Document:

Form of Subscription Agreement

 Exhibit 10.2 
 FORM OF 
 SUBSCRIPTION AGREEMENT 
 January 29, 2009 
 Pharmasset, Inc. 
 303-A College Road East 
 Princeton, NJ 08540 
 Ladies
and Gentlemen: 
 The undersigned (the “Investor”), hereby confirms and agrees with you as follows: 
 1. This Subscription Agreement (the “Agreement”) is made as of the date hereof between Pharmasset, Inc., a Delaware corporation
(the “Company”), and the Investor. 
 2. The Company has authorized the sale and issuance to certain investors of up
to an aggregate of 4,678,000 shares (the “Shares”) of its Common Stock, par value $0.001 per share (the “Common Stock”), for a purchase price of $9.73 per share (the “Purchase
Price”). All defined terms used herein and not otherwise defined shall have the same meanings ascribed to such terms in the Placement Agency Agreement dated the date hereof by and between Leerink Swann LLC (the “Placement
Agent”) and the Company (the “Placement Agency Agreement”). 
 3. The offering and sale of the Shares
(the “Offering”) are being made pursuant to (1) an effective Registration Statement on Form S-3 (Registration No. 333-151749) (the “Registration Statement”) filed by the Company with the
Securities and Exchange Commission (the “SEC”), which contains the base prospectus (the “Base Prospectus”) and was declared effective by the SEC on June 26, 2008, (2) if applicable, each
“free writing prospectus” (as that term is defined in Rule 405 under the Securities Act of 1933, as amended), that has been or will be provided to the Investor on or prior to the date hereof and (3) a final prospectus supplement
(the “Prospectus Supplement” and together with the Base Prospectus, the “Prospectus”) containing certain supplemental information regarding the Shares and terms of the Offering that will be filed with
the SEC and provided to the Investor along with the Company’s counterpart to this Agreement or made available to the Investor by the filing by the Company of an electronic version thereof with the SEC. The Registration Statement, the documents
incorporated by reference therein and all free writing prospectuses are referred to herein collectively as the “Disclosure Package.” 
 4. The Company and the Investor agree that the Investor will purchase from the Company, and the Company will issue and sell to the Investor, the number of Shares set forth below for the aggregate purchase price set
forth below, pursuant to and subject to the Terms and Conditions for Purchase of Shares attached hereto as Annex I, which are incorporated herein by reference as if fully set forth herein. Unless otherwise requested by the Investor no later
than one business day after the execution of this Agreement by the Investor and agreed to by the Company, the Shares purchased by the Investor will be delivered by electronic book-entry at The Depository Trust Company
(“DTC”), registered in the Investor’s name and address as set forth below and will be released by 

 
Computershare, the Company’s transfer agent (the “Transfer Agent”), to the Investor at the Closing (as defined in the Terms and
Conditions for Purchase of Shares). The Investor acknowledges that the Offering is not being underwritten by the Placement Agent and that there is no minimum offering amount. The Investor understands and agrees that the Company, in its sole
discretion, reserves the right to accept or reject this subscription for Shares, in whole or in part. 
 5. The Investor represents that,
except as set forth below, (a) it has had no position, office or other material relationship within the past three years with the Company or persons known to it to be affiliates of the Company, (b) it is not, and as of the Closing will not
be, a member of FINRA or an Associated Person (as such term is defined under the NASD Membership and Registration Rules Section 1011), and (c) neither the Investor nor any group of Investors (as identified in a public filing made with
the SEC) of which the Investor is a part in connection with the Offering of the Shares, acquired, or obtained the right to acquire, 20% or more of the Common Stock (or securities convertible into or exercisable for Common Stock) or the voting power
of the Company on a post-transaction basis. 
 Exceptions:
                                         
                                        

(If no exceptions, write “none.” If left blank, response will be deemed to be “none.”) 
 6. The Investor confirms that it has had full access to all filings made by the Company with the SEC, including the Disclosure Package (as applicable),
and that it was able to read, review, download and print each such filing prior to or in connection with the receipt of this Agreement along with the Company’s counterpart to this Agreement. On or promptly following the date hereof, the Company
will file the Prospectus Supplement with the SEC containing certain supplemental information regarding the Company and the Offering. 
 [Remainder of page intentionally left blank. Signature pages follow.] 

 Number of Shares:
                                        

 Aggregate Purchase Price:
$                                        

 Please confirm that the foregoing correctly sets forth the agreement between us by signing in the space provided below for that purpose.

  

					
	Name of Investor:	 	  
	 	

							
		 	By:	 	  
	 	
		 	Name:	 	  
	 	
		 	Title:	 	  
	 	

 [Signature Page to Subscription Agreement] 

 Agreed and accepted on January 29, 2009: 
  

			
	PHARMASSET, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [Signature Page to Subscription Agreement] 

 ANNEX I 
 TERMS AND CONDITIONS FOR PURCHASE OF SHARES 
 1. Closings and Delivery of the Shares and Funds. 
 1.1. Closing. The completion of the purchase and sale of the Shares (the “Closing”) will occur at a place and
time (the “Closing Date”) to be specified by the Company and the Placement Agent, and of which the Investor will be notified in advance by the Placement Agent. At the Closing, (a) the Company will cause the Transfer
Agent to deliver to the Investor the number of Shares set forth on the signature page hereto registered in the name of the Investor or, if so indicated on the Investor Questionnaire attached hereto as Exhibit A, in the name of a nominee
designated by the Investor and (b) the aggregate purchase price for the Shares being purchased by the Investor will be delivered by or on behalf of the Investor to the Company. 
 1.2. Placement Agent Fee. The Investor acknowledges that the Company intends to pay the Placement Agent a fee in respect of the sale of
Shares to the Investor. 
 1.3. Delivery of Funds. No later than one (1) business day after the execution of this
Agreement by the Investor and the Company, the Investor shall remit by wire transfer the amount of funds equal to the aggregate purchase price for the Shares being purchased by the Investor to the following account designated by the Company
and the Placement Agent pursuant to the terms of that certain Escrow Agreement (the “Escrow Agreement”) dated as of January 29, 2009, by and among the Company, the Placement Agent and JPMorgan Chase Bank, N.A. (the
“Escrow Agent”), unless the Company and the Investor agree to an alternative arrangement for such payment: 
  

			
	JPMorgan Chase Bank, N.A.	 	
	ABA Routing Number:	 	021000021
	JPM Account Number:	 	806019642
	Account Name:	 	JPM as Escrow Agent for Pharmasset/Leerink

 The Company and the Investor agree to indemnify and hold the Escrow Agent and the Placement Agent harmless from
and against any and all liabilities, obligations, damages, losses, encumbrances, costs, expenses and claims (including, without limitation, court costs and reasonable attorneys fees) (“Losses”) arising under this
Section 1.3 or otherwise with respect to the funds held in escrow pursuant hereto or arising under the Escrow Agreement, unless it is finally determined that such Losses resulted directly from the willful misconduct or gross negligence of the
Escrow Agent or the Placement Agent, respectively. Anything in this Agreement to the contrary notwithstanding, in no event shall the Escrow Agent or the Placement Agent be liable for any special, indirect or consequential loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the Escrow Agent or the Placement Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 

 1.4. Delivery of Shares. No later than one (1) business day after the execution
of this Agreement by the Investor and the Company, the Investor shall direct the broker-dealer at which the account or accounts to be credited with the Shares being purchased by such Investor are maintained, which broker/dealer shall be a
DTC participant, to set up a Deposit/Withdrawal at Custodian (“DWAC”) instructing the Transfer Agent to credit such account or accounts with the Shares by means of an electronic book-entry delivery. Such DWAC shall indicate
the settlement date for the deposit of the Shares, which date shall be provided to the Investor by the Placement Agent. Unless the Company and the Investor agree to an alternative arrangement for payment of the Purchase Price for the Shares, upon
receipt by the Company of the funds held in escrow pursuant to Section 1.3 above, the Company shall direct the Transfer Agent to credit the Investor’s account or accounts with the Shares pursuant to the information contained in such DWAC.

 1.5. IT IS THE INVESTOR’S RESPONSIBILITY TO (1) MAKE THE NECESSARY WIRE TRANSFER OR CONFIRM THE PROPER ACCOUNT BALANCE IN
A TIMELY MANNER AND (2) ARRANGE FOR SETTLEMENT BY WAY OF DWAC IN A TIMELY MANNER. IF THE INVESTOR DOES NOT DELIVER THE AGGREGATE PURCHASE PRICE FOR THE SHARES OR DOES NOT MAKE PROPER ARRANGEMENTS FOR SETTLEMENT IN A TIMELY MANNER, THE SHARES
MAY NOT BE DELIVERED AT CLOSING TO THE INVESTOR OR THE INVESTOR MAY BE EXCLUDED FROM THE CLOSING ALTOGETHER. 
 2. Representations, Warranties and
Covenants of the Investor 
 2.1. The Investor represents and warrants to, and covenants with, the Company that (a) the
Investor is knowledgeable, sophisticated and experienced in making, and is qualified to make decisions with respect to, investments in shares presenting an investment decision like that involved in the purchase of the Shares, including investments
in securities issued by the Company and investments in comparable companies, and has requested, received, reviewed and considered all information it deemed relevant in making an informed decision to purchase the Shares, (b) the Investor has
answered all questions on the Signature Page and the Investor Questionnaire for use in preparation of the Prospectus Supplement and the answers thereto are true and correct as of the date hereof and will be true and correct as of the Closing Date
and (c) the Investor, in connection with its decision to purchase the number of Shares set forth on the Signature Page, has reviewed the Disclosure Package and is relying only upon the Disclosure Package and the representations and warranties
of the Company contained herein. 
 2.2. The Investor acknowledges, represents and agrees that no action has been or will be taken in
any jurisdiction outside the United States by the Company or the Placement Agent that would permit an offering of the Shares, or possession or distribution of offering materials in connection with the issue of the Shares in any jurisdiction outside
the United States where action for that purpose is required. Each Investor outside the United States will comply with all applicable laws and regulations in each foreign jurisdiction in which it purchases, offers, sells or delivers Shares or has in
its possession or distributes any offering material, in all cases at its own expense. The Placement Agent is not authorized to make and has not made any representation or use of any information in connection with the issue, placement, purchase and
sale of the Shares, except as set forth or incorporated by reference in the Disclosure Package. 

 2.3. The Investor further represents and warrants to, and covenants with, the Company that
(a) the Investor has full right, power, authority and capacity to enter into this Agreement and to consummate the transactions contemplated hereby and has taken all necessary action to authorize the execution, delivery and performance of this
Agreement, and (b) this Agreement constitutes a valid and binding obligation of the Investor enforceable against the Investor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally and except as enforceability may be subject to general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law). 
 2.4. The Investor understands that nothing in this Agreement, the Prospectus or any other
materials presented to the Investor in connection with the purchase and sale of the Shares constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed
necessary or appropriate in connection with its purchase of Shares. 
 2.5. Each Investor represents, warrants and agrees that, since
the earlier to occur of (i) the date on which the Placement Agent first contacted such Investor about the Offering and (ii) the date of this Agreement, it has not engaged in any transactions in the securities of the Company in violation of
securities laws (including, without limitation, any short sales involving the Company’s securities). Each Investor covenants that it will not engage in any transactions in the securities of the Company (including short sales) prior to the time
that the transactions contemplated by this Agreement are publicly disclosed. Each Investor agrees that it will not use any of the Shares acquired pursuant to this Agreement to cover any short position in the Common Stock if doing so would be in
violation of applicable securities laws. For purposes hereof, “short sales” include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of
1934 (the “Exchange Act”), whether or not against the box, and all types of direct and indirect stock pledges, forward sales contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as
defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements (including on a total return basis), and sales and other transactions through non-US broker dealers or foreign regulated brokers. 
 2.6. Notwithstanding any investigation made by any party to this Agreement or by the Placement Agent, all covenants, agreements, representations
and warranties made by the Investor herein will survive the execution of this Agreement, the delivery to the Investor of the Shares being purchased and the payment therefor. The Placement Agent shall be a third party beneficiary with respect to
covenants, agreements, representations and warranties of the Investor contained in this Section 2. 
 3. Changes. This Agreement may not be
modified or amended except pursuant to an instrument in writing signed by the Company and the Investor. 

 4. Headings. The headings of the various sections of this Agreement have been inserted for convenience of
reference only and will not be deemed to be part of this Agreement. 
 5. Severability. In case any provision contained in this Agreement should be
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby. 
 6. Governing Law. This Agreement will be governed by, and construed in accordance with, the internal laws of the State of New York, without giving effect to the
principles of conflicts of law that would require the application of the laws of any other jurisdiction. 
 7. No Third-Party Beneficiary. Nothing in
this Agreement is intended or shall be construed to give the Investor any legal or equitable right, remedy or claim under or in respect of the Placement Agency Agreement or any provision contained therein. 
 8. Counterparts. This Agreement may be executed in two or more counterparts, each of which will constitute an original, but all of which, when taken together,
will constitute but one instrument, and will become effective when one or more counterparts have been signed by each party hereto and delivered (including by fax or electronically) to the other parties. 

 EXHIBIT A 
 PHARMASSET, INC. 
 INVESTOR QUESTIONNAIRE 
 Pursuant to Section 1 of Annex I to the Agreement, please provide us with the following information: 
  

			
	1.	  	 The  exact name that your Shares are to be registered in. You may use a nominee if appropriate:

		  	  

		
	2.	  	The relationship between the Investor and the registered holder listed in response to item 1 above (if not the same person):
		  	  

		  	  

		
	3.	  	The mailing address of the registered holder listed in response to item 1 above:
		  	  

		
	4.	  	The Social Security Number or Tax Identification Number of the registered holder listed in response to item 1 above:
		  	  

		
	5.	  	Name of DTC Participant (broker-dealer at which the account or accounts to be credited with the Shares are maintained); please include the name and telephone number of the contact person at
the broker-dealer:
		  	  

		  	  

		
	6.	  	DTC Participant Number:
		  	  

		
	7.	  	Name of Account at DTC Participant being credited with the Shares:
		  	  

		  	  

		
	8.	  	Account Number at DTC Participant being credited with the Shares:Amended and Restated Employment Agreement with Kevin M. McMullen

 Exhibit 10.3 
 AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT, as amended and restated December 31, 2008, between OMNOVA Solutions Inc. (“OMNOVA”), an Ohio corporation whose
headquarter offices are located at 175 Ghent Road, Fairlawn, Ohio 44333-3300, and KEVIN M. MCMULLEN, an individual residing at 541 Falls Road, Chagrin Falls, Ohio, 44022. 
 This Agreement, as amended and restated to comply with Section 409A of the Internal Revenue Code (the “Code”), will confirm our understanding concerning, and further define, the terms and conditions of
your employment with OMNOVA both currently and after December 31, 2008, and supersedes the Employment Agreement between OMNOVA and yourself dated December 1, 2000. 
  

	1.	STATUS AS CHIEF EXECUTIVE OFFICER. 

 Since
December 1, 2000, you have been employed as the Chief Executive Officer (“CEO”) of OMNOVA. In this capacity, you will devote your full time and efforts to the performance of those duties customarily and usually performed by the CEO,
subject at all times to the direction of the Board of Directors (“Directors”). 
  

	2.	STATUS AS CHAIRMAN. 

 The Directors have elected you
Chairman of the Board of Directors (“Chairman”) of OMNOVA. If the Directors remove you as CEO or Chairman prior to your attaining age 65, you may elect to terminate your employment and receive the benefits specified in Paragraph 4(e). The
preceding sentence notwithstanding, you shall not be entitled to the benefits specified in Paragraph 4(e) if the Directors decide to remove you as either CEO or Chairman for or due to Cause, or if you fail to give the notice and cure periods as
specified in Paragraph 4(f)(v). 
 As used in this Employment Agreement, “Cause” means any willful (i) failure to follow any
instruction or policy of OMNOVA or the Directors, (ii) commission of any felony, (iii) falsification of any company document, or (iv) act committed to provoke dismissal. Notwithstanding the foregoing, in order to constitute
“Cause,” OMNOVA must notify you, in writing, of the act or event it deems to be an act or event described above, and provide you a period of thirty (30) days to cure or remedy the condition giving rise to such act or event.

  

	3.	STATUS AS DIRECTOR. 

 You will continue to serve as
a Director by mutual agreement between you and the Directors. 

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 Employment Agreement 
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	4.	COMPENSATION. 

  

	 	(a)	BASE SALARY. Your base salary will be $655,000 and will be subject to review and adjustment by the non-employee Directors in accordance with OMNOVA’s established practice. Your
base salary will be payable in accordance with OMNOVA’s regular pay practices. 

  

	 	 (b)
	 ANNUAL INCENTIVE. You will continue to participate in OMNOVA’s Executive Incentive Compensation Program. Based upon
OMNOVA’s achievement of specified objectives and the non-employee Directors’ evaluation of your personal performance, you will have the opportunity to earn an incentive bonus in an amount ranging up to 125% of your base salary and payable
in cash and/or shares of OMNOVA’s stock. Bonuses for a particular year are payable in one lump sum amount within 2 1/2
months following the fiscal year in which earned. 

  

	 	(c)	LONG-TERM INCENTIVE. 

  

	 	(i)	Long-Term Incentive Program. You will continue to participate in the Long-Term Incentive Program. If OMNOVA achieves the minimum threshold of its specified performance goals,
you will be entitled to receive an incentive award of at least 20% of your average actual base and annual incentive pay during the performance period. If OMNOVA achieves its target specified performance goals, you will be entitled to receive an
incentive award of at least 40% of your average actual base and annual incentive pay during the performance period. If OMNOVA achieves its maximum specified performance goals, you will be entitled to receive an incentive award of 75% of your your
average actual base and annual incentive pay during the performance period, for performance in excess of maximum specified performance goals. In each case, performance in excess of the threshold and less than the maximum specified performance goals
shall a earn an incentive award in amount interpolated between such 20%, 40% and 75% amounts, as the case may be. All such incentive awards shall be payable in cash and/or, shares of OMNOVA’s stock, in accordance with the terms of the OMNOVA
Solutions Inc. Long-Term Incentive Program. 

  

	 	(ii)	 LTIP Substitution. In lieu of, in whole or in part, grants or opportunities to or for you under the OMNOVA Solutions Inc. Long-Term Incentive Program, the
Directors may instead substitute other forms of long-term compensation, on a dollar-for-dollar basis, using target, at the beginning of a performance period. Such compensation may not necessarily be strictly or directly performance-based, but may be
subject to time-based vesting, including, but not limited to, awards of restricted stock, stock options 

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and/or cash. Such awards may be in addition to awards otherwise to be made to you under the OMNOVA Solutions Inc. Second Amended and Restated 1999 Equity and
Performance Incentive Plan and any subsequent equity or performance incentive plans. 

  

	 	(d)	EQUITY AND PERFORMANCE INCENTIVE. You will continue to participate in the OMNOVA Solutions Inc. Second Amended and Restated 1999 Equity and Performance Incentive Plan and any
subsequent equity or performance incentive plans. 

  

	 	(e)	TERMINATION PAY. The term of your employment will be indefinite in duration and, therefore, subject to termination at will by notice from you or OMNOVA. However, if you experience
an Involuntary Separation from Service: 

  

	 	(i)	Separation Pay. 

  

	 	(A)	Amount of Separation Pay. OMNOVA will pay you an amount equal to two times the sum of (1) your annual base salary at the time of such Separation from Service; provided,
however, that the base salary before any reduction or rollback of base salary shall be used to calculate this termination payment; and (2) the highest year-end bonus which OMNOVA paid to you in respect of the last three fiscal years preceding
such Separation from Service (for this purpose, your highest-year-end bonus will be deemed to be no less than 100% of your current annual base salary) (the “Separation Pay”). 

  

	 	(B)	Timing of Payment for Separation Pay. OMNOVA shall retain legal counsel of its choosing, at it sole discretion and expense, to advise it as to whether or not
Section 409A of the Code (including the related treasury regulations) requires that any portion of the distribution of Severance Pay is subject to a six (6) month delay following Separation from Service in order to avoid acceleration of
income tax and imposition of the excise tax under Section 409A of the Code. 

  

	 	(1)	In the event that such legal counsel determines that no portion of the Separation Pay is subject to a six (6) month delay under Section 409A of the Code, Separation Pay
shall be paid in a single lump sum as soon as practicable after Separation from Service and execution of the Release described below, provided that you have not revoked such Release during your revocation period; 

  

	 	(2)	 In the event that such legal counsel determines that some portion, but not all, of the Separation Pay is subject to a six (6) month delay under
Section 409A of the Code, then to 

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the extent that the Separation Pay exceeds the lesser of two times (a) your annualized compensation for the preceding calendar year (provided, however,
that if there is a general reduction in executive base pay as a cost-saving measure due to economic conditions, then annualized compensation shall include the annual fixed or base compensation immediately prior to such reduction), or (b) the
limit on compensation set forth in Section 401(a)(17) of the Code (the “Section 409A Severance Limit”), then such Separation Pay shall be temporarily reduced by such amount as is necessary to ensure that the Section 409A
Severance Limit is not exceeded (the unpaid amount the “Section 409A Severance Reduction”). The Separation Pay that is not in excess of the Section 409A Severance Limit shall be paid as soon as practicable after Separation from
Service and execution of the release described below, provided that you have not revoked such Release during your revocation period. The Section 409A Severance Reduction shall be paid to you in a single lump sum payment six (6) months
following your Separation from Service Date; and 

  

	 	(3)	In the event that such legal counsel either (A) is unable to determine that no portion (per (1) above) or that only some portion (per (2) above) of the Separation Pay
would be subject to the six (6) month delay, or (B) determines that the entirety of the Separation Pay is subject to a six (6) month delay under Section 409A of the Code, then Separation Pay shall be paid in a single lump sum, as
soon as practicable, six (6) months following your Separation from Service Date, provided that you have executed the Release described below, and have not revoked such Release during your revocation period. 

  

	 	(ii)	Stock Options. All OMNOVA stock options that you hold will be exercisable in accordance with their terms and conditions for the remainder of their respective 10-year terms;

  

	 	(iii)	 LTIP. OMNOVA will pay you all performance awards under the OMNOVA Solutions Inc. Long-Term Incentive Program due to you at the time of such Separation from
Service for any performance period already completed, plus a prorated performance award for each performance period which has not been completed at the time of such Separation from Service, calculated by dividing the number of months employed during
such performance period through the Separation from Service Date by the total number of months in each uncompleted performance period, and 

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multiplying that fraction times the “Pro Forma” award for each performance period. The “Pro Forma” award is calculated using the sum of
(A) the actual performance prior to Separation from Service, plus (B) the greater of the actual or target performance following the Separation from Service Date though the end of such performance period. All such amounts will be paid after
the end of the relevant performance period in accordance with the provisions of such Plan; 

  

	 	(iv)	EPIP. All awards of Restricted Shares under the Second Amended and Restated 1999 Equity and Performance Incentive Plan and any subsequent equity or performance incentive
plans will continue to vest in accordance with the terms of the respective award as if no Separation from Service had occurred and shall not be forfeited due to Separation from Service; 

  

	 	(v)	Health and Life Benefits. For a period of 24 months following your Separation from Service Date (the “Continuation Period”), OMNOVA will arrange to provide you with
health benefits (the “Continued Health Benefits”) and life insurance benefits (the “Continued Life Insurance Benefits”) substantially similar to the respective health benefits and life insurance benefits that you were receiving
or entitled to receive immediately prior to your Separation from Service. If and to the extent that any Continued Health Benefits or Continued Life Insurance Benefits described in this Paragraph 4(e) are not or cannot be paid or provided under any
policy, plan, program or arrangement of OMNOVA, then OMNOVA will reimburse you for the cost of such coverage as you may obtain in lieu thereof for the remainder of the Continuation Period (up to a maximum of the COBRA continuation coverage cost for
OMNOVA-provided coverage). Continued Health Benefits provided in-kind, or if paid, then paid, by OMNOVA pursuant to this Paragraph 4(e) shall be provided or paid respectively in a monthly amount equal to one-twelfth (1/12) of the actual cost of
such Continued Health Benefits for the year in which they are provided. Continued Life Insurance Benefits provided in-kind, or if paid, then paid, by OMNOVA pursuant to this Paragraph 4(e) shall be provided or paid respectively in a monthly amount
equal to one-twelfth (1/12) of the actual cost of such Continued Life Insurance Benefits for the year in which they are provided. Notwithstanding the foregoing to the contrary, no payment for such Continued Life Insurance Benefits by OMNOVA
(whether to you or to the applicable life insurance company) shall be made until six months following the Separation from Service Date, at which time OMNOVA shall make a single lump sum payment to you in satisfaction of the first six months of such
Continued Life Insurance Benefits. You agree that you shall be responsible for timely payment of the actual cost of such Continued Life Insurance Benefits to the applicable life insurance company for the six months following the Separation from
Service Date, and that failure to remit such payments timely may result in the cancellation of the applicable life insurance or other adverse action under the applicable life insurance policy; 

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	 	(vi)	Outplacement Services. OMNOVA will provide you with reasonable executive outplacement assistance for expenses actually incurred by you (to a maximum of $15,000) for a period
not to exceed 24 months following the Separation from Service Date. Reimbursement for reasonable outplacement expenses shall be made within 30 days following submission of appropriate substantiation of such expenses (including completion of any
administrative form(s) required by the Directors), but in no event shall such reimbursement occur later than the end of the calendar year following the calendar year in which such expenses are incurred; and 

  

	 	(vii)	Financial Counseling. OMNOVA will provide you with financial counseling in a manner similar to that provided to executive officers (to a maximum of $20,000 per calendar year)
for a period not to extend beyond twenty-four (24) months following the Separation from Service Date. Reimbursement for financial counseling services shall be made within 30 days following submission of appropriate substantiation of such
expenses (including completion of any administrative form(s) required by the Directors), but in no event shall such reimbursement occur later than the end of the calendar year following the calendar year in which such expenses are incurred;

 provided that you execute and deliver to OMNOVA a release of all claims and/or causes of action that arise during or in
connection with the termination of your employment, except claims (1) to the termination payment specified in this Paragraph 4(e) and any other payment specified herein, (2) under any stock option or restricted shares awarded to you, and
(3) under any employee compensation and/or benefit plan of OMNOVA. Notwithstanding the foregoing, you shall not be entitled to the Termination Pay described in this Paragraph 4(e) if the Directors decide to remove you as either CEO or Chairman
due to Cause. 
  

	 	(f)	DEFINITIONS. 

  

	 	(i)	 “Separation from Service” shall mean your termination from employment with OMNOVA and all Affiliates on account of your death, retirement or other
termination of employment, as determined in accordance with Section 409A of the Code and the regulations thereunder. You will not be deemed to have experienced a Separation from Service if you are on military leave, sick leave or other bona
fide leave of absence, to the extent such leave does not exceed a period of six months or, if longer, such longer period of time as is protected by either statute or contract. You will not be deemed to have experienced a Separation from Service if
you provide continuing services that average more than 20% of the services provided by you to OMNOVA or its Affiliates (whether as an employee or an independent contractor) during the immediately preceding 36-month period of services. If you provide
services both as an employee and as an 

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independent contractor of OMNOVA, you must cease providing services both as an employee and as an independent contractor to be treated as having experienced
a Separation from Service. If you cease providing services as an independent contractor and begin providing services as an employee, or vice versa, you will not be considered to have a Separation from Service until you cease providing services in
both capacities. If you provide services both as an employee of OMNOVA and a Director, the services you provide as a Director generally will not be taken into account in determining whether you have experienced a Separation from Service for purposes
of this Agreement. 

  

	 	(ii)	“Involuntary Separation from Service” means a Separation from Service (A) due to the independent exercise by OMNOVA (or any successor company or Affiliate) of the
unilateral authority to terminate your services prior to your attaining age 65, other than due to your implicit or explicit request, where you were willing and able to continue performing services, or (B) due to Good Reason; provided that
Separation from Service shall not be considered an Involuntary Separation from Service where such Separation from Service was due to Cause. 

  

	 	(iii)	“Affiliate” means a corporation, partnership, joint venture, sole proprietorship or other trade or business that is considered a single employer with OMNOVA by application
of Section 414 of the Code, such that it (A) is part of a “controlled group of corporations” (within the meaning of Section 414(b) of the Code) with OMNOVA, (B) is “under common control” (within the meaning of
Section 414(c) of the Code) with OMNOVA, or (C) is a member of an “affiliated service group” (within the meaning of Section 414(m) of the Code) with OMNOVA. 

  

	 	(iv)	“Separation from Service Date” means the effective date of your Separation from Service. 

  

	 	(v)	“Good Reason” means any of the following: (A) the Directors remove you as CEO or Chairman prior to your attaining age 65 (other than for or due to Cause);
(B) you are not paid the base salary under Paragraph 4(a), or provided with the opportunity to earn the Annual Incentive or Long Term Incentive specified in Paragraphs 4(b) and 4(c); or (C) your base salary is reduced from one year to the
next; provided, however, that any reduction of your base salary by fifteen percent (15%) or less from one year to the next, where such reduction is proportionate, commensurate, and pursuant to a rollback or reduction of base salaries of all
executive officers of OMNOVA, as a group shall not constitute “Good Reason” under clauses (B) or (C) of this sentence. Notwithstanding the foregoing, in order to constitute “Good Reason,” you must notify OMNOVA, in
writing, within sixty (60) days, of the act or event you deem to be an act or event described above, and give OMNOVA a period of thirty (30) days to cure or remedy the condition giving rise to the act or event. 

 Kevin M. McMullen 
 Employment Agreement 
 December 31, 2008 
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	 	g.	FORMULARY ADJUSTMENTS. Subject to your rights to terminate this Agreement for Good Reason, items of compensation that are tied to or a function of base salary, may be adjusted or
fluctuate to reflect changes in your base salary without such adjustment or fluctuation constituting a breach of this Agreement. 

  

	5.	SEVERANCE AGREEMENT FOR CHANGE IN CONTROL. You shall be entitled to a severance agreement for change in control (the “Severance Agreement”) which provides for severance
pay, in the event of a change in control, in an amount equal to three (3) times the sum of Base Pay plus Incentive Pay (as those terms are defined therein) and containing: 

  

	 	(a)	the standard terms and conditions utilized for the Company’s executive officers; 

  

	 	(b)	a “walk at will” provision; and 

  

	 	(c)	an additional provision which requires that any amount which may become payable under that severance agreement be offset by termination pay payable under this Employment Agreement
as a result of the termination of your employment due to a change in control. 

  

	6.	EMPLOYEE BENEFITS. 

 You will continue to
participate in the following OMNOVA employee benefit plans in accordance with their normal terms and conditions: 
  

	 	(a)	OMNOVA Solutions Consolidated Pension Plan; 

  

	 	(b)	Pension Benefits Restoration Plan for Salaried Employees of OMNOVA Solutions Inc.; 

  

	 	(c)	OMNOVA Solutions Retirement Savings Plan; 

  

	 	(d)	Savings Benefits Restoration Plan for Salaried Employees of OMNOVA Solutions Inc.; 

  

	 	(e)	OMNOVA Solutions Inc. Flexible Benefits Plan; 

  

	 	(f)	OMNOVA Solutions Inc. Medical Plan; 

  

	 	(g)	OMNOVA Solutions Inc. Dental Plan; 

  

	 	(h)	OMNOVA Solutions Inc. Long-Term Disability Plan; 

  

	 	(i)	OMNOVA Solutions Inc. Short-Term Disability Plan; 

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 Employment Agreement 
 December 31, 2008 
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	 	(j)	OMNOVA Solutions Inc. Basic and Dependent Life Insurance Plan; 

  

	 	(k)	OMNOVA Solutions Inc. Accidental Death and Dismemberment Plan; 

  

	 	(l)	OMNOVA Solutions Inc. Voluntary Personal Accident Plan; and 

  

	 	(m)	OMNOVA Solutions Inc. Business Travel Accident Insurance Plan. 

 This list may not be inclusive of other benefit plans currently in place. 
 Since your original hire date was subsequent to
January 1, 1995, you will not be eligible to participate in the OMNOVA Solutions Inc. Retiree Medical Plan. 
  

	7.	VACATION. 

 You will continue to be entitled to four
weeks of vacation with pay during each year of your employment. You may not carry forward to a subsequent year any unused vacation nor will you be entitled to receive pay in lieu of any unused vacation. Additionally, you will enjoy all paid holidays
that OMNOVA designates for its salaried employees in the Fairlawn area. 
  

	8.	COUNTRY CLUB MEMBERSHIP. 

 Building and maintaining
business relationships with community leaders, customers, and suppliers is an important function which the CEO is expected to perform. OMNOVA will pay or reimburse you for membership fees and dues at a local country club for your business and
personal use. All such payments and reimbursements will be treated as personal income to you in accordance with and as required by law. 
  

	9.	FINANCIAL PLANNING. 

 OMNOVA’s arrangement with
AYCO to provide individual financial counseling for its corporate officers will continue to be available to you on a cost-sharing basis. If you elect to participate, your cost will be 10% of the annual fees charged by AYCO. You will have an imputed
income liability for the company-paid 90%. 
  

	10.	ANNUAL PHYSICAL. 

 OMNOVA will provide you the
opportunity to receive an annual physical examination at any medical center that you may select. 

 Kevin M. McMullen 
 Employment Agreement 
 December 31, 2008 
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	11.	LIFE INSURANCE. 

 OMNOVA will obtain and pay premiums for term life insurance coverage on your life in the amount of $4 million, the proceeds of which will be payable to a beneficiary designated by you. OMNOVA will gross up your income
in order to pay for additional income tax you may owe with respect to such life insurance coverage. Such gross-up shall be paid in a single lump sum payment no later than December 31st
 of the year in which OMNOVA remits the additional tax. Except as otherwise provided in Paragraph 4(e)(v), upon termination of your employment, OMNOVA will cease to pay premiums for such life insurance
coverage, and you will be able to continue such coverage at your own expense for the remainder of the term. 
  

	12.	AGREEMENT. 

  

	 	(a)	This Employment Agreement supersedes the Employment Agreement dated July 16, 1996, between you and GenCorp Inc., and assumed by OMNOVA in connection with the October 1,
1999 spinoff of OMNOVA from GenCorp Inc., and further amends and restates and supersedes the Employment Agreement dated December 1, 2000, between you and OMNOVA. 

  

	 	(b)	This Employment Agreement and the Severance Agreement between you and the Company constitute the entire understanding between you and OMNOVA regarding the terms of your employment
with OMNOVA. 

  

	 	(c)	Except as expressly provided herein, this Employment Agreement may not be changed, amended or terminated, in whole or in part, except by a writing executed by you and by an
authorized officer of OMNOVA. 

  

	 	(d)	This Employment Agreement shall in all respects be construed in accordance with the laws of the State of Ohio. 

  

	 	(e)	This Employment Agreement shall be binding upon and shall inure to the benefit of the successors and assigns of OMNOVA, including any successor resulting from a change in control.

  

	13.	CODE SECTION 409A. 

  

	 	(a)	 CODE SECTION 409A COMPLIANCE. This Employment Agreement is intended to be operated in compliance with the provisions of Section 409A of the Code (including any
rulings or regulations promulgated thereunder). In the event that any provision of this Employment Agreement fails to satisfy the provisions of Section 409A of the Code, then such provision shall be reformed so as to comply with
Section 409A of the Code and to preserve as closely as possible the intention of the Company and the Executive in entering this Employment Agreement. The Company will discuss with you in good faith any amendment (consistent with the prior
sentence) to this Employment Agreement to comply with Section 409A of the Code in the event it is later determined that any provision herein causes this 

 Kevin M. McMullen 
 Employment Agreement 
 December 31, 2008 
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Agreement not to comply with Section 409A of the Code; provided that, in the event it is determined not to be feasible to so reform a provision of this
Employment Agreement as it applies to a payment or benefit due to the Executive or his beneficiary(ies), such payment shall be made without complying with Section 409A of the Code. 

  

	 	(b)	CODE SECTION 409A GROSS-UP. Anything in this Agreement to the contrary notwithstanding, in the event that it shall be determined that any payment or distribution by OMNOVA or any of
its Affiliates to you or for your benefit, paid or payable or distributed or distributable pursuant to the terms of this Agreement (a “Payment”), would be subject to the tax imposed by Section 409A of the Code (or any successor
provision thereto), including the applicable treasury regulations, by reason of being considered “deferred compensation” as defined thereby, or any interest or penalties with respect to such taxes (such tax or taxes, together with any such
interest and penalties, being hereafter collectively referred to as the “Excise Tax”), and you remit such Excise Tax to the appropriate taxing authority, then you shall be entitled to receive an additional payment or payments
(collectively, a “Gross-Up Payment”). The Gross-Up Payment shall be in an amount such that, after payment by you of all taxes (including any interest or penalties imposed with respect to such taxes), including any Excise Tax imposed upon
the Gross-Up Payment, you retain an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payment. To address compliance with Section 409A of the Code, OMNOVA and you agree that the Gross-Up Payment by OMNOVA described under
this Paragraph 13(b) will in no event be made later than the end of the calendar year after the calendar year in which you remit those amounts to the taxing authority. 

  

							
		 		 	OMNOVA SOLUTIONS INC.
				
	Date: December 31, 2008	 		 	By:	 	 /s/ Edward P. Campbell

		 		 	  	 	Campbell Edward P. Campbell
		 		 	Its:	 	Chairman, Compensation and Corporate Governance Committee
				
	Date: December 31, 2008	 		 		 	 /s/ Kevin M. McMullen

		 		 		 	KEVIN M. McMULLEN

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