Document:

Document

Exhibit 10.1

[MNK Letterhead]

[DATE]

[Employee Name]
[Employee Address]

RE:      2020/2021 Retention Bonus

Dear _____:

To incentivize you to remain with and committed to Mallinckrodt plc (the “Company” or “we”) and its subsidiaries (collectively “Mallinckrodt”) we are offering you a 2020/2021 Retention Bonus of $[ l ] (the “2020/2021 Retention Bonus”) upon the terms set forth in this letter agreement (the “Agreement”).  In order to be eligible for the 2020/2021 Retention Bonus you must sign and return this letter agreement to me by September 1, 2020 acknowledging your agreement to the terms specified in this letter agreement.  Please refer to Appendix A for certain definitions applicable to terms used in this Agreement. 

If you accept this offer, then on September 3, 2020 we will advance and pre-pay to you the full amount of the 2020/2021 Retention Bonus (less required and elected withholdings), subject to your agreement to repay the Net After-Tax Value (as defined below) of the 2020/2021 Retention Bonus to the Company if it is not earned on the terms and conditions set forth below.   

You will earn the 2020/2021 Retention Bonus and will not have to repay it if (i) you are employed by a Mallinckrodt entity on May 15, 2022 or, if applicable, an Emergence Event, if earlier (such date, the “Vesting Date”).  You will also earn the 2020/2021 Retention Bonus in full if your employment is terminated in a Qualifying Termination prior to the Vesting Date and you (or your estate in case of death) sign and do not revoke the Company’s standard general release of claims within 45 days of your termination.  If you retire or resign or you are terminated for Cause prior to the Vesting Date, then you will not earn the 2020/2021 Retention Bonus and you will be required to repay the Net After-Tax Value of the 2020/2021 Retention Bonus to the Company, as provided below.  If your employment is terminated in a Qualifying Termination prior to the Vesting Date and you (or your estate) fail to return the required release within 45 days of your termination or revoke the release, then you also will not have earned the 2020/2021 Retention Bonus and will be required to repay it.  

If you are required to repay the 2020/2021 Retention Bonus under this Agreement, then the amount of repayment will equal the Retention Bonus less the product of the Retention Bonus and the highest effective marginal combined federal, state and local income tax rate for the year in which the repayment event occurs applicable to individual taxpayers residing in the your city and state (the “Net After-Tax Value”).  You agree to repay the Net After-Tax Value promptly, but in no event more than thirty (30) days following your termination. Mallinckrodt may offset and reduce any other compensation owed you, such as unpaid wages, unreimbursed business expenses and deferred compensation payments, by the amount of the Net After-Tax Value you are required to repay.  However, no compensation will be reduced if doing so would violate applicable law, or would result in penalty taxes under Section 409A of the Internal Revenue Code.  We reserve all other rights and remedies available to recoup the Net After-Tax Value of the 2020/2021 Retention Bonus advanced under this Agreement, including the right to file a legal claim in court.  

Except as may otherwise be required by law, you agree not to disclose-the existence of this Agreement or any of its terms to anyone other than your spouse or domestic partner and  any financial or legal advisor who agrees to be bound not to make any such disclosure.

This Agreement does not confer upon you any right to continue in the employment of Mallinckrodt for any period or interfere with or otherwise restrict in any way the rights of your employer or you to terminate your employment at any time for any reason whatsoever, with or without Cause.  

This Agreement will in all respects be governed by and construed in accordance with, the laws of the State of New Jersey, without reference to conflicts of law principles thereunder.  Any litigation arising out of this Agreement shall be brought exclusively in the federal or state courts of New Jersey, to which jurisdiction you and the Company hereby submit with respect to litigation arising out of this Agreement, and both you and the Company hereby knowingly and willingly waive their rights to a jury trial in any such litigation.

Note that the 2020/2021 Retention Bonus is in addition to the Retention Bonus awarded to you pursuant to that certain Retention Bonus Letter by and between you and the Company, dated as of [ l ], 2019,  (the “2019 Retention Bonus Letter”).  For the avoidance of doubt, nothing in this Agreement supersedes the 2019 Retention Bonus Letter, which remains in full force and effect.

Please indicate your acceptance of the provisions of this letter agreement by signing the enclosed copy of this letter agreement and returning it to my attention by September 1, 2020.

Very truly yours,

Agreed and Accepted.
_____________________

_____________________

Date

Appendix A – Agreement Definitions

For purposes of this Agreement:

“Cause” means: (i) your substantial failure or refusal to perform the duties and responsibilities of your job at a satisfactory level, other than due to your disability; (ii) material violation of any fiduciary duty or duty of loyalty you owe to any Mallinckrodt entity; (iii) conviction of a misdemeanor (other than a traffic offense) or felony; (iv) fraud, embezzlement or theft; (v) violation of a material Mallinckrodt rule or policy; (vi) unauthorized disclosure of any trade secret or confidential information of any Mallinckrodt entity; or (vii) other egregious conduct, that has or could have a serious and detrimental impact on any Mallinckrodt entity or its employees.  The Human Resources and Compensation Committee of the Board of Directors of the Company has the sole authority and discretion to determine whether any termination is for Cause and such determination will be final and binding on you and the Company.  

“Disability” means your total and permanent incapacity from engaging in any employment for Mallinckrodt for physical or mental reasons and you are eligible for disability benefits under Mallinckrodt’s long-term disability plan or under Social Security, as then in effect.  

“Emergence Event” should the Company file for protection under Chapter 11 of the U.S. Bankruptcy Code, then (i) the effective date of the Company’s plan of reorganization or liquidation, or (ii) the date on which such Chapter 11 case is dismissed or converted to a case under Chapter 7 of the Bankruptcy Code. 

“Qualifying Termination” means termination of your employment for any of the following reasons (i) by Mallinckrodt without Cause, or (ii) by reason of Disability or death.
.EX-10.5

 Exhibit 10.5 

POWER OF ATTORNEY 
 This Power of Attorney
(this “Agreement”) is entered into by and among the following parties on                        : 

 

	(1)	
                       
                                         
    (“WFOE”), a wholly foreign owned enterprise registered in the People’s Republic of China (“PRC”) with its domicile
at                ; 

  

	(2)	 Chen QIAN (ID Card
No.:                        ), a PRC citizen with a domicile
at                        ; 

  

	(3)	 Fei XU (ID Card
No.:                        ), a PRC citizen with a domicile
at                    (together with Chen Qian, the “Individual Shareholders”); and 

 

	(4)	
                       
                                         
    (“Domestic Company”), a limited liability company registered in                        ,
the PRC with its address at                        . 

WFOE, the Individual Shareholders and the Domestic Company are hereinafter collectively referred to as the “Parties” and individually, as a
“Party”. 
 Whereas: 
  

	(A)	 The Individual Shareholders are all the registered shareholders of the Domestic Company, and in aggregate hold
100% of the equity interests in the Domestic Company; and 

  

	(B)	 WFOE desires to be entrusted by the Individual Shareholders to exercise their rights as the shareholders of the
Domestic Company, and the Individual Shareholders are willing to do so. 

 Therefore, the Parties enter into this Agreement as
follows upon friendly negotiation: 
  

	1	 Irrevocable Proxy 

 

	1.1	 Each of the Individual Shareholders hereby irrevocably appoints WFOE, from the date of this Agreement until the
termination of this Agreement in accordance with its terms, as his/her proxy and authorizes WFOE to exercise at WFOE’s absolute discretion the following rights enjoyed by him/her as a shareholder of the Domestic Company in accordance with the
articles of association of the Domestic Company then in effect (collectively, the “Proxy Rights”): 

  

	 	(1)	 attending shareholders’ meetings as proxy of the Individual Shareholders; 

 

	 	(2)	 exercising voting rights on behalf of the Individual Shareholders on all matters to be resolved at
shareholders’ meetings and sign on behalf of the Individual Shareholders the shareholders’ resolutions; 

  

	 	(3)	 proposing to convene interim shareholders’ meetings; 

 

	 	(4)	 making proposals on the matters to be discussed and voted on at shareholders’ meetings;

  

	 	(5)	 signing minutes of shareholders’ meeting; 

 

	 	(6)	 filing documents with the relevant companies registry; and 

 

	 	(7)	 exercising such other shareholder’s rights set forth under the articles of association of the Domestic
Company (as amended from time to time). 

  
 1 

	1.2	 The Individual Shareholders hereby acknowledge that any and all actions taken by WFOE in exercising the Proxy
Rights in accordance with the provisions under this Agreement shall be binding upon them. 

  

	1.3	 The Individual Shareholders hereby acknowledge that WFOE is not required to seek advice from the Individual
Shareholders prior to exercising the Proxy Rights. However, WFOE shall inform the Individual Shareholders to the extent possible of any exercise by it of the Proxy Rights. 

 

	1.4	 The Individual Shareholders shall not, in any manner or under any circumstance, exercise the rights which have
been granted to WFOE under Article 1.1 above, unless expressly permitted by WFOE in writing. 

  

	2	 Information Rights and Consent of the Domestic Company 

 

	2.1	 The Domestic Company shall provide WFOE with copies of any notices or other communications that it sends to the
Individual Shareholders at the same time as such notices or other communications are provided to the Individual Shareholders, and WFOE shall have access to and may inspect and copy all information or documents to which the Individual Shareholders
have access. 

  

	2.2	 The Domestic Company acknowledges the Proxy Rights granted herein and agrees to cooperate with WFOE in its
exercise of the Proxy Rights. 

  

	2.3	 The Parties hereby confirm and agree that if and when an Individual Shareholder becomes deceased (declared to
be deceased), mentally incapacitated or is otherwise in lack of or has limitations in its civil capacity, (1) the equity interests held by such Individual Shareholder in the Domestic Company shall be granted to and owned by WFOE (or its
designated entity or individual), and WFOE (or its designated entity or individual) shall then have the right to dispose of such equity interests at its sole discretion; and (2) the Domestic Company shall not acknowledge that the legal heir of
such Individual Shareholder or other successor designated by such Individual Shareholder has the right to become the shareholder(s) of the Domestic Company. 

  

	3	 Exercise of Proxy Rights 

 

	3.1	 WFOE may from time to time and at any time designate any of its directors or management to exercise any or all
of the Proxy Rights without the prior consent of the Individual Shareholders or the Domestic Company. 

  

	3.2	 The Individual Shareholders shall provide WFOE with all assistance required by WFOE in its exercise of the
Proxy Rights, including but not limited to signing the shareholders’ resolutions or other legal documents when necessary or desirable to meet the requirement of the government authorities from time to time. 

 

	3.3	 If at any time during the term of this Agreement, the Proxy Rights and the exercise of the Proxy Rights under
this Agreement become illegal or unenforceable for any reason other than any Individual Shareholder’s or the Domestic Company’s breach of this Agreement, the Parties shall immediately seek and make other arrangements and, if necessary or
desirable, enter into one or more amendment or supplementary agreements to amend or supplement the provisions herein, in order to ultimately achieve the purpose of this Agreement. 

  
 2 

	4	 Indemnification 

 

	4.1	 The Domestic Company shall indemnify and hold harmless WFOE from and against any loss or damage incurred or
likely to be incurred by WFOE due to the exercise of the Proxy Rights in accordance with this Agreement, including, without limitation, any loss or damage resulting from any litigation, action, arbitration or claim initiated or made by any third
party, or any administrative investigation or penalty or sanction imposed by any governmental authorities. However, the Domestic Company will not indemnify WFOE against losses incurred or damages suffered due to WFOE’s willful misconduct or
gross negligence. 

  

	5	 Representations and Warranties 

 

	5.1	 Each of the Individual Shareholders hereby represents and warrants as follows: 

 

	 	(a)	 Each of the Individual Shareholders is a PRC citizen with power and capacity to execute and perform his/her
obligations under this Agreement. 

  

	 	(b)	 The execution and performance of this Agreement by the Individual Shareholders does not violate any laws and
regulations or government approvals, authorizations, notices or other governmental documents having binding effect on or affecting the Individual Shareholders, nor does it violate any agreements between the Individual Shareholders and any third
party or any covenants made to any third party. 

  

	 	(c)	 This Agreement constitutes the lawful, valid and enforceable obligations of the Individual Shareholders.

  

	 	(d)	 The Individual Shareholders constitute the only legal owners of the equity interests in the Domestic Company,
with no existing dispute concerning the ownership of the equity interests in the Domestic Company. WFOE may fully and sufficiently exercise the Proxy Rights under this Agreement in accordance with the articles of association of the Domestic Company.

  

	 	(e)	 As of the date of this Agreement, there is no effectively existing proxy or power of attorney with respect to
any of the Proxy Rights entrusted or granted by the Individual Shareholders. 

  

	5.2	 WFOE hereby represents and warrants as follows: 

 

	 	(a)	 WFOE is a wholly foreign owned enterprise duly registered and existing under the PRC law.

  

	 	(b)	 WFOE has the power to execute and perform its obligations under this Agreement. The execution and performance
of this Agreement by WFOE is in compliance with the articles of association or other organizational documents of WFOE, and WFOE has obtained all necessary and appropriate approvals and authorizations for the execution and performance of this
Agreement. 

  

	 	(c)	 The execution and performance of this Agreement by WFOE does not violate any laws and regulations or government
approvals, authorizations, notices or other governmental documents having binding effect on or affecting WFOE, nor does it violate any agreements between WFOE and any third party or any covenants made to any third party. 

  
 3 

	 	(d)	 This Agreement constitutes the lawful, valid and enforceable obligations of WFOE. 

 

	5.3	 The Domestic Company hereby represents and warrants as follows: 

 

	 	(a)	 It is a limited liability company duly registered and existing under the PRC law. 

 

	 	(b)	 It has the power to execute and perform its obligations under this Agreement. Its execution and performance of
this Agreement is in compliance with its articles of association or other organizational documents, and it has obtained all necessary and appropriate approvals and authorizations for the execution and performance of this Agreement.

  

	 	(c)	 Its execution and performance of this Agreement does not violate any laws and regulations or government
approvals, authorizations, notices or other governmental documents having binding effect on or affecting it, or any agreements between the Domestic Company and any third party or any covenants made to any third party. 

 

	 	(d)	 This Agreement constitutes its lawful, valid and enforceable obligations. 

 

	 	(e)	 The Individual Shareholders are the only legal owners of the equity interests in the Domestic Company. WFOE may
fully and sufficiently exercise the Proxy Rights under this Agreement in accordance with the articles of association. 

  

	6	 Confidentiality 

The Parties undertake and acknowledge that any oral or written information exchanged among them with respect to this Agreement constitutes
confidential information. The Parties shall maintain the confidentiality of all such information. Without the prior written consent of the Party providing such information, none of the Parties shall disclose any confidential information to any third
party, except in the following circumstances: (a) such information is or comes into the public domain (through no fault or disclosure by the receiving party); (b) information required to be disclosed by applicable laws or regulations or rules
of any stock exchange; or (c) information required to be disclosed by any Party to its legal counsel or financial advisor regarding the transactions contemplated hereunder, and such legal counsel or financial advisor is also bound by duties of
confidentiality similar to the duties set forth in this Article. Disclosure of any confidential information by any staff, employee or consultant of any Party shall be deemed as disclosure of such confidential information by such Party, for which the
Party shall be held liable for breach of this Agreement. This Article shall survive the termination of this Agreement for any reason. 
  

	7	 Term of Agreement 

This Agreement shall become effective upon                , and
shall terminate when the Individual Shareholders cease to have any equity interests in the Domestic Company. 
  

	8	 Notice 

All notices, claims, certificates, requests, demands and other communications under this Agreement shall be made in writing and shall be
delivered to any Party hereto by hand or, sent by facsimile, or sent, postage prepaid, by reputable overnight courier services at the following addresses (or at such other address for such Party as shall be specified by notice), and shall be deemed
given when so delivered by hand, or if sent by facsimile, upon receipt of a confirmed transmittal receipt, or if sent by overnight courier, five (5) days after delivery to or pickup by the overnight courier service: 

  
 4 

 If to WFOE: 

Address: 
 Telephone: 

Attention: 
 with a copy to: 

Address: 
 Attention: 

Telephone: 
 If
to Individual Shareholders: 
 Chen QIAN 

Address: 
 Telephone: 

Fei XU 
 Attention: 

Address: 
 Telephone: 

If to Domestic Company: 

Address: 
 Telephone: 

Attention: 
  

	9	 Liability for Default 

 

	9.1	 The Parties agree and confirm that, if any Party (hereinafter the “Defaulting Party”) breaches
substantially any of the provisions herein or fails substantially to perform any of the obligations under this Agreement, it shall constitute a default under this Agreement (hereinafter a “Default”), and any of the non-defaulting Parties shall have the right to require the Defaulting Party to rectify such Default or take remedial measures within a reasonable period. If the Defaulting Party fails to rectify such Default or take
remedial measures within such reasonable period or within ten (10) days of a non-defaulting Party notifying the Defaulting Party in writing and requiring it to rectify the Default, a non-defaulting Party
shall have the right at its own discretion to select any of the following remedial measures: 

  

	 	(1)	 to terminate this Agreement and require the Defaulting Party to indemnify it against all damages suffered; or

  
 5 

	 	(2)	 to seek mandatory performance of the obligations of the Defaulting Party hereunder and require the Defaulting
Party to indemnify it against all damages suffered. 

  

	9.2	 Notwithstanding the above Article 9.1, the Parties agree and confirm that in no circumstances shall any
Individual Shareholder or the Domestic Company request the termination of this Agreement for any reason, provided that WFOE shall have the right to unilaterally terminate this Agreement at any time by sending a 30 days’ prior written notice to
the Individual Shareholders and the Domestic Company. 

  

	9.3	 The rights and remedies prescribed herein are cumulative, and other rights or remedies prescribed by the law
are not precluded. 

  

	9.4	 Notwithstanding any other provisions herein, the validity of this Article shall not be affected by the
suspension or termination of this Agreement. 

  

	10	 Applicable Law and Dispute Resolution 

 

	10.1	 The formation, validity, interpretation, performance, amendment, termination and dispute resolution of this
Agreement shall be governed by the PRC Law. 

  

	10.2	 Any dispute arising from the interpretation and performance of this Agreement shall first be resolved through
friendly consultations by the Parties. If the dispute fails to be resolved within thirty (30) days after one Party gives notice requesting consultations to the other Party, either Party may submit such dispute to China International Economic
and Trade Arbitration Commission (hereinafter the “CIETAC”) for arbitration in Beijing in accordance with the then effective arbitration rules of the CIETAC. The arbitration tribunal shall consist of three (3) arbitrators who
may or may not be on the CIETAC’s list of arbitrators, of which one arbitrator shall be selected by WFOE and one arbitrator shall be jointly selected by the Domestic Company and the Individual Shareholders. The third arbitrator, who shall be
the presiding arbitrator of the arbitration tribunal, and shall be jointly selected by the parties to the arbitration. The arbitration award shall be final and binding on all Parties. 

 

	10.3	 During the existence of any dispute, the Parties shall continue to exercise their remaining respective rights,
and fulfill their remaining respective obligations under this Agreement, except insofar as the same may relate directly to the matters in dispute. 

  

	10.4	 Notwithstanding the foregoing, the Parties agree that any of them may seek interim measures including property
preservation in relation to the provisions of this Agreement or the Parties’ performance hereof from any court of competent jurisdiction. 

  

	11	 Miscellaneous 

 

	11.1	 WFOE may, upon notice to the Individual Shareholders and the Domestic Company but without consent from the
Individual Shareholders and the Domestic Company, assign WFOE’s rights and/or obligations hereunder to any third party. The Individual Shareholders or the Domestic Company may not, without WFOE’s prior written consent, assign any rights,
obligations and/or liabilities of the Individual Shareholders or the Domestic Company hereunder to any third party. Successors or permitted assignees (if any) of the Individual Shareholders and the Domestic Company shall be bound by, and continue to
perform, the obligations of the Individual Shareholders and the Domestic Company under this Agreement. 

  
 6 

	11.2	 This Agreement is made in four (4) originals in Chinese. Each Party shall keep one (1) original
version. 

  

	11.3	 This Agreement may not be amended or modified in any manner except by an instrument in writing signed by the
Parties hereto. 

  

	11.4	 No waiver of any provision of this Agreement shall be effective unless made in writing and signed by the
Parties. The waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding breach and no failure by either Party to exercise any right or privilege hereunder shall be
deemed a waiver of such Party’s rights or privileges hereunder or shall be deemed a waiver of such Party’s rights to exercise the same at any time subsequent to the execution hereof. 

 

	11.5	 If any provision of this Agreement is deemed or becomes invalid, illegal or unenforceable, such provision shall
be construed or deemed amended to conform to applicable laws so as to be valid and enforceable; or, if it cannot be so construed or deemed amended without materially altering the intention of the Parties, it shall be stricken and the remainder of
this Agreement shall remain in full force and effect. 

  

	11.6	 Each Party shall use all reasonable efforts to take and do, or cause to take and do, all such actions and
things and shall execute and deliver all such other agreements, certificates, instruments and documents as may be necessary or desirable to give effect to the terms and intent of this Agreement and any ancillary documents. If required under any
applicable laws, regulations or listing rules or required or deemed desirable by any stock exchange, government or other regulatory authority in connection with the initial public offering and listing of the shares in the Potential Listed Company
(“IPO”) or the initial public offering and listing of the shares in any company which adopts a variable interest entity (VIE) structure (the “IPO Requirements”), each of the Individual Shareholders and the Domestic
Company agrees and undertakes to (a) take all such actions (including amendment to this Agreement and its appendices, any authorizations, documents and notices entered into or delivered in connection with this Agreement and the execution of
additional documents) to comply with or, as applicable, meet the IPO Requirements, and (b) take all actions referred to in paragraph (a) above within 3 Working Days upon request of WFOE. For the purpose of this Article, “Potential
Listed Company” means such other company which beneficially owns, whether directly or indirectly, the equity interests in WFOE and operates its business in the PRC through WFOE and the Domestic Company, as identified by WFOE or its actual
controller and notified by WFOE to the other Parties as the Potential Listed Company under this paragraph. “Working Day” referred to in this Agreement means any day, except for a Saturday, Sunday or PRC statutory holiday.

  

	11.7	 This Agreement may be executed in several counterparts and all counterparts so executed shall together
constitute one agreement. Any Party may execute this Agreement by executing any counterpart. 

 **REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK** 

  
 7 

 IN WITNESS WHEREOF, this Agreement has been executed by the duly authorized
representatives of the Parties as of the date first written above. 
  

			
	[Name of WFOE]
	(seal)
	By:	 	  

	Title:	 	  

	
	Individual Shareholders
	
	Chen QIAN
	By:	 	  

	
	Fei XU
	By:	 	  

	
	[Name of Domestic Company]
	(seal)
	By:	 	  

	Title:	 	  

 Signature Page of Power of Attorney

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]