Document:

Exhibit 10.1

Exhibit 10.1

2010 AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

THIS 2010 AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Amended Agreement”), dated as of
December 17, 2010, between AMICUS THERAPEUTICS, INC., a Delaware corporation having an office at 6
Cedar Brook Drive, Cranbury, New Jersey 08512 (the “Company”), and JOHN F. CROWLEY, an individual
residing at 15 Leonard Court, Princeton, NJ 08540 (“Employee”).

PREAMBLE

WHEREAS, effective January 6, 2005, the Company and the Employee entered into that certain
Employment Agreement (the “Original Agreement”);

WHEREAS, since the effective date of the Original Agreement the Company and Employee have
entered into several amendments of the Original Agreement and this 2010 Amended and Restated
Agreement amends and restates in its entiretyall prior agreements between the Company and Employee;

WHEREAS, since January 17, 2005, the Employee has served as the Chief Executive Officer of the
Company, and the Company desires to continue the employment of Employee in the capacities of
President and Chief Executive Officer and Employee desires to continue such service, all pursuant
to the terms and conditions hereinafter set forth;

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good
and valuable consideration, the sufficiency and receipt whereof is hereby acknowledged, the parties
agree as follows:

Section 1. Definitions. Unless otherwise defined herein, the following terms shall
have the following respective meanings:

“Cause” means for any of the following reasons: (i) willful or deliberate misconduct
by Employee that materially damages the Company; (ii) misappropriation of Company assets; (in)
Employee’s conviction of or a plea of guilty or “no contest” to, a felony; or (iv) any willful
disobedience of the lawful and unambiguous instructions of the Board of Directors of the Company;
provided that the Board of Directors has given Employee thirty (30) days written notice of such
disobedience or neglect and Employee has failed to cure such cause.

“Change in Control Event” means any of the following (i) any person or entity (except
for a current stockholder) becomes the beneficial owner of greater than 50% of the then outstanding
voting power of the Company; (ii) a merger or consolidation with another entity where the voting
securities of the Company outstanding immediately before the transaction constitute less than a
majority of the voting power of the voting securities of the Company or the surviving entity
outstanding immediately after the transaction, or (iii) the sale or disposition of all or
substantially all of the Company’s assets.

 

 

 

“Common Stock” means the common stock of the Company; par value $.01 per share.

“Effective Date” means January 17, 2005.

“Good Reason” means (i) a material diminution in Employee’s authority, duties, or
responsibilities from those set forth in this Amended Agreement, or (ii) a material change in the
geographic location at which the Employee must perform the services, in each case without the
Employee’s consent. The Employee must provide the Company with notice of the Good Reason condition
within ninety (90) days of its initial existence, the Company shall have a period of thirty (30)
days within which it may remedy the condition and not be required to pay the severance payment, and
any Good Reason termination must occur within two (2) years of the initial existence of the Good
Reason condition.

Section 2. Employment.

Subject to the terms and conditions of this Amended Agreement, Employee is hereby employed by
the Company to serve as its President and Chief Executive Officer. Employee accepts such
employment, and agrees to discharge all of the duties normally associated with said positions, to
faithfully and to the best of his abilities perform such other services consistent with his
position as a senior executive officer as may from time to time be assigned to him by the Board of
Directors of the Company and to devote all of his business time, skill and attention to such
services. Notwithstanding the foregoing, however, Employee may serve on the boards of directors of
other companies, and in civic, cultural, philanthropic and professional organizations so long as
such service does not detract from the performance of Employee’s duties hereunder, such
determination to be made by the Board of Directors in its sole discretion. Employee may continue
service as an officer, U.S. Navy Reserve, and any periods of active duty service shall not result
in any reduction in compensation or benefits payable to Employee under Section 3 of this Amended
Agreement. At all times during which Employee remains President and Chief Executive Officer of the
Company, Employee shall serve as a member of the Company’s Board of Directors and, at the request
of the Company’s Board of Directors, as an officer or director of any Company affiliate, in each
case without additional remuneration therefor.

Section 3. Compensation and Benefits.

3.1 Base Salary. During the Employment Term (as defined in Section 5 hereof), the
Company shall pay Employee a salary at the annual rate of $545,000 or such greater amount as the
Company’s Board of Directors may from time to time establish pursuant to the terms hereof (the
“Base Salary”). Such Base Salary shall be reviewed annually and may be increased, but not
decreased, by the Board of Directors of the Company in its sole discretion. The Base Salary shall
be payable in accordance with the Company’s customary payroll practices for its senior management
personnel.

 

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3.2 Bonus. During the Employment Term, Employee shall be eligible to participate in
the Company’s bonus programs in effect with respect to senior management personnel. Employee shall
be eligible to receive an annual target bonus of up to 60% of the Base Salary in cash (the
“Bonus”). Any Bonus payment to which Employee becomes entitled hereunder shall be paid to Employee
in a lump sum on or before the 15th day of the third month following the end of the calendar year
in which the Bonus was earned.

3.3 Benefits

(a) Benefit Plans. During the Employment Term, Employee may participate, on the same
basis and subject to the same qualifications as other senior management personnel of the Company,
in any benefit plans (including health and medical insurance of Employee, Employee’s spouse and
Employee’s dependents) and policies in effect with respect to senior management personnel of the
Company, including any stock option plan.

(b) Reimbursement of Expenses. During the Employment Term, the Company shall pay or
promptly reimburse Employee, upon submission of proper invoices in accordance with the Company’s
normal procedures, for all reasonable out-of-pocket business, entertainment and travel expenses
incurred by Employee in the performance of his duties hereunder. Any taxable reimbursement of
business or other expenses as specified under this Amended Agreement shall be subject to the
following conditions: (1) the expenses eligible for reimbursement in one taxable year shall not
affect the expenses eligible for reimbursement in any other taxable year; (2) the reimbursement of
an eligible expense shall be made no later than the end of the calendar year after the year in
which such expense was incurred; and (3) the right to reimbursement shall not be subject to
liquidation or exchange for another benefit.

(c) Medical Expenses. Effective January 1, 2011, the Company shall pay to Employee a
monthly amount equal to $150,000 in cash to cover (1) out-of-pocket medical expenses incurred or
accrued by Employee, Employee’s spouse and Employee’s dependents from and after January 1, 2011
(collectively, “Reimbursed Medical Expenses”) and (2) corresponding tax gross-up payments on behalf
of the Employee relating to the appropriate federal and state taxing authorities (the “Tax Gross Up
Payments” and collectively with the “Reimbursed Medical Expenses”, the “Health Care Reimbursement
Benefits”). This amount shall be paid to Employee on the first day of each calendar month with
respect to that calendar month. In no event shall the Company make total payments to the Employee
for the Health Care Reimbursement Benefits in excess of $1,800,000 for a calendar year. The
benefits and payments set forth in this paragraph shall continue for a period of twelve (12) months
following Employee’s death or termination of employment by reason of Disability as provided in
Section 5.5 hereof, and shall be payable to Employee or Employee’s estate, as applicable, on the
first day of each calendar quarter with respect to that calendar quarter. Within fifteen (15) days
after the end of each calendar quarter, the Employee shall submit receipts evidencing the
Reimbursed Medical Expenses incurred or accrued with respect to such calendar quarter to an
auditing firm to be selected by the Company in its sole discretion (the “Auditors”). The Auditors
shall review such receipts to determine whether the Reimbursed Medical Expenses meet the definition
of “medical expenses” pursuant to

 

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the then applicable U.S. Internal Revenue Service regulations
(“Allowable Expenses”) and provide the Company and the Employee with a report detailing its
conclusions (the “Auditors’ Report”) within forty-five (45) days of the end of such quarter. The
Auditors’ shall provide the Company and the Employee with an Auditors’ Report relating to the
previously-ended calendar year (“Year-End Auditors’ Report”) by March 1. The Year-End Auditors’
Report shall detail the Allowable Expenses for the year and a calculation of the amount of Tax
Gross-Up Payments adjusted to reflect the Allowable Expenses (“Adjusted Tax Gross-Up Payments”).
All reports of the Auditors shall be delivered to the Chairman of the Company’s Audit Committee of
the Board of Directors and the Company’s Chief Accounting Officer. In the event that the sum of the
Allowable Expenses for the year and the Adjusted Tax Gross-Up Payments are less than $1,800,000,
then the Employee shall reimburse such difference to the Company within thirty (30) days of the
date of the Auditors’ Report.

(d) Vacation. During the Employment Term, Employee shall be entitled to up to four
(4) weeks of vacation in accordance with the policies of the Company applicable to senior
management personnel from time to time.

(e) Withholding. The Company shall be entitled to withhold from amounts payable or
benefits accorded to Employee under this Agreement all federal, state and local income, employment
and other taxes, as and in such amounts as may be required by applicable law.

Section 4. Employment Term. The term of this Agreement (the “Employment Term”) shall
end on the close of business on the first anniversary of the date of this Amended Agreement. The
Employment Term shall be automatically extended for additional one-year periods (each a “Renewal
Period”) unless, at least sixty (60) days prior to the end of the expiration of the Employment
Term, Employee notifies the Board of Directors or the Board of Directors notifies Employee that the
notifying party does not wish to extend such Employment Term. Employee’s employment hereunder
shall be coterminous with the Employment Term, unless sooner terminated as provided in Section 5.

Section 5. Termination; Severance Benefits.

5.1 Generally. Either the Board of Directors of the Company or Employee may terminate
Employee’s employment hereunder, for any reason, at any time prior to the expiration of the
Employment Term, upon sixty (60) days prior written notice to the other party. Upon termination of
Employee’s employment hereunder for any reason, Employee shall be deemed simultaneously to have
resigned as a member of the Board of Directors of the Company and from any other position or office
he may at the time hold with the Company or any of its affiliates.

 

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5.2 Termination by Employee.

(a) No Reason. If, prior to the expiration of the Employment Term, Employee
voluntarily resigns from his employment, other than for Good Reason, Employee shall (i) receive no
further Base Salary or Bonus hereunder, other than accrued and unpaid Base Salary
through and including the effective date of termination of his employment with the Company
(the “Accrued Compensation”) and (ii) cease to be covered under or be permitted to participate in
or receive any of the benefits described in Section 3.3 hereof (provided, however,
that Employee shall be entitled to receive any benefits under Section 3.3 hereof to the extent such
benefits have accrued through and including the effective date of termination of his employment
with the Company, such amount being payable in a lump sum on the effective date of the termination
of Employee’s employment with the Company).

(b) Good Reason. If, prior to the expiration of the Employment Term, a condition
occurs which constitutes Good Reason and after Employee has complied with the applicable notice
period and the Company has failed to remedy such condition, Employee actually resigns (all as
described in detail in the definition of “Good Reason” in Section 1), Employee shall be entitled to
receive, subject to Section 5.7(b) below, an amount equal to Employee’s then current Base Salary,
payable over eighteen (18) months in accordance with the Company’s customary payroll practices then
in effect for its senior management personnel (the “Severance Payment”), plus an amount equal to
1.5 (one and one-half) times the target Bonus for the year in which such termination occurs (such
amount being payable in a lump sum on the effective date of the termination of Employee’s
employment with the Company), plus any of the benefits under Section 3.3 hereof if and to
the extent such benefits have accrued through and including such effective date of termination
(such accrued benefits being payable in a lump sum on such effective date of the termination). In
addition, the vesting of the Options shall accelerate with respect to the twelve (12) month period
beginning on the date of Employee’s effective date of termination, and Employee shall continue to
be covered under or be permitted to participate in or receive the benefits described in paragraphs
(a) and (c) of Section 3.3 hereof for the period of time during which the Severance Payment is
payable to Employee.

5.3 Termination by the Company.

(a) Without Cause. If, prior to the expiration of the Employment Term, the Company
terminates Employee’s employment hereunder without Cause or if the Board of Directors of the
Company gives written notice pursuant to Section 4 hereof notifying Employee that the Board of
Directors does not wish to extend the Employment Term, then Employee shall be entitled to receive
the Severance Payment commencing upon the effective date of the termination of Employee’s
employment with the Company, shall be entitled to receive (in a lump sum on such effective date of
termination) benefits under Section 3.3(b) hereof to the extent such benefits have accrued through
and including such effective date of termination, shall continue to be covered under or be
permitted to participate in or receive the benefits described in paragraphs (a) and (c) of Section
3.3 hereof for the period of time during which the Severance Payment is payable to Employee (any
amounts to be paid thereunder to be payable to Employee or Employee’s estate, as applicable, on the
first day of each calendar quarter with respect to that calendar quarter), and shall be paid (in a
lump sum on such effective date of termination) an amount equal to 1.5 (one and one-half) times the
target Bonus for the year in which such termination occurs; all such payments under this section
shall be made subject to Section 5.7(b) below. In addition, the vesting of the Options shall
accelerate with
respect to the twelve (12) month period beginning on the date of Employee’s effective date of
termination.

 

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(b) For Cause. If, prior to the expiration of the Employment Term, the Company
terminates Employee’s employment hereunder for Cause, Employee shall (i) receive no further Base
Salary or Bonus hereunder, other than Accrued Compensation which shall be payable on the effective
date of the termination of Employee’s employment with the Company and (ii) cease to be covered
under or be permitted to participate in or receive any of the benefits described in Section 3.3
hereof; provided, however, that (A) Employee shall be entitled to receive (in a
lump sum on such effective date of termination) any benefits under Section 3.3 hereof to the extent
such benefits have accrued through and including such effective date of termination, subject to
Section 5.7(b) below and (B) if Employee is terminated for Cause hereunder solely as a result of
being convicted of a felony, which conviction is ultimately reversed on appeal or pardoned,
Employee shall be deemed to have been terminated without Cause as of the date of such termination
for Cause.

5.4 Termination in Connection with a Change in Control Event. If, prior to the
expiration of the Employment Term, (i) a condition occurs which constitutes Good Reason and after
Employee has complied with the applicable notice period and the Company has failed to remedy such
condition, Employee actually resigns (all as described in detail in the definition of “Good Reason”
in Section 1), (ii) the Company terminates Employee’s employment hereunder without Cause, or (iii)
if the Board of Directors of the Company gives written notice pursuant to Section 4 hereof
notifying Employee that the Board of Directors does not wish to extend the Employment Term, in each
case within: (a) three (3) months prior to, or (b) twelve (12) months following, the occurrence of
a Change in Control Event, Employee shall be entitled to receive an amount equal to two (2.0) times
Employee’s then current Base Salary, payable over twenty-four (24) months, commencing upon the
effective date of the termination of Employee’s employment with the Company, in accordance with the
Company’s customary payroll practices for its senior management personnel (the “Change in Control
Severance Payment”), plus an amount equal to two (2.0) times the target Bonus for the year in which
such resignation or termination occurs (such amount being payable in a lump sum on such effective
date of termination), plus any of the benefits under Section 3.3 hereof if and to the
extent such benefits have accrued through and including such effective date of termination (such
accrued benefits being payable in a lump sum on such effective date of the termination). In
addition, the Options shall vest in full, any vesting requirements for any restricted stock grants
shall lapse and Employee shall continue to be covered under or be permitted to participate in or
receive the benefits described in paragraphs (a) and (c) of Section 3.3 hereof for the period of
time during which the Change in Control Severance Payment is payable to Employee (any amounts to be
paid thereunder to be payable to Employee or Employee’s estate, as applicable, on the first day of
each calendar quarter with respect to that calendar quarter). All payments made under this section
shall be subject to Section 5.7(b) below.

 

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5.5 Termination upon Death or Disability. Employee’s employment hereunder shall
terminate upon death of Employee. The Company may terminate Employee’s employment hereunder in the
event Employee is disabled and such disability continues for more
than 180 days. “Disability” shall be defined as the inability of Employee to render the
services required of him, with or without a reasonable accommodation, under this Amended Agreement
as a result of physical or mental incapacity. In the event of death or termination by the Company
due to disability of Employee, the Company shall continue to pay to Employee or Employee’s estate,
the compensation required under Section 3, for a period of twelve (12) months (any amounts to be
paid thereunder to be payable to Employee or Employee’s estate, as applicable, on the first day of
each calendar quarter with respect to that calendar quarter, except reimbursement of expenses
pursuant to Section 3.3(b) which reimbursements shall be payable in accordance with such Section
3.3(b)).

5.6 Release Required. In order to receive the Severance Payment or the Change in
Control Severance Payment, and other benefits under Section 5 hereof, including the acceleration of
vesting of the Options, Employee must execute and deliver to the Company a release, the form and
substance of which are acceptable to the Company. Any amounts otherwise payable on account of the
Employee’s termination of employment under this Amended Agreement which (i) are conditioned in any
part on a release of claims and (ii) would otherwise be paid (assuming the release is given) prior
to the last day on which the release could become irrevocable assuming the Employee’s latest
possible execution and delivery of the release (such last day, the “Release Deadline”) shall be
paid, if ever, only on the Release Deadline, even if the Employee’s release becomes irrevocable
before that date. The Company may elect to make such payment prior to the Release Deadline,
however, provided that the release is given by the Employee prior to such date, and further
provided that if the Release Deadline is more than thirty (30) days following the date on which the
Employee has given the release, then payment may be made no earlier than thirty (30) days prior to
the Release Deadline.

5.7 Section 409A.

(a) Purpose. This section is intended to help ensure that compensation paid or
delivered to the Employee pursuant to this Amended Agreement either is paid in compliance with, or
is exempt from, Section 409A of the Internal Revenue Code of 1986, as amended and the rules and
regulations promulgated thereunder (collectively, “Section 409A”). However, the Company does not
warrant to the Employee that all compensation paid or delivered to him for his services will be
exempt from, or paid in compliance with, Section 409A.

(b) Amounts Payable On Account of Termination. For the purposes of determining when
amounts otherwise payable on account of the Employee’s termination of employment under this Amended
Agreement will be paid, which amounts become due because of his termination of employment,
“termination of employment” or words of similar import, as used in this Amended Agreement, shall be
construed as the date that the Employee first incurs a “separation from service” for purposes of
Section 409A on or following termination of employment. Furthermore, if the Employee is a
“specified employee” of a public company as determined pursuant to Section 409A as of his
termination of employment, any amounts payable on account of his termination of employment which
constitute deferred compensation within the meaning of Section 409A and which are otherwise payable
during the first six months following the Employee’s termination (or prior to his death after
termination) shall be paid to the Employee
in a cash lump-sum on the earlier of (1) the date of his death and (2) the first business day
of the seventh calendar month immediately following the month in which his termination occurs.

 

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(c) Interpretative Rules. In applying Section 409A to amounts paid pursuant to this
Agreement, any right to a series of installment payments under this Agreement shall be treated as a
right to a series of separate payments.

(d) Deferred Compensation Taxes. Notwithstanding any other provisions of this
Agreement, in the event that any payment or benefit under this Agreement received or to be received
by the Employee (the “Payment”) is determined to be subject (in whole or part) to the
penalties imposed by Section 409A of the Code (the “Additional Taxes”), then the Employee shall be
entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after
payment by the Employee of the Additional Taxes, the Employee retains an amount equal to the
Payment net of any applicable taxes and withholdings other than Additional Taxes. All
determinations required to be made under this provision, including whether and when a Gross-Up
Payment is required, the amount of such Gross-Up Payment and the assumptions to be utilized in
arriving at such determination, shall be made by the Company’s accountants or such other certified
public accounting firm designated by the Employee and reasonably acceptable to the Company. Any
certified public accounting firm chosen by the Employee shall provide detailed supporting
calculations both to the Company and the Employee. Any Gross-Up Payment due under this paragraph
shall be paid to the Employee no later than December 31 of the calendar year following the calendar
year in which the Employee remits the Additional Taxes to the applicable authorities.

Section 6. Federal Excise Tax.

6.1 General Rule. Employee’s payments and benefits under this Agreement and all other
arrangements or programs related thereto shall not, in the aggregate, exceed the maximum amount
that may be paid to Employee without triggering golden parachute penalties under Section 280G of
the Code, and the provisions related thereto with respect to such payments. If Employee’s benefits
must be cut back to avoid triggering such penalties, Employee’s benefits will be cut back in the
priority order Employee designates or, if Employee fails to promptly designate an order, the
priority order designated by the Company. If an amount in excess of the limit set forth in this
Section is paid to Employee, Employee must repay the excess amount to the Company upon demand, with
interest at the rate provided in Code Section 1274(b)(2)(B). Employee and the Company agree to
cooperate with each other reasonably in connection with any administrative or judicial proceedings
concerning the existence or amount of golden parachute penalties on payments or benefits Employee
receives.

6.2 Exception. Section 6.1 shall apply only if it increases the net amount Employee
would realize from payments and benefits subject to Section 6.1, after payment of income and excise
taxes by Employee on such payments and benefits.

6.3 Determinations. The determination of whether the golden parachute penalties under
Code Section 280G and the provisions related thereto shall be made by counsel
chosen by Employee and reasonably acceptable to the Company. All other determinations needed
to apply this Section 6 shall be made in good faith by the Company’s independent auditors.

 

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Section 7. General.

7.1 Confidentiality and Non-Competition Agreement. Employee and the Company hereby
ratify and re-affirm that certain Confidentiality and Non-Competition Agreement dated January 26,
2005 (the “Confidentiality Agreement”).

7.2 No Conflict. Employee represents and warrants that he has not entered, nor will
he enter, into any other agreements that restrict his ability to fulfill his obligations under this
Agreement and the Confidentiality Agreement.

7.3 Governing Law. This Agreement shall be construed, interpreted and governed by the
laws of the State of New Jersey, without regard to the conflicts of law rules thereof.

7.4 Binding Effect. This Agreement shall extend to and be binding upon Employee, his
legal representatives, heirs and distributees and upon the Company, its successors and assigns
regardless of any change in the business structure of the Company.

7.5 Assignment. Neither this Agreement nor any of the rights or obligations hereunder
shall be assigned or delegated by any party without the prior written consent of the other party.

7.6 Entire Agreement. Except for any stock option or stock award agreements between
the parties, this Agreement contains the entire agreement of the parties with respect to the
subject matter hereof. No waiver, modification or change of any provision of this Agreement shall
be valid unless in writing and signed by both parties.

7.7 Waiver. The waiver of any breach of any duty, term or condition of this Agreement
shall not be deemed to constitute a waiver of any preceding or succeeding breach of the same or any
other duty, term or condition of this Agreement.

7.8 Severability. If any provision of this Agreement shall be unenforceable in any
jurisdiction in accordance with its terms, the provision shall be enforceable to the fullest extent
permitted in that jurisdiction and shall continue to be enforceable in accordance with its terms in
any other jurisdiction and the validity, legality and enforceability of the remaining provisions
contained herein shall not be affected thereby.

7.9 Conflicting Agreements. In the event of a conflict between this Agreement and any
other agreement between Employee and the Company, the terms and provisions of this Agreement shall
control.

 

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7.10 Resolution of Disputes. Any claim or controversy arising out of, or relating to,
this Agreement, other than with respect to the Confidentiality Agreement, between Employee and the
Company (or any officer, director, employee or agent of the Company), or the breach thereof, shall
be settled by arbitration administrated by the American Arbitration Association under its National
Rules for the Resolution of Employment Disputes. Such arbitration shall be held in New Jersey (or
in such other location as the Company may at the time be headquartered). The arbitration shall be
conducted before a three-member panel. Within fifteen (15) days after the commencement of
arbitration, each party shall select one person to act as arbitrator and the two selected shall
select a third arbitrator within ten (10) days of their appointment.

If the arbitrators selected by the parties are unable or fail to agree upon the third
arbitrator, the third arbitrator shall be selected by the American Arbitration Association and
shall be a member of the bar of the State of New Jersey actively engaged in the practice of
employment law for at least ten years. The arbitration panel shall apply the substantive laws of
the State of New Jersey in connection with the arbitration and the New Jersey Rules of Evidence
shall apply to all aspects of the arbitration. The award shall be made within thirty days of the
closing of the hearing. Judgment upon the award rendered by the arbitrators(s) may be entered by
any Court having jurisdiction thereof.

7.11 Notices. All notices pursuant to this Agreement shall be in writing and shall be
sent by prepaid certified mail, return receipt requested or by recognized air courier service
addressed as follows:

(i) If to the Company to:

Amicus Therapeutics, Inc.

6 Cedar Brook Drive

Cranbury, New Jersey 08512

(ii) If to Employee to:

John F. Crowley

15 Leonard Court

Princeton, New Jersey 08540

or to such other addresses as may hereinafter be specified by notice in writing by either of the
parties, and shall be deemed given three (3) business days after the date so mailed or sent.

 

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7.12 Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original but all of which shall together constitute one and the same agreement.

[Signature Page Follows]

 

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

	 	 	 	 	 
	 	/s/ John F. Crowley
 	 
	 	JOHN F. CROWLEY 	 
	 
	 	AMICUS THERAPEUTICS, INC.

 	 
	 	By:  	/s/ Donald J. Hayden, Jr.
 	 
	 	 	Name:  	Donald J. Hayden, Jr. 	 
	 	 	Title:  	Lead Independent Director of the Board 	 

 

12exv10w1

Exhibit 10.1

MOLYCORP, INC.

AMENDED AND RESTATED MANAGEMENT INCENTIVE COMPENSATION
PLAN

EFFECTIVE DECEMBER 20, 2010

	1.	 	Purpose and Adoption of Plan

     (a) Adoption: Molycorp Minerals, LLC, the predecessor to the Company, adopted and
established the Molycorp Minerals, LLC Management Incentive Compensation Plan effective April 1,
2009 (the “2009 Plan”). The Company amended and restated the 2009 Plan effective December
20, 2010 (the “Plan”). The Plan is an unfunded top-hat deferred compensation arrangement.
Benefits under the Plan shall be paid solely from the general assets of the Company.

     (b) Purpose: The Plan is designed to permit a select group of management or highly
compensated employees to defer a portion of their Basic Compensation, Cash Incentive Compensation
and RSUs granted under the 2010 Equity Plan, and to defer any amounts credited to their Accounts in
the discretion of the Company, until a Change in Control of the Company, the termination of the
Plan, a date specified by a Participant, the occurrence of an Unforeseeable Emergency, or a
Participant’s death, disability or termination of employment. In addition, Participants who elect
to defer a portion of their Cash Incentive Compensation may elect to have a portion of that
deferral converted into RSUs and may be eligible, as a result of such conversion, to receive
matching contributions from the Company in the form of Matching RSUs.

	2.	 	Definitions

     For purposes of the Plan, the following terms shall have the following meanings unless a
different meaning is plainly required by the context:

     (a) “2010 Equity Plan” shall mean the Company’s 2010 Equity and Performance Incentive Plan.

     (b) “Accounts” shall mean, collectively, a Participant’s Cash Deferred Account, RSU Account
and Matching Account under the Plan. Each Account shall be maintained solely as a bookkeeping entry
by the Company to evidence an unfunded obligation of the Company.

     (c) “Account List” shall mean the list referred to in Section 6(b).

     (d) “Administrative Committee” shall have the meaning set forth in Section 8(a).

     (e) “Arbitrable Dispute” shall have the meaning set forth in Section 8(h)(vi).

     (f) “Basic Compensation” shall mean the monthly rate of an Employee’s base wages or salary
paid by the Company to an Employee, including amounts contributed as salary deferral contributions
to the Retirement Plan and any amounts contributed by the Employee on a before tax basis to any
other qualified or nonqualified deferred compensation plan sponsored by the Company, but excluding
employee reimbursements.

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     (g) “Beneficiary” shall mean any person, estate, trust, or organization entitled to receive
any payment under the Plan upon the death of a Participant pursuant to Section 7(c).

     (h) “Board of Directors” shall mean the Board of Directors of the Company.

     (i) “Cash Deferred Account” shall mean an account established and maintained by the Company in
its books and records to reflect the interest of a Participant in the Plan resulting from a
Participant’s deferred Basic Compensation and Cash Incentive Compensation plus any discretionary
amounts credited by the Company pursuant to Section 4(f), denominated in cash, for the benefit of
the Participant and to record the adjustments thereto arising from hypothetical income, gains,
losses, and any other credits or charges.

     (j) “Cash Incentive Compensation” shall mean the cash portion of any bonuses, commissions, and
other forms of extraordinary cash compensation that are supplemental to Basic Compensation and are
dependent upon the Company’s or the Participant’s exceeding individual or corporate performance
goals or upon other work-related achievements and performance.

     (k) “Cause” shall have the meaning ascribed to it in any employment agreement between a
Participant and the Company or any of its Subsidiaries; provided that if a Participant does not
have an employment agreement with the Company or any of its Subsidiaries that includes a definition
of “Cause,” then a termination for “Cause” shall mean the termination by the Company or any
Subsidiary of the Participant’s employment with the Company or any Subsidiary as a result of (i)
the commission by the Participant of a felony or a fraud, (ii) gross negligence or gross misconduct
by the Participant with respect to the Company or any Subsidiary or affiliate of the Company, (iii)
the Participant’s failure to follow the directions of the Board of Directors or Chief Executive
Officer of the Company, which failure is not cured within three days after written notice thereof
to the Participant, (iv) the Participant’s violation of any non-competition, non-solicitation or
non-disclosure agreement with the Company or any Subsidiary, (v) the Participant’s breach of a
material employment policy of the Company, which breach is not cured within three days after
written notice thereof to the Participant, or (vi) any other breach by the Participant of any
agreement with the Company or any Subsidiary that is material and is not cured within thirty days
after written notice thereof to the Participant.

     (l) “Change in Control” shall mean:

          (i) The first to occur of a “change in ownership” as described in Subsection 2(l)(i)(A), a
“change in effective control” as described in Subsection 2(l)(i)(B) or a “change in ownership of a
substantial portion of assets” as described in Subsection 2(l)(i)(C):

               (A) Change in Ownership. There is a change in ownership if any one person, or more
than one person acting as a group (as defined in Subsection 2(l)(ii)(A)), acquires ownership of
shares of Common Stock that, together with shares of Common Stock held by such person or group,
constitute more than fifty percent (50%) of the total fair market value or shares of Common Stock
of the Company. However, if any one person or more than one person acting as a group is considered
to own more than fifty percent (50%) of the total fair market value of shares of Common Stock of
the Company, the acquisition of additional shares of Common Stock by the same person or persons
shall not be considered to cause a change in the ownership of the

2

 

Company (or to cause a change in the effective control of the Company, within the meaning of
Subsection 2(l)(i)(B)). An increase in the percentage of shares of Common Stock owned by any one
person, or persons acting as a group, as a result of a transaction in which the Company acquires
its shares of Common Stock in exchange for property will be treated as an acquisition of shares of
Common Stock for this purpose. However, there is no change in ownership under this Subsection
2(l)(i)(A) when there is a transfer of shares of Common Stock to an entity that is controlled by
the stockholders of the transferring company.

               (B) Change in Effective Control. There is no change in effective control in the event
of an initial public offering of the Company or within the eighteen (18) month period immediately
following an initial public offering. Otherwise, there is a change in effective control if either
(1) any one person, or more than one person acting as a group (as determined under Subsection
2(l)(ii)(A)), acquires (or has acquired during the twelve (12) month period ending on the date of
the most recent acquisition by such person or persons) ownership of thirty percent (30%) or more of
the shares of Common Stock of the Company, or (2) a majority of the members of the Board of
Directors is replaced during any twelve (12) month period by directors whose appointment or
election is not endorsed by a majority of the members of the Board of Directors prior to the date
of the appointment or election.

               (C) Change in Ownership of a Substantial Portion of Assets. There is a change in
ownership of a substantial portion of assets if any one person, or more than one person acting as a
group (as determined in Subsection 2(l)(ii)(A)), acquires (or has acquired during the twelve (12)
month period ending on the date of the most recent acquisition by such person or persons) assets
from the Company that have a total gross fair market value equal to or more than forty percent
(40%) of the total gross fair market value of all of the assets of the Company immediately prior to
such acquisition or acquisitions. For this purpose, gross fair market value means the value of the
assets of the Company, or the value of the assets being disposed of, determined without regard to
any liabilities associated with such assets. However, there is no change in ownership of a
substantial portion of the assets of the Company under this Subsection 2(l)(i)(C) when there is a
transfer to an entity that is controlled by the stockholders of the transferring company.

          (ii) For purposes of the above events, the following rules shall apply:

               (A) Persons Acting as a Group. Persons shall not be considered to be acting as a group
solely because they purchase or own shares of Common Stock, or purchase assets, of the Company at
the same time, or as a result of the same public offering. However, persons shall be considered to
be acting as a group if they are the owners of a company that enters into a merger, consolidation,
purchase or acquisition of stock or assets, or similar business transaction with the Company. If a
person, including an entity, owns stock in such a company and in the Company at a time that both of
the companies enter into a merger, consolidation, purchase or acquisition of stock or assets, or
similar transaction, such shareholder is considered to be acting as a group with other shareholders
in a company only with respect to, and to the extent of, the ownership in that company prior to the
transaction giving rise to the change and not with respect to the ownership interest in the other
company.

3

 

               (B) Attribution. The attribution rules of Section 318(a) of the Code shall apply to
determine Common Stock ownership. Shares of Common Stock underlying a vested option are considered
owned by the individual who holds the vested option (and the shares of Common Stock underlying an
unvested option shall not be considered owned by the individual who holds the unvested option). For
purposes of the preceding sentence, however, if a vested option is exercisable for shares of Common
Stock that is not substantially vested (as defined in Treasury Regulations 1.83-3(b) and (j) ), the
shares of Common Stock underlying the option are not treated as owned by the individual who holds
the option.

     (m) “Claimant” shall have the meaning set forth in Section 8(h)(i).

     (n) “Code” shall mean the Internal Revenue Code of 1986, as amended, including any successor
statute.

     (o) “Common Stock” means the Common Stock, par value $0.001 per share, of the Company.

     (p) “Company” shall mean Molycorp, Inc., a Delaware corporation, and any of its successors.

     (q) “Compensation Committee” shall mean the Compensation Committee, or any subcommittee
thereof, of the Board of Directors.

     (r) “Converted RSU” shall have the meaning set forth in Section 5(a).

     (s) “Deferral Election” shall mean the Participant’s written election to defer a portion of
his Basic Compensation, Cash Incentive Compensation and/or RSUs pursuant to Section 4(c) and
consistent with such form of deferral election as is specified by the Administrative Committee.

     (t) “Deferred RSU” shall mean an RSU granted under the 2010 Equity Plan (other than a
Converted RSU or a Matching RSU) for which a Participant makes a Deferral Election.

     (u) “Disability” or “Disabled” shall mean a Participant:

          (i) is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than twelve (12) months; or

          (ii) is, by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months, receiving income replacement benefits for a period of not less than three (3)
months under an accident and health plan covering Employees.

     (v) “Dividend Equivalent” shall mean an amount equal to the cash dividends paid by the Company
with respect to each share of Common Stock subject to each RSU credited to a Participant’s RSU
Account and Matching Account.

4

 

     (w) “Domestic Relations Order” shall mean a “domestic relations order” as defined in Code
Section 414(p)(1)(B).

     (x) “Effective Date” shall mean December 20, 2010.

     (y) “Employee” shall mean any person who is currently employed by the Company.

     (z) “Enrollment Date” shall mean the Participation Date, January 1 of each Plan Year and such
other dates as may be determined from time to time by the Administrative Committee.

     (aa) “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

     (bb) “Hypothetical Investments” shall have the meaning set forth in Section 6(b).

     (cc) “Matching Account” shall mean the account maintained on the books of the Company for the
purpose of accounting for the Matching RSUs for each Participant.

     (dd) “Matching RSU” shall have the meaning set forth in Section 5(b).

     (ee) “Normal Retirement” shall mean, unless the Board of Directors determines otherwise,
termination of employment (other than by death or disability and other than in the event of
termination for Cause) by Grantee after attaining age 65 and completing 5 or more years of combined
service with the Company and its affiliates.

     (ff) “Participant” shall mean an Employee or former Employee of the Company who is eligible to
receive benefits under the Plan.

     (gg) “Participation Date” shall mean the first day of the first payroll period the
Administrative Committee shall permit a Participant to defer compensation under the Plan, but in no
event later than thirty (30) days following the date the Employee is first notified by the
Administrative Committee, or its designee, that the Employee is eligible to participate in the
Plan.

     (hh) “Performance-Based Compensation” shall mean “performance-based compensation” as defined
in Treasury Regulation Section 1.409A-1(e).

     (ii) “Performance-Based RSU” shall mean an RSU granted pursuant to the terms and conditions of
the 2010 Equity Plan that constitutes Performance-Based Compensation.

     (jj) “Plan” shall mean the Molycorp, Inc. Amended and Restated Management Incentive
Compensation Plan, as amended from time to time.

     (kk) “Plan Administrator” shall have the meaning set forth in Section 8(a).

     (ll) “Plan Year” shall mean the twelve (12) month period commencing January 1st and ending on
December 31st next following, except that the first Plan Year shall be the Effective Date through
December 31, 2009.

5

 

     (mm) “Relevant” shall have the meaning set forth in Section 8(h)(iii)(A).

     (nn) “Retirement Plan” shall mean the Molycorp Minerals, LLC 401(K) Plan.

     (oo) “RSU” shall mean the right to receive one share of Common Stock as granted pursuant to
the terms and conditions of the 2010 Equity Plan.

     (pp) “RSU Account” shall mean the account maintain on the books of the Company for a
Participant for the purpose of accounting for the Deferred RSUs and Converted RSUs.

     (qq) “Separation from Service” shall mean a Participant’s separation from service as an
Employee of the Company under Code Section 409A including the Treasury Regulations and other
guidance issued thereunder other than for death or disability. A transfer of employment within or
among any entities in the same controlled group as the Company (as determined under Code Sections
414(b) or (c), as applied under Code Section 409A(d)(6) and applicable Treasury Regulations) shall
not constitute a Separation from Service.

     (rr) “Specified Employee” shall mean a “specified employee” with respect to the Company (or a
controlled group member (as determined under Code Sections 414(b) or (c), as applied under Code
Section 409A(d)(6) and applicable Treasury Regulations)) determined pursuant to procedures adopted
by the Company in compliance with Code Section 409A and Treasury Regulation Section 1.409A-1(i) or
any successor provision.

     (ss) “Specified Payment Date” shall mean a specified date or a fixed schedule (not to exceed
fifteen (15) years) that, in each case, is nondiscretionary and objectively determinable at the
time a Participant makes his or her Deferral Election.

     (tt) “Subsequent Change” shall have the meaning set forth in Section 4(e).

     (uu) “Subsidiary” means a corporation, company or other entity (i) more than 50 percent (50%)
of whose outstanding shares or securities (representing the right to vote for the election of
directors or other managing authority) are, or (ii) which does not have outstanding shares or
securities (as may be the case in a partnership, joint venture or unincorporated association), but
more than 50 percent (50%) of whose ownership interest representing the right generally to make
decisions for such other entity is, now or hereafter, owned or controlled, directly or indirectly,
by the Company.

     (vv) “Trust” shall have the meaning set forth in Section 6(a).

     (ww) “Unforeseeable Emergency” shall mean (i) a severe financial hardship to the Participant
resulting from an illness or accident of the Participant or the Participant’s spouse, Beneficiary
or dependent (as defined in Code Section 152(a)), (ii) loss of the Participant’s property due to
casualty, or (iii) other similar extraordinary and unforeseeable circumstances arising as a result
of events beyond the control of the Participant, each as determined to exist by the Administrative
Committee, in its sole and absolute discretion as defined by Code Section 409A and the Treasury
Regulations and other guidance thereunder.

     (xx) “Vesting Date” shall have the meaning set forth in Section 5(c).

6

 

	3.	 	Eligibility

     (a) Eligibility Requirements. Any Employee who is a member of a select group of
management and highly compensated employees, as designated by the Compensation Committee in its
sole and absolute discretion, shall become a Participant on the Enrollment Date coincident with or
next following his or her selection by the Compensation Committee and notification thereof.

     (b) Ineligible Participant. If the Compensation Committee determines that a
Participant is no longer eligible to participate in the Plan, the Participant’s Deferral Election
shall terminate and he or she shall make no more contributions under the Plan until it is again
determined that he or she is eligible to participate. The Account of such a Participant shall
continue to be adjusted pursuant to the provisions of Section 6 until the Account is distributed
under Section 7.

	4.	 	Deferral Elections and Employer Contributions

     (a) Opportunity to Defer. A Participant may elect to defer payment of a portion of the
Basic Compensation and Cash Incentive Compensation otherwise payable to him during each payroll
period after his Participation Date for services to be rendered after his Participation Date by any
dollar amount or whole percentage of his Basic Compensation and/or Cash Incentive Compensation
(subject to such limits and restrictions as to any dollar amount or percentage as may be
established from time to time by the Administrative Committee), such amount to be credited to his
or her Cash Deferred Account under the Plan, subject to any adjustments made to the Cash Incentive
Compensation pursuant to Section 5(a). In addition, a Participant may also elect to defer the
receipt of shares of Common Stock payable to the Participant with respect to RSUs granted under the
2010 Equity Plan (subject to any limits and restrictions that may be established from time to time
by the Administrative Committee).

     (b) Accounts.

          (i) Cash Deferred Account. A Cash Deferred Account shall be established for each
Participant by the Company as of the effective date of such Participant’s first Deferral Election
of Basic Compensation and/or Cash Incentive Compensation.

          (ii) RSU Account. An RSU Account shall be established for each Participant by the
Company as of the effective date of such Participant’s first Deferral Election of Deferred RSUs or
the Participant’s first Deferral Election in which the Participant elects to convert Cash Incentive
Compensation into Converted RSUs.

          (iii) Matching Account. A Matching Account shall be established for each Participant
by the Company as of the effective date of such Participant’s first Deferral Election in which the
Participant elects to convert Cash Incentive Compensation into Converted RSUs.

     (c) Deferral Elections.

          (i) Timing.

7

 

               (A) Generally. The initial Deferral Election of a new Participant with respect to
Basic Compensation, Cash Incentive Compensation and Deferred RSUs shall be made by written notice
signed by the Participant and delivered to the Company not later than thirty (30) days after the
Participant first becomes eligible to participate in the Plan or any other plan maintained by the
Company that provides for the deferral of the Participant’s compensation; provided, however,
subject to Section 4(c)(i)(B), such initial Deferral Election shall not apply to Basic
Compensation, Cash Incentive Compensation earned or RSUs granted for service prior to the date such
election form is filed with the Company. Any subsequent Deferral Elections, other than Deferral
Elections made pursuant to Section 4(c)(i)(B), shall be made by written notice signed by the
Participant and delivered to the Company not later than the last day of the month prior to the next
succeeding Plan Year and shall be effective on the first day of such succeeding Plan Year with
respect to Basic Compensation or, subject to Section 4(c)(i)(B), Cash Incentive Compensation to be
earned and RSUs to be granted in such subsequent Plan Year. A Deferral Election with respect to the
deferral of future Basic Compensation, Cash Incentive Compensation and Deferred RSUs shall be an
irrevocable election for each Plan Year (and shall become irrevocable immediately prior to the
Enrollment Date to which such Deferral Election relates) unless otherwise modified or revoked
during the Plan Year as provided in Section 4(d) herein. The termination of participation in the
Plan shall not affect amounts (and the deemed investment earnings and losses thereon) previously
deferred by a Participant under the Plan.

               (B) Performance-Based Compensation. A Participant may make a Deferral Election with
respect to Performance-Based Compensation, which may include Cash Incentive Compensation and/or
Performance-Based RSUs, on or before the date that is six (6) months before the end of the
applicable performance period, provided that the Participant performs services continuously from
the later of (1) the beginning of the applicable performance period or (2) the date the performance
criteria are established through the date an election is made under this Section 4(c)(i)(B);
further, provided, that in no event may a Deferral Election be made by a Participant with respect
to Performance-Based Compensation under this Section 4(c)(i)(B) after such Performance-Based
Compensation has become “readily ascertainable,” as described in Treasury Regulation
1.409A-2(a)(8).

          (ii) Content.

               (A) General Deferral Elections. A Deferral Election made pursuant to Section
4(c)(i)(A) shall be made in writing on a form prescribed by the Company and the Deferral Election
shall state:

                    (1) That the Participant wishes to make an election to defer the receipt of a portion of his
Basic Compensation and/or RSUs that are not Performance-Based Compensation;

                    (2) The whole percentage or dollar amount of such Basic Compensation and/or RSUs to be
deferred; and

                    (3) The Specified Payment Date, if any, on which the Participant shall receive or begin to
receive the distributions of his or her Accounts with respect to the Basic Compensation and/or RSUs
deferred under such Deferral Election.

8

 

               (B) Deferral Elections for Performance-Based Compensation. A Deferral Election made
pursuant to Section 4(c)(i)(B) shall be made in writing on a form prescribed by the Company and the
Deferral Election shall state:

                    (1) That the Participant wishes to make an election to defer the receipt of a portion of his
Performance-Based Compensation, which may include Cash Incentive Compensation and Performance-Based
RSUs;

                    (2) The whole percentage or dollar amount of such Cash Incentive Compensation and/or
Performance-Based RSUs to be deferred;

                    (3) The percentage, if any, of the Participant’s Cash Incentive Compensation that will be
converted into Converted RSUs pursuant to Section 5(a); and

                    (4) The Specified Payment Date, if any, on which the Participant shall receive or begin to
receive the distributions of his or her Accounts with respect to the Cash Incentive Compensation
and/or Performance-Based RSUs deferred under such Deferral Election.

               (C) Each Deferral Election with respect to Basic Compensation and Cash Incentive Compensation
shall also include the Participant’s election regarding the form of payment to be received upon his
or her death, Disability, Separation from Service or applicable Specified Payment Date, such form
to be either (1) a lump sum or (2) monthly, quarterly, or annual installments over a period not to
exceed fifteen (15) years. The Deferral Election with respect to the form of payment shall govern
the distribution of such Participant’s Cash Deferred Account, except as provided in Section 4(e).
If a Participant fails to specify a form of payment, his or her Cash Deferred Account shall be
distributed in a lump sum.

     (d) Suspension of Deferral Election. Notwithstanding the provisions of Section 4(c) of
the Plan, the Administrative Committee, in its sole discretion upon written application by a
Participant, may authorize the suspension of a Participant’s Deferral Election in the event of an
Unforeseeable Emergency. Any suspension authorized by the Administrative Committee shall become
effective as soon as practicable after the Administrative Committee’s receipt of a suspension
application, but no later than the first payroll period beginning thirty (30) days after the
receipt of such suspension application. Such suspension shall be effective for the remainder of the
Plan Year and shall be deemed an annual election for each succeeding Plan Year unless a subsequent
Deferral Election is filed with the Company pursuant to Section 4(c).

     (e) Change in Form of Distribution and Specified Payment Date. If approved by the
Administrative Committee, a Participant may amend a prior Deferral Election on a form provided by
the Compensation Committee in order to change the form of the distribution of his or her Accounts
and/or any Specified Payment Date (in each case, a “Subsequent Change”). A Subsequent
Change shall be given effect by the Compensation Committee only if the election to change the form
of payment or the Specified Payment Date (i) does not take effect until at least twelve (12) months
after the date on which the election is made and (ii) is made at least twelve (12) months prior to
the date a lump sum is scheduled to be paid or, in the case of installment payments, twelve (12)
months prior to the date the first payment is scheduled to be paid.

9

 

Notwithstanding anything herein to the contrary, any payment with respect to which a
Participant makes a Subsequent Change shall not be made before the fifth (5th)
anniversary of the date on which the payment would have been made had the Participant not made the
Subsequent Change.

     (f) Discretionary Company Contributions. The Company may credit, from time to time, as
a discretionary Company contribution to the Cash Deferred Account of a Participant such amount, if
any, as the Compensation Committee shall determine. Such contributions may vary by individual
Participant or by group as determined by the Compensation Committee in its sole discretion. The
amount of the discretionary Company contribution, if any, shall be credited to the Cash Deferred
Account of a Participant and shall be communicated to each such Participant as soon as reasonably
practicable following the approval of such discretionary Company contribution by the Compensation
Committee. A Participant shall always be fully vested in any discretionary contribution credited to
his Cash Deferred Account pursuant to this Section 4(f).

	5.	 	RSU Conversions and Matching Contributions

     (a) Conversion of Cash Incentive Compensation into RSUs. Each Participant may elect
in his or her Deferral Election to convert a portion of his or her Cash Incentive Compensation that
he or she elects to defer during the applicable Plan Year pursuant to Section 4 into additional
RSUs (the “Converted RSUs”), which Converted RSUs shall be credited to the Participant’s
RSU Account. In such case, the number of Converted RSUs will equal the amount of Cash Incentive
Compensation that the Participant elects to convert into RSUs divided by the Market Value per Share
(as defined in the 2010 Equity Plan) on the date on which the Cash Incentive Compensation would be
paid, and such Converted RSUs shall be credited to the Participant’s RSU Account on such date.
Converted RSUs will be granted pursuant to the terms and conditions of the 2010 Equity Plan.

     (b) Matching Contributions. For each Plan Year, if a Participant elects to convert
his or her Cash Incentive Compensation into Converted RSUs pursuant to Section 5(a), the Company
shall credit to his or her Matching Account a number of RSUs equal to 25% of the number of
Converted RSUs credited to his or her RSU Account in the applicable Plan Year (the “Matching
RSUs”). The Matching RSUs will be granted by the Company pursuant to the terms and conditions
of the 2010 Equity Plan. The Matching RSUs will be credited to a Participant’s Matching Account on
the date the applicable Converted RSUs are credited to his or her RSU Account.

     (c) Vesting of Matching RSUs. A Participant’s right to receive the shares of Common
Stock subject to any Matching RSU shall become nonforfeitable with respect to one-hundred percent
(100%) of the total number of such Matching RSUs on the third (3rd) anniversary of the
date on which the Matching RSUs are credited to the Participant’s Matching Account (the
“Vesting Date”) if (i) the Participant remains continuously employed by the Company or any
of its Subsidiaries until such time or (ii) Participant’s employment with the Company or any
Subsidiary is terminated by reason of Normal Retirement prior to the Vesting Date. Notwithstanding
anything herein to the contrary, a Participant shall not be entitled to any Dividend Equivalents
with respect to a Matching RSU prior to the Matching RSU’s applicable

10

 

Vesting Date. Upon a distribution of the Matching Account, no shares subject to any unvested
Matching RSU shall be distributed.

	6.	 	Investment of Cash Deferred Accounts; Dividend Equivalents

     (a) Rabbi Trust. A rabbi trust (the “Trust”) may be established in connection
with the Plan. In such case, the Company will transfer Participant deferred Basic Compensation and
Cash Incentive Compensation plus any discretionary amounts credited by the Company for the benefit
of Participants to the Trust. The Trust will be irrevocable and will terminate on the earlier to
occur of (i) all funds having been distributed from the Trust, or (ii) the date all obligations
under the Plan have been satisfied. The Trust will provide that the assets of the Trust will be
distributed only to or for the benefit of the Participants or their beneficiaries unless the
insolvency provisions of the Trust apply. The Company will appoint an independent trustee for the
Trust and will enter into a trust agreement, in form and substance acceptable to the Company, with
the Trustee. The Administrative Committee shall select the initial independent trustee.

     (b) Hypothetical Investments. Any amounts of cash credited to a Participant’s Cash
Deferred Account shall be deemed to be invested in one or more hypothetical investments
(“Hypothetical Investments”). Each Participant shall select Hypothetical Investments from a
list of investments selected from time to time by the Administrative Committee (“Account
List”), and subject to any limitation on permissible allocations among groups of Hypothetical
Investments that the Administrative Committee may establish. The Administrative Committee may
change or discontinue any Hypothetical Investment at any time; provided that, following a Change in
Control, the Administrative Committee may not change or modify the investment options existing
immediately prior to such Change in Control in any manner that is adverse to the Participants. In
any case, the Trust may (but will not be required to) make actual investments that mirror a
Participant’s Hypothetical Investments.

          (i) Investment of Participant Accounts. The amounts of hypothetical income,
appreciation and depreciation in value of the Hypothetical Investments shall be credited and
debited to, or otherwise reflected in, such Cash Deferred Account from time to time in accordance
with procedures established by the Administrative Committee. Unless otherwise determined by the
Administrative Committee, amounts credited to a Participant’s Cash Deferred Account shall be deemed
invested in Hypothetical Investments as of the date so credited. Each Participant shall assume the
investment risk of the Hypothetical Investments.

          (ii) Allocation and Reallocation of Hypothetical Investments. A Participant may
allocate and reallocate amounts credited to the Participant’s Cash Deferred Account to one or more
of the Hypothetical Investments authorized under the Plan with such frequency as and subject to
such procedures and rules as determined by the Administrative Committee. The Administrative
Committee may restrict or prohibit reallocation of amounts deemed invested in specified
Hypothetical Investments to comply with applicable law or regulation.

          (iii) No Actual Investment. Notwithstanding any other provision of this Plan that may
be interpreted to the contrary, the Hypothetical Investments are to be used for measurement
purposes only. A Participant’s election of any such Hypothetical Investments, the allocation of
such Hypothetical Investments to his or her Cash Deferred Account, the calculation

11

 

of additional amounts and the crediting or debiting of such amounts to a Participant’s Cash
Deferred Account shall not be considered or construed in any manner as an actual investment of his
or her Cash Deferred Account in any such Hypothetical Investments. In the event that the
Administrative Committee, in its discretion, decides to cause the Trustee to invest funds in any or
all of the Hypothetical Investments, no Participant shall have any rights in or to such investments
themselves. Without limiting the foregoing, a Participant’s Cash Deferred Account shall at all
times be a bookkeeping entry only and shall not represent any investment made on his or her behalf
by the Company or the Trust. The Participant shall at all times remain an unsecured creditor of the
Company with respect to his or her Cash Deferred Account.

     (c) Dividend Equivalents. The Company may credit a Participant with Dividend
Equivalents with respect to each RSU credited to his or her RSU Account or Matching Account.
Dividend Equivalents, if any, shall be accrued and paid in cash to a Participant upon the
distribution of his or her RSU Account and Matching Account. The cash value of the Dividend
Equivalents shall not be credited to the Participant’s Cash Deferred Account.

     (d) Participant Reports. At the end of each Plan Year (or on a more frequent basis as
determined by the Administrative Committee), a report shall be issued to each Participant who has
an Account, and such report will set forth the value of each such Account and, as applicable, the
number of RSUs credited to each such Account.

	7.	 	Distribution of Accounts

     (a) Distribution upon a Specified Payment Date. Subject to Section 7(j), if a
Participant’s Deferral Election provides for distributions based on the occurrence of a Specified
Payment Date, upon such Specified Payment Date, the Account(s) attributable to such Deferral
Election shall be distributed to the Participant in a lump sum or, with respect to a Cash Deferred
Account for which the Deferral Election provides for a fixed schedule, shall commence to be
distributed to the Participant in equal monthly, quarterly or annual installments not to exceed a
fifteen (15) year period as specified on the Participant’s Deferral Election. In the event the
value of any Participant’s Cash Deferred Account as of his or her Specified Payment Date is ten
thousand dollars ($10,000) or less, the Cash Deferred Account shall be distributed in cash in a
lump sum notwithstanding the Participant’s election to have his or her Cash Deferred Account
distributed in installments under the Plan. The Cash Deferred Accounts shall be valued on the date
a distribution is processed. All payments and deliveries due under this Section 7(a) shall be made
or shall commence as soon as reasonably feasible following the Participant’s Specified Payment
Date, but in no event later than thirty (30) days following the Specified Payment Date; provided
that, if such thirty-day period ends in the taxable year following the year in which the Specified
Payment Date occurs, the Participant shall not have the right to designate the year of payment.

     (b) Distribution upon Separation From Service.

          (i) Generally. Subject to 7(j), if a Participant’s Deferral Election provides for a
distribution based on his or her Separation from Service, upon such Separation from Service, the
Account(s) attributable to such Deferral Election shall be distributed to the Participant in a lump
sum or, with respect to a Cash Deferred Account for which the Deferral Election provides

12

 

for a fixed schedule, in equal monthly, quarterly or annual installments not to exceed a
fifteen (15) year period as specified on the Participant’s Deferral Election. In the event the
value of any Participant’s Cash Deferred Account at the time distribution is to commence is ten
thousand dollars ($10,000) or less, the Cash Deferred Account shall be distributed in cash in a
lump sum notwithstanding the Participant’s election to have his or her Cash Deferred Account
distributed in installments under the Plan. The Cash Deferred Accounts shall be valued on the date
a distribution is processed. Subject to Section 7(b)(ii), all payments and deliveries due under
this Section 7(b)(i) shall be made or shall commence as soon as reasonably feasible following the
date of a Participant’s Separation from Service, but in no event later than thirty (30) days
following the date of such date; provided that, if such thirty-day period ends in the taxable year
following the year in which the Separation from Service occurs, the Participant shall not have the
right to designate the year of payment.

          (ii) Distributions to Specified Employees. Notwithstanding the foregoing,
distributions to a Specified Employee as a result of Separation from Service, whether the
distribution is made in the form of a lump sum or installments, shall not be made or the payments
may not begin before the six-month anniversary of the date of the Separation from Service, or, if
earlier, the date of death of the Specified Employee.

     (c) Distribution upon Death. Upon the death of a Participant prior to the payment of
his or her Accounts, the balance of his or her Accounts shall be paid to the Participant’s
Beneficiary in a lump sum or, with respect to a Cash Deferred Account for which the Deferral
Election provides for a fixed schedule, in equal monthly, quarterly or annual installments not to
exceed a fifteen (15) year period as specified on the Participant’s Deferral Election form with
such payment to be made or payments to commence in the case of installment distributions within
sixty (60) days following the date of the Participant’s death; provided that, if such sixty-day
period ends in the taxable year following the year in which the Participant’s death occurs, neither
the Participant nor the Beneficiary shall have the right to designate the year of payment; further,
provided, however, if the value of the Cash Deferred Account at the time an installment
distribution is to commence is ten thousand dollars ($10,000) or less, Cash Deferred Account shall
be distributed to the Participant’s Beneficiary in a lump sum. The Cash Deferred Account shall be
valued on the date a distribution is processed. If a Participant who has elected to have his or
her Accounts distributed in installments under the terms of the Plan dies subsequent to the
commencement of such installment payments but prior to the completion of such payments, the
installments shall continue and shall be paid to the Beneficiary as if the Participant had not
died.

     (d) Beneficiary Designation. A Participant may designate a Beneficiary or
Beneficiaries, and a contingent Beneficiary or Beneficiaries, to receive the undistributed portion
of his or her Accounts if he or she dies before distribution is completed. In the event a
Beneficiary designation is not on file or all designated Beneficiaries are deceased or cannot be
located, payment will be made to the Participant’s estate. The Beneficiary designation may be
changed by the Participant or former Participant at any time without the consent of the prior
Beneficiary.

     (e) Distribution upon Disability. Upon the Disability of a Participant prior to the
payment of his or her Accounts, the balance of his or her Accounts shall be paid to the Participant
in a lump sum or, with respect to his or her Cash Deferred Account, in equal monthly,

13

 

quarterly or annual installments not to exceed a fifteen (15) year period as specified on the
Participant’s Deferral Election form with such payment to be made or payments to commence in the
case of installment distributions within ninety (90) days following the date on which the
Participant becomes Disabled; provided that, if such ninety-day period ends in the taxable year
following the year in which the Participant becomes Disabled, the Participant shall not have the
right to designate the year of payment; further, provided, however, if the value of the Cash
Deferred Account at the time an installment distribution is to commence is ten thousand dollars
($10,000) or less, Cash Deferred Account shall be distributed to the Participant in a lump sum. The
Cash Deferred Account shall be valued on the date a distribution is processed.

     (f) Distribution upon an Unforeseeable Emergency. A Participant may request a
distribution of his or her Accounts due to an Unforeseeable Emergency by submitting a written
request to the Administrative Committee accompanied by evidence to demonstrate that the
circumstances being experienced qualify as an Unforeseeable Emergency. The Administrative Committee
shall have the authority to require such evidence as it deems necessary to determine if a
distribution is warranted. If an application for a distribution due to an Unforeseeable Emergency
is approved, the distribution is limited to an amount sufficient to meet the need resulting from
the Unforeseeable Emergency. The allowed distribution shall be payable in the form determined by
the Administrative Committee as soon as possible after approval of such distribution.

     (g) Distribution Pursuant to a Domestic Relations Order. The Administrative Committee
is authorized to make any payments directed by a Domestic Relations Order in any action in which
the Plan or the Administrative Committee has been named as a party. In addition, if a court
determines that a spouse or former spouse of a Participant has an interest in the Participant’s
benefits under the Plan in connection with a property settlement or otherwise, the Administrative
Committee, in its sole discretion, shall have the right, notwithstanding any election made by a
Participant, to immediately distribute the spouse’s or former spouse’s interest in the
Participant’s benefits under the Plan to that spouse or former spouse.

     (h) Distribution upon Change in Control. Upon a Change in Control of the Company, a
Participant shall be paid the balance of his Accounts in a lump sum within sixty (60) days
following the date on which the Change in Control occurs; provided that, if such sixty-day period
ends in the taxable year following the year in which the Change in Control occurs, the Participant
shall not have the right to designate the year of payment.

     (i) Distribution in the Event of Taxation.

          (i) If, for any reason, it has been determined that the Plan fails to meet the requirements of
Code Section 409A and the Treasury Regulations promulgated thereunder, and the failure is not or
cannot be corrected under an Internal Revenue Service correction program for such failure, the
Administrative Committee shall distribute to the Participant the portion of the Participant’s
Account(s) that is required to be included in income as a result of the failure of the Plan to
comply with the requirements of Code Section 409A and the Treasury Regulations promulgated
thereunder.

14

 

          (ii) If, for any reason, it is determined that the Participant owes FICA tax with respect to
an amount deferred under the Plan before the amount is otherwise payable or made available to the
Participant, the Administrative Committee may distribute an amount to the Participant (in the form
of withholding pursuant to provisions of applicable law or by distributions directly to the
Participant) to cover such FICA tax amount and any income tax at source on wages imposed under Code
Section 3401 or the corresponding withholding provisions of applicable state, local or foreign tax
laws as a result of the payment of the FICA amount (as well as the pyramiding Code Section 3401
wages and taxes), provided that the amount so distributed may not exceed the aggregate FICA amount
and the income tax withholding amount related to such FICA amount.

     (j) Distribution Events. Notwithstanding any provision of this Plan to the contrary,
a Participant’s Cash Deferred Account, RSU Account and Matching Account shall be distributed in
accordance with his or her Deferral Election made with respect to such Account. With respect to
each Account, a Deferral Election shall provide for a distribution on or based on (A) the
Participant’s Specified Payment Date, (B) the Participant’s Separation from Service or (C) the
first to occur of the Participant’s Specified Payment Date or the Participant’s Separation from
Service. Notwithstanding the foregoing, all Accounts, or, if applicable, a portion thereof, shall
be distributed on or based on the first to occur of: (T) the Participant’s death, (U) the
Participant’s Disability, (V) an Unforeseeable Emergency, (W) the receipt of a Domestic Relations
Order requiring distribution, (X) a Change in Control, (Y) income inclusion due to failure to
comply with Code Section 409A or (Z) a Plan termination pursuant to Section 9(c).

     (k) Form of Distributions. Distributions made to a Participant with respect to his or
her Cash Deferred Account shall be paid in cash. Distributions made to a Participant with respect
to his or her RSU Account and Matching Account, to the extent the credited Matching RSUs are vested
pursuant to Section 5(c), shall be paid in shares of Common Stock; provided, however, that the
value of any fractional shares otherwise deliverable to the Participant shall be paid in cash;
provided, further, that any Dividend Equivalents accrued with respect to the RSUs credited to the
Participant’s RSU Account and Matching Account shall be paid in cash.

	8.	 	Administration of Plan

     (a) Authorization of Administrative Committee or Plan Administrator. The Compensation
Committee shall appoint an Administrative Committee to administer the Plan or, if no Administrative
Committee is appointed by the Compensation Committee, the Compensation Committee shall administer
the Plan. The Administrative Committee or, if none, the Compensation Committee may select one or
more persons to serve as the Plan Administrator. The Plan Administrator shall have authority to
perform any act that the Administrative Committee or, if none, the Compensation Committee may
perform under the Plan, except to the extent (if any) that the Administrative Committee or, if
none, the Compensation Committee specifies limitations on the Plan Administrator’s authority. Any
person selected to serve as the Plan Administrator may, but need not be, an employee or officer of
the Company or a member of the Administrative Committee. However, if a Participant is serving as
the Plan Administrator, such person may not decide or vote on a matter affecting his or her
interest as a Participant. The Plan Administrator may resign or be removed by the Administrative
Committee or, if none, the Compensation Committee, and a new Plan Administrator may be appointed by
the

15

 

Administrative Committee or, if none, the Compensation Committee. Any determination or action
of the Plan Administrator may be made or taken by a majority of the members present at any meeting
thereof, or without a meeting by resolution or written memorandum concurred in by a majority of the
members.

     (b) No Compensation. No member of the Administrative Committee or Compensation
Committee or, if appointed, Plan Administrator shall receive any compensation from the Plan for his
or her service.

     (c) Powers of the Administrative Committee or Compensation Committee. The
Administrative Committee or, if none, the Compensation Committee shall administer the Plan in
accordance with its terms and shall have all powers necessary to carry out the provisions of the
Plan more particularly set forth herein, it shall have full discretion to interpret the Plan and
determine all questions arising in the administration, interpretation and application of the Plan.
Any such determination by it shall be conclusive and binding on all persons. It may adopt such
regulations as it deems desirable for the conduct of its affairs. It may appoint such accountants,
counsel, actuaries, specialists and other persons as it deems necessary or desirable in connection
with the administration of this Plan, and shall be the agent for the service of process.

     (d) Expense Reimbursement. The Administrative Committee or, if none, the Compensation
Committee shall be reimbursed by the Company for all reasonable expenses incurred by it in the
fulfillment of its duties. Such expenses shall include any expenses incident to its functioning,
including, but not limited to, fees of accountants, counsel, actuaries, other specialists and other
costs of administering the Plan.

     (e) General Duties of the Administrative Committee or Compensation Committee.

          (i) The Administrative Committee or, if none, the Compensation Committee is responsible for
the daily administration of the Plan. It may appoint other persons or entities to perform any of
its fiduciary functions. The Administrative Committee or, if none, the Compensation Committee and
any such appointee may employ advisors and other persons necessary or convenient to help it carry
out its duties. The Administrative Committee or, if none, the Compensation Committee shall review
the work and performance of each such appointee, and shall have the right to remove any such
appointee from his or her position. Any person, group of persons or entity may serve in more than
one fiduciary capacity.

     (f) The Administrative Committee or, if none, the Compensation Committee shall maintain
accurate and detailed records and accounts of Participants and of their rights under the Plan and
of all receipts, disbursements, transfers and other transactions concerning the Plan. Such
accounts, books and records relating thereto shall be open at all reasonable times to inspection
and audit by the Board of Directors and by persons designated thereby.

     (g) The Administrative Committee or, if none, the Compensation Committee shall take all steps
necessary to ensure that the Plan complies with the law at all times. These steps shall include
such items as the preparation and filing of all documents and forms required by any governmental
agency; maintaining adequate Participant records; recording and transmitting all notices required
to be given to Participants and their Beneficiaries; receiving and disseminating,

16

 

if required, reports and information from the Company; and doing such other acts as determined
to be necessary or appropriate for the proper administration of the Plan. The Administrative
Committee or, if none, the Compensation Committee shall keep a record of all of its proceedings and
acts, and shall keep all such books of account, records and other data as may be necessary for
proper administration of the Plan. The Administrative Committee or, if none, the Compensation
Committee shall notify the Company upon its request of any action taken by it, and when required,
shall notify any other interested person or persons.

     (h) Claims Procedures. The procedures for filing claims for payments under the Plan
are described below:

          (i) Presentation of Claim. It is the intent of the Company to make payments under the
Plan without the Participant having to complete or submit any claim forms. However, any Participant
or Beneficiary who believes he or she is entitled to a payment under the Plan may submit a claim
for payment to the Administrative Committee. Any claim for payments under the Plan must be made by
the Participant or his Beneficiary in writing and state the Claimant’s name and nature of benefits
payable under the Plan. The Claimant’s claim shall be deemed to be filed when delivered to the
Administrative Committee which shall make all determinations as to the right of any person(s) to
benefits hereunder. Claims for benefits under this Plan shall be made by the Participant, his or
her Beneficiary or a duly authorized representative thereof (“Claimant”). If such a claim
relates to the contents of a notice received by the Claimant, the claim must be made within sixty
(60) days after such notice was received by the Claimant. All other claims must be made within one
hundred eighty (180) days of the date on which the event that caused the claim to arise occurred.
The claim must state with particularity the benefit or other determination desired by the Claimant.
The claim must be accompanied with sufficient supporting documentation for the benefit or other
determination requested by the Claimant.

          (ii) Notification of Decision.

               (A) Claim for benefits other than upon Disability. If the claim is wholly or
partially denied, the Administrative Committee shall provide written or electronic notice thereof
to the Claimant within a reasonable period of time, but not later than ninety (90) days after
receipt of the claim. An extension of time for processing the claim for benefits is allowable if
special circumstances require an extension, but such an extension shall not extend beyond one
hundred eighty (180) days from the date the claim for benefits is received by the Administrative
Committee. Written notice of any extension of time shall be delivered or mailed to the Claimant
within ninety (90) days after receipt of the claim and shall include an explanation of the special
circumstances requiring the extension and the date by which the Administrative Committee expects to
render the final decision.

               (B) Claim for benefits upon Disability. If the claim is wholly or partially denied,
the Administrative Committee shall provide written or electronic notice thereof to the Claimant
within a reasonable period of time, but not later than forty-five (45) days after receipt of the
claim. An initial extension of time for processing the claim for benefits is allowable if necessary
due to circumstances beyond the Administrative Committee’s control, but such an initial extension
shall not extend beyond thirty (30) days from the date the claim for benefits is received by the
Administrative Committee. Written notice of the initial extension of

17

 

time shall be delivered or mailed to the Claimant within forty-five (45) days after receipt of
the claim and shall include an explanation of the circumstances requiring the extension, the date
by which the Administrative Committee expects to render the final decision, the standards on which
entitlement to a benefit is based, unresolved issues that prevent a decision and any additional
information needed to resolve these issues. If prior to the end of the initial extension, the
Administrative Committee determines that, due to matters beyond its control, a decision cannot be
rendered within the first thirty (30) day extension period, the period for making the determination
may be extended for up to an additional thirty (30) days. Written notice of the additional
extension of time shall be delivered or mailed to the Claimant within the initial extension period
and shall include an explanation of the circumstances requiring the extension, the date by which
the Administrative Committee expects to render the final decision, the standards on which
entitlement to a benefit is based, unresolved issues that prevent a decision and any additional
information needed to resolve these issues. The Claimant shall have forty-five (45) days to provide
such additional information.

               (C) Required content of the Notice of Adverse Benefit Determination.

                    (1) In general. The notice of adverse benefit determination shall:

	 	a)	 	specify the reason or reasons the
claim was denied;
	 
	 	b)	 	reference the pertinent Plan
provisions upon which the decision was based;
	 
	 	c)	 	describe any additional material
or information necessary for the Claimant to perfect the claim,
and an explanation of why such material or information is
necessary;
	 
	 	d)	 	indicate the steps to be taken by
the Claimant if a review of the denial is desired, including the
time limits applicable thereto; and
	 
	 	e)	 	contain a statement of the
Claimant’s right to bring a civil action under ERISA in the
event of an adverse determination on review.

If notice of the adverse benefit determination is not furnished in accordance with the preceding
provisions of this Section, the claim shall be deemed accepted and payment shall be made to the
Claimant in accordance with the claim.

               (D) Claim for disability benefits. The notice of adverse benefit determination shall,
in addition to the information specified in 8(h)(ii)(C) above, disclose any internal rule,
guidelines, protocol or similar criterion relied on in making the adverse determination or a
statement that such information will be provided free of charge upon request.

          (iii) Review of a Denied Claim.

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               (A) Claim for benefits other than upon disability. If a claim is denied and a review
is desired, the Claimant shall notify the Administrative Committee in writing within sixty (60)
days after receipt of written notice of a denial of a claim. In requesting a review, the Claimant
may submit any written comments, documents, records, and other information relating to the claim,
the Claimant feels are appropriate. The Claimant shall, upon request and free of charge, be
provided reasonable access to, and copies of, all documents, records and other information that,
with respect to the Claimant’s claim for benefits (1) was relied upon in making the benefit
determination, (2) was submitted, considered, or generated in the course of making the benefit
determination, whether or not actually relied upon in making the determination; or (3) demonstrates
compliance with the administrative processes and safeguards of this claims procedure (sometimes
referred to for purposes of this Section 8(h) as “Relevant”). The Administrative Committee
shall review the claim taking into account all comments, documents, records and other information
submitted by the Claimant, without regard to whether such information was submitted or considered
in the initial benefit determination.

               (B) Claim for benefits upon disability. The review procedures in Section 8(h)(iii)(A)
above shall apply, except the Claimant shall notify the Administrative Committee in writing within
one hundred eighty (180) days after receipt of written notice of a denial of a claim, and no
deference shall be given to the initial benefit determination. The review shall be conducted by a
different individual than the person who made the initial benefit determination or a subordinate of
that person. The following procedures will apply to the review of an adverse benefit determination:

                    (1) In the case of a claim denied on the grounds of a medical judgment, the Administrative
Committee will consult with a health professional with appropriate training and experience. The
health care professional who is consulted on review will not be the same individual who was
consulted, if any, regarding the initial benefit determination or a subordinate of that individual.

                    (2) A Claimant shall, on request and free of charge, be given reasonable access to, and copies
of, all documents, records, and other information Relevant to the Claimant’s claim for benefits. If
the advice of a medical or vocational expert was obtained in connection with the initial benefit
determination, the names of each such expert shall be provided on request by the Claimant,
regardless of whether the advice was relied on by the Administrative Committee.

          (iv) Decision on Review.

               (A) Claim for benefits other than upon disability. The Administrative Committee shall
provide the Claimant with written notice of its decision on review within a reasonable period of
time, but not later than sixty (60) days after receipt of a request for a review. An extension of
time for making the decision on the request for review is allowable if special circumstances shall
occur, but such an extension shall not extend beyond one hundred twenty (120) days from the date
the request for review is received by the Administrative Committee, Written notice of the extension
of time shall be delivered or mailed to the Claimant within sixty (60) days after receipt of the
request for review, indicating the special circumstances requiring an

19

 

extension and the date by which the Administrative Committee expects to render a
determination.

               (B) Claim for benefits upon disability. The Administrative Committee shall provide the
Claimant with written notice of its decision on review within a reasonable period of time, but not
later than forty-five (45) days after receipt of a request for a review. An extension of time for
making the decision on the request for review is allowable if special circumstances shall occur,
but such an extension shall not extend beyond ninety (90) days from the date the request for review
is received by the Administrative Committee. Written notice of the extension of time shall be
delivered or mailed to the Claimant within forty-five (45) days after receipt of the request for
review, indicating the special circumstances requiring an extension and the date by which the
Administrative Committee expects to render a determination.

               (C) Required content of the Notice of Adverse Benefit Determination.

                    (1) In general. In the event of an adverse benefit determination on review, the notice thereof
shall (i) specify the reason or reasons for the adverse determination; (ii) reference the specific
provisions of this Plan on which the benefit determination is based; (iii) contain a statement that
the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and
copies of all records and other information Relevant to the Claimant’s claim for benefits; (iv) a
statement describing any voluntary appeal procedures offered by the Plan, including the arbitration
procedures in Section 8(h)(vi); and (v) inform the Claimant of the right to bring a civil action
under the provisions of ERISA. If notice of the adverse benefit determination is not furnished in
accordance with the preceding provisions of this Section, the claim shall be deemed accepted and
payment shall be made to the Claimant in accordance with the claim.

                    (2) Claim for disability benefits. The notice of adverse benefit determination shall, in
addition to the information specified in 8(h)(iii)(C)(1) above, (i) disclose any internal rule,
guidelines, protocol or similar criterion relied on in making the adverse determination or a
statement that such information will be provided free of charge upon request, and (ii) include the
following statement: “You and your Plan may have other voluntary alternative dispute resolution
options, such as mediation. One way to find out what may be available is to contact your local U.S.
Department of Labor Office and your State insurance regulatory agency.”

          (v) Preservation of Remedies. After exhaustion of the claims procedure as provided
herein, nothing shall prevent the Claimant from pursuing any other legal or equitable remedy
otherwise available, including the right to bring a civil action under Section 502(a) of ERISA, if
applicable.

          (vi) Elective Arbitration. If a Claimant’s claim described in Section 8(h)(i) is
denied pursuant to Sections 8(h)(ii) and 8(h)(iv) (an “Arbitrable Dispute”), the Claimant
may, in lieu of the Claimant’s right to bring a civil action under Section 502(a) of ERISA, and as
the Claimant’s only further recourse, submit the claim to final and binding arbitration in the city
of Denver, State of Colorado, before an experienced employment arbitrator selected in accordance
with the Employment Dispute Resolution Rules of the American Arbitration Association. Except

20

 

as otherwise provided in this Section 8(h)(vi) or Section 8(h)(viii), each party shall pay the
fees of their respective attorneys, the expenses of their witnesses and any other expenses
connected with the arbitration, but all other costs of the arbitration, including the fees of the
arbitrator, costs of any record or transcript of the arbitration, administrative fees and other
fees and costs shall be paid in equal shares by each party (or, if applicable, each group of
parties) to the arbitration. In any Arbitrable Dispute in which the Claimant prevails, the Company
shall reimburse the Claimant’s reasonable attorneys fees and related expenses. Related expenses
shall include, but not be limited to, witness expenses, fees of the arbitrator, costs of any record
or transcript of the arbitration, administrative fees and other fees and expenses connected with
the arbitration. Arbitration in this manner shall be the exclusive remedy for any Arbitrable
Dispute for which an arbitration is elected. The arbitrator’s decision or award shall be fully
enforceable and subject to an entry of judgment by a court of competent jurisdiction. Should any
party attempt to resolve an Arbitrable Dispute for which an arbitration is elected by any method
other than arbitration pursuant to this Section, the responding party shall be entitled to recover
from the initiating party all damages, expenses and attorneys fees incurred as a result.

          (vii) Legal Action. Prior to a Change in Control, except to enforce an arbitrator’s
award, no actions may be brought by a Claimant in any court with respect to an Arbitrable Dispute
that is arbitrated.

          (viii) Following a Change in Control. Upon the occurrence of a Change in Control, an
independent party selected jointly by the Participants in the Plan prior to the Change in the
Control and the Administrative Committee or other appropriate person shall assume all duties and
responsibilities of the Administrative Committee under this Section 8(h) and actions may be brought
by a Claimant in any appropriate court with respect to an Arbitrable Dispute that is arbitrated.
After a Change in Control, if any person or entity has failed to comply (or is threatening not to
comply) with any of its obligations under the Plan, or takes or threatens to take any action to
deny, diminish or to recover from any Participant the benefits intended to be provided thereunder,
the Company shall reimburse the Participant for reasonable attorneys fees and related costs
incurred in the pursuance or defense of the Participant’s rights. If the Participant does not
prevail, attorneys fees shall also be payable under the preceding sentence to the extent the
Participant had reasonable justification for pursuing its claim, but only to the extent that the
scope of such representation was reasonable.

          (ix) Preservation of Remedies. After exhaustion of the claims procedure as provided
herein, nothing shall prevent the claimant from pursuing any other legal or equitable remedy
otherwise available, including the right to bring a civil action under Section 502(a) of ERISA, if
applicable.

	9.	 	Miscellaneous Provisions

     (a) No Alienation. Subject to Section 7(g), neither the Participant, his Beneficiary,
nor his legal representative shall have any rights to commute, sell, assign, transfer or otherwise
convey the right to receive any payments hereunder, which payments and the rights thereto are
expressly declared to be nonassignable and nontransferable. Any attempt to assign or transfer the
right to payments of this Plan shall be void and have no effect.

21

 

     (b) Unsecured General Creditor. The Plan shall at all times be considered entirely
unfunded for both tax purposes and for purposes of Title I of ERISA and no provision shall at any
time be made with respect to segregating assets of any Participant for payment of any amounts
hereunder. The Plan constitutes a mere promise of the Company to make payments to Participants in
the future and, subject to Section 6(a), Participants have rights only as unsecured general
creditors of the Company.

     (c) Amendment and Termination. The Plan may be amended, modified, or terminated by the
Compensation Committee in its sole discretion at any time and from time to time; provided, however,
that no such amendment, modification, or termination shall impair any rights to benefits under the
Plan prior to such amendment, modification, or termination; further, provided, that any termination
of the Plan and any distributions made in connection with such termination shall, in each case, be
made in accordance with the requirements of Code Section 409A and Treasury Regulation Section
1.409A-3(j)(4)(ix).

     (d) No Effect on Other Benefits. It is expressly understood and agreed that the
payments made in accordance with the Plan are in addition to any other benefits or compensation to
which a Participant may be entitled or for which he or she may be eligible, whether funded or
unfunded, by reason of his or her employment by the Company.

     (e) No Tax Representations. The Company makes no representation with respect to the
state, federal, financial, estate planning or the securities implications of the Plan. Participants
should consult with their own tax, financial and legal advisors with respect to their participation
in the Plan.

     (f) Income Tax Withholdings. There shall be deducted from each payment under the Plan
the amount of any tax required by any governmental authority to be withheld and paid over by the
Company to such governmental authority for the Account of the person entitled to such distribution.
If a Participant’s benefit is to be received in the form of Common Stock, and such Participant
fails to make arrangements for the payment of tax, the Company shall withhold such shares of Common
Stock having a value equal to the amount required to be withheld. Notwithstanding the foregoing,
when a Participant is required to pay the Company an amount required to be withheld under
applicable income and employment tax laws, the Participant may elect to satisfy the obligation, in
whole or in part, by electing to have withheld, from the shares required to be delivered to the
Participant, shares of Common Stock having a value equal to the amount required to be withheld, or
by delivering to the Company other shares of Common Stock held by such Participant. The shares
used for tax withholding will be valued at an amount equal to the Market Value per Share (as
defined in the 2010 Equity Plan) of such Common Stock on the date the benefit is to be included in
Participant’s income. In no event shall the Market Value per Share of the Common Stock to be
withheld and delivered pursuant to this Section 9(f) to satisfy applicable withholding taxes in
connection with the benefit exceed the minimum amount of taxes required to be withheld.

     (g) No Effect on Employment. No provision of this Plan shall be construed to affect in
any manner the existing rights of the Company to suspend, terminate, alter, modify, whether or not
for cause, the employment relationship of the Participant and the Company.

22

 

     (h) Governing Law; Jurisdiction. The validity, construction, and effect of the Plan
and any rules and regulations relating to the Plan shall be determined in accordance with the laws
of the State of Colorado, without giving effect to principles of conflicts of laws to the extent
not pre-empted by federal law. The enforcement or interpretation of the Plan and any disputes under
or arising out of the Plan shall be submitted to the exclusive jurisdiction and venue of the
federal and state courts located in the County of Denver, Colorado.

     (i) Code Section 409A. All Accounts under the Plan that are intended to be “deferred
compensation” subject to Section 409A shall be interpreted, administered and construed to comply
with Section 409A, and all Accounts under the Plan that are intended to be exempt from Section 409A
shall be interpreted, administered and construed to comply with and preserve such exemption. The
Administrative Committee shall have full authority to give effect to the intent of the foregoing
sentence. To the extent necessary to give effect to this intent, in the case of any conflict or
potential inconsistency between the Plan and a provision of any Account or Deferral Election, the
Plan shall govern. Notwithstanding the foregoing, neither the Company nor any member of the
Administrative Committee shall have any liability to any person in the event Code Section 409A
applies to any Account in a manner that results in adverse tax consequences for the Participant or
any of his or her Beneficiaries or transferees.

     (j) Construction. The captions and numbers preceding the sections of the Plan are
included solely as a matter of convenience of reference and are not to be taken as limiting or
extending the meaning of any of the terms and provisions of the Plan. Whenever appropriate, words
used in the singular shall include the plural or the plural may be read as the singular.

     (k) Severability. In the event that any provision of the Plan shall be declared
illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining
provisions of the Plan but shall be fully severable, and the Plan shall be construed and enforced
as if said illegal or invalid provision had never been inserted herein.

     IN WITNESS WHEREOF, to record the adoption of this Plan, effective as of December 20, 2010,
the undersigned, being duly authorized to act on behalf of the Compensation Committee of Molycorp,
Inc., has executed this document this 20th day of December, 2010.

	 	 	 	 	 
	 	 	 
	 	                     /s/ James S. Allen
 	 
	 	Name:  	James S. Allen 	 
	 	Title:  	Chief Financial Officer 	 
	 

23

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