Document:

EX-10.1

 Exhibit 99.1 
 SUBORDINATED TERM LOAN AGREEMENT 
 This SUBORDINATED TERM LOAN
AGREEMENT (this “Agreement”) is dated as of June 26, 2013 and is by and between UNION BANK, N.A. (the “Borrower”), a national banking association, and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., a Japanese
banking corporation (the “Bank”). 
 The Borrower desires the Bank to lend certain sums to the Borrower and the
Bank agrees to extend credit to the Borrower, in accordance with the terms and conditions set forth herein. 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby confirmed and acknowledged, the Borrower and the Bank hereby agree as follows: 

1. Definitions and Interpretation. 
 As used herein, the following terms shall have the meanings set forth below: 
 (a)
“Affiliate” shall mean, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such first Person. 

(b) “Agreement Date” shall mean the date first set above, such date being the date on which this Agreement was executed
and delivered by the parties hereto. 
 (c) “Anti-Terrorism Laws” shall mean any United States or other laws
relating to economic or trade sanctions, terrorism or money laundering, including the U.S. Executive Order No. 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or
Support Terrorism, the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001) and the Applicable Laws administered by the Office of Foreign Assets Control of the United States Department of the Treasury, the Trading
with the Enemy Act (12 U.S.C. §95), and the International Emergency Economic Powers Act (50 U.S.C. §1701-1707), and including laws, regulations, executive orders or sanctions relating to restrictive measures against the Republic of Iran.

 (d) “Applicable Law” shall mean anything in Section 15 to the contrary notwithstanding, (i) all
applicable common law and principles of equity and (ii) all applicable provisions of all (A) constitutions, statutes, rules, regulations and orders of governmental bodies, (B) Governmental Approvals and (C) orders, decisions,
judgments and decrees of all courts (whether at law or in equity or admiralty) and arbitrators. 
 (e) “BBA
LIBOR” shall mean, with respect to any Interest Period, the rate of interest per annum which appears on Reuters Screen LIBOR01 Page (or such other page as may replace that page on that service or such other service as may replace such
service as the vendor for purposes of displaying the British Bankers’ Association Settlement Rate for U.S. dollar deposits) as the offered quotation for 3-month U.S. dollar deposits of immediately available funds at 11:00 a.m. London time on
the day which is two Business Days prior to the first day of such Interest Period. 

  
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 (f) “Bank’s Office” shall mean The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
1251 Avenue of the Americas, 15th Floor, New York, New York 10020-1104. 
 (g) “Business Day” shall mean any
day except a day which is a Saturday or a Sunday or on which commercial banks are not required or authorized to remain open for the regular transaction of commercial business in the City of New York or the City of London; provided, that, with
respect to the calculation of applicable BBA LIBOR rates of interest, the term “Business Day” shall mean any day which is not a Saturday or a Sunday and on which dealings in Dollar deposits are carried on in the London interbank market and
commercial banks are open for domestic and international business in London. 
 (h) “Comptroller” shall mean
the Office of the Comptroller of the Currency of the United States (or any successor thereto). 
 (i) “Debtor Relief
Laws” shall mean the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar
debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 
 (j) “Default” shall mean any condition or event that constitutes an Event of Default or that with the giving of notice or lapse of time or both would, unless cured or waived, become an
Event of Default. 
 (k) “Disbursement Date” shall have the meaning provided for in Section 2. 

(l) “Dollars” and the sign “$” shall each refer to the lawful currency of the United States of America.

 (m) “Environmental Laws” shall mean as of any date the Comprehensive Environmental Response Compensation and
Liability Act, the Hazardous Materials Transportation Act, the Resource Conservation and Recovery Act, the Federal Water Pollution Act, the Toxic Substances Control Act, and the Occupational Safety and Health Act, as such laws have been amended or
supplemented, and any Federal, state, or local statute, ordinance, rule or regulation in effect. 
 (n) “ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 (o) “Event of
Default” shall means if the Borrower shall consent to, or a court or governmental agency or authority shall enter a decree or order for, the appointment of a receiver or other similar official (other than a conservator) in any liquidation,
insolvency or similar proceeding with respect to the Borrower or all or substantially all of its property. 

  
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 (p) “Excluded Liabilities” shall mean liabilities that rank on a parity
with (including any subordinated notes issued under the Borrower’s existing or any future bank note program, whether now outstanding or hereafter incurred) or junior to the Obligations on the insolvency or winding-up of the Borrower.

 (q) “FDIC” shall mean the Federal Deposit Insurance Corporation (or any successor thereto). 

(r) “GAAP” shall mean generally accepted accounting principles in the United States of America in effect from time to
time. 
 (s) “Governmental Approval” shall mean any authorization, consent, approval, license or exemption of,
registration or filing with, or report or notice to, a governmental unit. 
 (t) “Interest Payment Date” shall
mean the date on which interest shall be due and payable for any given Interest Period, and such date shall occur on the final day of an Interest Period. 
 (u) “Interest Period” shall mean a period commencing (i) in the case of the first Interest Period, on the Disbursement Date, and ending on September 28, 2013 and (ii) in
the case of each subsequent, successive Interest Period to the Subordinated Term Loan Maturity Date, on the last day of the immediately preceding Interest Period, and ending on the 28th day of the month which comes three months thereafter;
provided, that, the last Interest Period hereunder shall end on the Subordinated Term Loan Maturity Date; provided further, that should the 28th of any such month be not a Business Day, such day shall be deemed amended to the date that is the immediately
succeeding Business Day, but should such immediately succeeding Business Day fall in the next calendar month, then such day shall be amended to the date that is the immediately preceding Business Day. 

(v) “Lien” shall mean with respect to any property or asset (or any income or profits derived therefrom) of any Person,
any mortgage, lien, pledge, attachment, levy, charge or other security interest or encumbrance of any kind upon or in respect of such property or asset (or upon or in respect of any income or profits therefrom), in each case, whether the same is
consensual or nonconsensual or arises by contract, operation of law, legal process or otherwise. For this purpose, a Person shall be deemed to own subject to a “Lien” any property or asset that it has acquired or holds subject to the
interest of a vendor or lessor under any conditional sale agreement, capitalized lease or other title retention agreement relating to such property or asset. 
 (w) “Materially Adverse Effect” shall mean, (i) with respect to any Person, any materially adverse effect on such Person’s assets, liabilities, financial condition, results of
operations or business prospects, (ii) with respect to any contract, agreement or other obligation (other than this Agreement or the Subordinated Term Loan Note), any materially adverse effect, as to any party thereto, upon the binding nature
thereof or the validity or enforceability thereof, and (iii) with respect to this Agreement and the Subordinated Term Loan Note, any adverse effect, whether or not material, on the binding nature, term, validity or enforceability hereof or
thereof. 

  
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 (x) “Maximum Permissible Rate” shall mean, with respect to interest payable
on any amount, the rate of interest on such amount that, if exceeded, could, under Applicable Law, result in (i) civil or criminal penalties being imposed on the Bank or (ii) the Bank’s being unable to enforce payment of (or, if
collected, retain) all or any part of such amount or the interest payable thereon. 
 (y) “Obligations” shall
mean all advances to, and debts, liabilities, obligations, covenants and duties of the Borrower arising under this Agreement and the Subordinated Term Loan Note or otherwise with respect to the Subordinated Term Loan, whether direct or indirect,
absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against the Borrower of any proceeding under any Debtor Relief Laws, regardless of whether such
interest and fees are allowed claims in such proceeding. 
 (z) “Person” shall mean any individual, sole
proprietorship, corporation, partnership, trust, unincorporated association, mutual company, joint stock company, trade association or other business organization. 
 (aa) “Post Default Rate” shall mean a rate of interest per annum equal to the greater of (i) the Prime Rate as in effect from time to time plus two percent (2%) and
(ii) the Subordinated Term Loan Interest Rate as of any such date plus two percent (2%). 
 (bb) “Prime
Rate” shall mean the rate of interest per annum designated by the Bank from time to time as its prime rate in the United States, with such rate to change as and when such designated rate changes. The Prime Rate is not intended to be the
lowest or best rate of interest offered by the Bank at any given time to any class of borrowers. Any change in the Prime Rate shall result in an immediate corresponding change in any rate of interest based on the Prime Rate. 

(cc) “Senior Liabilities” shall mean all liabilities except the Obligations and the Excluded Liabilities. 

(dd) “Subordinated Term Loan” shall have the meaning provided for in Section 2 hereof. 

(ee) “Subordinated Term Loan Agreement Related Claim” shall mean any claim (whether sounding in tort, contract or
otherwise) in any way related to, arising out of, or connected with, this Agreement, the Subordinated Term Loan Note or the relationship established hereunder or thereunder, whether such claim arises or is asserted before or after the Agreement Date
or before or after the Subordinated Term Loan Maturity Date. 
 (ff) “Subordinated Term Loan Interest Rate”
shall have the meaning set forth in Section 4. 
 (gg) “Subordinated Term Loan Maturity Date” shall mean
June 28, 2023. 

  
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 (hh) “Subordinated Term Loan Note” shall mean the Subordinated Term Loan
Promissory Note provided for in Section 3 hereof and substantially in the form attached hereto as Exhibit A, duly executed and delivered by the Borrower. 
 (ii) “Subsidiary” shall mean, with respect to any Person, any other Person (i) the securities of which having ordinary voting power to elect a majority of the board of directors (or
other Persons having similar functions) or (ii) the other ownership interests of which ordinarily constituting a majority voting interest, are at the time, directly or indirectly, owned or controlled by such first Person, or by one or more of
its Subsidiaries, or by such first Person and one or more of its Subsidiaries; unless otherwise specified, “Subsidiary” means a Subsidiary of the Borrower. 
 (jj) “Tax” shall mean any Federal, State or foreign tax, assessment or other governmental charge or levy (including any withholding tax) upon a Person or upon its assets, revenues, income
or profits. 
 2. Principal Amount and Terms of the Credit. 

The Bank agrees to extend to the Borrower, subject to the terms and conditions of this Agreement and in reliance upon the representations
and warranties of the Borrower set forth in Section 10 hereof, a term loan in the principal amount of Seven Hundred Fifty Million United States Dollars (U.S. $750,000,000.00) (the “Subordinated Term Loan”), in a single
disbursement on June 28, 2013 (the “Disbursement Date”). 
 3. Subordinated Term Loan Note.

 The Borrower shall execute and deliver to the Bank a Subordinated Term Loan Promissory Note dated the date hereof and
substantially in the form of Exhibit A hereto (the “Subordinated Term Loan Note”). 
 4. Interest.

 (a) Rates of Interest. Unless an Event of Default is continuing, the Subordinated Term Loan shall bear interest on the
outstanding principal amount thereof at a rate per annum equal to the applicable BBA LIBOR rate plus 1.20% during each Interest Period (the “Subordinated Term Loan Interest Rate”). If any part of the Subordinated Term Loan or any
other amount due and payable hereunder is not paid when due (whether at maturity, by reason of notice of prepayment or acceleration or otherwise), such unpaid amount shall bear, to the maximum extent permitted by Applicable Law, interest for each
day during the period from the date such amount became so due until it shall be paid in full (whether before or after judgment) at a rate per annum equal to the applicable Post Default Rate. Interest shall be computed on the basis of a year of three
hundred sixty (360) days and paid for the actual number of days elapsed. Interest for any Interest Period shall be calculated from and including the first (1st) day thereof to but excluding the last day thereof. Nothing contained in this
Agreement or in the Subordinated Term Loan Note shall require the Borrower at any time to pay interest at a rate exceeding the Maximum Permissible Rate. 

  
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 (b) Payment. Accrued interest shall be due and payable (i) on each Interest
Payment Date and (ii) when the outstanding balance of the Subordinated Term Loan shall be due (whether at maturity, by reason of notice of prepayment or acceleration or otherwise). Interest at the Post Default Rate shall be payable on demand.

 5. Repayment. The entire principal amount of the Subordinated Term Loan shall mature and become due and payable, and
shall be repaid by the Borrower, in a single installment on the Subordinated Term Loan Maturity Date. 
 6. Prepayments
Permitted. Subject to Sections 8 and 16 of this Agreement, the Borrower may prepay the Subordinated Term Loan prior to the Subordinated Term Loan Maturity Date in whole or in part on or after June 28, 2018, provided that (i) the
Borrower shall have given the Bank at least thirty (30) days prior written notice of such prepayment, which notice shall be irrevocable, and shall obligate the Borrower to make such prepayment on the date indicated in such notice,
provided, further, that such notice shall not be given and such prepayment shall not be made, in whole or in part, unless the Borrower has obtained the prior written approval of the Comptroller if such approval is required by then
Applicable Law (including, without limitation, the applicable capital regulations and guidelines of the Comptroller); and (ii) such prepayment must be made only on an Interest Payment Date. Amounts repaid shall not be reborrowed. 

7. Payments by the Borrower. 
 (a) Time, Place and Manner. All payments due to the Bank under this Agreement shall be made to the Bank, or to such other Person as the Bank may designate, at the Bank’s Office or at such
other address in the City of New York as the Bank may designate. A payment shall not be deemed to have been made on any day unless such payment has been received at the required place of payment, in Dollars and in funds immediately available, no
later than 2:00 p.m. (New York time) on such day. 
 (b) No Reductions. All payments due to the Bank under this
Agreement, and all other terms, conditions, covenants and agreements to be observed and performed by the Borrower hereunder, shall be made, observed or performed by the Borrower without any reduction or deduction whatsoever, including any reduction
or deduction for any set off, recoupment, counterclaim (whether sounding in tort, contract or otherwise) or Tax, except for any withholding or deduction for Taxes required to be withheld or deducted under Applicable Law. 

(c) Taxes. If any Tax is required to be withheld or deducted from, or is otherwise payable by the Borrower in connection with, any
payment due to the Bank under this Agreement, the Borrower (i) shall, if required, withhold or deduct the amount of such Tax from such payment and, in any case, pay such Tax to the appropriate taxing authority in accordance with Applicable Law
and (ii) shall pay to the Bank (A) such additional amounts as may be necessary so that the net amount received by the Bank with respect to such payment, after withholding or deducting all Taxes required to be withheld or deducted, is equal
to the full amount payable under this Agreement and (B) an amount equal to all Taxes payable by the Bank as a result of payments made by the Borrower (whether to a taxing authority or to the Bank) pursuant to this Section 7(c). 

  
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 (d) Modification of Payment Dates. Unless otherwise specified in this Agreement,
whenever any payment to the Bank under this Agreement shall be due (otherwise than by reason of acceleration) on a day that is not a Business Day, the date of payment thereof shall be the immediately succeeding Business Day and, in the case of any
payment accruing interest, interest thereon shall be payable for the period of such extension; provided, that, if such immediately succeeding Business Day shall fall in the next calendar month, then the date of payment thereof shall be the
immediately preceding Business Day. 
 (e) Authorization to Charge Accounts. The Borrower hereby authorizes the Bank, if
and to the extent that any payment due to the Bank hereunder is not otherwise made when due, to charge any amount so due against any or all of the accounts of the Borrower with the Bank or any of its Affiliates (as if the Bank and its Affiliates
were one and the same entity), with the Borrower remaining liable for any deficiency. 
 8. Funding Losses; BBA Funding.

 (a) The Borrower shall pay to the Bank, upon request, such amounts as the Bank determines are necessary to compensate it for
any loss, cost or expense whatsoever incurred by it as a result of (i) any payment of principal or interest due on the Subordinated Term Loan on a date other than the Subordinated Term Loan Maturity Date or an Interest Payment Date, as the case
may be (by reason of the occurrence of an Event of Default, the amendment of this Agreement or otherwise), (ii) any other payment in respect of the Subordinated Term Loan not being made, for any reason, on the due date therefor (by reason of
the occurrence of an Event of Default or otherwise), or (iii) the Subordinated Term Loan for any reason not being accepted or not being made on the Disbursement Date whether by reason of failure of a condition set forth in Section 11 or
otherwise. Without limiting the generality of the foregoing, but without duplication, the Bank may at its election demand compensation on account of any losses, costs or expenses of any kind arising out of any termination of, or any other
circumstance relating to, any swap, swaption, cap, collar, option or other derivative product or other arrangement of any kind entered into by the Bank which is in any way connected or related to arranging, making available or maintaining the
funding for the Subordinated Term Loan, this Agreement or the Subordinated Term Loan Note. 
 (b) Anything in this Agreement to
the contrary notwithstanding, if the Bank determines (which determination shall be binding and conclusive) that quotations of interest rates for the relevant deposits in the definition of BBA LIBOR in Section 1 are not being provided in the
relevant amounts or for the relevant maturities for purposes of determining the rate of interest for the Subordinated Term Loan, then the Bank shall give the Borrower prompt notice thereof, and so long as such condition remains in effect, the Bank
shall be under no obligation to maintain the Subordinated Term Loan as a BBA LIBOR-based loan, and the Bank and the Borrower shall agree as promptly as practicable to an another mutually acceptable base rate. 

9. Evidence of Subordinated Term Loan. The Subordinated Term Loan and the Borrower’s obligation to repay the Subordinated
Term Loan with interest in accordance with the 

  
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terms of this Agreement shall be evidenced by this Agreement, the records of the Bank and the Subordinated Term Loan Note. The records of the Bank shall be prima facie evidence of the
Subordinated Term Loan and all payments made in respect thereof. 
 10. Representations and Warranties of the Borrower.
In order to induce the Bank to enter into this Agreement and to make the Subordinated Term Loan, the Borrower hereby represents and warrants the following to the Bank as of the Agreement Date: 

(a) The Borrower (i) has been duly organized and is validly existing as a national banking association in good standing under the
laws of the United States of America and (ii) has the requisite organization power and authority to execute and deliver this Agreement and the Subordinated Term Loan Note, to perform its obligations hereunder and thereunder and to own its
properties and conduct its business as currently owned and conducted. 
 (b) The Borrower is not in violation of its by-laws or
articles of association organization or in default in the performance or observance of any material obligation, agreement, covenant or condition contained in any material contract, indenture, mortgage, loan agreement or lease to which the Borrower
is a party or by which it may be bound. The execution and delivery of this Agreement and the Subordinated Term Loan Note and the incurrence of the obligations and the consummation of the transactions herein and therein contemplated will not conflict
with, or constitute a breach of or default under, the articles of association or by laws of the Borrower or any material contractual restriction, instrument, indenture, mortgage, agreement or lease to which the Borrower is a party or by which it may
be bound, or any law, administrative rule or regulation or court decree. 
 (c) This Agreement has been duly authorized,
executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower enforceable in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, receivership,
conservatorship or other similar laws relating to or affecting generally the enforcement of creditors’ rights or by general equitable principles. 
 (d) The Subordinated Term Loan Note has been duly authorized for execution and delivery as contemplated by this Agreement and, when executed and delivered, will constitute a legal, valid and binding
obligation of the Borrower enforceable in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, receivership, conservatorship or other similar laws relating to or affecting generally the enforcement of
creditors’ rights or by general equitable principles. 
 (e) Except as otherwise provided herein, no consent, approval,
authorization, order, registration or qualification of or with any court, any regulatory authority or other governmental agency or body is required for the execution or delivery of this Agreement or the Subordinated Term Loan Note by the Borrower or
for the consummation of the other transactions contemplated by this Agreement or the Subordinated Term Loan Note. 
 (f) There
are no legal or governmental proceedings pending to which the Borrower is a party or to which any property of the Borrower is subject, other than litigation which in each case will not have a Materially Adverse Effect on the Borrower, and, to the
best of the Borrower’s knowledge after due inquiry, no such proceedings are threatened or contemplated by governmental authorities or others. 

  
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 (g) The Borrower has filed or caused to be filed all Tax returns due on or before the
Agreement Date which are required to be filed and has paid all Taxes shown to be due and payable on such returns or on any assessments made against them (other than those being contested in good faith) and, to the best of the Borrower’s
knowledge after due inquiry, no Tax Liens have been filed and no claims are being asserted with respect to such Taxes which are not reflected in the financial statements referred to in Section 12(c) hereof, which, if adversely determined,
would, in the aggregate, have a Materially Adverse Effect on the value of the total enterprise represented by the Borrower. 

(h) No fact or circumstance, to the best of the Borrower’s knowledge after due inquiry, either alone or in conjunction with all
other such facts and circumstances, has had or might in the future have (so far as the Borrower can foresee) a Materially Adverse Effect on the Borrower, this Agreement or the Subordinated Term Loan Note. 

(i) The Borrower is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 (j) The Borrower is currently in compliance in all material respects with all Applicable Laws (including, without limitation,
Anti-Terrorism Laws, ERISA and Environmental Laws), the non-compliance with which would have a Materially Adverse Effect on the Borrower, this Agreement or the Subordinated Term Loan Note. 

(k) Except as disclosed in writing by the Borrower to the Bank, the consolidated balance sheet of UnionBanCal Corporation and its
consolidated Subsidiaries as of December 31, 2012 and the related consolidated statements of operations, changes in stockholder’s equity and cash flow for the fiscal year then ended, reported on by the independent certified public
accountants, a copy of which has been delivered to the Bank, fairly present, in conformity with GAAP, the financial position of UnionBanCal Corporation and its consolidated Subsidiaries as of such date and its results of operations, changes in
stockholder’s equity and cash flows for such fiscal year. 
 11. Conditions Precedent. 

(a) The obligation of the Bank enter into this Agreement is subject to receipt by the Bank, in form and substance satisfactory to the
Bank, of the following: 
 (i) duly executed originals of this Agreement; 

(ii) evidence of the Borrower’s authority to borrow from the Bank; 

(iii) an officer’s certificate as to the signature and incumbency of the officers of the Borrower executing this Agreement and the
Note; 
 (iv) certified copies of the Borrower’s articles of association and by-laws, together with any amendments
thereto; 

  
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 (v) certificate of good-standing of the Borrower; and 

(vi) an opinion of counsel to the Borrower, if requested by the Bank. 

(b) In addition, the obligation of the Bank to make the Subordinated Term Loan on the Disbursement Date is subject to satisfaction of the
following conditions: 
 (i) a duly executed original of the Subordinated Term Loan Note; 

(ii) each representation and warranty contained in Section 10 hereof shall be true and correct in all material respects at and as
of the Disbursement Date; 
 (iii) no Event of Default shall have occurred and be continuing under any of the agreements
between the Bank and the Borrower or this Agreement as of the Disbursement Date; and 
 (iv) there shall not have occurred any
material adverse change since the Agreement Date in the assets, liabilities, financial condition, results of operations or business prospects, of the Borrower, and the Subsidiaries, taken as a whole. 

12. Additional Covenants of the Borrower. From the date hereof and until all amounts due hereunder are indefeasibly repaid in
full: 
 (a) Nothing contained in this Agreement shall prevent any consolidation or merger of the Borrower with any other
corporation or successive consolidations or mergers in which the Borrower or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or lease of the property of the Borrower as an entirety or
substantially as an entirety to any other corporation authorized to acquire and operate the same; provided, however (and the Borrower hereby covenants and agrees) that any such consolidation, merger, sale or conveyance shall be upon the condition
that: (i) immediately after such consolidation, merger, sale or conveyance the corporation (whether the Borrower or such other corporation) formed by or surviving any such consolidation or merger, or the corporation to which such sale or
conveyance shall have been made, shall not be in Default in the performance or observance of any of the terms, covenants and conditions of this Agreement or the Subordinated Term Loan Note to be observed or performed by the Borrower; and
(ii) the corporation formed by or surviving any such consolidation or merger (unless the Borrower), or the corporation to which such sale or conveyance shall have been made, shall be organized under the laws of the United States of America or
any state thereof or the District of Columbia and shall expressly assume the due and punctual payment of the principal of and interest on, the Subordinated Term Loan Note and the other obligations of the Borrower under this Agreement. In case of any
such consolidation, merger, sale, conveyance, transfer or lease, and upon the assumption by the successor corporation of the due and punctual performance of all of the covenants in this Agreement and the Subordinated Term Loan Note to be performed
or observed by the Borrower, such successor corporation shall succeed to and be substituted for the Borrower with the same effect as if it had been named in this Agreement and the Subordinated Term Loan Note as the Borrower and thereafter the
predecessor corporation shall be relieved of all obligations and covenants in this Agreement and the Subordinated Term Loan Note and may be liquidated and dissolved. 

  
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 (b) The Borrower shall submit to the Bank such information respecting the Borrower or any
Subsidiary of the Borrower as the Bank may from time to time reasonably request. 
 (c) The Borrower will: (i) obtain
promptly at any time and from time to time and will maintain such licenses, consents, registrations and authorizations as may be required under Applicable Law to enable the Borrower to perform its obligations under this Agreement and the
Subordinated Term Loan Note and will promptly furnish the Bank with such evidence thereof as the Bank may request from time to time; (ii) preserve and maintain its national banking association existence, preserve and maintain in good repair,
working order and condition all properties required for the conduct of its business and comply in all material respects with all Applicable Law (including Anti-Terrorism Laws, ERISA and Environmental Laws); and (iii) maintain insurance with
responsible insurance companies against at least such risks and in at least such amounts as are customarily maintained by similar businesses, or as may be required by Applicable Law or reasonably requested by the Bank. 

(d) The Borrower will compensate the Bank for any loss, cost or expense resulting from the imposition by any government, governmental or
regulatory agency or authority or court of reserve requirements, additional reserve or liquidity requirements, special deposit requirements, capital adequacy requirements, insurance charges, taxes or other assessments or charges (whether or not
having the force of law) with respect to the Subordinated Term Loan or the Subordinated Term Loan Note (or with respect to any deposits or other funds acquired to fund the Subordinated Term Loan, any other requirement or condition with respect to
the Subordinated Term Loan or the Subordinated Term Loan Note, or any such deposits or other funds), the result of which shall be to (i) increase the cost to the Bank of the Subordinated Term Loan or the transactions contemplated hereunder, or
(ii) reduce the amount of any sum received or receivable by the Bank with respect to the Subordinated Term Loan or the return to be earned by the Bank on the Subordinated Term Loan. For the avoidance of doubt, the foregoing sentence shall apply
to all requests, rules, guidelines or directives concerning capital adequacy issued in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives concerning capital adequacy
promulgated by the Bank for International Settlements, the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) or the United States financial regulatory authorities, regardless of the date
adopted, issued, promulgated, or implemented. 
 (e) The Borrower agrees that the Subordinated Term Loan, this Agreement and the
Subordinated Term Loan Note will at all times constitute the direct, binding and enforceable obligations of the Borrower. 
 (f)
Immediately, upon becoming aware of the existence of any condition or event which constitutes a Default hereunder or which could have a Materially Adverse Effect on the Borrower, this Agreement or the Subordinated Term Loan Note, the Borrower will
provide written notice to the Bank specifying the nature and period of existence thereof and the action the Borrower is taking or proposes to take with respect thereto. 

  
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 (g) The Borrower will use the proceeds of the Subordinated Term Loan only for general
purposes including working capital of the Borrower, including for purposes of maintaining the capital adequacy ratio of the Borrower. 
 13. Event of Default. 
 In the case of an Event of Default occurring and
continuing, the Bank may declare all amounts of principal outstanding under the Subordinated Term Loan and the Subordinated Term Loan Note to be forthwith due and payable, together with accrued interest and any and all other amounts payable or owing
hereunder, whereupon the same shall become forthwith due and payable, without further demand, presentment, notice of dishonor, protest, notice of protest or other notice whatsoever, all of which are expressly waived by the Borrower; provided,
however, that no payment may be made on or in respect of the Subordinated Term Loan and the Subordinated Term Loan Note in the event of such acceleration resulting from an Event of Default without the prior written approval of the
Comptroller. Upon the occurrence of an Event of Default, the Bank shall also have the right to terminate in its sole discretion any and all related swap, swaption, option, cap, collar and other derivative product arrangements of any kind entered
into by the Bank in order to provide funding under this Agreement. 
 14. Illegality. 

If, after the date of this Agreement, the adoption of any Applicable Law, any change therein or any change in the interpretation or
administration thereof by any government, governmental agency or authority, court, tribunal, central bank or other comparable body charged with the interpretation or administration thereof or compliance by the Bank with any interpretation, request,
guideline or directive (whether or not having the force of law) of any such government, governmental agency or authority, court, tribunal, central bank or other comparable body shall make it unlawful or impossible for the Bank to maintain the
Subordinated Term Loan, then the Bank shall so notify the Borrower and the Subordinated Term Loan shall become due and payable immediately upon the Borrower’s receipt of such notice (or on such earlier date as may be required by such Applicable
Law, interpretation, guideline, request or directive). 
 15. Governing Law. 

This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to
conflicts of law principles. To the fullest extent permitted by Applicable Law, the Borrower irrevocably agrees that any Subordinated Term Loan Agreement Related Claim may be brought in any Federal or New York State Court located in the City of New
York and, by the execution and delivery of this Agreement, the Borrower hereby irrevocably accepts and submits to the jurisdiction of each of the aforesaid courts in personam, generally and unconditionally, with respect to any such action or
proceedings for itself and in respect of its property, assets and revenues. The Borrower hereby also irrevocably waives, to the fullest extent permitted by Applicable Law, any objection which it may now or hereafter have to the laying of venue of
any such action or proceeding brought in any such court and any claim that any such action or proceeding brought in such court has been brought in an inconvenient forum. The Borrower further irrevocably consents to service of process out of said
courts by mailing a copy thereof, by registered or certified mail, postage 

  
 12 

 
prepaid, to itself, and irrevocably waives, to the fullest extent permitted by Applicable Law, all claim of error by reason of such service in any legal action or proceeding brought in accordance
herewith. The Borrower irrevocably waives, to the fullest extent permitted by Applicable Law, in any legal action or proceeding in any jurisdiction (whether for an injunction, specific performance, damages or otherwise), any right or claim of
immunity of any kind with respect to itself or its assets including, without limitation, from attachment or execution of judgment, and the Borrower irrevocably agrees that it and its assets are and shall be subject to any legal action or proceeding,
attachment or execution in respect to its obligations under this Agreement and the Subordinated Term Loan Note. The Borrower hereby irrevocably agrees that the Bank shall not be liable for, and the Borrower waives and agrees not to seek any special,
indirect or consequential damages arising out of any claim related to this Agreement, the Subordinated Term Loan Note or any advance. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER AND THE BANK EACH HEREBY WAIVE TRIAL BY JURY IN ANY
JUDICIAL PROCEEDING TO WHICH THEY ARE BOTH PARTIES INVOLVING ANY SUBORDINATED TERM LOAN AGREEMENT RELATED CLAIM. 
 16.
Subordination. 
 (a) The Obligations constitute the direct and unsecured obligations of the Borrower and are subordinate
and junior in right of payment to the obligations of the Borrower’s depositors, the Borrower’s obligations under bankers’ acceptances and letters of credit, the Borrower’s obligations to any Federal Reserve Bank, to the FDIC and
any rights acquired by the FDIC as a result of loans made by the FDIC to the Borrower or the purchase or guarantee of any of the Borrower’s assets by the FDIC pursuant to the provisions of 12 U.S.C. Section 1823(c), (d) or (e), and
the Borrower’s obligations to other creditors of the Borrower (including any senior notes issued under the Borrower’s existing or any future bank note program), whether now outstanding or hereafter incurred (except (i) any
subordinated notes issued under the Borrower’s existing or any future bank note program, whether now outstanding or hereafter incurred, which shall rank on a parity with the Obligations and (ii) any obligations which expressly rank on a
parity with, or junior to, the Obligations), in that in case of any insolvency, receivership, conservatorship, reorganization, readjustment of debt, marshaling of assets and liabilities or similar proceedings or any liquidation or winding-up of or
relating to the Borrower, whether voluntary or involuntary, all such obligations (except obligations which expressly rank on a parity with, or junior, to, the Obligations) shall be entitled to be paid in full before any payment shall be made on
account of the principal of, or interest on, the Obligations. In the event of any such proceedings, after payment in full of all sums owing on such prior obligations, the Bank, together with the holders of any of obligations of the Borrower ranking
on a parity with the Obligations, shall be entitled to be paid from the Borrower’s remaining assets the unpaid principal of, or premium, if any, and the unpaid interest on, the Obligations or such other obligations before any payment or other
distribution, whether in cash, property, or otherwise, shall be made on account of any capital stock or any of the Borrower’s obligations ranking junior to the Obligations. 

(b) To the fullest extent permitted by law, the Bank hereby waives any right of set-off or counterclaim that it might otherwise have
(whether in our liquidation or at any other time). The Bank covenants and agrees that if it receives payment of any sum in respect of the Obligations in violation of Section 16(a) hereof such sums will be held in trust for the Borrower’s
creditors and will, without undue delay, pay such sums to the liquidator to apply in payment of claims of the Borrower’s creditors. 

  
 13 

 (c) Notwithstanding anything to the contrary in this Agreement, the Borrower shall not,
without the prior written consent of the Comptroller (if such consent is then required by Applicable Law): 
 (i) repay,
redeem, purchase or otherwise acquire any of the Obligations except as permitted under this Agreement; 
 (ii) amend any
document evidencing or providing for the Obligations; or 
 (iii) take or omit to take any action whereby the subordination of
the Obligations as provided in this Agreement or any part thereof to the Senior Liabilities might be terminated, impaired or adversely affected. 
 (d) Notwithstanding any other provision of this Agreement and the Subordinated Term Loan Note, including specifically the provisions set forth in this Agreement and the Subordinated Term Loan Note
relating to subordination, Events of Default and covenants of the Borrower, it is expressly understood and agreed that the Comptroller or any receiver or conservator of the Borrower appointed by the Comptroller shall have the right in the
performance of his or her legal duties, and as part of any transaction or plan of reorganization or liquidation designed to protect or further the continued existence of the Borrower or the rights of any parties or agencies with an interest in, or
claim against, the Borrower or its assets, to transfer or direct the transfer of the obligations evidenced by this Agreement and the Subordinated Term Loan Note to any bank or bank holding company selected by such official which shall expressly
assume the obligation of the due and punctual payment of the unpaid principal of and interest on, the Subordinated Term Loan Note and the due and punctual performance of all covenants and conditions of this Agreement; and that the completion of such
transfer and assumption shall serve to supersede and void any default, acceleration or subordination which may have occurred, or which may occur due or related to such transaction, plan, transfer or assumption pursuant to the provisions of this
Agreement or the Subordinated Term Loan Note, and shall serve to return the Bank to the same position, other than for substitution of the obligor, it would have occupied had no default, acceleration or subordination occurred; except that any
interest and principal previously due, other than by reason of acceleration, and not paid shall, in the absence of a contrary agreement by the Bank, be deemed to be immediately due and payable as of the date of such transfer and assumption, together
with interest from its original due date at the rate provided for in this Agreement and the Subordinated Term Loan Note. In addition, notwithstanding any other provision of this Agreement and the Subordinated Term Loan Note, including specifically
the provisions set forth in this Agreement and the Subordinated Term Loan Note relating to subordination, Events of Default and covenants of the Borrower, it is expressly understood and agreed that (i) the Bank may be fully subordinated to
interests held by the United States government in the event that the Borrower enters into receivership, insolvency, liquidation or a similar proceeding and (ii) the Subordinated Term Loan Note (a) does not evidence deposits of the Borrower
and is not insured by the FDIC or any other government agency, and (b) is ineligible as collateral to secure a loan from the Borrower. 

  
 14 

 17. Miscellaneous. 

(a) The Borrower shall, on demand, pay or reimburse the Bank for all fees, costs and expenses (including fees and disbursements of legal
counsel and other experts employed or retained by the Bank) incurred, and all payments made, and indemnify and hold the Bank harmless from and against all losses suffered, by the Bank in connection with, arising out of, or in any way related to
(i) the negotiation, preparation, execution and delivery of (A) this Agreement and the Subordinated Term Loan Note and (B) whether or not executed, any waiver, amendment or consent under or to this Agreement or the Subordinated Term
Loan Note, (ii) the administration of and any operations under this Agreement, (iii) consulting with respect to any matter in any way arising out of, related to, or connected with, this Agreement or the Subordinated Term Loan Note
including (A) the protection, preservation, exercise or enforcement by the Bank of any of its rights under or related to this Agreement, or the Subordinated Term Loan Note or (B) the performance by the Bank of any of its obligations under
or related to this Agreement or the Subordinated Term Loan Note, (iv) protecting, preserving, exercising or enforcing any of the rights of the Bank under or related to this Agreement or the Subordinated Term Loan Note, (v) any Subordinated
Term Loan Agreement Related Claim (whether asserted by the Bank or the Borrower or any other Person and whether asserted before or after the Subordinated Term Loan Maturity Date), and the prosecution or defense thereof, or (vi) any governmental
investigation arising out of, related to, or in any way connected with, this Agreement, the Subordinated Term Loan Note or the relationship established hereunder, except that the foregoing indemnity shall not be applicable to any loss suffered by
the Bank to the extent such loss is determined by a judgment of a court referred to in the second sentence of Section 15 hereof that is binding on the Borrower and the Bank, final and not subject to review on appeal, to be the result of acts or
omissions on the part of the Bank constituting (x) willful misconduct or (y) gross negligence. 
 (b) Any notice or
communication required to be delivered under this Agreement, or any agreement or instrument required to be delivered hereunder (the “Notices”), shall be in writing and shall be sent by registered or certified U.S. mail (postage
prepaid and return receipt requested) by a reliable hand delivery or overnight courier service or by telecopier, to be confirmed immediately by sending the original documentation by registered or certified U.S. mail or by a reliable hand delivery or
overnight courier service. Notwithstanding the foregoing sentence, Notices may be given by telephone if confirmed in writing within twenty four (24) hours by sending a written version thereof by a reliable hand delivery or overnight courier
service. In the event of a discrepancy between any telephonic Notice and any written confirmation thereof, such written confirmation shall be deemed effective notice except to the extent that the Bank has acted in reliance on such telephonic Notice.
All Notices shall be delivered or otherwise conveyed to the parties at their respective addresses and telephone and telecopier numbers as follows: (i) if to the Borrower, at Union Bank, National Association, 400 California St, 13th floor, San
Francisco, California 94104, Attention: Mr. Brian W. Smith, Controllers Department, Telephone:(415)-765-2572, Facsimile: (415)-765-2230; and (ii) if to the Bank, at The Bank of Tokyo-Mitsubishi UFJ, Ltd., 1251 Avenue of the Americas,
15th Floor, New York, New York 10020-1104, Attention: Mr. Tsuyoshi Yoshida, Asian Corporate Banking Division, Telephone: (212) 782-4133, Telecopier: (212) 782-6437. Except as otherwise expressly set forth herein, all Notices shall be
effective as against the Bank and the Borrower only upon the receipt thereof. 

  
 15 

 (c) No modification or waiver of any provision of this Agreement, the Subordinated Term Loan
Note or any other instrument or agreement required hereunder, and no consent to any departure by the Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto, and then in each such
event such waiver or consent shall be effective only in the specific instance and for the purpose for which given and only if permitted by Section 16(c) hereof. No notice to or demand on the Borrower in any case shall, of itself, entitle the
Borrower to any other or further notice or demand in similar or other circumstances. 
 (d) The terms and provisions of this
Agreement and the Subordinated Term Loan Note shall be binding upon, and the benefits thereof shall inure to, the parties hereto and their respective successors and assigns; provided, however, that the Borrower shall not assign any
interest in this Agreement, the Subordinated Term Loan Note, the Subordinated Term Loan or any of the Borrower’s rights, duties or obligations hereunder or thereunder without the prior written consent of the Bank. The Bank may not assign,
pledge or otherwise transfer any or all of its interests, rights, and/or obligations in, or arising under this Agreement, the Subordinated Term Loan Note or the Subordinated Term Loan and any credit support or security instrument executed in
connection therewith without the prior written consent of the Borrower but may grant or assign to any Person any participation interest in this Agreement, the Subordinated Term Loan Note or the Subordinated Term Loan, in all cases without any
consent from the Borrower; provided, that the Bank shall (i) provide written notice to the Borrower of such participation interest as soon as thereafter practicable (and in any event within 30 calendar days thereafter), and (ii) not
assign, pledge or otherwise transfer any or all of its interests, rights, and/or obligations in, or arising under this Agreement, the Subordinated Term Loan Note or the Subordinated Term Loan to the Borrower or any Person controlled by the Borrower.

 (e) No delay or omission to exercise any right, power, or remedy accruing to the Bank upon any breach or default of the
Borrower under this Agreement or any instrument or agreement required hereunder shall impair any such right, power, or remedy of the Bank, nor shall it be considered to be a waiver of any such breach or default, or an acquiescence therein, or of or
in any similar breach or default thereafter occurring; and no waiver by the Bank of any single breach or default shall be deemed a waiver of any other breach or default theretofore and thereafter occurring. Any waiver, permit, consent, or approval
of any kind or character on the part of the Bank of any breach or default under this Agreement or the Subordinated Term Loan Note or any waiver on the part of the Bank of any provision or condition of this Agreement or the Subordinated Term Loan
Note must be in writing specifically set forth. No remedy herein conferred upon the Bank is intended to be exclusive of any other remedy and each and every such remedy either under this Agreement, the Subordinated Term Loan Note or by law or
otherwise afforded to the Bank, shall be cumulative and not alternative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or otherwise. 

(f) This Agreement may be executed in any number of counterparts and in separate counterparts, each of which shall be deemed to be an
original and but all of which taken together shall constitute one and the same Agreement. 

  
 16 

 (g) The Bank hereby notifies the Borrower that pursuant to the requirements of the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of
the Borrower and other information that will allow the Bank to identify the Borrower in accordance with the Act. 
 [No further
texts appear on this page] 

  
 17 

 IN WITNESS WHEREOF, the Borrower and the Bank, acting through their duly authorized
representatives, have caused this Agreement to be duly executed in duplicate counterparts in the English language and signed in their respective names the day and year first above written. 

 

			
	UNION BANK, N. A.
		
	By:	 	 /s/ John F. Woods

	Name:	 	John F. Woods
	Title:	 	Vice Chairman &
		 	Chief Financial Officer
	
	 THE BANK OF TOKYO-MITSUBISHI

	UFJ, LTD.
		
	By:	 	 /s/ Hiroshi Yamaguchi

	Name:	 	Hiroshi Yamaguchi
	Title:	 	Deputy General Manager

  
 18 

 Exhibit A to 
 Subordinated Term Loan Agreement 
 SUBORDINATED TERM LOAN PROMISSORY NOTE

  

			
	$750,000,000.00	 	New York, New York

 June 28, 2013 
 FOR VALUE RECEIVED, the undersigned UNION BANK, N.A., a national banking association duly organized and existing under the laws of the jurisdiction of its organization (the “Borrower”),
by this subordinated term loan promissory note (this “Note”), unconditionally promises to pay to the order of THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. (the “Bank”) at 1251 Avenue of the Americas, 15th Floor, New York,
New York 10020, or at such other branch or office as the Bank may designate in writing, the principal sum of Seven Hundred Fifty Million United States Dollars (U.S.$750,000,000.00) in immediately available funds in accordance with the terms of the
Subordinated Term Loan Agreement described below. 
 The Borrower shall pay interest from the Disbursement Date on the unpaid
principal amount outstanding hereunder from time to time in like money at the per annum rate set forth in the Subordinated Term Loan Agreement described below. Interest accrued hereon shall be payable on each respective Interest Payment Date.
Interest shall be computed on the basis of a year of three hundred sixty (360) days and paid for the actual number of days elapsed. 
 This Note is issued pursuant to, and evidences the Subordinated Term Loan made under, the terms of that certain Subordinated Term Loan Agreement dated as of June 26, 2013 between the Borrower and the
Bank, as the same may be amended from time to time (the “Agreement”). Capitalized, defined terms not defined herein shall have the meanings ascribed to them in the Agreement. The holder hereof is entitled to the full benefit of all
of the provisions thereof including, without limitation, the provisions for acceleration and maturity of the Subordinated Term Loan. 
 Notwithstanding the foregoing, any principal of or interest on the Subordinated Term Loan which is unpaid when due (whether by acceleration or otherwise) shall bear, to the maximum extent permitted by
Applicable Law, interest from the date of default to the date of actual payment (whether before or after judgment) at the Post-Default Rate. In any event the rate of interest under this Note shall not at any time exceed the Maximum Permissible Rate.

 Both principal and interest shall be payable in Dollars in immediately available funds to the Bank at 1251 Avenue of the
Americas, 15th Floor, New York, New York 10020, or at such other branch or office as the Bank may designate in writing. Except as otherwise provided in the Agreement, all amounts payable in respect of this Note shall be paid free and clear of any
set-off, counterclaim or other deduction or withholding and free and clear of all taxes, duties and imposts (including withholding or retention taxes) which may be levied by any country or any political subdivision thereof, except such as are levied
by the United States of America or the State or City of New York or any political subdivision or entity thereof and are measured by the income of the Bank. 

  
 19 

 Presentment, demand, protest, notice of dishonor and other notice of any kind are hereby
expressly waived. 
 The acceptance of this Note by the Bank shall be deemed to constitute the consent and agreement of the Bank
to all of the terms and provisions of the Agreement, including the subordination and related provisions contained therein. 

This Note constitutes a direct, unconditional and unsecured obligation of the Borrower. This Note does not evidence deposits of the
Borrower and is not insured by the FDIC or any other government agency. This Note will be subordinated to the claims of depositors and general creditors of the Borrower, is unsecured and is ineligible as collateral to secure a loan from the
Borrower. This Note may not be repaid prior to its maturity pursuant to an acceleration in the case of an Event of Default without the prior written approval of the Comptroller. 

This Note is deemed to be a contract under the laws of the State of New York, and for all purposes shall be governed by, and construed in
accordance with, the internal laws of said jurisdiction without regard to conflicts of law principles. 
 IN WITNESS
WHEREOF, the undersigned a national banking association has caused this Note to be duly executed and delivered on its behalf on the date first above written. 

 

			
	UNION BANK, N.A.
		
	 By:
	 	  

	Name:	 	
	Title:	 	

  
 20EX-4.1

 Exhibit 4.1 
 EXECUTION VERSION 
  

 
 MALLINCKRODT PLC

 and 

COMPUTERSHARE TRUST 
 COMPANY, N.A. 
 Rights Agreement 

Dated as of June 28, 2013 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page No.	 
			
	Section 1.	 	Definitions	  	 	1	  
			
	Section 2.	 	Appointment of Rights Agent	  	 	8	  
			
	Section 3.	 	Issue of Right Certificates	  	 	8	  
			
	Section 4.	 	Form of Right Certificates	  	 	11	  
			
	Section 5.	 	Countersignature and Registration	  	 	11	  
	 Section 6.
	 	 Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right
Certificates
	  	 	12	  
			
	Section 7.	 	Exercise of Rights; Purchase Price; Expiration Date of Rights	  	 	13	  
			
	Section 8.	 	Cancellation and Destruction of Right Certificates	  	 	15	  
			
	Section 9.	 	Availability of Preferred Shares	  	 	16	  
			
	Section 10.	 	Preferred Shares Record Date	  	 	17	  
			
	Section 11.	 	Adjustment of Purchase Price, Number of Shares or Number of Rights	  	 	17	  
			
	Section 12.	 	Certificate of Adjusted Purchase Price or Number of Shares	  	 	29	  
			
	Section 13.	 	Consolidation, Merger or Sale or Transfer of Assets or Earning Power	  	 	29	  
			
	Section 14.	 	Fractional Rights and Fractional Shares	  	 	31	  
			
	Section 15.	 	Rights of Action	  	 	33	  
			
	Section 16.	 	Agreement of Right Holders	  	 	34	  
			
	Section 17.	 	Right Certificate Holder Not Deemed a Shareholder	  	 	34	  
			
	Section 18.	 	Concerning the Rights Agent	  	 	35	  
			
	Section 19.	 	Merger or Consolidation or Change of Name of Rights Agent	  	 	36	  
			
	Section 20.	 	Duties of Rights Agent	  	 	37	  

  
 -i-

							
	 	 	 	  	Page
Number	 
			
	Section 21.	 	Change of Rights Agent	  	 	40	  
			
	Section 22.	 	Issuance of New Right Certificates	  	 	42	  
			
	Section 23.	 	Redemption	  	 	42	  
			
	Section 24.	 	Exchange	  	 	43	  
			
	Section 25.	 	Notice of Certain Events	  	 	45	  
			
	Section 26.	 	Notices	  	 	47	  
			
	Section 27.	 	Supplements and Amendments	  	 	48	  
			
	Section 28.	 	Successors	  	 	48	  
			
	Section 29.	 	Benefits of this Agreement	  	 	48	  
			
	Section 30.	 	Severability	  	 	49	  
			
	Section 31.	 	Governing Law	  	 	49	  
			
	Section 32.	 	Counterparts	  	 	49	  
			
	Section 33.	 	Descriptive Headings	  	 	49	  
			
	Section 34.	 	Force Majeure	  	 	50	  

  

					
	Exhibit A	  	-	  	Form of Designation of Preferred Shares
			
	Exhibit B	  	-	  	Form of Right Certificate
			
	Exhibit C	  	-	  	Summary of Rights to Purchase Preferred Shares

  
 -ii-

 Rights Agreement (the “Agreement”), executed as a Deed Poll, dated as of
June 28, 2013, between Mallinckrodt plc, an Irish public limited company (the “Company”), and Computershare Trust Company, N.A., as rights agent (the “Rights Agent”). 

The Board of Directors of the Company has authorized the issuance of one preferred share purchase right (a “Right”) for
each Ordinary Share (as hereinafter defined) of the Company outstanding on July 9, 2013 (the “Record Date”), each Right representing the right to purchase one one-hundredth of a Preferred Share (as hereinafter defined), upon
the terms and subject to the conditions herein set forth, and has further authorized and directed the issuance of one Right with respect to each Ordinary Share that shall become outstanding between the Record Date and the earliest of the
Distribution Date, the Redemption Date and the Final Expiration Date (as such terms are hereinafter defined). 
 Accordingly, in
consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows: 

Section 1. Definitions. For purposes of this Agreement, the following terms have the meanings indicated: 

(a) “Acquiring Person” shall mean any Person who or which, together with all Affiliates and Associates of such Person,
shall be the Beneficial Owner of 10% or more of the Ordinary Shares of the Company then outstanding, but shall not include the Company, any Subsidiary of the Company, any employee benefit plan of the Company or any Subsidiary of the Company, or any
entity holding Ordinary Shares for or pursuant to the terms of any such plan. Notwithstanding the foregoing, no Person shall become an “Acquiring Person” as the result of an acquisition of Ordinary Shares by the Company which, by reducing
the number of Ordinary 

 
Shares of the Company outstanding, increases the proportionate number of Ordinary Shares of the Company Beneficially Owned by such Person to 10% or more of the Ordinary Shares of the Company then
outstanding; provided, however, that, if a Person shall become the Beneficial Owner of 10% or more of the Ordinary Shares of the Company then outstanding by reason of share purchases by the Company and shall, after such share purchases
by the Company, become the Beneficial Owner of any additional Ordinary Shares of the Company, then such Person shall be deemed to be an “Acquiring Person.” Notwithstanding the foregoing, if the Board of Directors of the Company determines
in good faith that a Person who would otherwise be an “Acquiring Person,” as defined pursuant to the foregoing provisions of this paragraph (a), has become such inadvertently, and such Person divests as promptly as practicable a sufficient
number of Ordinary Shares so that such Person would no longer be an “Acquiring Person,” as defined pursuant to the foregoing provisions of this paragraph (a), then such Person shall not be deemed to be an “Acquiring Person” for
any purposes of this Agreement. Notwithstanding the foregoing, if a bona fide swaps dealer who would otherwise be an “Acquiring Person” has become so as a result of its actions in the ordinary course of its business that the
Board of Directors of the Company determines, in its sole discretion, were taken without the intent or effect of evading or assisting any other Person to evade the purposes and intent of this Agreement, or otherwise seeking to control or influence
the management or policies of the Company, then, and unless and until the Board of Directors shall otherwise determine, such Person shall not be deemed to be an “Acquiring Person” for any purposes of this Agreement. 

(b) “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under
the Exchange Act as in effect on the date of this Agreement. 

  
 -2-

 (c) “Articles” shall mean the articles of association of the Company as
amended from time to time. 
 (d) “Associate” shall have the meaning ascribed to such term in Rule 12b-2 of the
General Rules and Regulations under the Exchange Act as in effect on the date of this Agreement. 
 (e) A Person shall be deemed
the “Beneficial Owner” of and shall be deemed to “Beneficially Own” any securities: 
 (i) which such Person or any of such Person’s Affiliates or Associates beneficially owns, directly or indirectly; 

(ii) which such Person or any of such Person’s Affiliates or Associates has (A) the right or the obligation to
acquire (whether such right is exercisable, or such obligation is required to be performed, immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding (other than customary agreements with and between
underwriters and selling group members with respect to a bona fide public offering of securities), or upon the exercise of conversion rights, exchange rights, rights (other than these Rights), warrants or options, or otherwise;
provided, however, that a Person shall not be deemed the Beneficial Owner of, or to Beneficially Own, securities tendered pursuant to a tender, exchange or takeover offer made by or on behalf of such Person or any of such Person’s
Affiliates or Associates until such tendered securities are accepted for purchase or exchange; or (B) the right to vote pursuant to any agreement, arrangement or understanding; provided, however, that a Person shall not be deemed
the Beneficial Owner of, or to Beneficially Own, any security if the agreement, 

  
 -3-

 
arrangement or understanding to vote such security (1) arises solely from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made
pursuant to, and in accordance with, the applicable rules and regulations promulgated under the Exchange Act and (2) is not also then reportable on Schedule 13D under the Exchange Act (or any comparable or successor report); 

(iii) which are beneficially owned, directly or indirectly, by any other Person with which such Person or any of such
Person’s Affiliates or Associates has any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities)
for the purpose of acquiring, holding, voting (except to the extent contemplated by the proviso to Section 1(e)(ii)(B) hereof) or disposing of any securities of the Company; or 

(iv) which are beneficially owned, directly or indirectly, by a Counterparty (or any of such Counterparty’s
Affiliates or Associates) under any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives Contract) to which such Person or any of such Person’s Affiliates or Associates is a Receiving
Party (as such terms are defined in the immediately following paragraph); provided, however, that the number of Ordinary Shares that a Person is deemed to Beneficially Own pursuant to this clause (iv) in connection with a
particular Derivatives Contract shall not exceed the number of Notional Ordinary Shares with respect to such Derivatives Contract; provided, further, that the number of securities beneficially owned by each Counterparty (including its
Affiliates and Associates) under a Derivatives Contract shall for purposes of this clause (iv) be deemed to include all securities that are beneficially 

  
 -4-

 
owned, directly or indirectly, by any other Counterparty (or any of such other Counterparty’s Affiliates or Associates) under any Derivatives Contract to which such first Counterparty (or
any of such first Counterparty’s Affiliates or Associates) is a Receiving Party, with this proviso being applied to successive Counterparties as appropriate. 
 A “Derivatives Contract” is a contract between two parties (the “Receiving Party” and the “Counterparty”) that is designed to produce economic benefits
and risks to the Receiving Party that correspond substantially to the ownership by the Receiving Party of a number of Ordinary Shares specified or referenced in such contract (the number corresponding to such economic benefits and risks, the
“Notional Ordinary Shares”), regardless of whether obligations under such contract are required or permitted to be settled through the delivery of cash, Ordinary Shares or other property, without regard to any short position under
the same or any other Derivative Contract. For the avoidance of doubt, interests in broad-based index options, broad-based index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate federal
governmental authority shall not be deemed to be Derivatives Contracts. 
 Notwithstanding anything in this definition of
Beneficial Ownership to the contrary, the phrase “then outstanding,” when used with reference to a Person’s Beneficial Ownership of securities of the Company, shall mean the number of such securities then issued and outstanding
together with the number of such securities not then actually issued and outstanding which are issuable by the Company and which such Person would be deemed to Beneficially Own hereunder. 

(f) “Business Day” shall mean any day other than a Saturday, a Sunday, or a day on which banking institutions in the
state of Massachusetts are authorized or obligated by law or executive order to close. 

  
 -5-

 (g) “Close of Business” on any given date shall mean 5:00 P.M., Eastern
time, on such date; provided, however, that, if such date is not a Business Day, it shall mean 5:00 P.M., Eastern time, on the next succeeding Business Day. 
 (h) “Distribution Date” shall have the meaning set forth in Section 3(a) hereof. 
 (i) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 (j) “Exchange Ratio” shall have the meaning set forth in Section 24(a) hereof. 
 (k) “Final Expiration Date” shall have the meaning set forth in Section 7(a) hereof. 
 (l) “NASDAQ” shall mean the National Association of Securities Dealers, Inc. Automated Quotation System. 
 (m) “Ordinary Shares” when used with reference to the Company shall mean the ordinary shares, par value $0.20 per share, of the Company. “Ordinary Shares” when used with
reference to any Person other than the Company shall mean the capital stock (or equity interest) with the greatest voting power of such other Person or, if such other Person is a Subsidiary of another Person, the Person or Persons which ultimately
control such first-mentioned Person. 

  
 -6-

 (n) “Person” shall mean any individual, partnership, firm, corporation,
limited liability company, association, trust, unincorporated organization or other entity, and shall include any successor (by merger or otherwise) of such entity, as well as any group under Rule 13d-5(b)(1) of the Exchange Act. 

(o) “Preferred Shares” shall mean shares of Series A Junior Participating Preferred Shares, par value $0.20 per share,
of the Company having the rights and preferences set forth in the Form of Designation of Preferred Shares attached to this Agreement as Exhibit A. 
 (p) “Purchase Price” shall have the meaning set forth in Section 4 hereof. 
 (q) “Record Date” shall have the meaning set forth in the second paragraph hereof. 
 (r) “Redemption Date” shall have the meaning set forth in Section 7(a) hereof. 
 (s) “Redemption Price” shall have the meaning set forth in Section 23(a) hereof. 
 (t) “Right” shall have the meaning set forth in the second paragraph hereof. 
 (u) “Right Certificate” shall have the meaning set forth in Section 3(a) hereof. 
 (v) “Shares Acquisition Date” shall mean the first date of public announcement by the Company or an Acquiring Person that an Acquiring Person has become such. 

  
 -7-

 (w) “Subsidiary” of any Person shall mean any corporation or other entity
of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by such Person. 
 (x) “Summary of Rights” shall have the meaning set forth in Section 3(b) hereof. 
 (y) “Trading Day” shall have the meaning set forth in Section 11(d) hereof. 
 Section 2. Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with the terms and conditions hereof, and the Rights Agent
hereby accepts such appointment. The Company may from time to time appoint such co-Rights Agents as it may deem necessary or desirable, upon ten (10) days’ prior written notice to the Rights Agent. The Rights Agent shall have no duty to
supervise, and shall in no event be liable for the acts or omissions of any such co-Rights Agent. 
 Section 3. Issue of
Right Certificates. (a) Until the tenth day after the Shares Acquisition Date (including any such date which is after the date of this Agreement and prior to the issuance of the Rights; the “Distribution Date”),
(x) the Rights will be evidenced (subject to the provisions of Section 3(b) hereof) by the certificates for Ordinary Shares of the Company registered in the names of the holders thereof (which certificates shall also be deemed to be Right
Certificates) and not by separate Right Certificates, and (y) the right to receive Right Certificates will be transferable only in connection with the transfer of Ordinary Shares of the Company. As soon as practicable after the Distribution
Date, the Company will prepare and execute, the Rights Agent will countersign, and the Company will send or cause to be sent (and the Rights Agent will, if requested, send) by first-class, insured, postage-prepaid mail, to each record holder of

  
 -8-

 
Ordinary Shares of the Company as of the Close of Business on the Distribution Date, at the address of such holder shown on the records of the Company, a Right Certificate, in substantially the
form of Exhibit B hereto (a “Right Certificate”), evidencing one Right for each Ordinary Share so held, subject to adjustment as provided herein. As of the Distribution Date, the Rights will be evidenced solely by such Right
Certificates. Nothing in this Agreement shall require the issuance of certificates for Ordinary Shares of the Company. References in this Agreement to certificates for Ordinary Shares or any other securities shall be deemed to include, in the case
of any such Ordinary Shares or other securities that may be held in uncertificated form, book-entry interests in respect thereof on the records of the transfer agent therefor. 
 (b) On the Record Date, or as soon as practicable thereafter, the Company will send a copy of a Summary of Rights to Purchase Preferred Shares, in substantially the form of Exhibit C hereto (the
“Summary of Rights”), by first-class, postage-prepaid mail, to each record holder of Ordinary Shares as of the Close of Business on the Record Date, at the address of such holder shown on the records of the Company. With respect to
certificates for Ordinary Shares of the Company outstanding as of the Record Date, until the Distribution Date, the Rights will be evidenced by such certificates registered in the names of the holders thereof together with a copy of the Summary of
Rights attached thereto. Until the Distribution Date (or the earlier of the Redemption Date or the Final Expiration Date), the surrender for transfer of any certificate for Ordinary Shares of the Company outstanding on the Record Date, with or
without a copy of the Summary of Rights attached thereto, shall also constitute the transfer of the Rights associated with the Ordinary Shares of the Company represented thereby. 

(c) Certificates for Ordinary Shares which become outstanding (including, without limitation, reacquired Ordinary Shares referred to in
the last sentence of this paragraph 

  
 -9-

 
(c)) after the Record Date but prior to the earliest of the Distribution Date, the Redemption Date or the Final Expiration Date shall have impressed on, printed on, written on or otherwise
affixed to them the legend written as follows (or a substantially similar legend to the same effect): 
 This certificate also
evidences and entitles the holder hereof to certain rights as set forth in an Agreement between Mallinckrodt plc and Computershare Trust Company, N.A., dated as of June 28, 2013, as it may be amended from time to time (the
“Agreement”), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of Mallinckrodt plc. Under certain circumstances, as set forth in the Agreement, such Rights (as
defined in the Agreement) will be evidenced by separate certificates and will no longer be evidenced by this certificate. Mallinckrodt plc will mail to the holder of this certificate a copy of the Agreement without charge after receipt of a written
request therefor. As set forth in the Agreement, Rights Beneficially Owned by any Person (as defined in the Agreement) who becomes an Acquiring Person (as defined in the Agreement) become null and void. 

With respect to such certificates containing the foregoing legend, until the Distribution Date, the Rights associated with the Ordinary Shares of the
Company represented by such certificates shall be evidenced by such certificates alone, and the surrender for transfer of any such certificate shall also constitute the transfer of the Rights associated with the Ordinary Shares of the Company
represented thereby. In the event that the Company purchases or acquires any Ordinary Shares of the Company after the Record Date but prior to the Distribution Date, any Rights associated with such Ordinary Shares of the Company shall be deemed
cancelled and retired so that the Company shall not be entitled to exercise any Rights associated with the Ordinary Shares of the Company which are no longer outstanding. Notwithstanding this Section 3(c), the omission of a legend shall not
affect the enforceability of any part of this Agreement or the rights of any holder of the Rights. 

  
 -10-

 Section 4. Form of Right Certificates. The Right Certificates (and the forms of
election to purchase Preferred Shares and of assignment to be printed on the reverse thereof) shall be substantially the same as Exhibit B hereto, and may have such marks of identification or designation and such legends, summaries or endorsements
printed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any applicable law or with any applicable rule or regulation made pursuant thereto or with
any applicable rule or regulation of any stock exchange or the Financial Industry Regulatory Authority, or to conform to usage. Subject to the provisions of Section 22 hereof, the Right Certificates shall entitle the holders thereof to purchase
such number of one one-hundredths of a Preferred Share as shall be set forth therein at the price per one one-hundredth of a Preferred Share set forth therein (the “Purchase Price”), but the number of such one one-hundredths of a
Preferred Share and the Purchase Price shall be subject to adjustment as provided herein. 
 Section 5. Countersignature
and Registration. The Right Certificates shall be executed on behalf of the Company by its Chief Executive Officer, its President, any of its Vice Presidents or its Treasurer, either manually or by facsimile signature, shall have affixed thereto
the Company’s seal or a facsimile thereof, and shall be attested by the Secretary or an Assistant Secretary of the Company, either manually or by facsimile signature. The Right Certificates shall be countersigned, either manually or by
facsimile signature, by the Rights Agent and shall not be valid for any purpose unless countersigned. In case any officer of the Company who shall have signed any of the Right Certificates shall cease to be such officer of the Company before

  
 -11-

 
countersignature by the Rights Agent and issuance and delivery by the Company, such Right Certificates, nevertheless, may be countersigned by the Rights Agent and issued and delivered by the
Company with the same force and effect as though the individual who signed such Right Certificates had not ceased to be such officer of the Company; and any Right Certificate may be signed on behalf of the Company by any individual who, at the
actual date of the execution of such Right Certificate, shall be a proper officer of the Company to sign such Right Certificate, although at the date of the execution of this Agreement any such individual was not such an officer. 

Following the Distribution Date, the Rights Agent will keep or cause to be kept, at its principal office, books for registration and
transfer of the Right Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Right Certificates, the number of Rights evidenced on its face by each of the Right Certificates and the date of each
of the Right Certificates. 
 Section 6. Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated,
Destroyed, Lost or Stolen Right Certificates. Subject to the provisions of Section 14 hereof, at any time after the Close of Business on the Distribution Date, and at or prior to the Close of Business on the earlier of the Redemption Date
or the Final Expiration Date, any Right Certificate or Right Certificates (other than Right Certificates representing Rights that have become void pursuant to Section 11(a)(ii) hereof or that have been exchanged pursuant to Section 24
hereof) may be transferred, split up, combined or exchanged for another Right Certificate or Right Certificates entitling the registered holder to purchase a like number of one one-hundredths of a Preferred Share as the Right Certificate or Right
Certificates surrendered then entitled such holder to purchase. Any registered holder desiring to transfer, split up, 

  
 -12-

 
combine or exchange any Right Certificate or Right Certificates shall make such request in writing delivered to the Rights Agent, and shall surrender the Right Certificate or Right Certificates
to be transferred, split up, combined or exchanged at the principal office of the Rights Agent. Thereupon the Rights Agent shall countersign and deliver to the Person entitled thereto a Right Certificate or Right Certificates, as the case may be, as
so requested. The Company may require payment of a sum sufficient to cover any tax or charge that may be imposed in connection with any transfer, split up, combination or exchange of Right Certificates. 

Upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or
mutilation of a Right Certificate, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them, and, at the Company’s request, reimbursement to the Company and the Rights Agent of all reasonable expenses
incidental thereto, and upon surrender to the Rights Agent and cancellation of the Right Certificate if mutilated, the Company will make and deliver a new Right Certificate of like tenor to the Rights Agent for delivery to the registered holder in
lieu of the Right Certificate so lost, stolen, destroyed or mutilated. 
 Notwithstanding any other provisions hereof, the
Company and the Rights Agent may amend this Agreement to provide for uncertificated Rights in addition to or in place of Rights evidenced by Rights Certificates. 
 Section 7. Exercise of Rights; Purchase Price; Expiration Date of Rights. (a) The registered holder of any Right Certificate may exercise the Rights evidenced thereby (except as otherwise
provided herein), in whole or in part, at any time after the Distribution Date, upon surrender of the Right Certificate, with the form of election to purchase on the reverse side 

  
 -13-

 
thereof duly executed, to the Rights Agent at the principal office of the Rights Agent, together with payment of the Purchase Price for each one one-hundredth of a Preferred Share as to which the
Rights are exercised, at or prior to the earliest of (i) the Close of Business on June 28, 2014 (the “Final Expiration Date”), (ii) the time at which the Rights are redeemed as provided in Section 23 hereof (the
“Redemption Date”), or (iii) the time at which such Rights are exchanged as provided in Section 24 hereof. 
 (b) The Purchase Price for each one one-hundredth of a Preferred Share purchasable pursuant to the exercise of a Right shall initially be $400.00, and shall be subject to adjustment from time to
time as provided in Section 11 or 13 hereof, and shall be payable in lawful money of the United States of America in accordance with paragraph (c) below. Notwithstanding anything to the contrary in this Agreement, in no event shall the
amount of cash payable for any Preferred Share or Ordinary Share or fraction thereof issuable pursuant to any Right or Rights be less than the nominal value of such Preferred Share or Ordinary Share or fraction thereof. 

(c) Upon receipt of a Right Certificate representing exercisable Rights, with the form of election to purchase duly executed, accompanied
by payment of the Purchase Price for the shares to be purchased and an amount equal to any applicable transfer tax required to be paid by the holder of such Right Certificate in accordance with Section 9 hereof by cash or by certified check,
cashier’s check or money order payable to the order of the Company, the Rights Agent shall thereupon promptly (i) (A) requisition from any transfer agent of the Preferred Shares certificates for the number of Preferred Shares to be
purchased and the Company hereby irrevocably authorizes any such transfer agent to comply with all such requests, or (B) if applicable, requisition from the depositary agent depositary receipts representing such fractions

  
 -14-

 
number Preferred Shares as are to be purchased (in which case certificates for the Preferred Shares represented by such receipts shall be deposited by the transfer agent of the Preferred Shares
with such depositary agent) and the Company hereby directs such depositary agent to comply with such request; (ii) when appropriate, requisition from the Company the amount of cash to be paid in lieu of issuance of fractional shares in
accordance with Section 14 hereof; (iii) after receipt of such certificates or depositary receipts, cause the same to be delivered to or upon the order of the registered holder of such Right Certificate, registered in such name or names as
may be designated by such holder; and (iv) when appropriate, after receipt, deliver such cash to or upon the order of the registered holder of such Right Certificate. 
 (d) In case the registered holder of any Right Certificate shall exercise less than all the Rights evidenced thereby, a new Right Certificate evidencing Rights equivalent to the Rights remaining
unexercised shall be issued by the Rights Agent to the registered holder of such Right Certificate or to such holder’s duly authorized assigns, subject to the provisions of Section 14 hereof. 

(e) The Company shall ensure compliance with applicable securities laws in connection with the issuance of any Preferred Shares or
Ordinary Shares pursuant to this Agreement. 
 Section 8. Cancellation and Destruction of Right Certificates. All
Right Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in cancelled form, or, if
surrendered to the Rights Agent, shall be cancelled by it, and no Right Certificates shall be issued in lieu thereof except as expressly permitted by any of 

  
 -15-

 
the provisions of this Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire, any other Right Certificate
purchased or acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall deliver all cancelled Right Certificates to the Company, or shall, at the written request of the Company, destroy such cancelled Right
Certificates, and, in such case, shall deliver a certificate of destruction thereof to the Company. 
 Section 9.
Availability of Preferred Shares. The Company covenants and agrees that it will use all reasonable endeavours to keep reserved and available out of its authorized and unissued Preferred Shares or any Preferred Shares held in its treasury the
number of Preferred Shares that will be sufficient to permit the exercise in full of all outstanding Rights in accordance with Section 7 hereof. The Company covenants and agrees that it will take all such action as may be necessary to ensure
that all Preferred Shares delivered upon exercise of Rights shall, at the time of delivery of the certificates for such Preferred Shares (subject to payment of the Purchase Price), be duly and validly authorized and issued and fully paid and
nonassessable shares. 
 The Company further covenants and agrees that it will, or will procure that a subsidiary of the Company
will, pay when due and payable any and all federal and state transfer taxes and charges which may be payable in respect of the issuance or delivery of the Right Certificates or of any Preferred Shares upon the exercise of Rights. The Company shall
not, however, be required to pay any transfer tax which may be payable in respect of any transfer or delivery of Right Certificates to a Person other than, or the issuance or delivery of certificates or depositary receipts for the Preferred Shares
in a name other than that of, the registered holder of the Right Certificate evidencing Rights surrendered for exercise or to issue or to deliver any 

  
 -16-

 
certificates or depositary receipts for Preferred Shares upon the exercise of any Rights until any such tax shall have been paid (any such tax being payable by the holder of such Right
Certificate at the time of surrender) or until it has been established to the Company’s reasonable satisfaction that no such tax is due. 
 Section 10. Preferred Shares Record Date. Each Person in whose name any certificate for Preferred Shares is issued upon the exercise of Rights shall for all purposes be deemed to have become
the holder of record of the Preferred Shares represented thereby on, and such certificate shall be dated, the date upon which the Right Certificate evidencing such Rights was duly surrendered and payment of the Purchase Price (and any applicable
transfer taxes) was made; provided, however, that, if the date of such surrender and payment is a date upon which the Preferred Shares transfer books of the Company are closed, such Person shall be deemed to have become the record
holder of such shares on, and such certificate shall be dated, the next succeeding Business Day on which the Preferred Shares transfer books of the Company are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Right
Certificate shall not be entitled to any rights of a holder of Preferred Shares for which the Rights shall be exercisable, including, without limitation, the right to vote, to receive dividends or other distributions or to exercise any preemptive
rights, and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein. 

Section 11. Adjustment of Purchase Price, Number of Shares or Number of Rights. The Purchase Price, the number of Preferred
Shares covered by each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section 11. 

  
 -17-

 (a) (i) In the event the Company shall at any time after the date of this
Agreement (A) declare a dividend on the Preferred Shares payable in Preferred Shares, (B) subdivide the outstanding Preferred Shares, (C) consolidate the outstanding Preferred Shares into a smaller number of Preferred Shares or
(D) issue any shares of its capital stock in a reclassification of the Preferred Shares (including any such reclassification in connection with a share exchange, consolidation, merger or scheme of arrangement in which the Company is the
continuing or surviving entity), except as otherwise provided in this Section 11(a), the Purchase Price in effect at the time of the record date for such dividend or of the effective date of such subdivision, consolidation or reclassification,
and the number and kind of shares of capital stock issuable on such date, shall be proportionately adjusted so that the holder of any Right exercised after such time shall be entitled to receive the aggregate number and kind of shares of capital
stock which, if such Right had been exercised immediately prior to such date and at a time when the Preferred Shares transfer books of the Company were open, such holder would have owned upon such exercise and been entitled to receive by virtue of
such dividend, subdivision, consolidation or reclassification; provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of
the Company issuable upon exercise of one Right. 
 (ii) Subject to Section 24 hereof, in the event any
Person becomes an Acquiring Person, each holder of a Right shall thereafter have a right to receive, upon exercise thereof at a price equal to the then current Purchase Price multiplied by the number of one one-hundredths of a Preferred Share for
which a Right is then exercisable, in accordance with the terms of this Agreement and in lieu of Preferred Shares, 

  
 -18-

 
such number of Ordinary Shares of the Company as shall equal the result obtained by (A) multiplying the then current Purchase Price by the number of one one-hundredths of a Preferred Share
for which a Right is then exercisable and dividing that product by (B) 50% of the then current per share market price of the Ordinary Shares of the Company (determined pursuant to Section 11(d) hereof) on the date of the occurrence of such
event. In the event that any Person shall become an Acquiring Person and the Rights shall then be outstanding, the Company shall not take any action which would eliminate or diminish the benefits intended to be afforded by the Rights. 

From and after the occurrence of such event, any Rights that are or were acquired or Beneficially Owned by any Acquiring
Person (or any Associate or Affiliate of such Acquiring Person) shall be null and void without any further action, and any holder of such Rights shall thereafter have no right to exercise such Rights under any provision of this Agreement or
otherwise. Neither the Company nor the Rights Agent shall have liability to any holder of Right Certificates or other Person as a result of its failure to make any determinations with respect to an Acquiring Person or its Affiliates, Associates or
transferees hereunder. No Right Certificate shall be issued pursuant to Section 3 hereof that represents Rights Beneficially Owned by an Acquiring Person whose Rights would be void pursuant to the preceding sentence or any Associate or
Affiliate thereof; no Right Certificate shall be issued at any time upon the transfer of any Rights to an Acquiring Person whose Rights would be void pursuant to the preceding sentence or any Associate or Affiliate thereof or to any nominee of such
Acquiring Person, Associate or Affiliate or with respect to any Ordinary Shares otherwise deemed to be Beneficially Owned by any of the foregoing; and any Right Certificate delivered to the Rights Agent for transfer to an Acquiring Person or other
Person whose Rights would be void pursuant to the preceding sentence shall be cancelled. 

  
 -19-

 (iii) In the event that there shall not be sufficient Ordinary Shares
issued but not outstanding (e.g., treasury shares) or authorized but unissued to permit the exercise in full of the Rights in accordance with subparagraph (ii) above, the Company shall make good faith effort to take all such action as may be
necessary to authorize additional Ordinary Shares for issuance upon exercise of the Rights. In the event the Company shall, after good faith effort, be unable to take all such action as may be necessary to authorize such additional Ordinary Shares,
the Company shall substitute, for each Ordinary Share that would otherwise be issuable upon exercise of a Right, a number of Preferred Shares or fraction thereof such that the current per share market price of one Preferred Share multiplied by such
number or fraction is equal to the current per share market price of one Ordinary Share as of the date of issuance of such Preferred Shares or fraction thereof. 
 (b) In case the Company shall fix a record date for the issuance of rights, options or warrants to all holders of Preferred Shares entitling them (for a period expiring within 45 calendar days after such
record date) to subscribe for or purchase Preferred Shares (or shares having the same rights, privileges and preferences as the Preferred Shares (“equivalent preferred shares”)) or securities convertible into Preferred Shares or
equivalent preferred shares at a price per Preferred Share or equivalent preferred share (or having a conversion price per share, if a security convertible into Preferred Shares or equivalent preferred shares) less than the then current per share
market price of the Preferred Shares (as defined in Section 11(d)) on such record date, the Purchase 

  
 -20-

 
Price to be in effect after such record date shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be
the number of Preferred Shares outstanding on such record date plus the number of Preferred Shares which the aggregate offering price of the total number of Preferred Shares and/or equivalent preferred shares so to be offered (and/or the aggregate
initial conversion price of the convertible securities so to be offered) would purchase at such current market price and the denominator of which shall be the number of Preferred Shares outstanding on such record date plus the number of additional
Preferred Shares and/or equivalent preferred shares to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible); provided, however, that in no event shall the
consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right. In case such subscription price may be paid in a consideration part or
all of which shall be in a form other than cash, the value of such consideration shall be as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent and
shall be binding on the Rights Agent and holders of the Rights. Preferred Shares owned by or held for the account of the Company or any Subsidiary of the Company shall not be deemed outstanding for the purpose of any such computation. Such
adjustment shall be made successively whenever such a record date is fixed; and, in the event that such rights, options or warrants are not so issued, the Purchase Price shall be adjusted to be the Purchase Price which would then be in effect if
such record date had not been fixed. 

  
 -21-

 (c) In case the Company shall fix a record date for the making of a
distribution to all holders of the Preferred Shares (including any such distribution made in connection with a share exchange, consolidation, merger or scheme of arrangement in which the Company is the continuing or surviving entity) of evidences of
indebtedness or assets (other than a regular quarterly cash dividend or a dividend payable in Preferred Shares) or subscription rights or warrants (excluding those referred to in Section 11(b) hereof), the Purchase Price to be in effect after
such record date shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the then-current per share market price of the Preferred Shares on such record
date, less the fair market value (as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent and holders of the
Rights) of the portion of the assets or evidences of indebtedness so to be distributed or of such subscription rights or warrants applicable to one Preferred Share and the denominator of which shall be such then-current per share market price of the
Preferred Shares on such record date; provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company to be issued
upon exercise of one Right. Such adjustments shall be made successively whenever such a record date is fixed; and, in the event that such distribution is not so made, the Purchase Price shall again be adjusted to be the Purchase Price which would
then be in effect if such record date had not been fixed. 
 (d) (i) For the purpose of any computation
hereunder, the “current per share market price” of any security (a “Security” for the purpose of this Section 11(d)(i)) 

  
 -22-

 
on any date shall be deemed to be the average of the daily closing prices per share of such Security for the 30 consecutive Trading Days immediately prior to such date; provided,
however, that, in the event that the current per share market price of the Security is determined during a period following the announcement by the issuer of such Security of (A) a dividend or distribution on such Security payable in
shares of such Security or Securities convertible into such shares, or (B) any subdivision, consolidation or reclassification of such Security and prior to the expiration of 30 Trading Days after the ex-dividend date for such dividend or
distribution, or the record date for such subdivision, consolidation or reclassification, then, and in each such case, the current per share market price shall be appropriately adjusted to reflect the current market price per share equivalent of
such Security. The closing price for each day shall be the last sale price, regular way, reported at or prior to 4:00 P.M. Eastern time or, in case no such sale takes place on such day, the average of the bid and asked prices, regular way, reported
as of 4:00 P.M. Eastern time, in either case, as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if the Security is not listed or
admitted to trading on the New York Stock Exchange, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Security is listed or admitted to
trading or, if the Security is not listed or admitted to trading on any national securities exchange, the last quoted price reported at or prior to 4:00 P.M. Eastern time or, if not so quoted, the average of the high bid and low asked prices in the
over-the-counter market, as reported as of 4:00 P.M. Eastern time by NASDAQ or such other system then in use, or, if on any such date the Security is not quoted by any such 

  
 -23-

 
organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the Security selected by the Board of Directors of the Company. The
term “Trading Day” shall mean a day on which the principal national securities exchange on which the Security is listed or admitted to trading is open for the transaction of business, or, if the Security is not listed or admitted to
trading on any national securities exchange, a Business Day. 
 (ii) For the purpose of any computation
hereunder, the “current per share market price” of the Preferred Shares shall be determined in accordance with the method set forth in Section 11(d)(i). If the Preferred Shares are not publicly traded, the “current per share
market price” of the Preferred Shares shall be conclusively deemed to be the current per share market price of the Ordinary Shares as determined pursuant to Section 11(d)(i) hereof (appropriately adjusted to reflect any stock split, stock
dividend or similar transaction occurring after the date hereof), multiplied by one hundred. If neither the Ordinary Shares nor the Preferred Shares are publicly held or so listed or traded, “current per share market price” shall mean the
fair value per share as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent. 

(e) No adjustment in the Purchase Price shall be required unless such adjustment would require an increase or decrease of
at least 1% in the Purchase Price; provided, however, that any adjustments which by reason of this Section 11(e) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All
calculations under this Section 11 shall be made to the nearest cent or to the nearest one one-millionth of a Preferred Share or one ten-thousandth of any other 

  
 -24-

 
share or security as the case may be. Notwithstanding the first sentence of this Section 11(e), any adjustment required by this Section 11 shall be made no later than the earlier of
(i) three years from the date of the transaction which requires such adjustment or (ii) the date of the expiration of the right to exercise any Rights. 

(f) If, as a result of an adjustment made pursuant to Section 11(a) hereof, the holder of any Right thereafter
exercised shall become entitled to receive any shares of capital stock of the Company other than Preferred Shares, thereafter the number of such other shares so receivable upon exercise of any Right shall be subject to adjustment from time to time
in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Shares contained in Section 11(a) through (c) hereof, inclusive, and the provisions of Sections 7, 9, 10 and 13 hereof with
respect to the Preferred Shares shall apply on like terms to any such other shares. 
 (g) All Rights originally
issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence the right to purchase, at the adjusted Purchase Price, the number of one one-hundredths of a Preferred Share purchasable from time to time
hereunder upon exercise of the Rights, all subject to further adjustment as provided herein. 
 (h) Unless the
Company shall have exercised its election as provided in Section 11(i) hereof, upon each adjustment of the Purchase Price as a result of the calculations made in Sections 11(b) and (c) hereof, each Right outstanding immediately prior to
the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of one one-hundredths of a Preferred Share (calculated 

  
 -25-

 
to the nearest one one-millionth of a Preferred Share) obtained by (A) multiplying (x) the number of one one-hundredths of a share covered by a Right immediately prior to this
adjustment by (y) the Purchase Price in effect immediately prior to such adjustment of the Purchase Price and (B) dividing the product so obtained by the Purchase Price in effect immediately after such adjustment of the Purchase Price.

 (i) The Company may elect, on or after the date of any adjustment of the Purchase Price, to adjust the number
of Rights in substitution for any adjustment in the number of one one-hundredths of a Preferred Share purchasable upon the exercise of a Right. Each of the Rights outstanding after such adjustment of the number of Rights shall be exercisable for the
number of one one-hundredths of a Preferred Share for which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall become that number of Rights (calculated to
the nearest one ten-thousandth) obtained by dividing the Purchase Price in effect immediately prior to adjustment of the Purchase Price by the Purchase Price in effect immediately after adjustment of the Purchase Price. The Company shall make a
public announcement of its election to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made. This record date may be the date on which the Purchase Price is
adjusted or any day thereafter, but, if the Right Certificates have been issued, shall be at least 10 days later than the date of the public announcement. If Right Certificates have been issued, upon each adjustment of the number of Rights pursuant
to this Section 11(i), the Company shall, as promptly as practicable, cause to be distributed to holders of record of Right Certificates on such record date Right Certificates evidencing, subject to Section 14 hereof, the additional

  
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Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record in substitution and
replacement for the Right Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Company, new Right Certificates evidencing all the Rights to which such holders shall be entitled after such
adjustment. Right Certificates so to be distributed shall be issued, executed and countersigned in the manner provided for herein, and shall be registered in the names of the holders of record of Right Certificates on the record date specified in
the public announcement. 
 (j) Irrespective of any adjustment or change in the Purchase Price or in the number
of one one-hundredths of a Preferred Share issuable upon the exercise of the Rights, the Right Certificates theretofore and thereafter issued may continue to express the Purchase Price and the number of one one-hundredths of a Preferred Share which
were expressed in the initial Right Certificates issued hereunder. 
 (k) Before taking any action that would
cause an adjustment reducing the Purchase Price below one one-hundredth of the then par value, if any, of the Preferred Shares issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its
counsel, be necessary in order that the Company may validly and legally issue fully paid and nonassessable Preferred Shares at such adjusted Purchase Price. 
 (l) In any case in which this Section 11 shall require that an adjustment in the Purchase Price be made effective as of a record date for a specified event, the Company may elect to defer until the
occurrence of such event the issuing to the holder 

  
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of any Right exercised after such record date of the Preferred Shares and other capital stock or securities of the Company, if any, issuable upon such exercise over and above the Preferred Shares
and other capital stock or securities of the Company, if any, issuable upon such exercise on the basis of the Purchase Price in effect prior to such adjustment; provided, however, that the Company shall deliver to such holder a due
bill or other appropriate instrument evidencing such holder’s right to receive such additional shares upon the occurrence of the event requiring such adjustment. 

(m) Anything in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make such
reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it, in its sole discretion, shall determine to be advisable in order that any consolidation or subdivision of
the Preferred Shares, issuance wholly for cash of any Preferred Shares at less than the current market price, issuance wholly for cash of Preferred Shares or securities which by their terms are convertible into or exchangeable for Preferred Shares,
dividends on Preferred Shares payable in Preferred Shares or issuance of rights, options or warrants referred to in Section 11(b) hereof, hereafter made by the Company to holders of the Preferred Shares shall not be taxable to such
shareholders. 
 (n) In the event that, at any time after the date of this Agreement and prior to the
Distribution Date, the Company shall (i) declare or pay any dividend on the Ordinary Shares payable in Ordinary Shares, or (ii) effect a subdivision, combination or consolidation of the Ordinary Shares (by reclassification or otherwise
than by payment of dividends in Ordinary Shares) into a greater or lesser number of Ordinary Shares, then, in any such case, (A) the number of one one-hundredths of a Preferred Share purchasable

  
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after such event upon proper exercise of each Right shall be determined by multiplying the number of one one-hundredths of a Preferred Share so purchasable immediately prior to such event by a
fraction, the numerator of which is the number of Ordinary Shares outstanding immediately before such event and the denominator of which is the number of Ordinary Shares outstanding immediately after such event, and (B) each Ordinary Share
outstanding immediately after such event shall have issued with respect to it that number of Rights which each Ordinary Share outstanding immediately prior to such event had issued with respect to it. The adjustments provided for in this
Section 11(n) shall be made successively whenever such a dividend is declared or paid or such a subdivision, combination or consolidation is effected. 
 Section 12. Certificate of Adjusted Purchase Price or Number of Shares. Whenever an adjustment is made as provided in Section 11 or 13 hereof, the Company shall promptly (a) prepare
a certificate setting forth such adjustment or describing such event and a brief statement of the facts accounting for such adjustment or describing such event, (b) file with the Rights Agent and with each transfer agent for the Ordinary Shares
or the Preferred Shares a copy of such certificate and (c) if such adjustment occurs at any time after the Distribution Date, mail a brief summary thereof to each holder of a Right Certificate in accordance with Section 25 hereof.

 Section 13. Consolidation, Merger or Sale or Transfer of Assets or Earning Power. In the event, directly or
indirectly, at any time after a Person has become an Acquiring Person, (a) the Company shall effect a share exchange, consolidate with, or merge with and into, or enter into a 

  
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scheme of arrangement with, any other Person, (b) any Person shall effect a share exchange, consolidate with the Company, merge with and into the Company or enter into a scheme of
arrangement with, the Company and the Company shall be the continuing or surviving entity of such share exchange, consolidation, merger or scheme of arrangement and, in connection with such share exchange, consolidation, merger or scheme of
arrangement, all or part of the Ordinary Shares shall be changed into or exchanged for shares or other securities of any other Person (or the Company) or cash or any other property, or (c) the Company shall sell or otherwise transfer (or one or
more of its Subsidiaries shall sell or otherwise transfer), in one or more transactions, assets or earning power aggregating 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person other
than the Company or one or more of its wholly-owned Subsidiaries, then, and in each such case, proper provision shall be made so that (i) each holder of a Right (except as otherwise provided herein) shall thereafter have the right to receive,
upon the exercise thereof at a price equal to the then current Purchase Price multiplied by the number of one one-hundredths of a Preferred Share for which a Right is then exercisable, in accordance with the terms of this Agreement and in lieu of
Preferred Shares, such number of Ordinary Shares of such other Person (including the Company as successor thereto or as the surviving entity) as shall equal the result obtained by (A) multiplying the then current Purchase Price by the number of
one one-hundredths of a Preferred Share for which a Right is then exercisable and dividing that product by (B) 50% of the then current per share market price of the Ordinary Shares of such other Person (determined pursuant to Section 11(d)
hereof) on the date of consummation of such consolidation, merger, scheme of arrangement, sale or transfer; (ii) the issuer of such Ordinary Shares shall thereafter be liable for, and shall assume, by virtue of such consolidation, merger,
scheme of arrangement, sale or transfer, all the obligations and duties of the Company pursuant to this Agreement; (iii) the term “Company” shall thereafter be deemed to refer to such issuer; and (iv) such issuer shall take such

  
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steps (including, but not limited to, the reservation of a sufficient number of its Ordinary Shares in accordance with Section 9 hereof) in connection with such consummation as may be
necessary to assure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to the Ordinary Shares of the Company thereafter deliverable upon the exercise of the Rights. The Company shall not consummate
any such consolidation, merger, scheme of arrangement, sale or transfer unless, prior thereto, the Company and such issuer shall have executed and delivered to the Rights Agent a supplemental agreement so providing. The Company shall not enter into
any transaction of the kind referred to in this Section 13 if at the time of such transaction there are any rights, warrants, instruments or securities outstanding or any agreements or arrangements which, as a result of the consummation of such
transaction, would eliminate or substantially diminish the benefits intended to be afforded by the Rights. The provisions of this Section 13 shall similarly apply to successive mergers, schemes of arrangement, share exchanges, or consolidations
or sales or other transfers. 
 Section 14. Fractional Rights and Fractional Shares. (a) The Company shall not
be required to issue fractions of Rights or to distribute Right Certificates which evidence fractional Rights. In lieu of such fractional Rights, there shall be paid to the registered holders of the Right Certificates with regard to which such
fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a whole Right. For the purposes of this Section 14(a), the current market value of a whole Right shall be the closing
price of the Rights for the Trading Day immediately prior to the date on which such fractional Rights would have been otherwise issuable. The closing price for any day shall be the last sale price, regular way, or, in case no such sale takes place
on such day, the average of the closing bid and asked prices, regular way, in either case, as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange
or, if the Rights are not listed or admitted to trading on the New York Stock Exchange, as reported in the principal consolidated transaction 

  
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reporting system with respect to securities listed on the principal national securities exchange on which the Rights are listed or admitted to trading or, if the Rights are not listed or admitted
to trading on any national securities exchange, the last quoted price or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by NASDAQ or such other system then in use or, if on any such
date the Rights are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the Rights selected by the Board of Directors of the Company. If on any such date
no such market maker is making a market in the Rights, the fair value of the Rights on such date as determined in good faith by the Board of Directors of the Company shall be used. 

(b) The Company shall not be required to issue fractions of Preferred Shares or Ordinary Shares upon exercise of the Rights or to
distribute certificates which evidence fractional Preferred Shares or Ordinary Shares. The Company may, at its option, elect to provide for the issuance of depositary receipts evidencing fractions of Preferred Shares, pursuant to an appropriate
agreement between the Company and a depositary selected by it; provided that such agreement shall provide that the holders of such depositary receipts shall have all the rights, privileges and preferences to which they are entitled as
beneficial owners of the Preferred Shares represented by such depositary receipts. In lieu of fractional Preferred Shares (other than fractional Preferred Shares evidenced by depositary receipts issued in accordance with the preceding sentence) or
fractional Ordinary Shares, the Company shall pay to the registered holders of Right Certificates at the time such Rights are exercised as herein provided an amount 

  
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in cash equal to the same fraction of the current market value of one Preferred Share or Ordinary Share, as applicable. For the purposes of this Section 14(b), the current market value of a
Preferred Share or Ordinary Share shall be the closing price of a Preferred Share or Ordinary Share, as applicable (as determined pursuant to the second sentence of Section 11(d)(i) hereof) for the Trading Day immediately prior to the date of
such exercise. 
 (c) The holder of a Right, by the acceptance of the Right, expressly waives such holder’s right to
receive any fractional Rights or any fractional shares upon exercise of a Right (except as provided above). 
 Section 15.
Rights of Action. All rights of action in respect of this Agreement, excepting the rights of action given to the Rights Agent under Section 18 hereof, are vested in the respective registered holders of the Right Certificates (and, prior
to the Distribution Date, the registered holders of the Ordinary Shares); and any registered holder of any Right Certificate (or, prior to the Distribution Date, of the Ordinary Shares), without the consent of the Rights Agent or of the holder of
any other Right Certificate (or, prior to the Distribution Date, of the Ordinary Shares), may, in such holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against
the Company to enforce, or otherwise act in respect of, such holder’s right to exercise the Rights evidenced by such Right Certificate in the manner provided in such Right Certificate and in this Agreement. Without limiting the foregoing or any
remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement, and will be entitled to specific performance of the obligations under,
and injunctive relief against actual or threatened violations of the obligations of any Person subject to, this Agreement. 

  
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 Section 16. Agreement of Right Holders. Every holder of a Right, by accepting
the same, consents and agrees with the Company and the Rights Agent and with every other holder of a Right that: 

(a) prior to the Distribution Date, the Rights will be transferable only in connection with the transfer of the Ordinary
Shares; 
 (b) after the Distribution Date, the Right Certificates are transferable only on the registry books of
the Rights Agent if surrendered at the principal office of the Rights Agent, duly endorsed or accompanied by a proper instrument of transfer; and 
 (c) the Company and the Rights Agent may deem and treat the person in whose name the Right Certificate (or, prior to the Distribution Date, the associated Ordinary Shares certificate) is registered as the
absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Right Certificate or the associated Ordinary Shares certificate made by anyone other than the Company or the Rights Agent) for
all purposes whatsoever, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary. 

Section 17. Right Certificate Holder Not Deemed a Shareholder. No holder, as such, of any Right Certificate shall be entitled
to vote, receive dividends or be deemed for any purpose the holder of the Preferred Shares or any other securities of the Company which may at any time be issuable on the exercise of the Rights represented thereby, nor shall anything contained
herein or in any Right Certificate be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to
shareholders at any meeting thereof, or to 

  
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give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders (except as provided in Section 25 hereof), or to receive dividends
or subscription rights, or otherwise, until the Right or Rights evidenced by such Right Certificate shall have been exercised in accordance with the provisions hereof. 
 Section 18. Concerning the Rights Agent. The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder, and, from time to time, on demand of
the Rights Agent, its reasonable expenses and outside counsel fees and other disbursements incurred in the administration and execution of this Agreement and the exercise and performance of its duties hereunder. The Company also agrees to indemnify
the Rights Agent for, and to hold it harmless against, any loss, liability, or expense incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (which gross negligence, bad faith or willful misconduct must
be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction), for anything done or omitted by the Rights Agent in connection with the acceptance and administration of this Agreement, including the
costs and expenses of defending against any claim of liability in connection therewith and enforcing this right of indemnification. 
 The Rights Agent shall be protected and shall incur no liability for, or in respect of any action taken, suffered or omitted by it in connection with, its administration of this Agreement in reliance upon
any Right Certificate or certificate for the Preferred Shares or Ordinary Shares or for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent,
certificate, statement, or other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper person or persons, or otherwise upon the advice of counsel as set forth in
Section 20 hereof. 

  
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 The provisions of this Section 18 and Section 20 hereof shall survive the
termination of this Agreement, the exercise or expiration of the Rights and the resignation, replacement or removal of the Rights Agent. 
 Section 19. Merger or Consolidation or Change of Name of Rights Agent. Any corporation into which the Rights Agent or any successor Rights Agent may be merged or with which it may effect a
share exchange, be consolidated, or any Person resulting from any merger, share exchange, scheme of arrangement, or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to the stock
transfer or corporate trust powers of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or document or any further act on the part of any of
the parties hereto; provided that such Person would be eligible for appointment as a successor Rights Agent under the provisions of Section 21 hereof. In case at the time such successor Rights Agent shall succeed to the agency created by
this Agreement, any of the Right Certificates shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Right Certificates so countersigned; and,
in case at that time any of the Right Certificates shall not have been countersigned, any successor Rights Agent may countersign such Right Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent;
and, in all such cases, such Right Certificates shall have the full force provided in the Right Certificates and in this Agreement. 

  
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 In case at any time the name of the Rights Agent shall be changed and at such time any of
the Right Certificates shall have been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates so countersigned; and, in case at that time any of the Right Certificates
shall not have been countersigned, the Rights Agent may countersign such Right Certificates either in its prior name or in its changed name; and, in all such cases, such Right Certificates shall have the full force provided in the Right Certificates
and in this Agreement. 
 Section 20. Duties of Rights Agent. The Rights Agent undertakes the duties and obligations
imposed by this Agreement upon the following terms and conditions, by all of which the Company and the holders of Right Certificates, by their acceptance thereof, shall be bound: 

(a) The Rights Agent may consult with legal counsel (who may be legal counsel for the Company), and the opinion of such
counsel shall be full and complete authorization and protection to the Rights Agent as to any action taken or omitted by it in good faith and in accordance with such opinion. 

(b) Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable
that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a certificate signed by any one of the Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Treasurer, the Secretary or any Assistant Secretary of the Company and delivered to the
Rights Agent; and such certificate shall be full authorization to the Rights Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate. 

  
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 (c) The Rights Agent shall be liable hereunder to the Company and any other
Person only for its own gross negligence, bad faith or willful misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction).
Notwithstanding anything in this Agreement to the contrary, in no event will the Rights Agent be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Rights
Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. Any liability of the Rights Agent under this Agreement will be limited to the amount of annual fees paid by the Company to the Rights Agent.

 (d) The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals
contained in this Agreement or in the Right Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only. 

(e) The Rights Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution
and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Right Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Right Certificate; nor shall it be responsible for any change in the exercisability of the 

  
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Rights (including the Rights becoming void pursuant to Section 11(a)(ii) hereof) or any adjustment in the terms of the Rights (including the manner, method or amount thereof) provided for in
Section 3, 11, 13, 23 or 24 hereof, or the ascertaining of the existence of facts that would require any such change or adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after receipt of a certificate
pursuant to Section 12 describing such change or adjustment); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Preferred Shares to be issued pursuant to this
Agreement or any Right Certificate or as to whether any Preferred Shares will, when issued, be validly authorized and issued, fully paid and nonassessable. 
 (f) The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as
may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement. 
 (g) The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from any one of the Chairman of the Board, the Chief Executive
Officer, the President, any Vice President, the Secretary, any Assistant Secretary, the Treasurer or any Assistant or the Treasurer of the Company, and to apply to such officers for advice or instructions in connection with its duties, and it shall
not be liable for any action taken or suffered by it in good faith in accordance with instructions of any such officer or for any delay in acting while waiting for those instructions. 

  
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 (h) The Rights Agent and any shareholder, director, officer or employee of
the Rights Agent may buy, sell or deal in any of the Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act
as fully and freely as though it were not Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other Person. 

(i) The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty
hereunder either itself or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company resulting from
any such act, default, neglect or misconduct, provided that reasonable care was exercised in the selection and continued employment thereof. 
 Section 21. Change of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this Agreement upon 30 days’ notice in writing mailed
to the Company and, in the event that the Rights Agent or one of its Affiliates is not also the transfer agent for the Company, to each transfer agent of the Ordinary Shares or Preferred Shares by registered or certified mail. In the event the
transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned automatically and be discharged from its duties under this Agreement as of the effective date of such
termination, and the Company shall be responsible for sending any required notice. The Company may remove the Rights Agent or any successor Rights Agent (with or without cause) upon 30 days’ notice in writing, mailed to the Rights Agent or
successor 

  
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Rights Agent, as the case may be, and to each transfer agent of the Ordinary Shares or Preferred Shares by registered or certified mail, and to the holders of the Right Certificates by
first-class mail. If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Rights Agent. If the Company shall fail to make such appointment within a period of 30 days
after giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Right Certificate (which holder shall, with such notice, submit such
holder’s Right Certificate for inspection by the Company), then the registered holder of any Right Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether
appointed by the Company or by such a court, shall be either (a) a Person organized and doing business under the laws of the United States or of any state of the United States so long as such Person is authorized to do business as a banking
institution in such state, in good standing which is authorized under such laws to exercise corporate trust or stock transfer powers and is subject to supervision or examination by federal or state authority and which has at the time of its
appointment as Rights Agent a combined capital and surplus of at least $50 million or (b) an affiliate or direct or indirect wholly-owned Subsidiary of such Person or its wholly-owning parent. After appointment, the successor Rights Agent shall
be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any
property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof in writing
with the predecessor Rights Agent and each transfer 

  
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agent of the Ordinary Shares or Preferred Shares, and mail a notice thereof in writing to the registered holders of the Right Certificates. Failure to give any notice provided for in this
Section 21, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be. 

Section 22. Issuance of New Right Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to
the contrary, the Company may, at its option, issue new Right Certificates evidencing Rights in such form as may be approved by the Board of Directors of the Company to reflect any adjustment or change in the Purchase Price and the number or kind or
class of shares or other securities or property purchasable under the Right Certificates made in accordance with the provisions of this Agreement. 
 Section 23. Redemption. (a) The Board of Directors of the Company may, at its option, at any time prior to such time as any Person becomes an Acquiring Person, redeem all but not less
than all the then outstanding Rights at a redemption price of $0.01 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such redemption price being hereinafter referred
to as the “Redemption Price”). The redemption of the Rights by the Board of Directors of the Company may be made effective at such time, on such basis and with such conditions as the Board of Directors of the Company, in its sole
discretion, may establish. 
 (b) Immediately upon the action of the Board of Directors of the Company ordering the redemption
of the Rights pursuant to paragraph (a) of this Section 23, and without any further action and without any notice, the right to exercise the Rights will terminate and the 

  
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only right thereafter of the holders of Rights shall be to receive the Redemption Price. The Company shall promptly give public notice of any such redemption; provided, however,
that the failure to give, or any defect in, any such notice shall not affect the validity of such redemption. Within 10 days after such action of the Board of Directors of the Company ordering the redemption of the Rights, the Company shall mail a
notice of redemption to all the holders of the then outstanding Rights at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the
Ordinary Shares. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption will state the method by which the payment of the Redemption Price will be
made. Neither the Company nor any of its Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in Section 24 hereof, and other
than in connection with the purchase of Ordinary Shares prior to the Distribution Date. 
 Section 24. Exchange.
(a) The Board of Directors of the Company may, at its option, at any time after any Person becomes an Acquiring Person, exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become void
pursuant to the provisions of Section 11(a)(ii) hereof) for Ordinary Shares (which may be paid up in accordance with the provisions of Article 149 of the Articles) at an exchange ratio of one Ordinary Share per Right, appropriately adjusted to
reflect any adjustment in the number of Rights pursuant to Section 11(i) (such exchange ratio being hereinafter referred to as the “Exchange Ratio”). Notwithstanding the foregoing, the Board of Directors of the Company shall
not be empowered to effect such exchange at any time after any Person (other than the Company, 

  
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any Subsidiary of the Company, any employee benefit plan of the Company or any such Subsidiary, or any entity holding Ordinary Shares for or pursuant to the terms of any such plan), together with
all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the Ordinary Shares then outstanding. 
 (b) Immediately upon the action of the Board of Directors of the Company ordering the exchange of any Rights pursuant to paragraph (a) of this Section 24 and without any further action and
without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of Ordinary Shares equal to the number of such Rights held by such holder multiplied by
the Exchange Ratio. The Company shall promptly give public notice of any such exchange; provided, however, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange. The Company promptly
shall mail a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice which is mailed in the manner herein provided shall be deemed given, whether
or not the holder receives the notice. Each such notice of exchange will state the method by which the exchange of the Ordinary Shares for Rights will be effected, and, in the event of any partial exchange, the number of Rights which will be
exchanged. Any partial exchange shall be effected pro rata based on the number of Rights (other than Rights which have become void pursuant to the provisions of Section 11(a)(ii) hereof) held by each holder of Rights. 

(c) In the event that there shall not be sufficient Ordinary Shares issued but not outstanding or authorized but unissued to permit any
exchange of Rights as contemplated in accordance with this Section 24, the Company shall make good faith effort to take all such action as may be necessary to authorize additional Ordinary Shares for issuance upon exchange of the

  
 -44-

 
Rights. In the event the Company shall, after good faith effort, be unable to take all such action as may be necessary to authorize such additional Ordinary Shares, the Company shall substitute,
for each Ordinary Share that would otherwise be issuable upon exchange of a Right, a number of Preferred Shares or fraction thereof such that the current per share market price of one Preferred Share multiplied by such number or fraction is equal to
the current per share market price of one Ordinary Share as of the date of issuance of such Preferred Shares or fraction thereof. 
 (d) The Company shall not be required to issue fractions of Ordinary Shares or to distribute certificates which evidence fractional Ordinary Shares. In lieu of such fractional Ordinary Shares, the Company
shall pay to the registered holders of the Right Certificates with regard to which such fractional Ordinary Shares would otherwise be issuable an amount in cash equal to the same fraction of the current market value of a whole Ordinary Share. For
the purposes of this paragraph (d), the current market value of a whole Ordinary Share shall be the closing price of an Ordinary Share (as determined pursuant to the second sentence of Section 11(d)(i) hereof) for the Trading Day immediately
prior to the date of exchange pursuant to this Section 24. 
 Section 25. Notice of Certain Events. (a) In
case the Company shall, at any time after the Distribution Date, propose (i) to pay any dividend payable in shares of any class to the holders of the Preferred Shares or to make any other distribution to the holders of the Preferred Shares
(other than a regular quarterly cash dividend), (ii) to offer to the holders of the Preferred Shares rights or warrants to subscribe for or to purchase any additional Preferred Shares or shares of any class or any other securities, rights or
options, (iii) to effect any reclassification of the Preferred Shares (other than a reclassification involving only the subdivision of outstanding Preferred Shares), (iv) to effect any share exchange, scheme of arrangement, consolidation
or 

  
 -45-

 
merger into or with, or to effect any sale or other transfer (or to permit one or more of its Subsidiaries to effect any sale or other transfer), in one or more transactions, of 50% or more of
the assets or earning power of the Company and its Subsidiaries (taken as a whole) to, any other Person, (v) to effect the liquidation, dissolution or winding up of the Company, or (vi) to declare or pay any dividend on the Ordinary Shares
payable in Ordinary Shares or to effect a subdivision, combination or consolidation of the Ordinary Shares (by reclassification or otherwise than by payment of dividends in Ordinary Shares), then, in each such case, the Company shall give to each
holder of a Right Certificate, in accordance with Section 26 hereof, a notice of such proposed action, which shall specify the record date for the purposes of such stock dividend, or distribution of rights or warrants, or the date on which such
share exchange, reclassification, consolidation, merger, scheme of arrangement, sale, transfer, liquidation, dissolution, or winding up is to take place and the date of participation therein by the holders of the Ordinary Shares and/or Preferred
Shares, if any such date is to be fixed, and such notice shall be so given in the case of any action covered by clause (i) or (ii) above at least 10 days prior to the record date for determining holders of the Preferred Shares for purposes
of such action, and, in the case of any such other action, at least 10 days prior to the date of the taking of such proposed action or the date of participation therein by the holders of the Ordinary Shares and/or Preferred Shares, whichever shall
be the earlier. 
 (b) In case the event set forth in Section 11(a)(ii) hereof shall occur, then the Company shall, as soon
as practicable thereafter, give to each holder of a Right Certificate, in accordance with Section 26 hereof, a notice of the occurrence of such event, which notice shall describe such event and the consequences of such event to holders of
Rights under Section 11(a)(ii) hereof. 

  
 -46-

 Section 26. Notices. Notices or demands authorized by this Agreement to be given
or made by the Rights Agent or by the holder of any Right Certificate to or on the Company shall be sufficiently given or made if sent by overnight delivery service or first-class mail, postage prepaid, addressed (until another address is filed in
writing with the Rights Agent) as follows: 
 Mallinckrodt plc 

Damastown 

Mulhuddart 

Dublin 15 

Ireland 

Attention: Corporate Secretary 

Subject to the provisions of Section 21 hereof, any notice or demand authorized by this Agreement to be given or made by the Company or by the
holder of any Right Certificate to or on the Rights Agent shall be sufficiently given or made if sent by overnight delivery service or first-class mail, postage prepaid, addressed (until another address is filed in writing with the Company) as
follows: 
 Computershare Trust Company, N.A. 

480 Washington Boulevard, 29th Floor 
 Jersey City, NJ 07310 
 Attention: Client Services 

Notices or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Right Certificate shall be
sufficiently given or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company. 

  
 -47-

 Section 27. Supplements and Amendments. The Company may from time to time
supplement or amend this Agreement without the approval of any holders of Right Certificates in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions
herein, or to make any other provisions with respect to the Rights which the Company may deem necessary or desirable, any such supplement or amendment to be evidenced by a writing signed by the Company and the Rights Agent; provided,
however, that, from and after such time as any Person becomes an Acquiring Person, this Agreement shall not be amended in any manner which would adversely affect the interests of the holders of Rights. Notwithstanding anything in this
Agreement to the contrary, the Company and the Rights Agent may (and the Rights Agent shall, if the Company so directs) supplement or amend this Agreement at any time without the approval of any holders of certificates representing Ordinary Shares
or of any holders of Rights Certificates in order to conform the provisions hereof to applicable law. Upon the delivery of a certificate from an appropriate officer of the Company which states that the proposed supplement or amendment is in
compliance with the terms of this Section 27, the Rights Agent shall execute such supplement or amendment; provided, however, that the Rights Agent may, but shall not be obligated to, enter into any supplement or amendment that adversely
affects the Rights Agent’s own rights, duties, or obligations under this Agreement. 
 Section 28. Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 

Section 29. Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the
Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Ordinary Shares) any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole
and exclusive benefit of the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Ordinary Shares). 

  
 -48-

 Section 30. Severability. If any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall
in no way be affected, impaired or invalidated. 
 Section 31. Governing Law. This Agreement and each Right
Certificate issued hereunder shall be deemed to be a contract made under the laws of Ireland and for all purposes shall be governed by and construed in accordance with the laws of Ireland applicable to contracts to be made and performed entirely
within Ireland, except that the rights, duties and obligations of the Rights Agent shall be governed by and construed in accordance with the laws of the state of New York. 
 Section 32. Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument. A signature to this Agreement transmitted electronically shall have the same authority, effect, and enforceability as an original signature. 

Section 33. Descriptive Headings. Descriptive headings of the several Sections of this Agreement are inserted for convenience
only and shall not control or affect the meaning or construction of any of the provisions hereof. 

  
 -49-

 Section 34. Force Majeure. Notwithstanding anything to the contrary contained
herein, the Rights Agent shall not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions,
interruptions or malfunctions of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest. 

  
 -50-

 IN WITNESS WHEREOF the parties have executed this Agreement as a deed with the intention
that it be delivered on the date first written above. 
  

					
	GIVEN under the common seal of MALLINCKRODT PUBLIC LIMITED COMPANY and DELIVERED as a DEED	 		  	 /s/ Mark Trudeau

	 		  	Mark Trudeau
	 		  	President, Chief Executive Officer and Director
	 		  	  
 /s/ Matthew K.
Harbaugh

	 		  	Matthew K. Harbaugh
		 		  	Senior Vice President and Chief Financial Officer

  

									
	Attest:	 		 	Computershare Trust Company, N.A.
					
	By	 	 /s/ James Walsh
	 		 	By	 	 /s/ Dennis V. Moccia

	Name:	 	James Walsh	 		 	Name:	 	Dennis V. Moccia
	Title:	 	Relationship Manager	 		 	Title:	 	Manager, Contract Administration

  
 [Signature
Page to Rights Agreement] 

 Exhibit A 
 DESIGNATION 
 of 

SERIES A JUNIOR PARTICIPATING PREFERRED SHARES 
 of 
 MALLINCKRODT PLC 

Mallinckrodt plc, an Irish public limited company (hereinafter called the “Company”), hereby certifies that the following
resolution was adopted by the Board of Directors of the Company on June 28, 2013: 
 RESOLVED, that pursuant to the
authority granted to and vested in the Board of Directors of this Company (hereinafter called the “Board of Directors” or the “Board”) in accordance with the provisions of the Memorandum and Articles of Association, the Board of
Directors hereby creates a series of Preferred Shares, par value $0.20 per share, of the Company (the “Preferred Shares”), and hereby states the designation and number of shares, and fixes the relative rights, preferences, and limitations
thereof as follows: 
 Series A Junior Participating Preferred Shares: 

Section 1. Designation and Amount. The shares of such series shall be designated as “Series A Junior Participating
Preferred Shares” (the “Series A Preferred Shares”) and the number of shares constituting the Series A Preferred Shares shall be 5,000,000. Such number of shares may be increased or decreased by resolution of the Board of Directors;
provided, that no decrease shall reduce the number of shares of Series A Preferred Shares to a number less than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options,
rights or warrants or upon the conversion of any outstanding securities issued by the Company convertible into Series A Preferred Shares. 
 Section 2. Dividends and Distributions. 
 (A) Subject
to the rights of the holders of any shares of any series of Preferred Shares (or any similar shares) ranking prior and superior to the Series A Preferred Shares with respect to dividends, the holders of Series A Preferred Shares, in preference to
the holders of ordinary shares, par value $0.20 per share (the “Ordinary Shares”), of the Company, and of any other junior shares, shall be entitled to receive, when, as and if declared by the Board of Directors out of funds legally
available for the purpose, quarterly dividends payable in cash on the first day of March, June, September and December in 

  
 A-1

 
each year (each such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share
or fraction of a Series A Preferred Share, in an amount per share (rounded to the nearest cent) equal to the greater of (a) $1 or (b) subject to the provision for adjustment hereinafter set forth, 100 times the aggregate per share amount
of all cash dividends, and 100 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions, other than a dividend payable in Ordinary Shares or a subdivision of the outstanding Ordinary Shares (by
reclassification or otherwise), declared on the Ordinary Shares since the immediately preceding Quarterly Dividend Payment Date or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any Series A Preferred Shares
or fraction thereof. In the event the Company shall at any time declare or pay any dividend on the Ordinary Shares payable in Ordinary Shares, or effect a subdivision or combination or consolidation of the outstanding Ordinary Shares (by
reclassification or otherwise than by payment of a dividend in Ordinary Shares) into a greater or lesser number of Ordinary Shares, then in each such case the amount to which holders of Series A Preferred Shares were entitled immediately prior to
such event under clause (b) of the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of Ordinary Shares outstanding immediately after such event and the denominator of which is
the number of Ordinary Shares that were outstanding immediately prior to such event. 
 (B) The Company shall
declare a dividend or distribution on the Series A Preferred Shares as provided in paragraph (A) of this Section immediately after it declares a dividend or distribution on the Ordinary Shares (other than a dividend payable in Ordinary Shares);
provided that, in the event no dividend or distribution shall have been declared on the Ordinary Shares during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, a dividend of $1 per share
on the Series A Preferred Shares shall nevertheless be payable on such subsequent Quarterly Dividend Payment Date. 
 (C) Dividends shall begin to accrue and be cumulative on outstanding Series A Preferred Shares from the Quarterly Dividend Payment Date next preceding the date of issue of such shares, unless the date of
issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend
Payment Date or is a date after the record date for the determination of holders of Series A Preferred Shares entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall
begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the Series A Preferred Shares in an amount less than the total amount of such dividends at the time
accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board of Directors may fix a record date for the determination of holders of Series A Preferred Shares
entitled to receive payment of a dividend or distribution declared thereon, which record date shall be not more than 60 days prior to the date fixed for the payment thereof. 

  
 A-2

 Section 3. Voting Rights. The holders of Series A Preferred Shares shall have
the following voting rights: 
 (A) Subject to the provision for adjustment hereinafter set forth, each share of
Series A Preferred Shares shall entitle the holder thereof to 100 votes on all matters submitted to a vote of the shareholders of the Company. In the event the Company shall at any time declare or pay any dividend on the Ordinary Shares payable in
Ordinary Shares, or effect a subdivision or combination or consolidation of the outstanding Ordinary Shares (by reclassification or otherwise than by payment of a dividend in Ordinary Shares) into a greater or lesser number of Ordinary Shares, then
in each such case the number of votes per share to which holders of Series A Preferred Shares were entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction, the numerator of which is the number of Ordinary
Shares outstanding immediately after such event and the denominator of which is the number of Ordinary Shares that were outstanding immediately prior to such event. 

(B) Except as otherwise provided herein, in the terms of any other series of Preferred Shares or any similar shares, or by
law, the holders of Series A Preferred Shares and the holders of Ordinary Shares and any other capital stock of the Company having general voting rights shall vote together as one class on all matters submitted to a vote of shareholders of the
Company. 
 (C) Except as set forth herein, or as otherwise provided by law, holders of Series A Preferred Shares
shall have no special voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Ordinary Shares as set forth herein) for taking any corporate action. 

Section 4. Certain Restrictions. 
 (A) Whenever quarterly dividends or other dividends or distributions payable on the Series A Preferred Shares as provided in Section 2 are in arrears, thereafter and until all accrued and unpaid
dividends and distributions, whether or not declared, on Series A Preferred Shares outstanding shall have been paid in full, the Company shall not: 
 (i) declare or pay dividends, or make any other distributions, on any shares ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Shares;

 (ii) declare or pay dividends, or make any other distributions, on any shares ranking on a parity (either as
to dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Shares, except dividends paid ratably on the Series A Preferred Shares and all such parity shares on which dividends are payable or in arrears in proportion to
the total amounts to which the holders of all such shares are then entitled; 
 (iii) redeem or purchase or
otherwise acquire for consideration any shares ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Shares, provided that the Company may at any time

  
 A-3

 
redeem, purchase or otherwise acquire any such junior shares in exchange for any shares of the Company ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to
the Series A Preferred Shares; or 
 (iv) redeem or purchase or otherwise acquire for consideration any Series A
Preferred Shares, or any shares ranking on a parity with the Series A Preferred Shares, except in accordance with a purchase offer made in writing or by publication (as determined by the Board of Directors) to all holders of such shares upon such
terms as the Board of Directors, after consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result in fair and equitable treatment
among the respective series or classes. 
 (B) The Company shall not permit any subsidiary of the Company to
purchase or otherwise acquire for consideration any shares of the Company unless the Company could, under paragraph (A) of this Section 4, purchase or otherwise acquire such shares at such time and in such manner. 

Section 5. Reacquired Shares. Any Series A Preferred Shares purchased or otherwise acquired by the Company in any manner
whatsoever shall be retired and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued Preferred Shares and may be reissued as part of a new series of Preferred Shares subject
to the conditions and restrictions on issuance set forth herein, in the Memorandum and Articles of Association, or in the terms of any other series of Preferred Shares or any similar shares or as otherwise required by law. 

Section 6. Liquidation, Dissolution or Winding Up. Upon any liquidation, dissolution or winding up of the Company, no
distribution shall be made (1) to the holders of shares ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Shares unless, prior thereto, the holders of shares of Series A Preferred
Shares shall have received $100 per share, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment, provided that the holders of Series A Preferred Shares shall be entitled
to receive, if greater, an aggregate amount per share, subject to the provision for adjustment hereinafter set forth, equal to 100 times the aggregate amount to be distributed per share to holders of Ordinary Shares, or (2) to the holders of
shares ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Shares, except distributions made ratably on the Series A Preferred Shares and all such parity shares in proportion to the
total amounts to which the holders of all such shares are entitled upon such liquidation, dissolution or winding up. In the event the Company shall at any time declare or pay any dividend on the Ordinary Shares payable in Ordinary Shares, or effect
a subdivision or combination or consolidation of the outstanding Ordinary Shares (by reclassification or otherwise than by payment of a dividend in Ordinary Shares) into a greater or lesser number of Ordinary Shares, then in each such case the
aggregate amount to which holders of Series A Preferred Shares were entitled immediately prior to such event under the proviso in clause (1) of the preceding sentence shall be adjusted by multiplying such amount by a fraction the numerator of
which is the number of Ordinary Shares outstanding immediately after such event and the denominator of which is the number of Ordinary Shares that were outstanding immediately prior to such event. 

  
 A-4

 Section 7. Consolidation, Merger, etc. In case the Company shall enter into any
consolidation, merger, scheme of arrangement, combination or other transaction in which the Ordinary Shares are exchanged for or changed into other shares or securities, cash and/or any other property, then in any such case each Series A Preferred
Share shall at the same time be similarly exchanged or changed into an amount per share, subject to the provision for adjustment hereinafter set forth, equal to 100 times the aggregate amount of shares, securities, cash and/or any other property
(payable in kind), as the case may be, into which or for which each Ordinary Share is changed or exchanged. In the event the Company shall at any time declare or pay any dividend on the Ordinary Shares payable in Ordinary Shares, or effect a
subdivision or combination or consolidation of the outstanding Ordinary Shares (by reclassification or otherwise than by payment of a dividend in Ordinary Shares) into a greater or lesser number of Ordinary Shares, then in each such case the amount
set forth in the preceding sentence with respect to the exchange or change of Series A Preferred Shares shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of Ordinary Shares outstanding immediately after
such event and the denominator of which is the number of Ordinary Shares that were outstanding immediately prior to such event. 

Section 8. No Redemption. The Series A Preferred Shares shall not be redeemable. 

Section 9. Rank. The Series A Preferred Shares shall rank, with respect to the payment of dividends and the distribution of
assets, junior to all series of any other class of the Company’s Preferred Shares. 
 Section 10. Amendment.
The Memorandum and Articles of Association of the Company and the terms of the Preferred Shares set forth herein shall not be amended in any manner which would materially alter or change the powers, preferences or special rights of the Series A
Preferred Shares so as to affect them adversely without the affirmative vote of the holders of at least two-thirds of the outstanding shares of Series A Preferred Shares, voting together as a single class. 

  
 A-5

 IN WITNESS WHEREOF, this Certificate is executed on behalf of the Company by its Chief
Executive Officer and President and attested by its Secretary this 28th day of June, 2013. 
  

	
	 /s/ Mark Trudeau

	Chief Executive Officer and President

  

	
	Attest:
	
	 /s/ Miriam Rogers Singer

	Secretary

  
 A-6

 Exhibit B 
 Form of Right Certificate 
  

			
	Certificate No. R-            	 	    
Rights                    

 NOT EXERCISABLE AFTER JUNE 28, 2014 OR EARLIER IF REDEMPTION OR EXCHANGE OCCURS. THE RIGHTS ARE SUBJECT
TO REDEMPTION AT $0.01 PER RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH IN THE AGREEMENT. 
 Right Certificate 

MALLINCKRODT PLC 

This certifies that
                    , or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles
the owner thereof, subject to the terms, provisions and conditions of the Rights Agreement, dated as of June 28, 2013 (the “Agreement”), between Mallinckrodt plc, an Irish public limited company (the “Company”), and
Computershare Trust Company, N.A. (the “Rights Agent”), to purchase from the Company at any time after the Distribution Date (as such term is defined in the Agreement) and prior to 5:00 P.M., Eastern time, on June 28, 2014 at the
principal office of the Rights Agent, or at the office of its successor as Rights Agent, one one-hundredth of a fully paid non-assessable share of Series A Junior Participating Preferred Shares, par value $0.20 per share, of the Company (the
“Preferred Shares”), at a purchase price of $400.00 per one one-hundredth of a Preferred Share (the “Purchase Price”), upon presentation and surrender of this Right Certificate with the Form of Election to Purchase duly
executed. The number of Rights evidenced by this Right Certificate (and the number of one one-hundredths of a Preferred Share which may be purchased upon exercise hereof) set forth above, and the Purchase Price set forth above, are the number and
Purchase Price as of June 28, 2013, based on the Preferred Shares as constituted at such date. As provided in the Agreement, the Purchase Price and the number of one one-hundredths of a Preferred Share which may be purchased upon the exercise
of the Rights evidenced by this Right Certificate are subject to modification and adjustment upon the happening of certain events. 
 This Right Certificate is subject to all of the terms, provisions and conditions of the Agreement, which terms, provisions and conditions are hereby incorporated herein by reference and made a part hereof
and to which Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of the Right Certificates. Copies of the
Agreement are on file at the principal executive offices of the Company and the offices of the Rights Agent. 
 This Right
Certificate, with or without other Right Certificates, upon surrender at the principal office of the Rights Agent, may be exchanged for another Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to
purchase a like aggregate number of Preferred Shares as the Rights evidenced by the Right Certificate or Right Certificates surrendered shall have entitled such holder to purchase. If this Right Certificate shall be exercised in part, the holder
shall be entitled to receive upon surrender hereof another Right Certificate or Right Certificates for the number of whole Rights not exercised. 

  
 B-1

 Subject to the provisions of the Agreement, the Rights evidenced by this Right Certificate
(i) may be redeemed by the Company at a redemption price of $0.01 per Right or (ii) may be exchanged in whole or in part for Preferred Shares or Ordinary Shares of the Company, par value $0.20 per share. 

No fractional Preferred Shares will be issued upon the exercise of any Right or Rights evidenced hereby (except that the Company may, at
its election, provide for the issuance of depositary receipts evidencing fractional Preferred Shares), but, in lieu thereof, a cash payment will be made, as provided in the Agreement. 

No holder of this Right Certificate shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the
Preferred Shares or of any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of
a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other
actions affecting shareholders (except as provided in the Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Right Certificate shall have been exercised as provided in the Agreement.

 This Right Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Rights
Agent. 
 WITNESS the facsimile signature of the proper officers of the Company and its company seal. Dated as of
            ,             . 

 

									
	ATTEST: MALLINCKRODT PLC	 		 		  	
				
	  
	 		 	By	  	
	Name:	 		 	Name:	  	
	Title:	 		 	Title:	  	
	Countersigned:	 		 		  	
				
	COMPUTERSHARE TRUST COMPANY, N.A.	 		 		  	
					
	By	 	  
	 		 		  	
	Name:	 		 		 		  	
	Title:	 		 		 		  	

  
 B-2

 Form of Reverse Side of Right Certificate 

FORM OF ASSIGNMENT 
 (To be executed by the registered holder if such 
 holder desires to transfer the
Right Certificate.) 
 FOR VALUE RECEIVED
                             hereby sells, assigns and transfers unto  

(Please print name and address of transferee)  
 this Right Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint
                     Attorney, to transfer the within Right Certificate on the books of the within-named Company, with full
power of substitution. 
 Dated:
                     
  

	
	Signature

 Signature Guaranteed: 
 Signatures must be guaranteed by a member or participant in the Securities Transfer Agent Medallion Program, the New York Stock Exchange Medallion Signature Program, or the Stock Exchange Medallion
Program. 
 The undersigned hereby certifies that the Rights evidenced by this Right Certificate are not Beneficially Owned by
an Acquiring Person or an Affiliate or Associate thereof (as defined in the Agreement). 
  

	
	  
 Signature

 Form of Reverse Side of Right Certificate – continued 

  
 B-3

 FORM OF ELECTION TO PURCHASE 

(To be executed if holder desires to exercise 
 Rights represented by the Right Certificate.) 
 To: MALLINCKRODT PLC 

The undersigned hereby irrevocably elects to exercise
                     Rights represented by this Right Certificate to purchase the Preferred Shares issuable upon the exercise of such
Rights and requests that certificates for such Preferred Shares be issued in the name of: 
 Please insert social security 

or other identifying number 
  

 
 (Please print name and address)

  
  
 If such number of Rights shall not be all the Rights evidenced by this Right Certificate, a new Right Certificate for the balance remaining of such Rights shall be registered in the name of and delivered
to: 
 Please insert social security 

or other identifying number 
  

 
 (Please print name and address)

  
  
 Dated:  
 Signature 

Signature Guaranteed: 

Signatures must be guaranteed by a member or participant in the Securities Transfer Agent Medallion Program, the New York Stock Exchange
Medallion Signature Program, or the Stock Exchange Medallion Program. 
 The undersigned hereby certifies that the Rights
evidenced by this Right Certificate are not Beneficially Owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in the Agreement). 
 Signature 

  
 B-4

 NOTICE 
 The signature in the Form of Assignment or Form of Election to Purchase, as the case may be, must conform to the name as written upon the face of this Right Certificate in every particular, without
alteration or enlargement or any change whatsoever. 
 In the event the certification set forth above in the Form of Assignment
or the Form of Election to Purchase, as the case may be, is not completed, the Company and the Rights Agent will deem the Beneficial Owner of the Rights evidenced by this Right Certificate to be an Acquiring Person or an Affiliate or Associate
thereof (as defined in the Agreement) and such Assignment or Election to Purchase will not be honored. 

  
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 Exhibit C 
 SUMMARY OF RIGHTS TO PURCHASE 
 PREFERRED SHARES 

Introduction 
 On
June 28, 2013, the Board of Directors (the “Board”) of Mallinckrodt plc, an Irish public limited company (the “Company”), authorized the issuance of one preferred share purchase right (a “Right”) for each
outstanding ordinary share, par value $0.20 per share, of the Company (the “ordinary shares”). The Rights will be issued on July 9, 2013 to the shareholders of record on July 9, 2013. 

Our Board has adopted this Rights Agreement to protect shareholders from coercive or otherwise unfair takeover tactics. In general terms,
it works by imposing a significant penalty upon any person or group which acquires 10% or more of our outstanding ordinary shares without the prior approval of our Board. The Rights Agreement should not interfere with any merger or other business
combination approved by our Board. 
 For those interested in the specific terms of the Rights Agreement as made between our
Company and Computershare Trust Company, N.A., as the Rights Agent, dated as of June 28, 2013, we provide the following summary description. Please note, however, that this description is only a summary, and is not complete, and should be read
together with the entire Rights Agreement, which has been filed with the Securities and Exchange Commission as an exhibit to a Registration Statement on Form 8-A dated July 1, 2013. A copy of the agreement is available free of charge from our
Company. 
 The Rights. The Rights will initially trade with, and will be inseparable from, the ordinary shares. The
Rights are evidenced only by book-entry credits that represent ordinary shares. New Rights will accompany any new ordinary shares we issue after July 9, 2013 until the earlier of the Distribution Date described below and any redemption or
expiration of the Rights. 
 Exercise Price. Each Right will allow its holder to purchase from our Company one
one-hundredth of a Series A Junior Participating Preferred Share (a “Preferred Share”) for $400.00 (the “Exercise Price”), once the Rights become exercisable. This portion of a Preferred Share will give the shareholder
approximately the same dividend, voting, and liquidation rights as would one ordinary share. Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights. 

Exercisability. The Rights will not be exercisable until ten (10) days after the public announcement that a person or group
has become an “Acquiring Person” by obtaining beneficial ownership of 10% or more of our outstanding ordinary shares. 

Certain synthetic interests in securities created by derivative positions—whether or not such interests are considered to be
ownership of the underlying ordinary shares or are reportable for purposes of Regulation 13D of the Securities Exchange Act of 1934—are treated as beneficial ownership of the number of the Company’s ordinary shares equivalent to the
economic exposure created by the derivative position, to the extent actual ordinary shares of the 

  
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Company are directly or indirectly held by counterparties to the derivatives contracts. Swaps dealers unassociated with any control intent or intent to evade the purposes of the Rights Plan are
excepted from such imputed beneficial ownership. 
 We refer to the date when the Rights become exercisable as the
“Distribution Date.” Until that date, any transfer of ordinary shares will constitute a transfer of Rights. After that date, the Rights will separate from the ordinary shares and be evidenced by book-entry credits or by Rights certificates
that we will mail to all eligible holders of ordinary shares. Any Rights held by an Acquiring Person are void and may not be exercised. 

Consequences of a Person or Group Becoming an Acquiring Person. 
  

	 	•	 	 Flip In. If a person or group becomes an Acquiring Person, all holders of Rights except the Acquiring Person may, for $400.00, purchase ordinary
shares of the Company with a market value of $800.00, based on the market price of the ordinary shares prior to such acquisition. 

  

	 	•	 	 Flip Over. If our Company is later acquired in a merger or similar transaction after the Distribution Date, all holders of Rights except the
Acquiring Person may, for $400.00, purchase shares of the acquiring company with a market value of $800.00, based on the market price of the acquiring company’s stock, prior to such transaction. 

 

	 	•	 	 Notional Shares. Shares held by Affiliates and Associates of an Acquiring Person, and Notional Shares held by counterparties to a Derivatives
Contract with an Acquiring Person, will be deemed to be beneficially owned by the Acquiring Person. 

 Preferred Share
Provisions. 
 Each one one-hundredth of a Preferred Share, if issued: 

 

	 	•	 	 will not be redeemable. 

  

	 	•	 	 will entitle its holder to quarterly dividend payments of $0.01, or an amount equal to the dividend paid on one ordinary share, whichever is greater.

  

	 	•	 	 will entitle its holder upon liquidation either to receive $1.00 or an amount equal to the payment made on one ordinary share, whichever is greater.

  

	 	•	 	 will have the same voting power as one ordinary share. 

 

	 	•	 	 if our ordinary shares are exchanged via merger, consolidation, scheme of arrangement or a similar transaction, will entitle holders to a per share
payment equal to the payment made on one ordinary share. 

 The value of one one-hundredth interest in a Preferred Share
should approximate the value of one ordinary share. 
 Expiration. The Rights will expire on June 28, 2014.

  
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 Redemption. Our Board may redeem the Rights for $0.01 per Right at any time before
any person or group becomes an Acquiring Person. If our Board redeems any Rights, it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of Rights will be to receive the redemption price of $0.01 per Right. The
redemption price will be adjusted if we have a stock split or stock dividends of our ordinary shares. 
 Exchange. After
a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of our outstanding ordinary shares, our Board may extinguish the Rights by exchanging one ordinary share or an equivalent security for each Right, other
than Rights held by the Acquiring Person. 
 Anti-Dilution Provisions. Our Board may adjust the purchase price of the
Preferred Shares, the number of Preferred Shares issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, or a reclassification of the Preferred Shares or ordinary shares. No adjustments
to the Exercise Price of less than 1% will be made. 
 Amendments. The terms of the Rights Agreement may be amended by
our Board without the consent of the holders of the Rights. After a person or group becomes an Acquiring Person, our Board may not amend the Rights Agreement in a way that adversely affects holders of the Rights. 

  
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