Document:

EX-10.3

 Exhibit 10.3 

March 11, 2016 
 Ramin Mojdehbakhsh, Ph.D. 

[at the address provided by Dr. Mojdehbakhsh] 
  

	 	Re:	General Release 

 Dear Ramin, 

This document is a proposed General Release (the “Agreement” or “Release”) from Unilife Corporation (“Unilife”
or the “Company”). 
 Please note that some provisions of this Agreement apply whether or not you sign this Agreement whereas
other provisions apply only if you sign. Throughout this Agreement, we have tried to make this distinction clear. 
 For example, the
terms and conditions set forth in Paragraph 1 below will apply regardless of whether you decide to sign this Agreement. Conversely, you will not be eligible to receive the Severance Benefits set forth in Paragraph 2 below unless you
sign this Agreement. 
 In order to receive the payments described in Paragraph 2, you must sign this Agreement, which includes a general
release of claims, and promptly return it to John Ryan, Esquire, Senior Vice President and General Counsel. The last date on which either party signed this Agreement shall be the effective date of the Agreement (the “Effective Date”). 

This Agreement is a very important legal document. I encourage you to read it carefully and make certain that you understand and agree
with it before you sign it. Because this is a legal document, you are encouraged to review the Agreement with your attorney. 
 1.
General Terms of Termination. As noted above, whether or not you sign this Agreement: 
 (a) Your last day of employment with
the Company (including, without limitation, your employment as President and Chief Operating Officer thereof) and any of the Company’s subsidiaries is March 11, 2016 (the “Separation Date”). You will be paid for all time worked
up to and including your Separation Date. 
 (b) The Nonstatutory Stock Options granted to you on February 7, 2011 shall be exercisable in
accordance with the terms of the Nonstatutory Stock Option Notice (“Nonstatutory Stock Option Notice”) entered into between you and the Company. Specifically, your ability to exercise the Options shall terminate upon the earliest of (i)
the expiration of thirty (30) days following the Separation Date; or (ii) the expiration of twelve (12) months following your death, if your death occurs during the period described in (i) above. 

(c) Your eligibility to participate in Company sponsored medical (including vision and prescription) and dental insurance plans as an employee
of the Company will cease 

 
effective at the end of the month in which your Separation Date occurs. However, you will be eligible to continue to participate in this insurance in accordance with a federal law called the
Consolidated Omnibus Budget Reconciliation Act (“COBRA”), subject to COBRA’s terms, conditions and restrictions. The Company will subsidize the cost of the premium you would be required to pay subject to the conditions and for the
period of time described below in Paragraph 2(c). 
 (d) Your participation in all other Company sponsored group benefits including life
insurance/accidental death and dismemberment and disability coverage will cease effective as of your Separation Date. 
 (e) Your
participation in the Company’s 401(k) Plan shall cease effective as of your Separation Date; provided, that, you shall retain your accrued account. 

(f) Your participation in any bonus or other compensation programs will cease effective as of your Separation Date. 

(g) You must continue to comply with any confidentiality, non-solicitation and non-compete agreements you signed in connection with your
employment with the Company, including but not limited to Sections 7 and 8 of the Employment Agreement entered into as of July 1, 2012 by and between you and the Company, as amended (“Employment Agreement”). 

2. Separation Payments. If you sign this Agreement, agreeing to be bound by the general release of claims in Paragraph 4 below and
the other terms and conditions of this Agreement, in consideration for your general release of claims and other commitments under this Agreement, the Company will do the following: 

(a) Pay you twelve (12) months of severance pay at your base salary as of your Separation Date, in the gross amount of Four Hundred Twenty
Thousand Dollars ($420,000), to be paid for twelve (12) months in accordance with the Company’s standard payroll practices, commencing on the next regular pay date after the Effective Date of this Agreement, less all deductions for local, state
and federal taxes legally required to be withheld. 
 (b) Pay you the gross amount of Three Hundred and Thirty-Six Thousand Dollars
($336,000.00) to be paid in equal installments over a twelve (12) month period, in accordance with the Company’s standard payroll practices, commencing on the next regular pay date after the Effective Date of this Agreement, less all deductions
for local, state and federal taxes legally required to be withheld. This amount represents your target bonus pursuant to Section 6(a)(iii) of your Employment Agreement. For the sake of clarity, you have already received your entire 2015 bonus
pursuant to Section 3(b) of your Employment Agreement, in the amount of One Hundred and Twenty-Five Thousand Dollars ($125,000). 
 (c) If
you are receiving group health coverage under any Company benefit plan on your Separation Date and you timely elect COBRA continuation coverage, the Company will subsidize the entire cost of such continuation of coverage for twelve (12) months,
commencing on the first of the month immediately after the Effective Date of this Agreement. Commencing with the first day of the calendar month following the final calendar month during 

  
 - 2 - 

 
which the Company subsidizes the entire cost of your continuation of coverage, you shall be responsible for the entire cost of such continuation coverage and shall be so responsible for the
remainder of the COBRA continuation period. Your period of COBRA coverage will not be extended by the time-period during which the Company subsidizes the cost of your continuation of coverage. 

(d) The Nonstatutory Stock Options granted to you on February 7, 2011 shall become fully vested as of the Effective Date and you shall have a
nonforfeitable right to the previously unvested stock options. Such stock options shall be exercisable in accordance with the terms of the Nonstatutory Stock Option Notice entered into between you and the Company, as summarized in Paragraph
1(b) above. 
 (e) You shall become fully vested and have a nonforfeitable right as of the Effective Date to the previously unvested one
hundred sixty seven thousand five hundred (167,500) restricted shares that were granted to you by the Company pursuant to the Restricted Stock Agreements dated May 28, 2013 and May 15, 2014 (“Restricted Stock Agreement(s)”). On
the Effective Date, the Company shall grant you three million eight hundred thousand (3,800,000) fully vested and transferable shares of common stock pursuant to a Company Stock Award Agreement (“Company Stock Award Agreement”), subject to
the obligations acknowledged. Subject to the restrictions and limitations of Paragraph 26, the Company shall impose no other restrictions on your transfer of such shares (or any other shares of the Company’s common stock owned by you, including
any shares received as a result of the exercise of the Restricted Stock Grants, Nonstatutory Stock Option Notice referenced in Paragraph 2(d) above or the Company Stock Award Agreement) beyond any restrictions under applicable law, other than any
volume restrictions applicable under Rule 144 of the Securities Act of 1933, as amended. The Company acknowledges and agrees that all shares of the Company’s common stock issued to you by the Company have been registered under a
registration statement filed with the Securities and Exchange Commission. You acknowledge your obligations under applicable law with respect to effecting transactions in the Company’s securities, including, but not limited to, obligations to
refrain from engaging in any such transactions while in possession of material non-public information. 
 (f) Pay up to Twenty Thousand
Dollars ($20,000.00) of your legal fees (within 30 days following receipt of an invoice) directly to your legal counsel, Katzke & Morgenbesser LLP, to review and advise you with respect to this Agreement. 

(g) Pay you Thirty Two Thousand Three Hundred and Seven Dollars ($32,307.00) in respect of your four (4) weeks of unused vacation time on the
first payroll date after the Effective Date, less all deductions for local, state and federal taxes legally required to be withheld. 
 (h)
You will not be eligible for payments and other benefits described in this Paragraph 2 unless (i) the Company has received a signed copy of this Agreement that has been timely executed; (ii) you have returned all Company property and documents in
accordance with Paragraph 9 below and certify that you have done so as required therein; provided, that, if the Company believes you have failed to return all such property and documents, it shall advise you in writing within thirty (30) days of its
knowledge that you have not returned all of such property and documents and provide you with at least thirty (30) days to make such return of property and documents and (iii) you comply with the terms and conditions of this Agreement. 

  
 - 3 - 

 3. Taxation. You understand and agree that you are responsible for the payment of certain
federal, state and local income taxes and your share of certain federal, state and local employment taxes on the payments and other consideration you receive as referenced in this Agreement, and that the Company is obligated to withhold from such
payments or other consideration for such taxes and deposit such withheld amounts with the appropriate taxing authorities. Notwithstanding anything in the Restricted Stock Agreement(s) and/or Company Stock Award Agreement to the contrary, you
understand that in order to satisfy in full its withholding obligations, the Company shall, pursuant to its rights under Section 6(a) of the Restricted Stock Agreement(s) and Section 4 of the Company Stock Award Agreement: (a) withhold all cash
payments payable to you under Paragraphs 1 and 2 of this Agreement, and (b) withhold the minimum number of shares of the Company’s common stock that would be distributed to you under Paragraph 2(e) of this Agreement as will be necessary to
withhold to the extent that the cash withholding pursuant to clause (a) hereof is insufficient to fully satisfy the Company’s withholding obligation. The Company shall not seek additional cash from you in excess of the amounts withheld under
subsection (a) of this Paragraph 3 in lieu of the share withholding under clause (b) of the immediately preceding sentence. 
 4. General
Release. 
 (a) In exchange for the Company’s payments and other benefits described in Paragraph 2, you release and forever
discharge, to the maximum extent permitted by law, the Company and each of the other “Releasees” as defined below, from any and all claims, causes of action, complaints, lawsuits or liabilities of any kind (collectively “Claims”)
as described below which you, your heirs, agents, administrators or executors have or may have against the Company or any of the other Releasees. 

(b) By agreeing to this General Release, you are waiving any and all Claims that can be waived to the maximum extent permitted by law, which
you have or may have against the Company or any of the other Releasees arising out of or relating to any conduct, matter, event or omission existing or occurring before you sign this Agreement, and any monetary or other personal relief for such
Claims, including but not limited to the following: 
 (1) any Claims having anything to do with your employment with the Company; 

(2) any Claims having anything to do with the termination of your employment with the Company; 

(3) any Claims having anything to do with your rights as a stockholder of the Company or any parent, subsidiary or affiliate of the Company;

 (4) any Claims for unpaid or withheld wages, severance, benefits, bonuses, commissions and/or other compensation of any kind; 

  
 - 4 - 

 (5) any Claims having anything to do with stock options, restricted stock or other equity or
incentive compensation of any kind; 
 (6) any Claims under any employment agreement, collective bargaining agreement, or any other
agreement; 
 (7) any Claims to reinstatement or reemployment; 

(8) any Claims for reimbursement of expenses of any kind; 

(9) any Claims for attorneys’ fees, costs or expenses; 

(10) any Claims arising under the Employee Retirement Income Security Act (“ERISA”); 

(11) any Claims of discrimination and/or harassment based on age, sex, pregnancy, race, religion, color, creed, disability, handicap, failure
to accommodate, citizenship, marital status, national origin, ancestry, sexual orientation, gender identity, genetic information, predisposing genetic characteristics, or any other factor protected by Federal, State or Local law as enacted or
amended, such as the Age Discrimination in Employment Act, 29 U.S.C. §621 et. seq., Title VII of the Civil Rights Act of 1964, Section 1981 of the Civil Rights Act of 1866, the Americans with Disabilities Act, the Equal Pay Act, the Genetic
Information Non-Discrimination Act, the Pennsylvania Human Relations Act, and any Claims for retaliation under any of the foregoing laws; 

(12) any Claims regarding leaves of absence, including, but not limited to, any Claims under the Family and Medical Leave Act or any other
state or local law providing for paid or unpaid leave; 
 (13) any Claims arising under the Immigration Reform and Control Act
(“IRCA”); 
 (14) any Claims arising under the Uniformed Services Employment and Reemployment Rights Act (“USERRA”) or
any state law governing military leave; 
 (15) any Claims under the Worker Adjustment and Retraining Notification Act (“WARN”);

 (16) any Claims for violation of public policy; 

(17) any whistleblower or retaliation Claims; 

(18) any Claims for emotional distress or pain and suffering; 

(19) any Claims arising under the Sarbanes-Oxley Act, the Dodd-Frank Act or the Pennsylvania Wage Payment and Collection Law; 

  
 - 5 - 

 (20) any Claims disputing or in any way questioning, disparaging, or challenging your assignment
to the Company of, or the Company’s ownership of, all prior right, title, and interest you had in Inventions or Works created or developed by you, whether solely or jointly with others, as required by the duties of your employment or otherwise
during the course of your employment with the Company, as further described in Paragraph 9 below; and 
 (21) any other statutory,
regulatory, common law or other Claims of any kind, including, but not limited to, Claims for breach of contract, libel, slander, fraud, wrongful discharge, invasion of privacy, promissory estoppel, equitable estoppel and misrepresentation. 

(c) The term “Releasees” includes, all and singularly, Unilife, OrbiMed Advisors LLC, and each and every one of its past and present
subsidiaries, parent and related corporations, companies and divisions, and their past and present directors, trustees, officers, managers, supervisors, employees, owners, partners, insurers, investors, attorneys, benefit plan fiduciaries and
agents, in their respective capacity as such, and all of their respective predecessors, successors and assigns. 
 (d) It is important that
you understand that this General Release includes all Claims known or unknown by you, those that you may have already asserted or raised as well as those that you have never asserted or raised. 

5. Non-Released Claims. The General Release in Paragraph 4 above does not apply to: 

(a) Any Claims for vested benefits under any Company retirement or 401(k) plan or other benefit plan; 

(b) Any Claims to enforce the commitments set forth in this Agreement; 

(c) Any Claims to interpret or to determine the scope, meaning, enforceability or effect of this Agreement; 

(d) Any Claims that arise after you have signed this Agreement; 

(e) Any Claims for worker’s compensation benefits, any Claims for unemployment compensation benefits, and any other Claims that cannot be
waived by a General Release; 
 (f) Any Claim for coverage under the Company’s Directors and Officers insurance policy or any
applicable indemnification agreement or policy. 
 In addition, the General Release in Paragraph 4 is subject to and limited by your retained rights in
Paragraph 14 below. 
 6. Adequacy of Consideration. You acknowledge and agree that the Company’s payments under Paragraph 2
above constitute adequate consideration in support of your General Release in Paragraph 4 above, fully compensate you for the Claims you are releasing and are not required by any policy, plan or agreement. For purposes of this paragraph,
“consideration” means something of value to which you are not already entitled. 

  
 - 6 - 

 7. Prohibition on Your Using or Disclosing Certain Information. Regardless of whether
you sign this Agreement, you are prohibited from using or disclosing confidential and/or proprietary information which you acquired in the course of your employment, and which is not generally known by or readily accessible to the public. This
confidential and/or proprietary information includes, but is not limited to: financial data, prices, costs, bids, estimates, plans, blueprints, drawings and project descriptions; legal, accounting, marketing and business plans, strategies and
techniques; trade secrets and other formulas; manufacturing techniques and equipment; product information; the identity of customers, suppliers, vendors or potential customers; and other information not generally known by or readily accessible to
the public. Confidential and/or proprietary information does not include information which is generally known by or readily accessible to the public. This restriction is in addition to any confidentiality or similar such agreements signed
by you in connection with your employment with the Company. This restriction is subject to and limited by your retained rights in Paragraph 14 below. For the avoidance of doubt, subject to Paragraph 8 below, you shall be permitted to
disclose confidential and/or proprietary information if required by law or required by a court or arbitrator, or by a governmental, administrative or regulatory body or if reasonably appropriate in connection with any litigation with the Company.

 8. Duty to Notify. In the event you receive a request or demand, orally, in writing, electronically or
otherwise, for the disclosure or production of Confidential Information (as defined in Paragraph 7 above) which you acquired or created in the course of your employment, you must, if legally permitted, notify John Ryan, Esquire, Senior Vice
President and General Counsel, as soon as practicable, in writing, via facsimile, via certified mail or via overnight mail, at the following address: 150 South Warner Road, King of Prussia, PA 19406, or by calling as soon as practicable at the
following phone number: 917 204 9525. Any and all documents (written or electronic) in your possession or control relating to the request or demand shall, if legally permitted, be included with the notification. You shall wait a
minimum of ten (10) days (or the maximum time permitted by such legal process, if less) after sending the letter before making a disclosure or production to give the Company time to determine whether the disclosure or production involves
confidential and/or proprietary information, in which event the Company may seek to prohibit and/or restrict the production and/or disclosure and/or to obtain a protective order with regard thereto. This provision covers, but is not limited to,
requests or demands in connection with judicial, administrative, arbitration and all other adversarial proceedings. If the request or demand is in conjunction with judicial, administrative, arbitration or other adversarial proceedings, copies
of all correspondence regarding the request or demand shall, if legally permitted, be included with the information sent to John Ryan, Esquire, Senior Vice President and General Counsel, 150 South Warner Road, King of Prussia, PA 19406. The
foregoing shall not prohibit you from complying with legal process when, by way of example, the Company fails to obtain a protective order prohibiting disclosure or production of documents. This restriction is subject to and limited by your
retained rights in Paragraph 13 below and does not apply to governmental investigations if you are instructed by a governmental official that you may not comply with this notification requirement. 

  
 - 7 - 

 9. Company Property and Documents. Regardless of whether you sign this Agreement and
as a condition precedent to receiving the payments and other benefits set forth in Paragraph 2 above, you must return to the Company, retaining no copies, (i) all Company property (including but not limited to, office, desk or file cabinet keys,
Company identification/pass cards, Company-provided credit cards and Company equipment, such as computers, cellular phones, tablets and print-outs, and the following devices: Dell Latitude E5450 (Serial Number JQG1Z52), iPhone 6 (Serial Number
354447060527103) and iPad Mini (Serial Number 013359000209366)) and (ii) all Confidential Information, Company documents (including but not limited to, all hard copy, electronic and other files, forms, lists, charts photographs, correspondence,
computer records, programs, notes, memos, disks, DVDs, etc.), manuals, engineering notebooks, customer information and any other Company property and information either in printed or electronic format which you obtained as a result of or in
connection with your employment by the Company. Further, regardless of whether you sign this Agreement, you also must download all Company-related electronically stored information (including but not limited to emails) from any personal
computer and/or other storage devices or equipment or personal email accounts and return all downloaded material or otherwise electronically stored information and completely remove all such electronically stored information from the hard drive
of such personal computer and/or all other storage devices or personal email accounts. Lastly, you must certify in writing that you have complied with your obligations under this paragraph by signing the Certification attached to this Agreement
as Attachment “A”, and promptly returning it to John Ryan, Esquire, Senior Vice President and General Counsel, 150 South Warner Road, King of Prussia, PA 19406. If the Company believes you are in violation of this Paragraph 9, it shall
advise you in writing within thirty (30) days of its knowledge that you have not returned all of such property and documents and provide you with at least thirty (30) days to make such return of property and documents. Notwithstanding the foregoing,
you shall be permitted to retain your laptop (after the Company promptly deletes all confidential and proprietary files) and your cell phone (after the Company promptly deletes all confidential and proprietary files), and the Company will take all
action reasonably necessary to cause the contract with the phone carrier to be transferred into your name. 
 10. Inventions. 

(a) During the course of your employment with the Company, you may, solely or jointly, have created or developed Inventions or Works.
“Inventions” means patentable and unpatentable inventions, innovations, discoveries, developments, ideas, concepts, procedures, methods, techniques, protocols, processes, formulas, compositions of matter, experiments, trials, assays, test
results, specifications, formats, uses, apparatuses, designs, prototypes, models, sequences, mask works, components, and configurations of any kind, discovered, conceived, reduced to practice, developed, made or produced, and any improvements to the
foregoing. “Works” means copyrightable and uncopyrightable works of authorship fixed in any tangible medium of expression, including writings, documents, reports, drawings, sketches, blueprints, artwork, photographs, designs,
specifications, formulae, lab books, plans, samples, software, and any other written, printed, graphic, digital or electronic material or data, in any format, whether in tangible or intangible form; but excluding those works that otherwise are, by
law, “works made for hire” for Company and of which Company is the author. To “jointly” create or develop an Invention or Work generally means you worked with at least one other individual during the creation or development of
the Invention (i.e., beginning from the 

  
 - 8 - 

 
time an Invention was conceived and leading up to and including the time the Invention was reduced to practice, and continuing with respect to any further development or improvement of the
Invention) or the Work (i.e., from the time the Work was fixed in a tangible medium of expression and continuing with respect to any further development or improvement of the Work). 

(b) As a condition precedent to receiving the payments and other benefits set forth in Paragraph 2 above, you must sign the documents attached
to this Agreement as Attachment “B” relating to your assignment of all your right, title, and interest (including intellectual property rights) in and to certain Inventions and Works created or developed by you, whether solely or jointly
with others, as required by the duties of your employment or otherwise during the course of your employment with the Company. You acknowledge that your agreement to and signing of such documents was a requirement of your employment with the Company
for which you have already received adequate consideration; that your prior failure to sign these documents was an oversight; and that, notwithstanding the foregoing, to the extent it is ever alleged or determined that you did not receive adequate
consideration for your agreement to or signing of these documents, the payments and other benefits set forth in Paragraph 2 above are separate adequate consideration for your agreement to and signing of these documents. 

(c) With respect to all Inventions and Works created or developed by you, whether solely or jointly with others, as required by the duties of
your employment or otherwise relating to your employment with the Company, you represent that you have: (1) disclosed in writing such Inventions and Works promptly and fully to the Company, and (2) assigned all right, title and interest in and to
such Inventions and Works to the Company (or an affiliate or designee of the Company, as directed by the Company), who has the exclusive rights to use, patent, register copyrights in, or to otherwise protect such Inventions and Works throughout the
world. 
 (d) With respect to all Inventions and Works created or developed by you, whether solely or jointly with others, as required by
the duties of your employment or otherwise relating to your employment with the Company, you agree that you will execute, acknowledge and deliver to the Company, at the expense of the Company, all documents, including applications for patents, and
do all other things that may be reasonably necessary to enable the Company or its designee to establish a proprietary position in or protect such Inventions and Works by patent, copyright, or otherwise and to vest title in such Inventions and Works
in the Company or its designee (e.g., render any assistance as the Company or its designee may require in any Patent Office proceeding or litigation involving such Invention or Work). 

11. Non-Defamation. You agree that you will not make any defamatory or disparaging comments or remarks, in writing, orally or
electronically, about any and all current, former or future employees, directors, officers, investors, products or services of the Company or any Releasee. The Company will not make, and shall instruct its senior executive officers and directors not
to make, any defamatory or disparaging comments or remarks in writing, orally or electronically, about you; provided that, the Company and its directors, officers, employees and representatives may make such communications to regulators, government
agencies or commissions as may be necessary or appropriate in its reasonable determination and this Section 11 is not applicable to such communications. This restriction is subject to and limited by the retained rights in Paragraph 14 below.

  
 - 9 - 

 12. Confidentiality of this Agreement. You agree that, at all times, the existence,
terms and conditions of this Agreement will be kept secret and confidential and will not be disclosed voluntarily to any third party, except: (i) to your spouse, domestic partner or immediate family member, (ii) to the extent required by
law; (iii) in connection with any Claim to enforce, interpret or determine the scope, meaning, enforceability or effect of the Agreement; (iv) to your future employers to the extent required to determine the application of the covenants herein; or
(v) to obtain legal, tax or financial advice with respect thereto; provided that the recipient of the Agreement shall keep it terms confidential. This restriction is subject to and limited by the retained rights in Paragraph 14 below. 

13. No Right to Future Employment. You have notified the Company that you do not intend to, and you agree and acknowledge that you
will not, apply for reemployment with the Company and that you have no right or entitlement to future employment with the Company, its parent or its affiliates; provided, that this provision shall not apply to your employment by any entity
which acquires or is acquired by the Company, its parent or any of its affiliates, as such employment shall be governed by the employment arrangements you have with such entity. 

14. Retained Rights. 

(a) The General Release in Paragraph 4 or the other provisions of this Agreement do not prevent you or the Company from contacting, providing
information to, or filing a charge with any federal, state or local government agency or commission, including but not limited to the Equal Employment Opportunity Commission (“EEOC”) or the National Labor Relations Board
(“NLRB”). However, the General Release does prevent you, to the maximum extent permitted by law, from obtaining any monetary or other personal relief for any of the Claims you have released in Paragraph 3 with regard to any charge or claim
you may file or which may be filed or otherwise brought on your behalf. 
 (b) Nothing in this Agreement (or any other agreement with the
Company) is intended to or shall be interpreted: (i) to restrict or otherwise interfere with your obligation to testify truthfully in any forum; or (ii) to restrict or otherwise interfere with your or the Company’s right and/or obligation to
contact, cooperate with, provide information to, or participate in any investigation conducted by, any government agency or commission (including but not limited to the EEOC or the NLRB). 

15. References. You agree that you will direct any and all prospective employers seeking a reference to contact only persons employed
in the Company’s Human Resources Department. The Human Resources Department shall provide a neutral reference only, stating dates of employment and position held and that it is the Company’s general policy to provide only this limited
information. However, if you supply the potential employer with your base salary at the time of termination, the Company will confirm or deny the accuracy of the statement which you provide to them. 

  
 - 10 - 

 16. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the Commonwealth of Pennsylvania, without reference to conflicts of law principles. 
 17. Statement of
Non-Admission. Nothing in this Agreement is intended as or shall be construed as an admission or concession of liability or wrongdoing by the Company or any other Releasee or by you. Rather, this Agreement is being offered for the sole
purpose of settling cooperatively and amicably any and all possible disputes between the parties. 
 18. Interpretation of
Agreement. Nothing in this Agreement is intended to violate any law or shall be interpreted to violate any law. If any section or part or subpart of any section in this Agreement or the application thereof is construed to be overbroad
and/or unenforceable, then the court making such determination shall have the authority to narrow the section or part or subpart of the section as necessary to make it enforceable and the section or part or subpart of the section shall then be
enforceable in its/their narrowed form. Moreover, each section or part or subpart of each section in this Agreement is independent of and severable (separate) from each other. In the event that any section or part or subpart of any section in
this Agreement is determined to be legally invalid or unenforceable by a court and is not modified by a court to be enforceable, the affected section or part or subpart of such section shall be stricken from the Agreement, and the remaining sections
or parts or subparts of such sections of this Agreement shall remain in full, force and effect. 
 19. Entire Agreement. This
Agreement constitutes the entire agreement between the parties regarding the subject matter hereof and supersedes any and all prior representations, agreements, programs, written or oral, expressed or implied, with the exception of (a) any
confidentiality, non-solicitation, non-competition and/or assignment of invention agreements you have signed (including but not limited to Sections 7 and 8 of your Employment Agreement); (b) the terms of your Nonstatutory Stock Option Notice,
your Restricted Stock Agreement(s), or the Company Stock Grant Agreement; or (c) the Forbearance Agreement entered into on December 9, 2015, all of which remain in full force and effect in accordance with the terms of any such
agreement(s). This Agreement may not be modified or amended other than by an agreement in writing signed by you and the General Counsel of the Company. 

20. Code Section 409A. This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Internal Revenue
Code of 1986, as amended, and any regulations and Treasury guidance promulgated thereunder (collectively, “Code Section 409A”). Specifically, it is intended that all payment obligations under this Agreement shall be exempt from Code
Section 409A as follows: (1) under the safe harbor set forth in Treasury Regulations Section 1.409A-1(n)(2)(ii) and/or (2) as a Short-Term Deferral, as that term is defined in Treasury Regulations Section 1.409A-1(b)(4). Notwithstanding the
foregoing, the extent that any payment obligation under this Agreement constitutes “deferred compensation” under Code Section 409A and is scheduled to be paid within six (6) months of the Separation Date, such payments shall accrue without
interest and be paid within fifteen (15) days after the end of the six-month period beginning on the Separation Date or, if earlier, within fifteen (15) days after the appointment of the personal representative or executor of your estate following
your death. 

  
 - 11 - 

 21. Cooperation. You agree that for no additional consideration beyond the payments set
forth in Paragraph 2, you shall be reasonably available to the Company or its representatives to: (a) testify truthfully in any and all arbitrations, lawsuits, administrate proceedings, or other litigation in which you are called and/or identified
as a witness; (b) reasonably assist and cooperate with the Company in any arbitration, lawsuits, administrative proceedings, or other litigation relating to or arising from an occurrence which took place during your employment with the Company, or
relating to any work performed by you and/or individuals under your supervision while you were an employee of the Company, and (c) meet with the Company’s representatives, their counsel or other designees at reasonable times and places with
respect to any matter within the scope of the foregoing provisions of this Paragraph 21; provided that the Company shall reimburse you for any out of pocket expenses reasonably incurred by you in conjunction with the obligation set forth in
this Paragraph 21 (including travel reimbursement at the level of your travel prior to the Separation Date) and that the Company shall provide reasonable notice to you regarding your obligations under this Paragraph 21, as appropriate. If you
reasonably believe separate counsel to be necessary for the cooperation purposes set forth in this Paragraph 21, then you may request reimbursement of the reasonable fees of separate counsel from the Company and the General Counsel may approve any
such request which approval shall not be unreasonably withheld; subject to any retention of counsel requirements imposed by the Company’s insurer. To the extent legally permitted, you shall also provide the Company with immediate notice of
contact or subpoena by any non-governmental adverse party (known to you to be adverse to the Company or its interests) as soon as practicable after receiving such notice. Any such cooperation under this Paragraph 21 shall be subject to your
reasonable business and personal commitments and shall not require you to cooperate against your constitutional right to not incriminate yourself or the interests of any future employer to the extent such interests are adverse to the Company. If you
provide more than fifteen (15) hours of cooperation service in any three (3) month period, the Company shall pay you an hourly rate of Five Hundred Dollars ($500.00) per hour for any additional service. 

22. Acknowledgement. You acknowledge and agree that, subsequent to the termination of your employment, you shall not be eligible
for any payments from the Company or Company-paid benefits, except as expressly set forth in this Agreement. You also acknowledge and agree that you have been paid for all time worked and have received all other compensation owed to you, except
for any payments owed to you pursuant to Paragraph 1. The Company and you acknowledge and agree that none of the payments and benefits set forth in this Agreement are being made in connection with or in contemplation of a change in control of
the Company. 
 23. Representations. You agree and represent that: 

(a) You have read carefully the terms of this Agreement, including the General Release; 

(b) You have had an opportunity to and have been encouraged to review this Agreement, including the General Release, with an attorney; 

(c) You understand the meaning and effect of the terms of this Agreement, including the General Release; 

  
 - 12 - 

 (d) You were given a reasonable period of time to determine whether you wished to sign this
Agreement, including the General Release; 
 (e) Your decision to sign this Agreement, including the General Release, is of your own free
and voluntary act without compulsion of any kind; 
 (f) No promise or inducement not expressed in this Agreement has been made to you; 

(g) You understand that you are waving your Claims as set forth in Paragraph 3 above, including, but not limited to, any Claims for age
discrimination under the Age Discrimination in Employment Act; and 
 (h) You have adequate information to make a knowing and voluntary
waiver of any and all claims set forth in Paragraph 4 above. 
 23. Unilife’s Release of Claims. The Company, for and in
consideration of the promises made herein, does hereby waive and release any claim or cause of action against Ramin Mojdehbakhsh (“Employee”), arising from any occurrence or occurrences, from the beginning of time until the date of the
Employee’s execution of this Agreement; provided however, it is understood that this release of claims does not waive or release any rights or claims that: (a) cannot be waived or subject to a release of this kind by operation of law, (b) arise
after the Company signs this Agreement; (c) relate to the interpretation or to determine the scope, meaning, enforceability or effect of this Agreement; (d) relate to coverage under the Company’s Directors and Officers insurance policy; (e)
relate to the enforcement of the commitments set forth in this Agreement; (f) any challenge to the release under applicable law, (g) relate to criminal or fraudulent conduct by Employee, (h) are asserted against the Company or its shareholders,
directors, officers, employees, agents or representatives arising out of Employee’s acts or omissions, and/or (i) are asserted by shareholders, derivatively, directly or on a class basis, against the Company or its directors, officers,
employees, agents or representatives. 
 24. Automobile and Company Provided Housing. 

(a) Automobile: You agree to return the Company provided automobile in reasonable condition to John Ryan, Esquire, Senior Vice
President and General Counsel or his designee, within one (1) week following Effective Date of this Agreement. 
 (b) Company Provided
Housing: You agree to vacate the Company provided housing which you currently occupy by June 30, 2016. The current lease expires June 30, 2016. You agree to leave the Company provided housing in reasonable condition when you
vacate it. The Company will make all remaining payments on the lease for your Company provided housing. 
 25. Resignation from Board of
Directors. In connection with your execution of this Agreement, you agree to voluntarily resign from all directorship positions held with the Company’s subsidiaries by executing a resignation letter in the form attached to this Agreement as
Attachment “C”. In the event you do not promptly provide a signed copy of the attached letter, this provision of the Agreement shall serve as your voluntary and irrevocable resignation from such Board of Directors. 

  
 - 13 - 

 26. Stock Sales. You shall not, directly or indirectly (including through short sales,
derivative or other synthetic transactions), on any given day sell or otherwise dispose of shares of Company common stock in an amount that exceeds ten percent (10%) of the daily reported volume of trading in the Company’s common stock on its
principal national securities exchange on the prior trading day. 

  
 - 14 - 

 If you agree to the terms of this Agreement, please sign below, indicating that you understand,
agree with and intend to be legally bound by this Agreement, including the General Release, and return the signed Agreement to me. 
 Sincerely, 

/s/ John Ryan    March 14, 2016 
 John Ryan,
Esquire, 
 Senior Vice President and General Counsel 
  

					
	 Ramin Mojdehbakhsh, Ph.D.
	 		 	 Rolanda Leonardo

	Employee Name (printed)	 		 	Witness name (printed)
			
	 /s/ Ramin Mojdehbakhsh, Ph.D.
	 		 	 /s/ Rolanda Leonardo

	Employee Name (signed)	 		 	Witness name (signed)
			
	 March 11, 2016
	 		 	 March 11, 2016

	Date	 		 	Date

  
 - 15 - 

 ATTACHMENT “A” 

CERTIFICATION FOR RETURN OF COMPANY PROPERTY AND DOCUMENTS 

I,                     , CERTIFY THAT:

 1. I have returned to John Ryan, Esquire, Senior Vice President and General Counsel, retaining no copies or excerpts, all Company
property in my possession, custody or control, including, but not limited to, office, desk or file cabinet keys, Company identification/pass cards, Company-provided credit cards and Company equipment, such as computers, cellular phones, tablets and
print-outs, and the following devices: Dell Latitude E5450 (Serial Number JQG1Z52), iPhone 6 (Serial Number 354447060527103) and iPad Mini (Serial Number 013359000209366). 

2. I have returned to John Ryan, Esquire, Senior Vice President and General Counsel, retaining no copies or excerpts, all Company
documents in my possession, custody or control, including, but not limited to, all hard copy, electronic and other files, forms, lists, charts, correspondence, computer records, notes, memos, disks, drives, DVDs, etc. 

3. I have made a diligent search of my personal computers and/or other storage devices or equipment (including but not limited to iPhones,
Droids, thumb or other drives) and of my personal email accounts for any Company-related documents, communications (including but not limited to emails) and any other electronically stored information relating to the Company. This search
revealed that I 
 [check the applicable box below] 
  

	 	a.	 ̈ had Company-related documents, communications or other information. 

  

	 	b.	 ̈ did not have any Company-related documents, communications or other information. 

4. If I checked box 3[a] above, I have downloaded all Company-related documents, communications or other information in my possession custody
or control, returned them to John Ryan, Esquire, Senior Vice President and General Counsel, and completely removed them from the hard drive of such personal computer and/or all other storage devices or personal email accounts, retaining no copies
or excerpts. 
 5. I returned the above information on              2016,
using the following method of
delivery:                                        
.. 

 6. I no longer have any Company property, documents, communications or electronically stored
information (or copies or excerpts) in my possession, custody or control. 
 THE INFORMATION ABOVE IS TRUE TO THE BEST OF MY KNOWLEDGE. 

 

					
	  
	 		 	  

	Employee Name (printed)	 		 	Witness name (printed)
			
	  
	 		 	  

	Employee Name (signed)	 		 	Witness name (signed)
			
	  
	 		 	  

	Date	 		 	Date

  
 - 2 - 

 ATTACHMENT “B” 

INVENTION AND WORKS ASSIGNMENT 

1. Declaration (37 CFR 1.63) For Utility or Design Application Using an Application for Data Sheet (37 CFR 1.76) 

2. Assignment 
 3. Assignment – Patent Attorney
Docket No. 722889 

 ATTACHMENT “C” 

BOARD RESIGNATION LETTER 

[Ramin Mojdehbakhsh, Ph.D. – Letterhead] 

March 11, 2016 
 Mary Kate Wold 

Lead Director 
 c/o Unilife Corporation 

150 South Warner Road 
 King of Prussia 

Pennsylvania 19406 
  

	 	Re:	Voluntary Resignation from the Board of Directors of Subsidiaries of Unilife Corporation 

 Dear Mary
Kate: 
 Effective immediately, I hereby voluntarily resign from all directorship positions held with the Company’s subsidiaries. I
hereby acknowledge that, effective immediately, I no longer hold any officer position with the Company or the Company’s subsidiaries. 

Please note that my resignation is not as a result of any disagreement between myself and the Company, its management, Board of Directors or
any committee of the Board of Directors. 
  

	
	Sincerely,
	
	Ramin Mojdehbakhsh, Ph.D.

  
 - 2 -Exhibit

NATURE’S SUNSHINE PRODUCTS, INC. 
SUPPLEMENTAL ELECTIVE DEFERRAL PLAN
(restated January 1, 2008)

This is the Supplemental Elective Deferral Plan of Nature’s Sunshine Products, Inc. as restated effective January 1. 2008.  It is effective as of January 1, 2008 except as otherwise provided in this Plan. 

This Plan as herein restated shall govern the benefits of any Member whose employment terminates on or after January 1, 2008 and the terms of this Plan as it existed prior to its restatement effective January 1, 2008 shall be disregarded.  

This Plan is intended to comply with the provisions of Code Section 409A.  For the period from January 1, 2005 through December 31, 2007, the Plan shall be administered and interpreted in accordance with a good faith interpretation of Code Section 409A and the guidance issued by the government relating thereto so as to avoid adverse tax consequences to participants in the Plan, including any transitional provisions of such guidance, notwithstanding the provisions of the Plan as it existed previous to this restatement.  Subject to the foregoing sentences of this paragraph, the benefits of a Member whose employment terminates prior to January 1, 2008 shall be governed by the Plan as it existed at the time the employment terminated. 

ARTICLE I
NAME

1.1    Name.  The Plan shall be known as the “NATURE’S SUNSHINE PRODUCTS, INC. SUPPLEMENTAL ELECTIVE DEFERRAL PLAN” and is hereinafter sometimes referred to as the "Plan".

ARTICLE II
PURPOSE

2.1    Purpose.  This Plan has been created for the primary purpose of providing certain selected employees and non-employee directors of the Employer with the ability to defer the receipt of income, including amounts that cannot be deferred under the Tax Deferred Retirement Plan of the Employer due to limitations in the law.  The Plan is intended to be an unfunded plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") and shall be administered as such.  

ARTICLE III
DEFINITIONS

When used herein, the following words shall have the meanings indicated, unless the context clearly indicates otherwise:

3.1    Account.  The words "ACCOUNT" shall mean the Deferral Account described in Section 5.2 and the Employer Contribution Account described in Section 5.3.

3.2    Beneficiary.  The word "BENEFICIARY" shall mean the person or persons entitled to receive benefits upon the death of a Member under this Plan.  

3.3    Code.  The word "CODE" shall mean the Internal Revenue Code of 1986, as amended.

3.4    Commencement Date.  The words “Commencement Date” with respect to benefits payable on account of the Termination Date of the Member shall mean the Termination Date of the Member, provided, however, if the Member is a Specified Employee as of the Termination Date, then the Commencement Date shall be the date that is six months after the Termination Date.        

(a)    “Specified Employee” means a Member who as of the Termination Date of the Member is considered a Key Employee of the Employer or a Related Employer, any stock of which is publicly traded (whether on an established securities market or otherwise) as of the Termination Date.  

(b)    A Member is considered a “Key Employee” for the entire 12 month period beginning on a January 1 (this January 1 is referred to herein as the applicable effective date) if the Member meets the requirements of Code Section 416(i)(1)(A)(i), (ii), or (iii) (applying the applicable regulations thereunder but disregarding Code Section 416(i)(5)) at anytime during the 12-month period ending on the September 30 immediately preceding the applicable effective date.  For example, if the Member met the applicable requirements of Code Section 416(i) listed above at anytime during the 12 month period from October 1, 2006 to September 30, 2007, then for the entire 2008 calendar year the Member will be considered a Key Employee.

(c)    “Related Employer” means (i) a corporation which is a member of a controlled group of corporations (within the meaning of Section 1563(a) of the Code determined without regard to Sections 1563(a)(4) and (e)(3)(C) thereof) which includes the Employer, and (ii) any trade or business (whether or not incorporated) which is under common control (as defined in Section 414(c) of the Code and regulations thereunder) with the Employer.

The words “Commencement Date” with respect to benefits payable on account of the Disability of the Member shall mean the date as of which the Plan Administrator determines that the Member has suffered a Disability.  “Disability” for this purpose and for purposes of Article VII means an impairment which results in the Member being disabled within the meaning of Section 409A(a)(2)(C) of the Code as determined by the Plan Administrator.
 
3.5    Compensation.  The word "COMPENSATION" with respect to employees of the Employer has the following meaning:

(a)     "Compensation" shall mean the total of all amounts paid by the Employer by reason of services performed by the Member, including any bonus pay.   

(b)     Notwithstanding the foregoing, the Member's Compensation shall be determined without taking into account any of the following:

(1)    Contributions or payments by the Employer for or on account of the Member under any employee benefit plan, including but not limited to any qualified pension plan and any health or welfare plan; 

(2)    Compensation that is not subject to employer income tax withholding under Code Section 3402 (or any successor thereof);

(3)    Income caused by the exercise of stock options; 

(4)    Income attributable to benefits received under any long term disability plan maintained by the Company; and

(5)    Automobile, moving or entertainment allowances; reimbursements for medical, professional or transportation expenses; excess group term life insurance coverage or other life insurance coverage; tuition refunds; expense reimbursements and other fringe benefits including such things as physical exams, Christmas gifts and service awards.

(c)    Notwithstanding the foregoing, a Member's Compensation shall include contributions made on behalf of the Member under a salary reduction agreement to any plan of the Employer qualifying under Code Sections 125, 401(k), or 408(k), and any amounts deferred at the election of the Member pursuant to the terms of this Plan. 

The word “COMPENSATION” with respect to members of the Board of Directors of the Employer who are not employees of the Employer shall mean the total amount paid for services as a member of the Board of Directors of the Employer.
    
3.6    Deferral Account.  The words "DEFERRAL ACCOUNT" means the account maintained on the books of the Employer as described in Section 5.2.

3.7    Effective Date.  The original "EFFECTIVE DATE" of this Plan was May 15, 1998.  The effective date of this restatement is January 1, 2008. 

3.8    Eligible Person.  The word “Eligible Person” means any member of the Board of Directors of the Employer who is not an employee of the Employer, each employee who is an officer of the Employer, and each employee who is in an employment position that has the title of director.  In addition, Eligible Person includes any other employee who is a member of a select group of management or highly compensated employee for purposes of ERISA designated as eligible by the Plan Administrator; provided, however, such employee shall be an Eligible Person only so long as so designated by the Plan Administrator which designation can be changed by the Plan Administrator at anytime in its sole discretion.

If the Plan Administrator determines that an employee who is a Member hereunder is no longer a member of a select group of management or highly compensated employees described in Section 201(2) of ERISA, such Member shall cease to be an Eligible Person hereunder and any deferral elections of the Member hereunder shall cease at the end of the year during which the determination is made.      

3.9    Employer.  The word "EMPLOYER" shall mean Nature’s Sunshine Products, Inc. or any successor thereof, if its successor shall adopt this Plan.  

3.10    Employer Contribution Account.  The words "EMPLOYER CONTRIBUTION ACCOUNT" shall mean the account maintained on the books of the Employer as described in Section 5.3.

3.11    Member.  The word "MEMBER" means a person who has become a participant in the Plan.  

3.12    Plan.  The word "PLAN" shall mean the Supplemental Elective Deferral Plan set forth in and by this document, as the same may be amended from time to time.

3.13    Plan Administrator.  The words "Plan Administrator" shall mean the person or committee designated by the Employer to administer this Plan.  In the absence of an effective designation, it shall mean the Employer. 

3.14    Plan Year.  The words "PLAN YEAR" shall mean the calendar year.

3.15    Tax Deferred Retirement Plan.  The words "TAX DEFERRED RETIREMENT PLAN" shall mean the Nature’s Sunshine Products, Inc. Tax Deferred Retirement Plan, and any successor to that Plan.

3.16    Termination Date.  The words "TERMINATION DATE" mean the date as of which the Plan Administrator reasonably determines that no further personal services to the Employer or any Affiliate, whether as an employee or otherwise, will be provided by the Member (or reasonably determines that the anticipated level of bona fide services by the Member to be performed after such date is no more than 20 percent of the average level of services provided during the immediately preceding 36-month period (or the full period during which services were rendered if less than 36 months)).  For purposes of this determination, the Member shall be treated as continuing to 

provide personal services for purposes of this Plan during the period up to six months that the Member is on military leave, sick leave or other bona fide leave of absence, or treated as continuing to provide personal service during the entire period of such leave if the Member retains the right to reemployment under applicable law or by contract at the end of such leave.

“Affiliate” means (i) a corporation which is a member of a controlled group of corporations (within the meaning of Section 1563(a) of the Code determined without regard to Sections 1563(a)(4) and (e)(3)(C) thereof) which includes the Employer, provided that the phrase "more than 50 percent" shall be substituted for the phrase "at least 80 percent" in Section 1563(a)(1) of the Code, and (ii) any trade or business (whether or not incorporated) which is under common control (as defined in Section 414(c) of the Code as modified by Section 415(h) of the Code and regulations thereunder) with the Employer.

3.16    Year of Employment.  The words "Year of Employment" from a date shall mean a period of service for the Employer of one full year from such date.  Periods of service will be aggregated, whether or not such periods were completed consecutively, using a decimal date chart selected by the Plan Administrator.

3.17    Unforeseeable Emergency.  The words “Unforeseeable Emergency” of a Member mean a severe financial hardship to the Member resulting from an illness or accident of the Member, the spouse of the Member, the beneficiary of the Member or a dependent of the Member (as defined in Code Section 152, without regard to Code Sections 152(b)(1), (b)(2) and (d)(1)(B)), loss of the Member’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Member that is determined by the Plan Administrator to be an “unforeseeable emergency” within the meaning of Code Section 409A(a)(2)(B)(ii).

ARTICLE IV
ELIGIBILITY

4.1    Participation.  An Eligible Person shall be entitled to make elective deferrals in accordance with the terms of this Plan.  A Member shall cease to be eligible to make further elective deferrals under this Plan as of the end of the year during which the Member ceases to be an Eligible Person.  

ARTICLE V
ACCOUNTS

5.1    Deferral Election.  

(a)    To the extent permitted by (b) below, each Member may elect to defer the receipt of a portion of his or her Compensation.  The Plan Administrator may provide for separate elections with respect to regular salary and bonus payments.  The election for a year must be made prior to the beginning of that year during which the services are performed to which the Compensation relates and it cannot be modified on or after the beginning of such year with respect to that year.  An election that is made or is effective for the immediately preceding year shall remain effective for the next year (and cannot be modified on or after the beginning of that next year with respect to that next year) if it is not affirmatively cancelled or amended by the Member in writing under the applicable rules and procedures established by the Plan Administrator prior to the first day of that next year.  

Notwithstanding the forgoing, a Member who first becomes a Member during a year may make an election within 30 days of the date he or she first becomes a Member which election shall apply to Compensation relating to services performed after the election is made. For purposes of determining when a Member first becomes a Member of the Plan, any other plan of the Employer that must be aggregated with this Plan for purposes of applying the requirements of Code Section 409A shall be treated as part of this Plan.  

An election shall be in writing and shall conform to the applicable rules and procedures established by the Plan Administrator.

(b)    A Member who is an employee of the Employer may not elect to defer more than 75 percent of the regular salary of the Member which relates to the year to which the election relates and may not elect to defer more than 75 percent of the bonus payments which relate to the year to which the election relates.  

(c)    Notwithstanding the restrictions on the modification of elections of (a) above, the deferral elections of a Member who elects under Section 6.5 to receive a distribution upon an Unforeseeable Emergency shall be cancelled as of the date of the distribution under Section 6.5.  The cancellation shall be applicable to all payroll periods of the year ending after the cancellation.  Following a cancellation, no further elections of deferral may be made with respect to Compensation for services rendered during that year.

5.2    Establishment and Determination of Elective Account.  The Employer shall establish an Elective Deferral Account on its books for each Member. The Deferral Account balance of a Member shall be adjusted as follows:    

(a)    Under rules established by the Plan Administrator, the Employer shall credit to the Deferral Account of the Member the amount specified in a proper election of the Member under Section 5.1 at the time such amount is removed from the Compensation of the Member and invested by the Employer. The Compensation actually paid to the Member for the period by the Employer shall be reduced by the amount credited to the Deferral Account under this Section 5.2(a).
    
(b)    As of the end of each applicable period as established by the Plan Administrator (which may be daily or monthly or some other period selected from time to time by the Plan Administrator), and as of the date the benefit is payable under Article VII, the Employer shall adjust the Deferral Account of a Member under rules established by the Plan Administrator to reflect the increase or decrease that would have been incurred by the account during that applicable period if the account had been invested for the applicable period in the investments selected in advance by the Member from those made available by the Plan Administrator, or to the extent no selection has properly been made, by adjusting the account to reflect the increase or decrease that would have been incurred by the account for the applicable period if the account had been invested for the applicable period in the fixed income fund selected in its sole discretion by the Plan Administrator.  

(c)    The Plan Administrator shall prescribe such rules as it deems necessary or appropriate regarding the adjustments to be made to the Deferral Accounts to reflect the timing of investment elections made by the Member and the timing of amounts being credited or debited to the Deferral Accounts.
        
The Deferral Account balance of a Member shall be debited with the amount paid to or on behalf of the       Member under this Plan related to that account.

5.3    Establishment and Determination of Employer Contribution Account.  The Employer shall establish an Employer Contribution Account on its books for each Member. The Employer Contribution Account of a Member shall be adjusted as follows:

(a)    At the end of each Plan Year (and at such other times, if any, during a Plan Year as the Employer in its discretion shall select), the Employer shall credit to the Employer Contribution Account of a Member such amount, if any, as the Employer in its sole discretion may determine, which credit for a Plan Year for a Member may be zero and which credit for a Plan Year may vary among the Members as the Employer in its sole discretion may determine (including the possibility of no credit for some Members and varying amounts for other Members).  

(b)    As of the end of each applicable period as established by the Plan Administrator (which may be daily or monthly or some other period selected from time to time by the Plan Administrator), and as of the date the benefit is payable under Article VII, the Employer shall adjust the Employer Contribution Account of a Member under rules established by the Plan Administrator to reflect the increase or decrease that would have been incurred by the account for the applicable period if the account had been invested for the applicable period in the investments selected in advance by the Member from those made available by the Plan Administrator, or to the extent no selection has properly been made, by adjusting the account to reflect the increase or decrease that would have been incurred by the account for the applicable period if the account had been invested for the applicable period in the fixed income fund selected in its sole discretion by the Plan Administrator.  

(c)    The Plan Administrator shall prescribe such rules as it deems necessary or appropriate regarding the adjustments to be made to the Employer Contribution Account to reflect the timing of investment elections made by the Member and the timing of amounts being credited or debited to the Employer Contribution Account.  

The Employer Contribution Account balance of a Member shall be debited with the amount paid to or on behalf of the Member under this Plan related to that account. 

     5.4    Statement of Accounts.  The Plan Administrator shall provide to each Member within one hundred twenty (120) days after the close of each Plan Year, a statement in such form as the Plan Administrator selects setting forth the balance, if any, in the Accounts of the Member as of the last day of the Plan Year just ended.

5.5    Accounting Device Only.  The Deferral Account and the Employer Contribution Account shall be utilized solely as a device for the measurement and determination of the amounts to be paid to the Member under this Plan.  The Accounts shall not constitute or be treated as a trust fund of any kind.

ARTICLE VI
VESTING IN EMPLOYER CONTRIBUTIONS

6.1    Vesting in Employer Contributions.  The Employer Contribution Account of a Member will be subject to a vesting schedule.  A Member shall be vested in his or her Employer Contribution Account in accordance with the following schedule based upon Years of Employment from January 1, 2008:
	
			
	Years of Employment
	 
	Vesting Percentage

	Less than 1
	 
	—

	1
	 
	33%

	2
	 
	67%

	3 or more
	 
	100%

Notwithstanding the foregoing, a Member shall be fully vested in all amounts credited to his or her Employer Contribution Account in the event of:

(a) Death of the Member; or 

(b) Termination of the employment of the Member on account of 
Disability or after attainment of age 65.

The word "Disability" for purposes of this Article VI shall mean any medically determinable physical or mental impairment which is considered a “disability” under the terms of the most recent long term disability plan or policy of the Employer.

ARTICLE VII
PAYMENT OF ACCOUNTS

7.1    Benefit Payment.  Upon the earlier of the Disability of the Member or the Termination Date of a Member, the Member shall be entitled to: (1) a payment equal to the amount credited to his/her Elective Deferral Account as of his or her Commencement Date, and (2) a payment equal to the vested portion of his/her Employer Contribution Account as of the Commencement Date.  The payment shall commence to be paid within 60 days of the Commencement Date on a date selected by the Plan Administrator in its sole discretion. 

7.2    Form of Payment.  The amount due the Member shall be paid in one of the following forms as selected by the Member in his or her initial election form or in a subsequent election that is valid in accordance with the terms of the Plan as it existed at the time the election was made:

(a)  substantially equal monthly installments over three years; or 

(b)  substantially equal monthly installments over five years; or

(c)  a single lump sum payment.

In the event payment is made in installments, the Account used to measure the amount due the Member shall continue to be adjusted for interest under rules prescribed by the Plan Administrator in accordance with the provisions of Section 5.2(b) and Section 5.3(b).  In the event no form of payment is properly elected, the amount due the Member shall be paid in the form of installment payments over five years.  Notwithstanding the foregoing, in the event the sum of the accounts of the Member at the Commencement Date does not exceed the limit of Code Section 402(g)(1)(B), determined as of the Commencement Date, such benefits shall be paid in the form of a single lump sum payment to the Member without regard to the form of payment elected by the Member.

7.3    Changes in Form of Payment.  Prior to January 1, 2009, a Member may change his or her election of the form of payment for a Commencement Date to another form available under Section 7.2 by submitting a written election form to the Plan Administrator; provided such election shall not be effective for a Commencement Date that is less than 12 months from the date the election form was received by the Plan Administrator unless it is received at least 30 days before the Termination Date and the Plan Administrator, in its sole discretion, approves the form of payment selected.  Notwithstanding the forgoing, a Member may not change a form of election on or after January 1, 2008 with respect to payments that would otherwise be received in 2008 or to cause payments to be made in 2008.

On and after January 1, 2009, a Member may change his or her election of the form of payment to another form available under Section 7.2 by submitting a written election form to the Plan Administrator; provided

(a)    such election shall not take effect for a Commencement Date that is less than 12 months from the date the election form was received by the Plan Administrator; and

(b)    if the Commencement Date is based upon a Termination Date, then notwithstanding any other provisions of this Plan the payment or payments to which the Member is entitled shall not commence to be paid to the Member until 5 years from the date that the payment or payments would otherwise have commenced if the election to change the form of payment had not been made.

7.4    Payment to Beneficiary.  In the event a Member dies before receiving his or her full benefit under this Plan, the Employer shall pay any remaining amount due on behalf of the Member hereunder to the Beneficiary of the Member.  Such payment shall be in the form of a single cash payment.  The payment shall be paid within 60 days of the date of death on such date as the Plan Administrator in its sole discretion shall select.  A Member may designate a Beneficiary on the form prescribed by and delivered to the Plan Administrator.  If no Beneficiary is properly designated under this Plan, then the Beneficiary shall be the person entitled under the terms of the Tax Deferred Retirement Plan to receive any death benefits payable under the Tax Deferred Retirement Plan on account 

of the death of that Member.  If there is no Beneficiary after application of the foregoing provisions of this Section, then the payment shall be made to the estate of the Member.  If under these rules the benefits are payable to the estate of the Member, and either the Plan Administrator cannot locate a qualified representative of the deceased Member’s estate, or if administration of the estate is not otherwise required, the Plan Administrator in its discretion may make the distribution to the deceased Member’s heirs at law, determined in accordance with the law of the State of the Member’s domicile in effect as of the date of the Member’s death. 
  
7.5    Distribution During Employment.   Prior to the Commencement Date, a Member may request a distribution of the amount credited to his or her Account in the event of an Unforeseeable Emergency.  The Plan Administrator shall determine, in a non-discriminatory manner, whether a Member has an Unforeseeable Emergency.  A distribution may be made under this Section only if such distribution does not exceed the amount required to meet the immediate financial need created by the Unforeseeable Emergency as determined by the Plan Administrator applying the provisions of the applicable regulations under Code Section 409A (taking into account the tax costs of the distribution) and is not reasonably available from other resources of the Member as determined by the Plan Administrator applying the provisions of the applicable regulations under Code Section 409A, including reimbursement or compensation from insurance, liquidation of assets to the extent the liquidation does not cause severe financial hardship, and the cancellation of deferrals under this Plan and any other plan of the Employer.

7.6    Discretionary Distribution for Taxes. The Plan is intended to comply with the provisions of Code Section 409A.  In the event the Plan fails to meet the requirements of Code Section 409A and the regulations promulgated thereunder, the Plan Administrator may, in the Plan Administrator’s sole discretion, distribute to the affected Member(s) the amount(s) such Member(s) are required to include in income as a result of such failure of the Plan to comply with Code Section 409A and such regulations.  In the event of such a distribution, the affected Member(s)’s benefits hereunder shall be adjusted to reflect the value of the amount so distributed. 

At the discretion of the Plan Administrator, the amount necessary to pay the:  (A) Federal Insurance Contributions Act tax imposed under Code Sections 3101, 3121(a) and 3121(v)(2) (the “FICA Amount”), and/or (B) Railroad Retirement Act tax imposed under Code Sections 3201, 3211, 3231(e)(1) and 3231(e)(8) (the “RRTA Amount) on compensation deferred under the Plan, may be distributed to the affected Member and the benefits of such Member hereunder shall be adjusted to reflect the value of the amount so distributed.   Additionally, in its discretion, the Plan Administrator may provide for the distribution to the affected Member of the amount necessary to pay the income tax at source on wages imposed under Code Section 3401 or the corresponding withholding provisions of applicable state, local, or foreign tax laws as a result of the distribution of the FICA Amount or RRTA Amount, and to pay the additional income tax at source on wages attributable to the pyramiding Code Section 3401 wages and taxes.  In no event however, shall the total amount distributed pursuant to this paragraph to a particular Member with respect to the Member’s deferrals under the Plan exceed the aggregate of the FICA Amount and the RRTA Amount with respect to such deferrals, and the income tax withholding related to such FICA Amount or RRTA Amount.  The benefits of such Member hereunder shall be adjusted to reflect the value of the amount so distributed.

ARTICLE VIII
ADMINISTRATION OF THE PLAN

8.1    Plan Administration.  The Plan Administrator shall have the authority to interpret the Plan and issue such administrative procedures as it deems appropriate.  The Plan Administrator shall have the duty and responsibility of maintaining records, making the requisite calculations and disbursing the payments hereunder.  The Plan Administrator's interpretations, determinations, regulations and calculations shall be final and binding on all persons and parties concerned.
8.2    Claims Procedure.  The Plan Administrator shall establish reasonable procedures for the submission and review of claims with respect to benefits under the Plan.  A copy of the claims procedures for the Plan shall be available from the Plan Administrator.  The failure of a claimant to follow the claims procedures with 

respect to a claim, including the review procedures, shall result in the loss of the right to bring an action in court with respect to the claim.
8.3    Amendment and Termination.  The Employer may amend or terminate the Plan at any time, provided, however, that (1) no such amendment or termination shall adversely affect the benefit to which a Member is entitled under Article VII prior to the date of such amendment or termination unless the change is necessary to keep the Plan in compliance with the applicable provisions of the law, including Code Section 409A, and (2) no such amendment or termination shall cancel or revoke an election made by the Member under Section 5.2 for the year in which the amendment or termination occurs prior to the end of that year unless to do so is determined by the Employer in good faith not to violate Code Section 409A.  In the event of a termination, benefits shall be retained under the terms of the Plan until the Member reaches his or her Commencement Date under the Plan (or the earlier death of the Member); provided, however, the Employer may elect to make distribution earlier to the Member if the Employer determines in good faith that such distribution does not constitute a violation of  Code Section 409A.  The liabilities of this Plan relating to a Member may in the discretion of the Employer be transferred to another plan or program of the Employer, provided that the Employer determines in good faith that the transfer and the provisions of the plan or program receiving the transfer applicable to the transfer do not result in any change to the benefits being transferred that would cause such benefits to be subject to income taxation under the Code prior to distribution to the Member.  

Except as otherwise expressly provided in other sections of this Plan, the payment of any benefits under the Plan may not be accelerated, including upon the amendment or termination of the Plan or a person ceasing to be an Eligible Person, except in a manner that the Employer determines in good faith does not violate Code Section 409A.    

8.4    Payments.  Subject to Section 8.9, the Employer will pay all benefits arising under this Plan.  There shall be deducted from each payment any federal, state or local withholding or taxes or charges which may be required under applicable law as determined by the Employer.      

8.5    Non-assignability of Benefits.  The benefits payable hereunder or the right to receive future benefits under the Plan may not be anticipated, alienated, pledged, encumbered, or subjected to any charge or legal process, and if any attempt is made to do so, or a person eligible for any benefits becomes bankrupt, the interest under the Plan of the person affected may be terminated by the Plan Administrator which, in its sole discretion, may cause the same to be held or applied for the benefit of one or more of the dependents of such person or make any other disposition of such benefits that it deems appropriate.

8.6    Status of Plan.  Nothing contained herein shall be construed as providing for assets to be held in trust or escrow or any other form of asset segregation for the Member or for any other person or persons to whom benefits are to be paid pursuant to the terms of this plan, the Member's only interest hereunder being the right to receive the benefits set forth herein.  To the extent any person acquires a right to receive benefits under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Employer.

8.7    Indemnification.  To the extent permitted by law, the Employer shall indemnify each member of the Board of Directors and any other employee of the Employer to whom duties are assigned with respect to this Plan, against expenses (including any amount paid in settlement) reasonably incurred by him/her in connection with any claims against him/her by reason of his/her conduct in the performance of his/her duties under the Plan, except in relation to matters as to which he/she acted fraudulently or in bad faith in the performance of such duties.  This right of indemnification shall be in addition to any other right to which the Board or other person may be entitled as a matter of law or otherwise, and shall pass to the estate of a deceased person.  

8.8    Reports and Records.  The Plan Administrator and those to whom the Plan Administrator has delegated duties under the Plan shall keep records of all their proceedings and actions and shall maintain books of account, records, and other data as shall be necessary for the proper administration of the Plan and for compliance with applicable law.

8.9    Finances.  The costs of the Plan shall be borne by the Employer.  The rights of the Member (or of his Beneficiary) to benefits under the Plan shall be solely those of an unsecured general creditor of the Employer.  Any assets acquired by or held by the Employer or set aside in a trust that may be established by the Employer shall not be deemed to be held as security for the performance of the obligations of the Employer under this Plan.  Notwithstanding the foregoing, to the extent under the terms of any trust set up by an Employer payments are made by the Trustee of said Trust to the Member with respect to benefits under this Plan, such payments shall satisfy the obligations of the Employer hereunder to the extent of the payments made.

8.10    Nonguarantee of Employment.  Nothing contained in this Plan shall be construed as a contract of employment between the Employer and any Member, or as a right of any Member to be continued in employment of the Employer, or as a limitation on the right of the Employer to discharge any of its employees, with or without cause.

8.11    Applicable Law.  All questions pertaining to the construction, validity and effect of the Plan shall be determined in accordance with the laws of the United States and to the extent not pre-empted by such laws, by the laws of the State of Utah.

8.12    Headings.  The headings of Sections and Articles in this Plan are for convenience purposes only and shall in no way control or be used in the interpretation of the content of the Sections or Articles or this Plan as a whole.

8.13    Number and Gender.  Where the context requires, the singular shall include the plural and the plural shall include the singular, and any gender shall include both other genders.

Dated this 4th day of September, 2008.  

NATURE’S SUNSHINE PRODUCTS, INC.
  
By: /s/ Stephen M. Bunker
Name: Stephen M. Bunker        
Title: Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}]]