfer as the
Selling Stockholder agrees, it being understood that all such representation, warranties, covenants, indemnities and agreements shall be made by the Selling Stockholder, the Management Stockholder or Transferee and any Other Stockholder exercising
similar tag-along rights severally and not jointly and provided that the Selling Stockholder shall not be required to agree to any additional non-compete or similar restrictions in connection with the sale. The Selling Stockholder, the Management
Stockholder or Transferee and any Other Stockholder who exercises similar tag-along rights each shall be responsible for its proportionate share of the costs of the proposed Transfer to the extent not paid or reimbursed by the proposed Purchaser or
the Company. 
 (iv) Notwithstanding anything to the contrary contained herein, the provisions of this Section 4(b) shall not apply
during the period from the Closing Date through the first anniversary of the Closing Date to any sale or transfer by a Majority Stockholder of its pecuniary interest in any shares of Common Stock for a price that is equal to or less than the Fair
Market Value of such share of Common Stock as of the Closing Date unless and until the Majority Stockholder, after giving effect to the proposed sale or transfer, shall have sold or transferred in the aggregate (other than to Permitted Transferees
or to officers, employees or directors of, or consultants to, the Company or any of its subsidiaries) its pecuniary interest in shares of Common Stock representing 15.0% or more of the shares of Common Stock in which the Majority Stockholder
collectively had a pecuniary interest as of the Closing Date. 
  

 11 

 (c) Permitted Transferees. Any Permitted Transferee to which a Majority Stockholder’s
pecuniary interest in any Shares of Common Stock is Transferred shall agree to execute this Agreement as a condition to such Transfer. 
 (d)
Right of Participation in Issuance of New Securities. 
 (i) Each Management Stockholder (each a “Participation Rights
Holder”) shall have a right to purchase its Pro Rata Participation Share of any New Securities (as defined below) the Company may from time to time issue after the date of this Agreement (the “Right of Participation”). For
purposes of this Section 4(d), “Pro Rata Participation Share” is the ratio of (a) the number of Shares held by such Participation Rights Holder, to (b) the total number of shares of Common Stock outstanding (without
regard to the New Securities). 
 (ii) For purposes of this Section 4(d), “New Securities” shall mean the sale or
issuance of additional shares of voting capital stock of the Company, whether now authorized or not, and rights, options or warrants to purchase such stock, and securities of any type whatsoever that are, or may become, convertible or exchangeable
into, such capital stock; provided, however, that the term “New Securities” shall not include: 
  

	 	(A)	shares of such capital stock (and/or options or warrants therefor) issued to employees, officers, directors, contractors, advisors or consultants of the Company pursuant to
incentive agreements or incentive plans approved by the Board; 

  

	 	(B)	any securities issued in connection with any stock split, dividend or other similar event in which all Participation Rights Holders are entitled to participate in a manner
consistent with the Company’s other stockholders; 

  

	 	(C)	any securities issued upon the exercise, conversion or exchange of any outstanding security if such outstanding security constituted a New Security when issued by the Company;

  

	 	(D)	any securities issued by the Company not solely in exchange for cash consideration; or 

  

	 	(E)	any securities issued pursuant to the acquisition of another corporation or entity by the Company by consolidation, merger, purchase of assets, or other reorganization in which the
Company acquires, in a single transaction or series of related transactions, assets of such other corporation or entity or fifty percent (50%) or more of the voting power of such other corporation or entity or fifty percent (50%) or more
of the equity ownership of such other entity; or 

  

 12 

	 	(F)	an Initial Public Offering. 

 (iii) Procedures. In
the event that the Company proposes to undertake an issuance of New Securities (in a single transaction or a series of related transactions), then it shall give to each Participation Rights Holder written notice of the Company’s intention to
issue New Securities (a “Participation Notice”), describing the amount and the type of New Securities and the price and the general terms upon which the Company proposes to issue such New Securities. Each Participation Rights Holder
shall have ten (10) days from the date of receipt of any such Participation Notice to agree in a writing delivered to the Company as specified in the Participation Notice to purchase such Participation Rights Holder’s Pro Rata Share of the
New Securities being offered for the price and upon the material terms and conditions specified in the Participation Notice stating therein the quantity of New Securities to be purchased (not to exceed such Participation Rights Holder’s Pro
Rata Share). If any Participation Rights Holder fails to so agree in writing within such ten (10) day period to purchase some or all of its Pro Rata Share of the New Securities being offered, then such Participation Rights Holder shall forfeit
the right hereunder to purchase that part of its Pro Rata Share of such New Securities that it did not agree to purchase. Such Participation Rights Holder shall purchase the portion elected by such Participation Rights Holder concurrently with the
closing of the transaction triggering the Right of Participation by wire transfer of readily available funds or certified check. 
 (v)
Failure to Exercise. With respect to which the Participation Rights Holders’ rights of first refusal hereunder were not exercised, the Company shall have one year thereafter to sell the New Securities described in the Participation
Notice at the same or higher price and upon terms otherwise not materially more favorable to the purchasers thereof than specified in the Participation Notice. In the event that the Company has not issued and sold such New Securities within such one
year period, then the Company shall not thereafter issue or sell any New Securities without again first offering such New Securities to the Participation Rights Holders pursuant to this Section 4(d). 
 5. Piggyback Registration. The Company shall have no obligation to register the Shares, except as otherwise expressly provided herein. However, if
the Company or the Majority Stockholder shall propose, at any time, to register any of the Company’s Common Stock (or securities convertible into or exchangeable for Common Shares) under the Securities Act for sale for cash for the
Company’s own account or for the account of the Majority Stockholder (other than in connection with the registration of securities issuable pursuant to an employee share option, share purchase or similar plan, pursuant to an Initial Public
Offering or pursuant to a merger, exchange offer or a transaction of the type specified in Rule 145(a) under the Securities Act), the Company shall give each Management Stockholder written notice of such proposed registration at least 30 days
prior to the filing of a registration statement. At the written request of a Management Stockholder delivered to the Company within 15 days after the receipt of the notice from the Company, which request shall state the number of Shares that such
Management Stockholder wishes to sell under the registration statement proposed to be filed by the Company, the Company shall use its best efforts, subject to the terms of this Agreement, to include such Shares in the registration and to register
such Shares under the Securities Act (a “Piggyback Registration”). If a Piggyback Registration is to be an underwritten offering, the Company shall so advise the Management Stockholders as a part of the written notice given pursuant
to this Section 5. In such event, the right of the Management Stockholder to include such Shares in the 

  

 13 

 
offering shall be conditional upon the Management Stockholder’s participation in such underwriting and the inclusion of the Management
Stockholder’s Shares in the underwriting to the extent provided herein. If a Management Stockholder intends to distribute his or her Shares through such underwriting, the Management Stockholder shall (together with the Company and the other
holders of securities of the Company with registration rights to participate therein distributing their securities though such underwriting) enter into an underwriting agreement in customary form with the underwriter or underwriters selected by the
Company or the Majority Stockholder, as the case may be. Notwithstanding any other provision of this Section 5, if the representative of the underwriters advises the Management Stockholder in writing that marketing factors require a limitation
on the number of shares to be underwritten, the number of shares to be included in the underwriting or registration or distribution by prospectus shall be allocated as set forth below in this Section 5. Any Management Stockholder who
disapproves of the terms of the underwriting may withdraw from the underwriting by written notice to the Company and the lead/managing underwriter. The Shares withdrawn will also be withdrawn from registration, and those Shares will continue to be
subject to the terms of this Agreement. The Company has the right to terminate or withdraw any registration initiated by it before the effectiveness of the registration, whether or not any Management Stockholder has elected to include Shares in that
registration under this Section 5. Despite any other provision of this Section 5, if the lead or managing underwriter advises the Company or the Majority Stockholder, as the case may be, in writing that marketing factors require a limit on
the number of Common Shares to be underwritten, then the Company will advise all holders of Common Shares participating in the underwritten offering (excluding the Company, such persons hereinafter referred to as the “Participating
Holders”) of this exclusion, and the number of Common Shares that may be included in the registration and underwriting will be allocated among the Participating Holders in proportion, as nearly as practicable, to the respective number of
Common Shares sought to be included in such registration by each Participating Holder relative to the aggregate number of Common Shares sought to be included in such registration by all Participating Holders at the time of filing the registration
statement. To facilitate this allocation, the Company or the underwriters may round the number of securities allocated to any Participating Holder to the nearest one hundred securities. The Company shall bear all fees and expenses incurred in
connection with any registration of the Shares and the performance by the Company of its obligations under this Section 5, including, without limitation, all registration and filing fees, fees and expenses of compliance with securities or blue
sky laws, printing expenses, “road show” costs and fees and disbursements of counsel for the Company and the reasonable fees of one counsel to represent all Management Stockholders participating in such registration, which counsel shall be
acceptable to the Company, acting reasonably. 
 6. Termination. This Agreement shall terminate immediately following an Initial
Public Offering (the “Agreement Termination Date”) except that (i) if an Initial Public Offering has occurred on or prior to the Agreement Termination Date, and the Lockup Period has not expired as of the Agreement Termination
Date, the requirements of Section 3(a)(ii) hereof shall survive the termination of this Agreement, (ii) the provisions of Sections 3(b)(iv) and (v) hereof shall survive the termination of this Agreement and (iii) the requirements
contained in Section 2 hereof shall survive the termination of this Agreement, provided that a Management Stockholder or his or her Transferee may sell Shares pursuant to Rule 144 of the Securities Act if such Management Stockholder or
Transferee meets and complies with all of the applicable requirements thereof and provided such sale does not violate any Canadian Securities Law. 
  

 14 

 7. Acknowledgements of the Management Stockholder and the Company. The Management Stockholder
acknowledges that the Majority Stockholder will own shares of Common Stock directly, and that the Majority Stockholder will have governance and other rights with respect to the Company that are different from (and may be greater than) the rights to
which the Management Stockholder is entitled. 
 8. Distributions With Respect To Shares. As used herein, the term
“Shares” includes securities of any kind whatsoever distributed with respect to the Company’s Common Stock acquired by the Management Stockholder or his or her or her Transferee (whether pursuant to the Plan, through direct
purchase or otherwise) or any such securities resulting from a stock split or consolidation involving such Common Stock. 
 9. Amendment;
Assignment. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a written instrument signed by authorized representatives of the parties or, in the case of a waiver, by an
authorized representative of the party waiving compliance; provided, that with respect to any amendment, superseding agreement, cancellation, renewal, extension or waiver that applies to more than one Management Stockholder, consent from all
Management Stockholders shall be deemed to have been received if 80% of the Management Stockholders or their authorized representatives to which such amendment, superseding agreement, cancellation, renewal, extension or waiver applies have signed
such written instrument. No such written instrument shall be effective unless it expressly recites that it is intended to amend, supersede, cancel, renew or extend this Agreement or to waive compliance with one or more of the terms hereof, as the
case may be. Except for the Management Stockholder’s right to assign his or her rights under Section 4(a) or the Company’s right to assign its rights under Section 4(b), no party to this Agreement may assign any of its rights or
obligations under this Agreement without the prior written consent of the other parties hereto. 
 10. Notices. Each notice and other
communication hereunder shall be in writing and shall be given and shall be deemed to have been duly given on the date it is delivered in person, on the next business day if delivered by overnight mail or other reputable overnight courier, or the
third business day if sent by registered mail, return receipt requested, to the parties as follows: 
 If to the Majority Stockholder,
to his or her most recent address shown on records of the Company or its Affiliate; 
  

			
	With a copy to:
	
	Cleary Gottlieb Steen & Hamilton LLP
	 One Liberty Plaza
 New York, NY
10006

		
	Attention:	 	Arthur H. Kohn
		 	Robert J. Raymond

  

 15 

			
	If to the Company, to:
	
	 Axcan Holdings Inc.
 c/o Axcan Pharma Inc.

	 597 Laurier Blvd.
 Mont St.
Hilaire
 Quebec Canada J3H 6C A8 00000.

	Attention:	 	General Counsel
	
	With a copy to:
	
	Cleary Gottlieb Steen & Hamilton LLP
	 One Liberty Plaza
 New York, NY
10006

		
	Attention:	 	Arthur H. Kohn
		 	Robert J. Raymond
	
	If to the Management Stockholder, to its most recent address shown on records of the Company or its Affiliate;

 or in each case to such other address as any party may have furnished to the others in writing in
accordance herewith, except that notices of change of address shall be effective only upon receipt. 
 11. Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same document. 
 12. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to
its principles of conflicts of law. 
 13. Binding Effect. This Agreement shall be binding upon, inure to the benefit of, and be
enforceable by the heirs, personal representatives, successors and permitted assigns of the parties hereto. Nothing expressed or referred to in this Agreement is intended or shall be construed to give any person other than the parties to this
Agreement, or their respective heirs, personal representatives, successors or assigns, any legal or equitable rights, remedy or claim under or in respect of this Agreement or any provision contained herein. 
 14. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof.

 15. Severability. If any term, provision, covenant or restriction of this Agreement, is held by a court of competent jurisdiction
to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 
  

 16 

 16. Miscellaneous. The headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. 
 *    *    *    *    *    * 
  

 17 

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

			
	AXCAN HOLDINGS INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 18 

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

			
	TPG PARTNERS V, L.P.
		
	By:	 	TPG Genpar V, LP its general partner,
	By:	 	TPG Advisors V, Inc its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	TPG FOF V-A, L.P.
		
	By:	 	TPG Genpar V, LP its general partner,
	By:	 	TPG Advisors V, Inc its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	TPG FOF V-B, L.P.
		
	By:	 	TPG Genpar V, LP its general partner,
	By:	 	TPG Advisors V, Inc its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 19 

			
	TPG BIOTECHNOLOGY PARTNERS II, L.P.
		
	By:	 	TPG Biotechnology GenPar II, L.P., its general partner
	By:	 	TPG Biotech Advisors II, LLC, its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 20 

 Management Stockholders 
 I hereby represent that I have carefully read and understand, and agree to be bound by, the terms of the Axcan Holdings Inc. Management Stockholders’ Agreement dated as of
                         and acknowledge that I am a Management Stockholder for all purposes thereunder. 
  

	
	Agreed to and Accepted by:
	
	  

	Signature
	
	  

	Date
	
	Please print your name and address:
	
	  

	  

	  

	  

  

 21 

 EXHIBIT A 
 MANAGEMENT STOCKHOLDERS 
  

			
	 Name
	 	 Date Management Stockholders’ Agreement Executed

  
  

 22

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