Document:

EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 
 AMENDMENT
NO. 1 
 TO THE DEVELOPMENT AND LICENSE AGREEMENT 

This Amendment No. 1 to the Development and License Agreement (this “Amendment No. 1”) is effective as of
            , 2015 by and between PARI PHARMA GMBH, a German corporation, with a principal place of business at Moosstrasse 3, D-82319 Starnberg, Germany (“PARI”),
and RAPTOR PHARMACEUTICALS, INC., a Delaware corporation, with a place of business at 7 Hamilton Landing, Suite 100, Novato CA 94949 (“RAPTOR”) (each of RAPTOR and PARI being individually a “Party” and
together the “Parties”). 
 A. WHEREAS, PARI and MPEX Pharmaceuticals, Inc. (“MPEX”) were parties
to a certain development and license agreement dated as of February 11, 2006 (the “Development Agreement”), and work under the Development Agreement resulted in a Drug Product meeting Performance Specification A as defined in
Exhibit. 6.1 of the Development Agreement. 
 B. WHEREAS, the Development Agreement has been transferred and assigned to RAPTOR and
RAPTOR has assumed and has agreed to be bound by all the obligations of MPEX under the Development Agreement. 
 C. WHEREAS, the
Parties wish to amend the Development Agreement. 
 NOW, THEREFORE, the Parties agree to the following: 

1. Definitions. 
 “Force
Majeure” shall mean any event beyond its reasonable control that render its performance impossible or commercially impracticable, including: accidents (environmental, toxic spill, etc.); acts of God; biological or nuclear incidents;
casualties; earthquakes; pandemic flu; fires; floods; governmental acts (but for the avoidance of doubt, excluding delays caused by any Regulatory Authority or a Party’s freedom to operate); orders or restrictions; local, national or state
emergency; power failure and power outages; acts of terrorism; strike; and war. 
 “Drug Product” shall mean
RAPTOR’s proprietary drug formulation for pulmonary administration (which, for the avoidance of doubt, also includes MPEX’s proprietary drug formulation which is currently owned by RAPTOR) which includes levofloxacin alone or in addition
to one or more other substances, chemicals or ingredients, which shall be promoted, provided and sold for use exclusively with PARI’s proprietary inhalation delivery device which is based on the eFlow technology. 

2. RAPTOR hereby agrees to comply with all the diligence milestones set forth in Schedule A below with respect to the development and
commercialization of the Drug Product in the United States (the “Diligence Milestones”). Notwithstanding anything to the contrary in the 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission Confidential treatment has been requested with respect to portions of this agreement. 

 
Development Agreement, this Amendment No. 1 or Schedule A to this Amendment No. 1, RAPTOR shall use Commercially Reasonable Efforts to achieve each Diligence Milestone. In order for
RAPTOR to meet the requirement that RAPTOR has used Commercially Reasonable Efforts, RAPTOR must spend [***] US-Dollars ($[***]) per year, for years other than [***], on activities for the development of the Drug Product in the
United States, until the earlier of (i) [***], or (ii) RAPTOR has filed a new drug application with the US Food and Drug Administration for approval of such Drug Product in the United States for any indication other than Cystic
Fibrosis. If RAPTOR claims internal costs to be a portion of such $[***], RAPTOR agrees to assess costs on a by-project basis and to apply the same internal costs (such as hourly rates and cost burdening ratios) to this project as it applies
to other RAPTOR projects. With respect to any partial calendar year, the amount of $[***] shall be pro rated. For the avoidance of doubt, any costs related to the commercialization of the Drug Product outside the United States shall not be
counted towards the above $[***] annual requirement. If RAPTOR does not meet the above financial requirement in any given year prior to the earlier of First Commercial Sale of the Drug Product in the United States in the indication of Cystic
Fibrosis or the filing of a new drug application with the US Food and Drug Administration for approval of such Drug Product in the United States for any indication other than Cystic Fibrosis pursuant to (i) or (ii) above (not including
[***]), RAPTOR may be deemed not to have used Commercially Reasonable Efforts and PARI shall have the right, upon [***] days prior written notice to RAPTOR, and in PARI’s sole discretion, to terminate the exclusivity provisions of
Section 4.2 of the Development Agreement, with respect to the United States, and also to convert the licenses provided in Sections 4.1 to non-exclusive licenses, solely with respect to the United States. Provided, however, that upon written
notice of breach by PARI to RAPTOR, [***] during the term of this Agreement, RAPTOR shall have [***] months in which it either (x) may demonstrate spending of at least $[***] on development of the Drug Product in the United
States, (y) initiate a Registrational Trial (as defined in Schedule A to this Amendment No. 1) intended to enable the filing of a new drug application for the Drug Product with the US Food and Drug Administration, or (z) submit the
new drug application to the US Food and Drug Administration for the Drug Product for an indication other than Cystic Fibrosis, which will be deemed to meet RAPTOR’s obligation. Within 30 days after the end of each calendar year, RAPTOR shall
provide PARI with a written certification, executed by a duly authorized senior officer of RAPTOR, that RAPTOR has met, for the prior calendar year (or partial calendar year, as applicable), its Commercially Reasonable Efforts requirement and the
financial spending requirement for the United States. PARI shall have the right to inspect and audit the books and records of RAPTOR to verify whether the financial threshold has been met. Such inspection and audit shall be completed by an
independent third party, reasonably acceptable to RAPTOR, with the costs thereof borne by PARI, provided, however, that if such inspection and audit shows that the financial requirement has not been met, the costs of the inspection and audit shall
be borne by RAPTOR. 
 In the event that RAPTOR decides to cease the development or commercialization of the Drug Product for exclusive
delivery via the Project Nebulizer in the United States, PARI shall have the right, in its sole discretion, to [***] upon thirty (30) days prior written notice to RAPTOR, and PARI shall also have the right, in PARI’s sole
discretion, to convert the licenses provided in Sections 4.1 with respect to the United States to non-exclusive licenses. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission Confidential treatment has been requested with respect to portions of this agreement. 

  
 2 

 3. In the event RAPTOR does not meet (i) a Diligence Milestone and/or (ii) the annual
minimum spending requirement of $[***] as set forth in Section 2 of this Amendment No. 1 above, and such condition is not cured within [***] months of notice as provided for in Section 2 above, then the Royalty Rate
shall be [***]% of Net Sales independent of any Net Sales level and notwithstanding Section 6 below. 
 5. Section 1.42 of
the Development Agreement is deleted in its entirety and replaced with the following: 
 ““Royalty Term” shall mean, on
a country-by-country basis, the period commencing on the Effective Date and continuing until the later of (i) [***] or (ii) [***] ([***]) years after First Commercial Sale in the particular country.” 

6. Sections 6.1(a) and (b) of the Development Agreement are deleted in their entirety and replaced with the following: 

“RAPTOR shall pay to PARI tiered royalties on the Drug Product as calculated by multiplying the applicable royalty rate set forth below by
the corresponding amount of incremental Net Sales in the applicable calendar year. The royalty will be calculated for each increment separately and then aggregated for payment. 

 

					
	 Net Sales Increment
	  	Royalty Rate	 
		
	 $[***] million
	  	 	[***	]% 
	 Above $[***] million to $[***] million
	  	 	[***	]% 
	 Above $[***] million
	  	 	[***	]%” 

 7. All references to and sections related to [***] are hereby deleted in their entirety, except that in
the event of termination of the Development Agreement by RAPTOR under Section 15.3 of the Development Agreement or termination of the Development Agreement by PARI under Section 15.2 of the Development Agreement for RAPTOR’s material
breach, RAPTOR shall nevertheless pay royalties to PARI pursuant to Sections 15.4(g) and 6.2.2 of the Development Agreement, and provided further that such royalties shall be due, notwithstanding the provisions of Section 15.4(g), until the
later of on a country-by-country basis (i) [***] or (ii) [***] ([***]) years after First Commercial Sale in the particular country. 

8. Notwithstanding anything to the contrary in the Development Agreement or in this Amendment No. 1, in the event any adjustments to
royalties are applicable pursuant to Section 6.4 of the Development Agreement, the Parties hereby agree that the adjusted royalty shall under no circumstances ever be less than [***]% of Net Sales. As of the 17th day of August 2015,
there is, to Raptor’s Knowledge, no Third Party IP, nor any basis for filing or issuance of Third Party IP, which would result in a reduction of royalties to PARI. 

9. Sections [***], [***] and [***] as well as all references to and other sections related to [***] are hereby
deleted in their entirety. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission Confidential treatment has been requested with respect to portions of this agreement. 

  
 3 

 10. The Parties agree that in the event the Commercial Supply Agreement between the Parties of
even date herewith is terminated pursuant to Section 12.2(e) of the Commercial Supply Agreement, then the Development Agreement shall also automatically, without any further action by either Party, be terminated, notwithstanding anything to the
contrary in the Development Agreement. 
 11. Upon execution, this Amendment No. 1 shall be made a part of the Development Agreement
and shall be incorporated by reference. Except as provided herein, all other terms and conditions of the Development Agreement shall remain unchanged and in full force and effect. 

IN WITNESS WHEREOF, each of the Parties has caused this Amendment No. 1 to be executed by its duly authorized representatives.

  

													
	PARI PHARMA GMBH	 		 	RAPTOR PHARMACEUTICALS, INC.
					
	By:	 	  
	 		 	By:	 	  

		 	Name:	 	Dr. Martin Knoch	 		 		 	Name:	 	Ted Daley
		 	Title:	 	President	 		 		 	Title:	 	Chief Business Officer

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission Confidential treatment has been requested with respect to portions of this agreement. 

  
 4 

 Schedule A 

Raptor Diligence Obligations 
  

	 	1.1	Applicable Efforts. 

 [***] 

(b) Commencement of Clinical Trial for Second Indication. After the closing date of the Transaction, RAPTOR will use
commercially reasonable efforts to open for enrollment at no fewer than three sites a Registrational Trial of the use of Aeroquin for the Second Indication by [***] (such date, as it may be extended, the “Target Trial Commencement
Date”); provided, however, that: 
 (i) the Target Trial Commencement Date shall be automatically
extended on a day-for-day basis in the event of (A) any delay by the FDA or another Regulatory Authority (beyond the customary or statutorily contemplated response or scheduling time) in responding to correspondence, in responding to a request
for a meeting or telephone conference or in scheduling a meeting or telephone conference relevant to the determination of the proposed clinical trial’s status as a Registrational Trial, or (B) any delay caused by (1) any order by the
FDA or another Regulatory Authority that the sponsor suspend or delay the proposed Registrational Trial in accordance with 21 CFR § 312.42 or any similar industry standard, Regulatory Requirement or guidance of any Regulatory Authority or
(2) any delay by a third party that was not reasonably foreseen by or was not within the control of RAPTOR (it being understood that a contractual relationship between RAPTOR and a third party will not, by itself, be deemed to put RAPTOR in
“control” of such third party or any delay by such third party); 
 (ii) RAPTOR’s obligations under
this Section 1.1(b) shall expire and cease to be of any force or effect in the event of a Technical Failure; 
 (iii)
under no circumstances shall RAPTOR be deemed to have breached its obligations under this Section 1.1(b) if a Registrational Trial for the use of Aeroquin for the Second Indication is commenced on or before the [***]; 

(iv) RAPTOR’s obligations under this Section 1.1(b) shall expire and cease to be of any force or effect if any
representative of the FDA or another Regulatory Authority (A) indicates in writing that the Investigational New Drug application or any equivalent non-US filing for Aeroquin is not effective or cannot be made effective, or (B) orders
RAPTOR to suspend or delay such Registrational Trial in accordance with 21 CFR § 312.42 or a similar industry standard, Regulatory Requirement or guidance of any Regulatory Authority, in either case, due to factors other than the action or
inaction of RAPTOR; and 
 (v) RAPTOR’s obligations under this Section 1.1(b) shall expire and cease to be
of any force or effect upon the earlier of (A) the opening for enrollment of the Registrational Trial for the use of Aeroquin for the Second Indication at [***] sites, and (B) the [***]. 

(c) Completion of Clinical Trial for Second Indication. Commencing upon the [***] of a Registrational Trial of the use of
Aeroquin for the Second Indication, RAPTOR will use commercially reasonable efforts to cause such Registrational Trial to be completed; provided, however, that: 

(i) RAPTOR’s obligations under this Section 1.1(c) shall expire and cease to be of any force or effect in the
event of a Technical Failure; 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission Confidential treatment has been requested with respect to portions of this agreement. 

 (ii) RAPTOR’s obligations under this Section 1.1(c) shall expire
and cease to be of any force or effect if (A) any representative of the FDA or another Regulatory Authority indicates in writing that the IND application or any equivalent non-US filing for Aeroquin for the Second Indication is no longer in
force and valid due to factors other than the action or inaction of RAPTOR, (B) RAPTOR determines, in its reasonable judgment, that there is [***], (C) after commencement of the Registrational Trial, [***], (D) an event
occurs or circumstances arise that materially delay, impair or otherwise adversely affect RAPTOR’s ability to [***], (E) the FDA orders the sponsor to suspend or delay such Registrational Trial in accordance with 21 CFR §
312.42 or any similar industry standard, Regulatory Requirement or guidance of any Regulatory Authority, (F) the FDA or another Regulatory Authority terminates the IND application for Aeroquin for the Second Indication pursuant to 21 CFR §
312.44 or any similar industry standard, Regulatory Requirement or guidance of any Regulatory Authority, or (G) the FDA or another Regulatory Authority places the IND application for Aeroquin for the Second Indication on inactive status in
accordance with 21 CFR § 312.45 or any similar industry standard, Regulatory Requirement or guidance of any Regulatory Authority; 

(iii) RAPTOR shall be under no obligation to cause or to attempt to cause such Registrational Trial to be completed by
[***]; and 
 (iv) RAPTOR’s obligations under this Section 1.1(c) shall expire and cease to be of any
force or effect upon the completion of such Registrational Trial. 
 (d) Additional Limitations on Efforts Obligations.
Without limiting the generality of the foregoing: 
 (i) neither RAPTOR nor any of its current or future Affiliates,
successors or permitted assigns (including any Acquiring Party) shall have any obligation of any nature to file any application for (or otherwise attempt to obtain) approval of Aeroquin [***], to file any application for approval of Aeroquin
for any indication other than [***], or to attempt to obtain any Regulatory Approval of any [***]; 
 (ii)
neither RAPTOR nor any of its current or future Affiliates, successors or assigns (including any acquirer of RAPTOR) shall have any obligation of any nature to attempt to commence or complete any clinical trials, except as specifically provided
in Section 1.1(b) and/or Section 1.1(c) herein; 
 (iii) neither RAPTOR nor any of its current or future
Affiliates, successors or assigns (including any Acquiring Party) shall have any obligation of any nature to expend any efforts with respect to Aeroquin if: (A) there is or has been any fraud, intentional misrepresentation or tortious
misconduct (whether on the part of Tripex, any Seller Predecessor or any past, current or future Affiliate or representative of RAPTOR or any Seller Predecessor) or (B) there shall have been at any time at or prior to the Closing any material
inaccuracy in or material breach of any representation or warranty set forth in the Asset Purchase Agreement which breach has an adverse impact on the ability to secure effective exclusivity with respect to Aeroquin or materially impairs or
increases the cost or effort associated with development of Aeroquin; 
 (iv) neither RAPTOR nor any of its
Affiliates, successors or assigns (including any Acquiring Party) shall have (A) any development obligation with respect to any Aeroquin-Related Product other than Aeroquin or (B) following a change of control, any commercialization
obligation, in each case, with respect to any Aeroquin-Related Product other than Aeroquin; 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission Confidential treatment has been requested with respect to portions of this agreement. 

  
 6 

 (v) neither RAPTOR, Tripex, and their respective current and future
Affiliates, successors and assigns (including any Acquiring Party) shall have any obligation whatsoever (and none of RAPTOR, Tripex, and their respective current and future Affiliates, successors and assigns (including any Acquiring Party) shall be
under any obligation to cause any other Person) (A) to use any efforts, to make any particular expenditure, to engage in any particular activity or to take (or omit to take) any particular action except as specifically set forth herein, nor or
(B) to cause any particular amount or level of annual net sales to be achieved; and 
 (vi) RAPTOR gives no
assurance that any Diligence Milestone will ever be met or that any amount of Net Sales will be reached. 
 (e) Termination of
Efforts Obligations. Each provision of this Section 1, providing that any of RAPTOR’s or any Acquiring Party’s obligations terminates, expires or ceases to be of any force or effect upon the occurrence of a specified event or
in specified circumstances (including, for the avoidance of doubt, each of Sections 1.1(a)(iv), 1.1(a)(v), 1.1(b)(iv), 1.1(b)(v), and 1.1(c)(iv)) constitutes a “safe harbor” for determining whether such obligations have terminated, expired
and ceased to be of any force or effect. The Parties acknowledge and agree that none of such provisions shall be deemed to create or imply any obligation on the part of RAPTOR, any Acquiring Party or any other Person, or to otherwise suggest or
establish that any such provision sets forth the exclusive basis for the termination or expiration of any obligation under this Section 1.1 or the exclusive basis for any such obligation ceasing to be of any force or effect.

 

	 	1.2	Definitions 

 (a) Acquiring Party. “Acquiring Party” means
the Person directly acquiring voting securities of the Purchaser, assets of the Purchaser or the Transferred Assets in a Change of Control. 

(b) Aeroquin Business. “Aeroquin Business” means the business of developing and commercializing Aeroquin
(including, for purposes of clarity, financing the development and/or commercialization of Aeroquin) for all indications and in all forms, including as conducted prior to the Closing by the Seller and/or the Seller Predecessors, and as conducted or
proposed to be conducted after the Closing by the Purchaser, any Acquiring Party or any of their respective current or future Affiliates, successors or assigns. 

(c) Aeroquin-Related Product. “Aeroquin-Related Product” means Aeroquin and any other product that is covered
by, and cannot be manufactured or sold without infringement or misappropriation of, intellectual property owned, held or purported to be owned or held at any time by, or licensed at any time to Tripex. 

(d) Asset Purchase Agreement. “Asset Purchase Agreement” means that Asset Purchase Agreement executed between
RAPTOR and Tripex, dated as of August 13, 2015. 
 (e) First Dose. “First Dose” means the time of the
first visit of the first enrolled patient in a Registrational Trial. 
 (f) Seller Predecessor. “Seller
Predecessor” means any person or entity, other than Tripex, that has or at any time had any direct or indirect ownership interest in Aeroquin, including Actavis, Inc., Mpex Pharmaceuticals, Inc., Aptalis Holdings Inc., Forest Laboratories,
Inc., the Shareholder Representative Committee defined in the Mpex-Aptalis Merger Agreement of 2011, and each of their respective affiliates. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission Confidential treatment has been requested with respect to portions of this agreement. 

  
 7 

 [***].

(h) Registrational Trial. “Registrational Trial” means either: 

(i) a human clinical trial conducted by or on behalf of RAPTOR (including on behalf of the RAPTOR by its affiliates
and/or sublicensees) of a Aeroquin Product hat satisfies the requirements of 21 CFR § 312.21(c); or 
 (ii) a
late-stage human clinical trial conducted by or on behalf of RAPTOR (including on behalf of RAPTOR by its affiliates and/or sublicensees) that may or may not satisfy the requirements of 21 CFR § 312.21(c), but that nonetheless serves as a
registration study of an Aeroquin Product for the applicable indication in support of Regulatory Approval thereof. 
 (i)
Representative of Tripex. “Representative of Tripex” means any officer, director, employee, agent, attorney, accountant, and advisor of Tripex. 

(j) Second Indication. “Second Indication” means the initial indication (other than for the [***]) for
which there has been a First Dose in a Registrational Trial of Aeroquin. 
 (k) Technical Failure. “Technical
Failure” means the reasonable determination that: (a) Aeroquin presents unacceptable levels of safety or legal risks such that successful development of Aeroquin or successful commercialization of Aeroquin, for any indication or with
any label, is not reasonably likely; or (b) the successful manufacturing of Aeroquin or any component thereof is not reasonably likely to be feasible on an ongoing basis.

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission Confidential treatment has been requested with respect to portions of this agreement. 

  
 8Exhibit

           EXHIBIT 10.1

	
			
	
	 
	Verso Corporation

	 
	6675 Lenox Center Court

	 
	Suite 400

	 
	Memphis, TN 38115-4436

	 
	 

	 
	David J. Paterson

	 
	President and Chief Executive Officer

	 
	 
	 

	 
	 
	T     901 369 4231

	 
	 
	T     901 369 4228

	 
	 
	E     dave.paterson@versoco.com

	 
	 
	W    www.versoco.com

September 2, 2015
Mr. Allen J. Campbell
14322 River Wind Trail
Fort Wayne, IN 46814
Dear Allen:
On behalf of Verso Corporation and its subsidiaries (collectively, “Verso”), I am pleased to extend      an employment offer to you.  The basic terms and conditions of your employment with Verso will be as follows:
1.Employment Date.  You will become an employee of Verso on September 21, 2015, or such other date as may be agreed upon by Verso and you (the “Effective Date”).
2.Position and Reporting Relationship.  The title of your position with Verso will be Senior                 Vice President and Chief Financial Officer.  You will report directly to the President and Chief Executive Officer of Verso.
3.Base Salary.  Your initial base salary at Verso will be $425,000 per year.  Your base salary                         will be paid in equal monthly installments on the last day of each month.  You will be immediately                             eligible for merit increases in your base salary, which normally occur during the first half of each year.
4.Special Bonus.  You will receive a special bonus of $300,000 payable in eight installments of $37,500 each on the following dates, provided that you are employed by Verso on the applicable payment date:
2015  –  December 31
2016  –  March 31, June 30, September 30, and December 31
2017  –  March 31, June 30, and September 30
5.Verso Incentive Plan.  You will not participate in the Verso Incentive Plan (“VIP”) for 2015,               but in lieu thereof, you will receive a payment of $340,000 on February 29, 2016, provided that you are employed by Verso on such date.  Effective as of January 1, 2016, you will be eligible to participate in the VIPs for 2016 and subsequent years and to receive an annual incentive award thereunder with a target                       level of achievement equal to 80% of your base salary.
6.Incentive Award Plan.  You will be eligible to receive long-term equity incentive awards,          typically in the form of restricted stock and stock options, to be granted from time to time by Verso, in its sole discretion, under the Amended and Restated 2008 Incentive Award Plan (the “Incentive Award                    

Mr. Allen J. Campbell    
September 2, 2015
Page 2

Plan”).  Effective as of the Effective Date, Verso will grant to you equity awards under the Incentive                         Award Plan consisting of 40,000 restricted shares of Verso common stock and a nonqualified stock                          option to purchase 125,000 shares of Verso common stock, with such awards to be made pursuant to                         Verso’s standard grant notices and award agreements.
7.Retirement Savings Plan for Non-Union Employees.  You will be eligible to participate in the Retirement Savings Plan for Non-Union Employees (the “RSP”), a tax‐qualified, 401(k) defined      contribution plan which permits you to defer the receipt of up to the lesser of 85% or $18,000 of your employment compensation on a pre-tax basis (or if you are age 50 or over, to defer up to $6,000 in                         additional compensation up to a limit of $24,000).  You also may elect to defer under the RSP amounts of your employment compensation in excess of these limits on an after-tax basis.  Verso will make matching contributions equal to 70% of the first 4%, and 60% of the second 4%, of your deferrals under the RSP.             Your deferrals under the RSP will be immediately and fully vested and nonforfeitable.  Verso’s matching contributions on your behalf under the RSP will be subject to three-year “cliff” vesting measured from the Effective Date, such that after you have been continuously employed by Verso for three years, all of                       Verso’s past and future matching contributions on your behalf will become fully vested and                       nonforfeitable.
8.Supplemental Salary Retirement Program.  You will be eligible to participate in the              Supplemental Salary Retirement Program (the “SSRP”), a tax-qualified defined contribution program implemented under the RSP.  Under the SSRP, Verso will make an annual contribution to your account                  under the RSP in an amount equal to 2.75% of your eligible compensation, which consists of your base salary, bonus and cash incentive compensation paid during the immediately preceding year.  Verso’s contributions on your behalf under the SSRP will be subject to three-year “cliff” vesting measured from                the Effective Date, such that after you have been continuously employed by Verso for three years, all of Verso’s past and future contributions on your behalf will become fully vested and nonforfeitable.
9.Executive Retirement Program.  You will be eligible to participate in the Executive                          Retirement Program (“ERP”), a nonqualified defined contribution program implemented under the                  Deferred Compensation Plan (the “DCP”) for the benefit of Verso’s executives and selected senior                managers.  Under the ERP, Verso may, but is not obligated to, make an annual discretionary contribution              to your account under the DCP in an amount equal to 10% of your eligible compensation, which consists    of your base salary and target-level incentive award under the VIP, in each case determined as of                                 January 1 of the year for which the ERP contribution is made.
10.Insurance.  Verso provides group medical, dental, life and disability insurance on the terms                    and subject to the conditions set forth in such plans.
11.Vacation.  You will be eligible to receive four weeks of vacation each year, subject to                            increase thereafter in accordance with Verso’s vacation policy.
12.Other Employee Benefits.  In addition to the employee benefits expressly provided for herein, you will be entitled to participate in, and to receive benefits under, Verso’s other employee benefit plans, programs, policies and arrangements for which all or substantially all salaried employees or executive              officers of Verso are eligible, in accordance with such employee benefit plans, programs, policies and arrangements and the procedures thereunder.  Your right to receive any such other employee benefits with respect to 2015 will take account of your employment with Verso for only a portion of such year starting              on the Effective Date, and, if applicable, such benefits will be prorated accordingly.  

Mr. Allen J. Campbell    
September 2, 2015
Page 3

13.Relocation.  In connection with your move to Memphis to begin work at Verso, you will be eligible to receive the benefits provided for under Verso’s relocation policy in accordance with such                        policy.
14.CNC Agreement.  Effective as of the Effective Date, Verso and you will enter into the Confidentiality and Non‐Competition Agreement (“CNC Agreement”), a copy of which is enclosed with this letter agreement.  Upon the execution and delivery of the CNC Agreement by Verso and you, the                      parties will be subject to the obligations, and entitled to the benefits, provided under the CNC Agreement.
15.Plan Changes.  The terms and conditions of your compensation and benefits may be subject                  to plan changes by Verso at any time and from time to time.
16.Background Investigation and Drug Screening.  This employment offer is contingent on your successful completion of a background investigation and drug screening to be conducted on behalf of                   Verso. 
17.Verification of Citizenship.  On your first day of employment, Verso will verify your                       eligibility for employment as required by the Immigration Reform and Control Act of 1986.  We ask that you please bring to work the originals of two forms of identification, such as a birth certificate, driver’s license, passport or Social Security card, on your first day of employment.
18.Binding Effect.  This letter agreement, when executed and delivered by Verso and you, will constitute an agreement that is binding on, and is enforceable by and against, Verso and its successors,              assigns and legal representatives and you and your successors, assigns, devisees, heirs and legal representatives.
19.“At-Will” Employment.  Your employment with Verso is considered “at-will” employment, meaning that there is no specific period of guaranteed employment and that either Verso or you can                  terminate the employment relationship at any time.

[Signatures are on next page.]

Mr. Allen J. Campbell    
September 2, 2015
Page 4

If the foregoing terms and conditions of your employment with Verso are acceptable to you, please sign this letter agreement and return it to me and keep a copy for your records.  I look forward to the                     prospect of you joining Verso.  I believe that you will find this employment opportunity to be personally interesting and professionally rewarding.
	
			
	 
	Sincerely,
	 

	 
	 
	 

	 
	/s/ David J. Paterson
	 

	 
	 
	 

	 
	David J. Paterson
	 

	 
	President and Chief Executive Officer
	 

	
		
	AGREED TO AND ACCEPTED:
	 

	/s/ Allen J. Campbell
	 

	Allen J. Campbell
	 

	9/8/2015
	 

	Date
	 

	 
	 

	 
	 

	Enclosures

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