Document:

EX-10.7

 Exhibit 10.7 
 MALLINCKRODT PHARMAECUTICALS CHANGE IN CONTROL SEVERANCE PLAN FOR CERTAIN U.S. OFFICERS AND EXECUTIVES 
 Effective July 1, 2013 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE I
	 	 BACKGROUND, PURPOSE AND TERM OF PLAN
	  	 	1	  
			
	 Section 1.01
	 	 Purpose and Intent of the Plan
	  	 	1	  
			
	 Section 1.02
	 	 Term of the Plan
	  	 	1	  
			
	 Section 1.03
	 	 Adoption of the Plan
	  	 	1	  
			
	 ARTICLE II
	 	 DEFINITIONS
	  	 	2	  
			
	 Section 2.01
	 	 “Annual Bonus”
	  	 	2	  
			
	 Section 2.02
	 	 “Base Salary”
	  	 	2	  
			
	 Section 2.03
	 	 “Board”
	  	 	2	  
			
	 Section 2.04
	 	 “Cause”
	  	 	2	  
			
	 Section 2.05
	 	 “Change in Control”
	  	 	2	  
			
	 Section 2.06
	 	 “Change in Control Benefits”
	  	 	3	  
			
	 Section 2.07
	 	 “Change in Control Termination”
	  	 	3	  
			
	 Section 2.08
	 	 “COBRA”
	  	 	3	  
			
	 Section 2.09
	 	 “Code”
	  	 	3	  
			
	 Section 2.10
	 	 “Committee”
	  	 	3	  
			
	 Section 2.11
	 	 “Company”
	  	 	3	  
			
	 Section 2.12
	 	 “Effective Date”
	  	 	3	  
			
	 Section 2.13
	 	 “Eligible Employee”
	  	 	3	  
			
	 Section 2.14
	 	 “Employee”
	  	 	4	  
			
	 Section 2.15
	 	 “Employer”
	  	 	4	  
			
	 Section 2.16
	 	 “ERISA”
	  	 	4	  
			
	 Section 2.17
	 	 “Exchange Act”
	  	 	4	  
			
	 Section 2.18
	 	 “Executive Severance Plan”
	  	 	4	  
			
	 Section 2.19
	 	 “Good Reason Resignation”
	  	 	4	  
			
	 Section 2.20
	 	 “Involuntary Termination”
	  	 	5	  
			
	 Section 2.21
	 	 “Key Employee”
	  	 	5	  
			
	 Section 2.22
	 	 “Notice Pay”
	  	 	5	  
			
	 Section 2.23
	 	 “Officer”
	  	 	5	  
			
	 Section 2.24
	 	 “Participant”
	  	 	5	  
			
	 Section 2.25
	 	 “Permanent Disability”
	  	 	5	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 2.26
	 	 “Plan”
	  	 	5	  
			
	 Section 2.27
	 	 “Plan Administrator”
	  	 	5	  
			
	 Section 2.28
	 	 “Postponement Period”
	  	 	6	  
			
	 Section 2.29
	 	 “Release”
	  	 	6	  
			
	 Section 2.30
	 	 “Separation from Service”
	  	 	6	  
			
	 Section 2.31
	 	 “Separation from Service Date”
	  	 	6	  
			
	 Section 2.32
	 	 “Severance Benefits”
	  	 	6	  
			
	 Section 2.33
	 	 “Severance Period”
	  	 	6	  
			
	 Section 2.34
	 	 “Subsidiary”
	  	 	6	  
			
	 Section 2.35
	 	 “Successor”
	  	 	6	  
			
	 Section 2.36
	 	 “Voluntary Resignation”
	  	 	6	  
			
	 ARTICLE III
	 	 PARTICIPATION AND ELIGIBILITY FOR BENEFITS
	  	 	7	  
			
	 Section 3.01
	 	 Participation
	  	 	7	  
			
	 Section 3.02
	 	 Conditions
	  	 	7	  
			
	 ARTICLE IV
	 	 DETERMINATION OF SEVERANCE BENEFITS
	  	 	9	  
			
	 Section 4.01
	 	 Amount of Severance Benefits Upon Involuntary Termination and Good Reason Resignation
	  	 	9	  
			
	 Section 4.02
	 	 Voluntary Resignation; Termination for Death or Permanent Disability
	  	 	11	  
			
	 Section 4.03
	 	 Termination for Cause
	  	 	11	  
			
	 Section 4.04
	 	 Reduction of Severance Benefits
	  	 	11	  
			
	 ARTICLE V
	 	 METHOD, DURATION AND LIMITATION OF SEVERANCE BENEFIT PAYMENTS
	  	 	12	  
			
	 Section 5.01
	 	 Method of Payment
	  	 	12	  
			
	 Section 5.02
	 	 Other Arrangements
	  	 	12	  
			
	 Section 5.03
	 	 Code Section 409A
	  	 	12	  
			
	 Section 5.04
	 	 Termination of Eligibility for Benefits
	  	 	13	  
			
	 Section 5.05
	 	 Limitation on Benefits
	  	 	13	  
			
	 ARTICLE VI
	 	 THE PLAN ADMINISTRATOR
	  	 	15	  
			
	 Section 6.01
	 	 Authority and Duties
	  	 	15	  
			
	 Section 6.02
	 	 Compensation of the Plan Administrator
	  	 	15	  
			
	 Section 6.03
	 	 Records, Reporting and Disclosure
	  	 	15	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 ARTICLE VII
	 	 AMENDMENT, TERMINATION AND DURATION
	  	 	16	  
			
	 Section 7.01
	 	 Amendment, Suspension and Termination
	  	 	16	  
			
	 Section 7.02
	 	 Duration
	  	 	16	  
			
	 ARTICLE VIII
	 	 DUTIES OF THE COMPANY AND THE COMMITTEE
	  	 	16	  
			
	 Section 8.01
	 	 Records
	  	 	16	  
			
	 Section 8.02
	 	 Payment
	  	 	16	  
			
	 Section 8.03
	 	 Discretion
	  	 	16	  
			
	 ARTICLE IX
	 	 CLAIMS PROCEDURES
	  	 	17	  
			
	 Section 9.01
	 	 Claim
	  	 	17	  
			
	 Section 9.02
	 	 Initial Claim
	  	 	17	  
			
	 Section 9.03
	 	 Appeals of Denied Administrative Claims
	  	 	17	  
			
	 Section 9.04
	 	 Appointment of the Named Appeals Fiduciary
	  	 	18	  
			
	 Section 9.05
	 	 Arbitration; Expenses
	  	 	18	  
			
	 ARTICLE X
	 	 MISCELLANEOUS
	  	 	19	  
			
	 Section 10.01
	 	 Non-Alienation of Benefits
	  	 	19	  
			
	 Section 10.02
	 	 Notices
	  	 	19	  
			
	 Section 10.03
	 	 Successors
	  	 	19	  
			
	 Section 10.04
	 	 Other Payments
	  	 	19	  
			
	 Section 10.05
	 	 No Mitigation
	  	 	19	  
			
	 Section 10.06
	 	 No Contract of Employment
	  	 	19	  
			
	 Section 10.07
	 	 Severability of Provisions
	  	 	20	  
			
	 Section 10.08
	 	 Heirs, Assigns, and Personal Representatives
	  	 	20	  
			
	 Section 10.09
	 	 Headings and Captions
	  	 	20	  
			
	 Section 10.10
	 	 Gender and Number
	  	 	20	  
			
	 Section 10.11
	 	 Unfunded Plan
	  	 	20	  
			
	 Section 10.12
	 	 Payments to Incompetent Persons
	  	 	20	  
			
	 Section 10.13
	 	 Lost Payees
	  	 	20	  
			
	 Section 10.14
	 	 Controlling Law
	  	 	20	  
			
	 APPENDIX
	 	 Salary Continuation Schedule
	  	 	A-1	  

  
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 ARTICLE I 
 BACKGROUND, PURPOSE AND TERM OF PLAN 
 Section 1.01
Purpose and Intent of the Plan. The purpose of the Plan is to provide Eligible Employees with certain compensation and benefits in the event that such Employee’s employment with the Company or a Subsidiary is terminated due to a
Change in Control Termination. The Plan is not intended to be an “employee pension benefit plan” or “pension plan” within the meaning of Section 3(2) of ERISA. Rather, the Plan is intended to be a “welfare benefit
plan” within the meaning of Section 3(1) of ERISA and to meet the descriptive requirements of a plan constituting a “severance pay plan” within the meaning of regulations published by the Secretary of Labor at Title 29, Code of
Federal Regulations, Section 2510.3-2(b). Accordingly, no employee shall have a vested right to benefits paid by the Plan. The terms of the Plan are intended to, and shall be interpreted so as to, comply in all respects with the provisions of
Code Section 409A and the regulations and rulings promulgated thereunder and, if necessary, any provision shall be held null and void to the extent such provision (or any part thereof) fails to comply with Code Section 409A or the
regulations or rulings promulgated thereunder. 
 Section 1.02 Term of the Plan. The Plan shall generally be
effective as of the Effective Date. The Plan is intended to supersede, and not to duplicate, the provisions of the Mallinckrodt Pharmaceuticals Severance Plan for U.S. Officers and Executives (“Executive Severance Plan”) in any case in
which an Eligible Employee would otherwise be entitled to severance or related benefits under both this Plan and the Executive Severance Plan arising out of the Eligible Employee’s Change in Control Termination. Moreover, this Plan is intended
to supersede any other plan, program, arrangement or agreement providing an Eligible Employee with severance or related benefits in the case of an Eligible Employee’s Change in Control Termination. The Plan shall continue until terminated
pursuant to Article VII of the Plan. 
 Section 1.03 Adoption of the Plan. The Plan was adopted by the Board
of Directors of Mallinckrodt plc on May 24, 2013. 

 ARTICLE II 
 DEFINITIONS 
 Section 2.01 “Annual
Bonus” means the average of the actual bonuses paid to the respective Participant pursuant to The Mallinckrodt Pharmaceuticals Annual Incentive Plan that are attributable to the three Company fiscal years that immediately precede the
Participant’s Separation from Service Date. 
 Section 2.02 “Base Salary” means the
Participant’s annual base salary in effect as of the Participant’s Separation from Service Date. 

Section 2.03 “Board” means the Board of Directors of Mallinckrodt plc. 

Section 2.04 “Cause” means an Employee’s (i) substantial failure or refusal to perform duties and
responsibilities of his or her job as required by the Company, (ii) violation of any fiduciary duty owed to the Company, (iii) conviction of a felony or misdemeanor, (iv) dishonesty, (v) theft, (vi) violation of Company
rules or policy, or (vii) other egregious conduct, that has or could have a serious and detrimental impact on the Company and its employees. The Committee, in its sole and absolute discretion, shall determine Cause. 

Section 2.05 “Change in Control” means the first to occur of any of the following events: 

(i) any “person” (as defined in Section 13(d) and 14(d) of the Exchange Act, excluding for this purpose, (i) the
Company or any Subsidiary or (ii) any employee benefit plan of the Company or any Subsidiary (or any person or entity organized, appointed or established by the Company for or pursuant to the terms of any such plan that acquires beneficial
ownership of voting securities of the Company), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly of securities of the Company representing more than 30 percent of the combined
voting power of the Company’s then outstanding securities; provided, however, that no Change in Control will be deemed to have occurred as a result of a change in ownership percentage resulting solely from an acquisition of securities by the
Company; 
 (ii) persons who, as of the Effective Date, constitute the Board (the “Incumbent Directors”) cease
for any reason (including without limitation, as a result of a tender offer, proxy contest, merger or similar transaction) to constitute at least a majority thereof, provided that any person becoming a Director of the Company subsequent to the
Effective Date shall be considered an Incumbent Director if such person’s election or nomination for election was approved by a vote of at least 50 percent of the Incumbent Directors; but provided further, that any such person whose initial
assumption of office is in connection with an actual or threatened proxy contest relating to the election of members of the Board or other actual or threatened solicitation of proxies or consents by or on behalf of a “person” (as defined
in Section 13(d) and 14(d) of the Exchange Act) other than the Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director 

  
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 (iii) consummation of a reorganization, merger or consolidation or sale or other disposition
of at least 80 percent of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners of
outstanding voting securities of the Company immediately prior to such Business Combination beneficially own directly or indirectly more than 50 percent of the combined voting power of the then outstanding voting securities entitled to vote
generally in the election of directors of the company resulting from such Business Combination (including, without limitation, a company which, as a result of such transaction, owns the Company or all or substantially all of the Company’s
assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the outstanding voting securities of the Company; or 

(iv) approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

Section 2.06 “Change in Control Benefits” means the payments described in Section 4.01(b) and
Section 4.01(c)(ii). 
 Section 2.07 “Change in Control Termination” means a
Participant’s Involuntary Termination or Good Reason Resignation that occurs during the period beginning 60 days prior to the date of a Change in Control and ending two years after the date of such Change in Control. 

Section 2.08 “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and the
regulations promulgated thereunder. 
 Section 2.09 “Code” means the Internal Revenue Code of 1986,
as amended, and the regulations promulgated thereunder. 
 Section 2.10 “Committee” means the
Compensation and Human Resources Committee of the Board or any successor committee or such other committee appointed by the Board to assist the Company in making determinations required under the Plan in accordance with its terms. The Committee may
delegate its authority under the Plan to an individual or another committee. 
 Section 2.11
“Company” means Mallinckrodt plc, a public company with limited liability incorporated in Ireland, or any successor thereto. Unless it is otherwise clear from the context, Company shall generally include participating
Subsidiaries. 
 Section 2.12 “Effective Date” means July 1, 2013. 

Section 2.13 “Eligible Employee” means an Employee who is an Officer, or is classified in job grade C or D,
and who is not covered under any other severance plan or program sponsored by the Company or a Subsidiary (other than the Executive Severance Plan). If there is any question as to whether an Employee is an Eligible Employee, the Senior Vice
President, Human Resources of Mallinckrodt plc shall make the determination. 

  
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 Section 2.14 “Employee” means an individual who is a common law
employee on the payroll of any United States Subsidiary of Mallinckrodt plc, and shall not include any person providing services to the Company or any Subsidiary through a temporary service or on a leased basis or who is hired by the Company or any
Subsidiary as an independent contractor, consultant, or otherwise as a person who is not an employee for purposes of withholding United States federal income or employment taxes, as evidenced by payroll records or a written agreement with the
individual, regardless of any contrary governmental agency determination or judicial holding relating to such status or tax withholding. Notwithstanding the above, in the event that Section 409A applies to any payments made hereunder,
subsection (iv) of the definition of “Subsidiary” shall apply. 
 Section 2.15
“Employer” means the Company or any Subsidiary. 
 Section 2.16 “ERISA” means
the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder. 

Section 2.17 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the
regulations promulgated thereunder. 
 Section 2.18 “Executive Severance Plan” means the
Mallinckrodt Pharmaceuticals Severance Plan for U.S. Officers and Executives, which plan is superseded by this Plan in the event of any Participant’s Change in Control Termination. 

Section 2.19 “Good Reason Resignation” means any retirement or termination of employment by a Participant
that is not initiated by the Employer and that is caused by any one or more of the following events which occurs during the period beginning 60 days prior to the date of a Change in Control and ending two years after the date of such Change in
Control: 
 (1) Without the Participant’s written consent, assignment to the Participant of any duties inconsistent in
any material respect with the Participant’s authority, duties or responsibilities as in effect immediately prior to the Change in Control; 
 (2) Without the Participant’s written consent, a material diminution in the authority, duties or responsibilities of the supervisor to whom the Participant is required to report as in effect
immediately prior to the Change in Control; 
 (3) Without the Participant’s written consent, a material change in the
geographic location at which the Participant must perform services to a location which is more than 50 miles from the Participant’s principal place of business immediately preceding the Change in Control; 

(4) Without the Participant’s written consent, a material reduction in the Participant’s compensation and benefits, taken as a
whole, as in effect immediately prior to the Change in Control; 
 (5) The Company’s failure to obtain a satisfactory
agreement from any Successor to assume and agree to perform the Company’s obligations to the Participant under this Plan, as contemplated in Section 10.03 herein; or 
 (6) Without the Participant’s written consent, a material diminution in the budget over which the Participant retains authority; 

  
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 Notwithstanding the foregoing, the Participant shall be considered to have a Good Reason
Resignation only if (x) the Participant provides written notice to the Employer specifying in reasonable detail the event upon which the Participant is basing such Good Reason Resignation within ninety (90) days after the occurrence of
such event, (y) the Employer fails to cure such event within thirty (30) days after its receipt of such notice, and (z) the Participant terminates employment within sixty (60) days after the expiration of such cure period.

 Section 2.20 “Involuntary Termination” means the date that a Participant experiences a
Company-initiated Separation from Service from the Employer for any reason other than Cause, Permanent Disability or death, as provided under and subject to the conditions of Article III. 

Section 2.21 “Key Employee” means an Eligible Employee who is a “specified employee” under Code
Section 409A, as determined by the Committee or its delegate. The determination of Key Employees, including the number and identity of persons considered specified employees and the identification date, shall be made by the Committee or its
delegate in accordance with the provisions of Code Section 409A and the regulations promulgated thereunder. 

Section 2.22 “Notice Pay” means the amounts that a Participant is eligible to receive pursuant to Article IV
of the Plan. 
 Section 2.23 “Officer” means any individual who is an officer, as such term is
defined pursuant to Rule 16a-1(f) as promulgated under the Exchange Act, of the Company. 
 Section 2.24
“Participant” means any Eligible Employee who meets the requirements of Article III and thereby becomes eligible for Severance Benefits. 
 Section 2.25 “Permanent Disability” means that an Employee has a permanent and total incapacity from engaging in any employment for the Employer for physical or mental
reasons. A “Permanent Disability” shall be deemed to exist if the Employee meets the requirements for disability benefits under the Employer’s long-term disability plan or under the requirements for disability benefits under the
Social Security law then in effect, or if the Employee is designated with an inactive employment status at the end of a disability or medical leave. 
 Section 2.26 “Plan” means the Mallinckrodt Pharmaceuticals Change in Control Severance Plan for Certain U.S. Officers and Executives as set forth herein, and as the same may
from time to time be amended. 
 Section 2.27 “Plan Administrator” means the individual(s)
appointed by the Committee to administer the terms of the Plan as set forth herein and if no individual is appointed by the Committee to serve as the Plan Administrator for the Plan, the Plan Administrator shall be the Senior Vice President, Human
Resources of Mallinckrodt plc. Notwithstanding the preceding sentence, in the event the Plan Administrator is entitled to Severance Benefits under the Plan, the Committee or its delegate shall act as the Plan Administrator for purposes of
administering the terms of the Plan with respect to the Plan Administrator. The Plan Administrator may delegate all or any portion of its authority under the Plan to any other person(s). 

  
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 Section 2.28 “Postponement Period” means, for a Key Employee,
the period of six (6) months after such Key Employee’s Separation from Service Date (or such other period as may be required by Code Section 409A). 
 Section 2.29 “Release” means the “Separation of Employment Agreement and General Release,” as provided by the Company or such other agreement between the Company and
Participant under which the Participant releases potential claims against the Company in exchange for Severance Benefits. 

Section 2.30 “Separation from Service” means “separation from service” within the meaning of Code
Section 409A(a)(2)(A)(i) and the applicable regulations and rulings promulgated thereunder. 
 Section 2.31
“Separation from Service Date” means, with respect to a Participant, the date on which such Participant experiences a Separation from Service. 
 Section 2.32 “Severance Benefits” means the salary replacement amounts and other benefits that a Participant is eligible to receive pursuant to Article IV of the Plan.

 Section 2.33 “Severance Period” means the period for which a Participant is entitled to receive
Severance Benefits under this Plan, as set forth in the Appendix. 
 Section 2.34 “Subsidiary”
means (i) a subsidiary company (wherever incorporated) of the Company, as defined by Section 155 of the Companies Act 1963 of Ireland; (ii) any separately organized business unit, whether or not incorporated, of the Company;
(iii) any employer that is required to be aggregated with the Company pursuant to Code Section 414 and the regulations promulgated thereunder; and (iv) any service recipient or employer that is within a controlled group of
corporations as defined in Code Sections 1563(a)(1), (2) and (3) where the phrase “at least 50%” is substituted in each place “at least 80%” appears and any service recipient or employer within trades or businesses
under common control as defined in Code Section 414(c) and Treas. Reg. § 1.414(c)-2 where the phrase “at least 50%” is substituted in each place “at least 80%” appears, provided, however, that when the relevant
determination is to be based upon legitimate business criteria (as described in Treas. Reg. § 1.409A-1(b)(5)(iii)(E) and § 1.409A-1(h)(3)), the phrase “at least 20%” shall be substituted in each place “at least 80%”
appears as described above with respect to both a controlled group of corporations and trades or business under common control. 

Section 2.35 “Successor” means any other corporation or unincorporated entity or group of corporations or
unincorporated entities which acquires ownership, directly or indirectly, through merger, consolidation, purchase or otherwise, of all or substantially all of the assets of the Company. 

Section 2.36 “Voluntary Resignation” means any Separation from Service that is not initiated by the Employer
other than a Good Reason Resignation. 

  
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 ARTICLE III 
 PARTICIPATION AND ELIGIBILITY FOR BENEFITS 
 Section 3.01
Participation. Each Eligible Employee in the Plan who incurs a Change in Control Termination and who satisfies all of the conditions of Section 3.02 shall be eligible to receive the Severance Benefits described in the Plan. An
Eligible Employee shall not be eligible to receive any other severance benefits from the Company or Subsidiary on account of a Change in Control Termination, unless otherwise provided in the Plan. In addition, any Eligible Employee who is a party to
an employment agreement with the Company pursuant to which such Eligible Employee is entitled to severance benefits shall be ineligible to participate in the Plan. 
 Section 3.02 Conditions. 
 (a) Eligibility for
any Severance Benefits is expressly conditioned on the occurrence of the following within 60 days following the Participant’s Separation from Service Date: (i) execution by the Participant of a Release in the form provided by the Company
(which may include confidentiality, non-solicitation, and non-disparagement provisions at the Company’s discretion); (ii) compliance by the Participant with all the terms and conditions of such Release; and (iii) to the extent
permitted in Section 4.04 of the Plan, execution of a written agreement that authorizes the deduction of amounts owed to the Company prior to the payment of any Severance Benefits (or in accordance with any other schedule as the Committee may,
in its sole discretion, determine to be appropriate). If the Company determines, in its sole discretion, that the Participant has not fully complied with any of the terms of the Release and/or any confidentiality, non-solicitation, and
non-disparagement provisions to which Participant may be subject, the Company may deny Severance Benefits not yet in pay status or discontinue the payment of the Participant’s Severance Benefits and may require the Participant, by providing
written notice of such repayment obligation to the Participant, to repay any portion of the Severance Benefits already received under the Plan. If the Company notifies a Participant that repayment of all or any portion of the Severance Benefits
received under the Plan is required, such amounts shall be repaid within thirty (30) calendar days after the date the written notice is sent. Any remedy under this Section 3.02(a) shall be in addition to, and not in place of, any other
remedy, including injunctive relief, that the Company may have. 
 (b) An Eligible Employee will not be eligible to receive
Severance Benefits under any of the following circumstances: 
 (i) The Eligible Employee’s Voluntary Resignation;

 (ii) The Eligible Employee resigns employment (other than a Good Reason Resignation) before the job-end date specified by
the Employer or while the Employer still desires the Eligible Employee’s services; 
 (iii) The Eligible Employee’s
employment is terminated for Cause; 
 (iv) The Eligible Employee voluntarily retires (other than a Good Reason Resignation);

  
 -7-

 (v) The Eligible Employee’s employment is terminated due to the Eligible
Employee’s death or Permanent Disability; 
 (vi) The Eligible Employee does not return to work at the end of an approved
leave of absence. 
 (vii) The Eligible Employee does not satisfy the Conditions for Severance in Section 3.02(a);

 (viii) The Eligible Employee continues in employment with the Company or any Subsidiary for more than sixty (60) days
following the expiration of the cure period set forth in the last paragraph of Section 2.19 with respect to a Good Reason Resignation; or 
 (ix) The Eligible Employee’s employment with the Employer terminates as a result of a Change in Control and the Eligible Employee accepts employment, or has the opportunity to continue employment,
with a Successor (other than under terms and conditions which would permit a Good Reason Resignation). The payment of Severance Benefits in the circumstances described in this subsection (ix) would result in a windfall to the Eligible Employee,
which is not the intention of the Plan. 
 (c) The Plan Administrator has the sole discretion to determine an Eligible
Employee’s eligibility to receive Severance Benefits. 
 (d) An Eligible Employee returning from approved military leave
during the period beginning 60 days before a Change in Control and ending two years after a Change in Control will be eligible for Severance Benefits if: (i) he/she is eligible for reemployment under the provisions of the Uniformed Services
Employment and Reemployment Rights Act (USERRA); (ii) his/her pre-military leave job is eliminated; and (iii) the Employer’s circumstances are changed so as to make reemployment in another position impossible or unreasonable, or
re-employment would create an undue hardship for the Employer. If the Eligible Employee returning from military leave qualifies for Severance Benefits, his/her severance benefits will be calculated as if he/she had remained continuously employed
from the date he/she began his/her military leave. The Eligible Employee must also satisfy any other relevant conditions for payment set forth in this Article III, including execution of a Release. 

  
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 ARTICLE IV 
 DETERMINATION OF SEVERANCE BENEFITS 
 Section 4.01 Amount
of Severance Benefits Upon Involuntary Termination and Good Reason Resignation. The Severance Benefits to be provided to a Participant shall be as follows: 
 (a) Notice Pay. Each Eligible Employee who is eligible for Severance Benefits shall receive at least thirty (30) calendar days’ notice as a Notice Period. In the event the Company
determines an Eligible Employee’s last day of work shall be prior to the end of his or her Notice Period, such Employee shall be entitled to pay in lieu of notice for the balance of such Notice Period. Notice Pay paid to an Eligible Employee
shall be in addition to, and shall not be offset against, the Severance Benefits the Participant may be entitled to receive under this Article IV. An Eligible Employee who does not sign, or who revokes his or her signature on, a Release shall only
be eligible for Notice Pay. Unless otherwise permitted by the applicable plan documents or laws, an Eligible Employee will not be eligible to apply for short-term disability, long-term disability and/or workers’ compensation during the Notice
Period, or anytime thereafter. Notice pay shall be paid in accordance with Article V. 
 (b) Salary Replacement. Salary
replacement shall be provided for the Severance Period applicable to the Participant as set forth in the Salary Replacement Schedule in the Appendix and shall be paid in accordance with Article V. 

(c) Bonus. 
 (i) The Participant shall receive a cash payment equal to his or her pro-rated annual bonus for the fiscal year in which the Participant’s Separation from Service Date occurs, to the extent provided
in the applicable plan; provided, however, that if the Participant’s Separation from Service Date occurs during the same fiscal year as a Change in Control and the Participant has received an annual bonus attributable to such fiscal year solely
because of the Change in Control, then the Participant shall not receive a pro-rated annual bonus pursuant to this Section 4.01(c)(i). 
 (ii) The Participant shall also receive a cash payment equal to his or her Annual Bonus for the Severance Period applicable to the Participant as set forth in the Bonus Payment Schedule in the Appendix,
which shall be paid in accordance with Article V. 
 (d) Medical, Dental and Health Care Reimbursement Account Benefits.
The Participant (and his/her spouse, domestic partner or child(ren), as applicable) shall be eligible for continued coverage under the Company’s medical and dental plans as required by and pursuant to COBRA. The Company shall provide COBRA
coverage only if such coverage is timely elected by the Participant or other qualified beneficiary (as defined by COBRA). If the Participant timely elects COBRA coverage, subject to the other provisions in this Section 4.01(d), during the
Severance Period, the Participant will be responsible for paying the employee portion of the applicable premium under the respective plan(s) at the same rate and at the same time as such employee contributions are paid by similarly-situated active
Company employees. 

  
 -9-

 
If the Severance Period is less than the applicable COBRA coverage period then, effective for the first premium payment due after the Severance Period expires, the Participant will be required to
pay the entire premium for COBRA coverage and shall be responsible for paying such premium during the remainder of the applicable COBRA coverage period. If the Severance Period exceeds eighteen (18) months after the Participant’s
Separation from Service Date, then (a) effective for any premium payments for COBRA coverage that are due after eighteen (18) months after the Participant’s Separation from Service Date, the Participant will be required to pay the
entire premium for such COBRA coverage and shall be responsible for paying such premium during the remainder of the applicable COBRA period and (b) the Company shall pay to the Participant, within sixty (60) days after such eighteen
(18) month period expires, a single lump-sum cash payment in an amount equal to the employer portion of the applicable premium in effect for the Participant, based on the type of coverage provided to the Participant at such time, for the last
month of such eighteen (18) month period times the number of full months that the Severance Period exceeds such eighteen (18) month period. COBRA coverage will cease upon the expiration of the maximum period required under COBRA or at such
earlier time if the Participant does not pay the required premium within the applicable time period, if the Participant terminates COBRA coverage, or if an event occurs that, pursuant to COBRA, permits the earlier termination of COBRA coverage.

 (e) Stock Options. All stock options held by the Participant as of his or her Separation from Service Date which are
not already vested and exercisable as of such date shall become vested and exercisable on the Participant’s Separation from Service Date. All outstanding stock options held by the Participant that are vested and exercisable as of the
Participant’s Separation from Service Date and all stock options held by the Participant that become vested and exercisable under the preceding sentence shall be exercisable for the greater of (i) the period set forth in Participant’s
option agreement covering such options, or (ii) twelve (12) months from the Participant’s Separation from Service Date. In no event, however, shall an option be exercisable beyond its original expiration date. If the Participant dies,
the terms and conditions of the applicable option agreement shall govern. 
 (f) Restricted Stock, Restricted Stock Units and
Performance Share Units. All unvested restricted stock and restricted stock units held by the Participant as of his or her Separation from Service Date which are subject solely to time-vesting requirements shall accelerate and become immediately
vested as of the Participant’s Separation from Service Date. All unvested restricted stock and restricted stock units held by the Participant as of his or her Separation from Service Date which are subject in whole or part to performance-based
vesting provisions shall accelerate and become vested if and to the extent that the Committee determines in its sole discretion that the applicable performance vesting requirements have been or will be attained, or would have been attained during
the Severance Period in the ordinary course but for the Change in Control and the Participant’s Change in Control Termination. The treatment of any performance share units upon a Participant’s Change in Control Termination shall be
governed by the terms and conditions of the applicable award agreement. 
 (g) Outplacement Services. The Company may, in
its sole and absolute discretion, pay the cost of outplacement services for the Participant at the outplacement agency that the Company regularly uses for such purpose; provided, however, that the period of outplacement shall not exceed
twelve (12) months after the Participant’s Separation from Service Date or, if earlier, the date of the Participant’s death. 

  
 -10-

 Section 4.02 Voluntary Resignation; Termination for Death or Permanent
Disability. If the Eligible Employee’s employment terminates on account of (i) the Eligible Employee’s Voluntary Resignation, (ii) death, or (iii) Permanent Disability, then the Eligible Employee shall not be
entitled to receive Severance Benefits under this Plan and shall be entitled only to those benefits (if any) as may be available under the Company’s then-existing benefit plans and policies at the time of such termination. 

Section 4.03 Termination for Cause. If any Eligible Employee’s employment terminates on account of
termination by the Company for Cause, the Eligible Employee shall not be entitled to receive Severance Benefits under this Plan and shall be entitled only to those benefits that are required to be provided to the Eligible Employee by applicable law.
Notwithstanding any other provision of the Plan to the contrary, if the Committee or the Plan Administrator determine, during the Severance Period, that a Participant engaged in conduct at any time that constitutes Cause, any Severance Benefits
payable to the Participant shall immediately cease and the Participant shall be required to return any Severance Benefits paid to the Participant prior to such determination to the Company. The Company may withhold paying Severance Benefits pending
resolution of an inquiry that could lead to a finding resulting in Cause and any such payment that was withheld and which is subsequently determined to be payable shall be paid to the Participant within ninety (90) days after the date of the
final and binding resolution of the related inquiry. 
 Section 4.04 Reduction of Severance Benefits. With
respect to amounts paid under the Plan that are not subject to Code Section 409A and the regulations promulgated thereunder, the Plan Administrator reserves the right to make deductions in accordance with applicable law for any monies owed to
the Company by the Participant or the value of Company property that the Participant has retained in his/her possession. With respect to amounts paid under the Plan that are subject to Code Section 409A and the regulations promulgated
thereunder, the Plan Administrator reserves the right to make deductions in accordance with applicable law for any monies owed to the Company by the Participant or the value of the Company property that the Participant has retained in his/her
possession; provided, however, that such deductions cannot exceed $5,000 in the aggregate in any Company fiscal year. 

  
 -11-

 ARTICLE V 
 METHOD, DURATION AND LIMITATION OF SEVERANCE BENEFIT PAYMENTS 

Section 5.01 Method of Payment. Subject to Section 5.03, the cash Severance Benefits to which a Participant is
entitled, as determined pursuant to Section 4.01, shall be paid in a single lump sum payment within sixty five (65) days following the Participant’s Severance from Service Date, subject to the fulfillment of all conditions for payment
set forth in Section 3.02 and subject to the expiration of the Release revocation period specified in the Release; provided, however, that the pro-rated annual bonus payable to the Participant pursuant to Section 4.01(c)(i) shall be paid
at such time and in such manner as set forth in The Mallinckrodt Pharmaceuticals Annual Incentive Plan (or successor plan) and that COBRA coverage under Section 4.01(d) shall be provided or paid in accordance with the provisions of that
subsection. Notwithstanding the foregoing, if the Participant’s Change in Control Termination occurs based on a Change in Control that does not qualify as a “change in control event” under Code Section 409A and the regulations
promulgated thereunder, then any portion of the Severance Benefit payable under this Plan that (i) is subject to Code Section 409A and the regulations and rulings promulgated thereunder and (ii) equals the amount of benefit the
Participant could be eligible to receive under the Executive Severance Plan (if the Participant were to satisfy the eligibility requirements in order to receive a benefit under that plan), shall be paid at the same time and in the same form as under
the Executive Severance Plan. In no event will interest be credited on the unpaid balance for which a Participant may become eligible. Payment shall be made by mailing to the last address provided by the Participant to the Company or such other
reasonable method as determined by the Plan Administrator. All payments of Severance Benefits are subject to applicable federal, state and local taxes and withholdings. In the event of a Participant’s death prior to the completion of all
payments to which the Participant is entitled, the remaining payments shall be paid to the Participant’s estate in a single lump sum payment within sixty (60) days following the Participant’s death. 

Section 5.02 Other Arrangements. The Severance Benefits under this Plan are not additive or cumulative to severance or
termination benefits that a Participant might also be entitled to receive under the terms of a written employment agreement, a severance agreement or any other arrangement with the Employer, including, without limitation, the Executive Severance
Plan. As provided in Section 3.01, any Eligible Employee who is a party to an employment agreement with the Company or Subsidiary pursuant to which such Eligible Employee is entitled to severance benefits shall be ineligible to participate in
the Plan. Therefore, as a condition of participating in the Plan, the Eligible Employee must expressly agree that this Plan supersedes all prior plans or agreements, and sets forth the entire benefit the Eligible Employee is entitled to under the
Plan. 
 Section 5.03 Code Section 409A. 

(a) Notwithstanding any other provision of the Plan to the contrary, if required by Code Section 409A, no Change in Control Benefits
shall be paid to a Participant who is a Key Employee during the Postponement Period. If the previous sentence applies, then the payment of Change in Control Benefits shall commence after expiration of the applicable Postponement Period and any
amounts that would have been paid during the Postponement 

  
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Period but for the previous sentence shall be paid in a single lump sum within 30 days after the end of such Postponement Period. If the Participant dies during the Postponement Period, however,
amounts withheld pursuant to this Section 5.03(a) shall be paid to the Participant’s estate no later than the earlier of 60 days after the Participant’s death or 30 days after the end of the Postponement Period. 

(b) This Plan is intended to provide certain benefits that meet the requirements of the “short-term deferral” exception, the
“separation pay” exception and other exceptions under Code Section 409A and the regulations promulgated thereunder. Notwithstanding any other provision of the Plan to the contrary, if required by Code Section 409A, payments may
only be made under this Plan upon an event and in a manner permitted by Code Section 409A. For purposes of Code Section 409A, each individual payment that constitutes part of the Change in Control Benefits shall be treated as a separate
payment from any other such payment. All reimbursements and in-kind benefits provided under the Plan shall be made or provided in accordance with the requirements of Code Section 409A including, where applicable, the requirement that
(i) any reimbursement is for expenses incurred during the period of time specified in the Plan, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is
incurred, and (iv) the right to reimbursement, or in-kind benefits is not subject to liquidation or exchange for another benefit. In no event may a Participant designate the year of payment for any amounts payable under the Plan. 

Section 5.04 Termination of Eligibility for Benefits. 

(a) All Eligible Employees shall cease to be eligible to participate in the Plan, and all Severance Benefit payments payable to a
Participant shall cease upon the occurrence of the earlier of: 
 (i) Subject to Article VII, termination or modification of
the Plan; or 
 (ii) Completion of the provision of Severance Benefits to the Participant. 

(b) Notwithstanding any other provision of the Plan to the contrary, the Company shall have the right to cease all Severance Benefits
(except as otherwise required by law) and to recover any payments previously made to the Participant should the Participant at any time breach the Participant’s undertakings under the terms of the Plan, the Release the Participant executed to
obtain the Severance Benefits under the Plan or the confidentiality, non-competition, non-solicitation and non-disparagement provisions in the Release and/or in any other agreement to which the Participant is subject. 

Section 5.05 Limitation on Benefits. 
 (a) Notwithstanding anything in this Plan to the contrary, if it is determined that the payments or distributions by the Company or its Subsidiaries to or for the benefit of a Participant (whether paid or
provided pursuant to the terms of this Plan or otherwise) which are 

  
 -13-

 
contingent on a change in control of the Company (within the meaning of Code Section 280G(b)(2)(A)(i)) would be nondeductible by the Company or Employer for Federal income tax purposes
because of Code Section 280G, then the aggregate present value of the benefits provided to such Participant under this Plan (benefits provided to a Participant under this Plan are hereinafter referred to as “Plan Payments”) shall be
reduced to the Reduced Amount (as defined below) if the net after-tax benefit (after taking into account federal, state, local or other income, employment, self-employment and excise taxes) provided to such Participant after application of the
reduction is greater than the net after-tax benefit (after taking into account federal, state, local or other income, employment, self-employment and excise taxes) to which such Participant would otherwise be entitled from the receipt of Plan
Payments in their entirety and without application of any reduction. For this purpose, the Reduced Amount shall be an amount expressed in present value which maximizes the aggregate present value of Plan Payments without causing any payments to a
Participant which are contingent upon a change in control of the Company to be nondeductible by the Company or Employer because of Code Section 280G. Present value shall be determined in accordance with Section 280G(d)(4) of the Code.

 (b) All determinations required to be made under this Section 5.05 shall be made by an accounting firm selected by the
Company before the Change in Control (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Participant within fifteen (15) business days of the Separation from Service Date or such
earlier time as requested by the Company. Any such determination by the Accounting Firm shall be binding upon the Company and the Participant. Within five (5) business days of the determination by the Accounting Firm as to any determination
required to be made under this Section 5.05, the Company shall provide to the Participant such Severance Benefits as are then due to the Participant in accordance with the rights afforded under this Plan. If Plan Payments are to be reduced,
then such Plan Payments shall be reduced in a manner which maximizes the aggregate value of the Payments. If (i) any Payments would be treated as paid pursuant to a nonqualified deferred compensation plan (within the meaning of Code
Section 409A(d)(1)); (ii) Plan Payments are required to be reduced pursuant to Section 5.05(a); and (iii) Plan Payments are to be paid on separate payment dates, then any reduction shall be applied to Plan Payments that are first
payable to the Participant. The Reduced Payment shall be effected by reducing or eliminating a Participant’s Payment or Payments (or portion(s) thereof), until no portion of such Payments is rendered non-deductible by application of
Section 280G of the Code, in the following order: (i) the portion denominated and payable in cash (other than “24(c) Payments” as defined below), such as severance; (ii) the portion payable in-kind, such as insurance
coverage, or in cash as a reimbursement, such as for outplacement, legal fees, or moving expenses (other than 24(c) Payments); (iii) the portion of equity-based compensation, including stock options and stock appreciation rights or similar
rights, that are not 24(c) Payments, including such compensation subject to the achievement of performance-based objectives; and (iv) the portion of 24(c) Payments, such as equity-based compensation or any other Payment. The Company has full
discretionary authority to determine which Payments to reduce within each of the four categories described above in the preceding sentence. The Company cannot, however, reduce Payments in one category unless all Payments in the preceding category
have been eliminated. A “24(c) Payment” is any Payment permitted to be valued under Treas. Reg. Section 1.280G-1, Q&A 24(c), or any successor provision, promulgated under Code Section 280G. 

  
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 ARTICLE VI 
 THE PLAN ADMINISTRATOR 
 Section 6.01 Authority and
Duties. It shall be the duty of the Plan Administrator, on the basis of information supplied to it by the Company and the Committee, to properly administer the Plan. The Plan Administrator shall have the full power, authority and discretion
to construe, interpret and administer the Plan, to make factual determinations, to correct deficiencies therein, and to supply omissions. All decisions, actions and interpretations of the Plan Administrator shall be final, binding and conclusive
upon the parties, subject only to determinations by the Named Appeals Fiduciary (as defined in Section 9.04), with respect to denied claims for Severance Benefits. The Plan Administrator may adopt such rules and regulations and may make such
decisions as it deems necessary or desirable for the proper administration of the Plan. 
 Section 6.02 Compensation
of the Plan Administrator. The Plan Administrator shall receive no compensation for services as such. However, all reasonable expenses of the Plan Administrator shall be paid or reimbursed by the Company upon proper documentation. The Plan
Administrator shall be indemnified by the Company against personal liability for actions taken in good faith in the discharge of the Plan Administrator’s duties. 
 Section 6.03 Records, Reporting and Disclosure. The Plan Administrator shall keep a copy of all records relating to the payment of Severance Benefits to Participants and former
Participants and all other records necessary for the proper operation of the Plan. All Plan records shall be made available to the Committee, the Company and to each Participant for examination during business hours except that a Participant shall
examine only such records as pertain exclusively to the examining Participant and to the Plan. The Plan Administrator shall prepare and shall file as required by law or regulation all reports, forms, documents and other items required by ERISA, the
Code, and every other relevant statute, each as amended, and all regulations thereunder (except that the Company, as payor of the Severance Benefits, shall prepare and distribute to the proper recipients all forms relating to withholding of income
or wage taxes, Social Security taxes, and other amounts that may be similarly reportable). 

  
 -15-

 ARTICLE VII 
 AMENDMENT, TERMINATION AND DURATION 
 Section 7.01
Amendment, Suspension and Termination. Except as otherwise provided in this Section 7.01, the Board or its delegate shall have the right, at any time and from time to time, to amend, suspend or terminate the Plan in whole or in part,
for any reason or without reason, and without either the consent of or the prior notification to any Participant, by a formal written action. No such amendment shall give the Company the right to recover any amount paid to a Participant prior to the
date of such amendment or to cause the cessation of Severance Benefits already approved for a Participant who has executed a Release as required under Section 3.02. Notwithstanding the foregoing, this Plan may not be terminated, suspended or be
amended in any material respect during the period beginning 60 days prior to a Change in Control and ending two years after a Change in Control. Any amendment or termination of the Plan must comply with all applicable legal requirements including,
without limitation, compliance with Code Section 409A and the regulations and rulings promulgated thereunder, securities, tax, or other laws, rules, regulations or regulatory interpretation thereof, applicable to the Plan. 

Section 7.02 Duration. Unless terminated sooner by the Board or its delegate, the Plan shall continue in full force
and effect until termination of the Plan pursuant to Section 7.01; provided, however, that after the termination of the Plan, if any Participants terminated employment on account of an Involuntary Termination prior to the termination of the
Plan and are still receiving Severance Benefits under the Plan, the Plan shall remain in effect until all of the obligations of the Company are satisfied with respect to such Participants. 

ARTICLE VIII 
 DUTIES OF THE COMPANY AND THE COMMITTEE 
 Section 8.01
Records. The Company or a Subsidiary thereof shall supply to the Committee all records and information necessary to the performance of the Committee’s duties. 
 Section 8.02 Payment. Payments of Severance Benefits to Participants shall be made in such amount as determined by the Committee under Article IV, from the Company’s general
assets. 
 Section 8.03 Discretion. Any decisions, actions or interpretations to be made under the Plan by
the Board, the Committee and the Plan Administrator, acting on behalf of either, shall be made in each of their respective sole discretion, not in any fiduciary capacity and need not be uniformly applied to similarly situated individuals and such
decisions, actions or interpretations shall be final, binding and conclusive upon all parties. As a condition of participating in the Plan, the Eligible Employee acknowledges that all decisions and determinations of the Board, the Committee and the
Plan Administrator shall be final and binding on the Eligible Employee, his or her beneficiaries and any other person having or claiming an interest under the Plan on his or her behalf. 

  
 -16-

 ARTICLE IX 
 CLAIMS PROCEDURES 
 Section 9.01 Claim. Each
Participant under this Plan may contest only the administration of the Severance Benefits awarded by completing and filing with the Plan Administrator a written request for review in the manner specified by the Plan Administrator. No appeal is
permissible as to an Eligible Employee’s eligibility for or a Participant’s amount of the Severance Benefit, which are decisions made solely within the discretion of the Company. No person may bring an action for any alleged wrongful
denial of Plan benefits in a court of law unless the claims procedures described in this Article IX are exhausted and a final determination is made by the Plan Administrator and/or the Named Appeals Fiduciary. If an Eligible Employee or Participant
or other interested person challenges a decision by the Plan Administrator and/or Named Appeals Fiduciary, a review by the court of law will be limited to the facts, evidence and issues presented to the Plan Administrator during the claims procedure
set forth in this Article IX. Facts and evidence that become known to the terminated Eligible Employee or Participant or other interested person after having exhausted the claims procedure must be brought to the attention of the Plan Administrator
for reconsideration of the claims administrator. Issues not raised with the Plan Administrator and/or Named Appeals Fiduciary will be deemed waived. 
 Section 9.02 Initial Claim. Before the date on which payment of a Severance Benefit commences, each such application must be supported by such information as the Plan Administrator
deems relevant and appropriate. In the event that any claim relating to the administration of Severance Benefits is denied in whole or in part, the terminated Participant or his or her beneficiary (“claimant”) whose claim has been so
denied shall be notified of such denial in writing by the Plan Administrator within ninety (90) days after the receipt of the claim for benefits. This period may be extended an additional ninety (90) days if the Plan Administrator
determines such extension is necessary and the Plan Administrator provides notice of extension to the claimant prior to the end of the initial ninety (90) day period. The notice advising of the denial shall specify the following: (i) the
reason or reasons for denial, (ii) make specific reference to the Plan provisions on which the determination was based, (iii) describe any additional material or information necessary for the claimant to perfect the claim (explaining why
such material or information is needed), and (iv) describe the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under ERISA
Section 502(a) following an adverse benefit determination on review. If it is determined that payment is to be made, any such payment shall be made within ninety (90) days after the date by which notification is required. 

Section 9.03 Appeals of Denied Administrative Claims. All appeals shall be made by the following procedure:

 (a) A claimant whose claim has been denied shall file with the Plan Administrator a notice of appeal of the denial. Such
notice shall be filed within sixty (60) calendar days after notification by the Plan Administrator of the denial of a claim, shall be made in writing, and shall set forth all of the facts upon which the appeal is based. Appeals not timely filed
shall be barred. 

  
 -17-

 (b) The Named Appeals Fiduciary shall consider the merits of the claimant’s written
presentations, the merits of any facts or evidence in support of the denial of benefits, and such other facts and circumstances as the Named Appeals Fiduciary shall deem relevant. 

(c) The Named Appeals Fiduciary shall render a determination upon the appealed claim which determination shall be accompanied by a
written statement as to the reasons therefor. The determination shall be made to the claimant within sixty (60) days after the claimant’s request for review, unless the Names Appeals Fiduciary determines that special circumstances requires
an extension of time for processing the claim. In such case, the Named Appeals Fiduciary shall notify the claimant of the need for an extension of time to render its decision prior to the end of the initial sixty (60) day period, and the Named
Appeals Fiduciary shall have an additional sixty (60) day period to make its determination. The determination so rendered shall be binding upon all parties. If the determination is adverse to the claimant, the notice shall provide (i) the
reason or reasons for denial, (ii) make specific reference to the Plan provisions on which the determination was based, (iii) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and
copies of, all documents, records and other information relevant to a the claimant’s claim for benefits, and (iv) state that the claimant has the right to bring an action under ERISA Section 502(a). If the final determination is that
payment shall be made, then any such payment shall be made within ninety (90) days after the date by which notification of the final determination is required. 
 Section 9.04 Appointment of the Named Appeals Fiduciary. The Named Appeals Fiduciary shall be the person or persons named as such by the Board or Committee, or, if no such person or
persons be named, then the person or persons named by the Plan Administrator as the Named Appeals Fiduciary. Named Appeals Fiduciaries may at any time be removed by the Board or Committee, and any Named Appeals Fiduciary named by the Plan
Administrator may be removed by the Plan Administrator. All such removals may be with or without cause and shall be effective on the date stated in the notice of removal. The Named Appeals Fiduciary shall be a “Named Fiduciary” within the
meaning of ERISA, and unless appointed to other fiduciary responsibilities, shall have no authority, responsibility, or liability with respect to any matter other than the proper discharge of the functions of the Named Appeals Fiduciary as set forth
herein. 
 Section 9.05 Arbitration; Expenses. In the event of any dispute under the provisions of this Plan,
other than a dispute in which the primary relief sought is an equitable remedy such as an injunction, the parties shall have the dispute, controversy or claim settled by arbitration in St. Louis, Missouri (or such other location as may be mutually
agreed upon by the Employer and the Participant) in accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association, before a panel of three arbitrators, two of whom shall be
selected by the Company and the Participant, respectively, and the third of whom shall be selected by the other two arbitrators. Any award entered by the arbitrators shall be final, binding and nonappealable and judgment may be entered thereon by
either party in accordance with applicable law in any court of competent jurisdiction. This arbitration provision shall be specifically enforceable. The arbitrators shall have no authority to modify any provision of this Plan or to award a remedy
for a dispute involving this Plan other than a benefit specifically provided under or by virtue of the Plan. If the Participant substantially prevails on any material issue, which is the subject of such arbitration or lawsuit, the Company shall be
responsible for all of the fees of the American Arbitration Association and the arbitrators 

  
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and any expenses relating to the conduct of the arbitration (including the Company’s and Participant’s reasonable attorneys’ fees and expenses); in this event, any such fees and
expenses are limited to those typically incurred in the usual course of arbitration proceedings and shall not be negotiable or determinable by the Participant, and payment to the Participant of such amounts shall occur within ninety (90) days
after the date of entry of judgment (entered in accordance with applicable law in any court of competent jurisdiction) of the final, binding and non-appealable arbitration settlement. Otherwise, each party shall be responsible for its own expenses
relating to the conduct of the arbitration (including reasonable attorneys’ fees and expenses) and shall share the fees of the American Arbitration Association. 
 ARTICLE X 
 MISCELLANEOUS 

Section 10.01 Non-Alienation of Benefits. None of the payments, benefits or rights of any Participant shall be subject
to any claim of any creditor of any Participant, and, in particular, to the fullest extent permitted by law, all such payments, benefits and rights shall be free from attachment, garnishment (if permitted under applicable law), trustee’s
process, or any other legal or equitable process available to any creditor of such Participant. No Participant shall have the right to alienate, anticipate, commute, plead, encumber or assign any of the benefits or payments that he may expect to
receive, continently or otherwise, under this Plan, except for the designation of a beneficiary as set forth in Section 5.01. 
 Section 10.02 Notices. All notices and other communications required hereunder shall be in writing and shall be delivered personally or mailed by registered or certified mail, return
receipt requested, or by overnight express courier service. In the case of the Participant, mailed notices shall be addressed to him or her at the home address which he or she most recently communicated to the Company in writing. In the case of the
Company, mailed notices shall be addressed to the Plan Administrator. 
 Section 10.03 Successors. Any
Successor shall assume the obligations under this Plan and expressly agree to perform the obligations under this Plan. 

Section 10.04 Other Payments. Except as otherwise provided in this Plan, no Participant shall be entitled to any cash
payments or other severance benefits under any of the Company’s then current severance pay policies for a termination that is covered by this Plan for the Participant, including, without limitation, the Executive Severance Plan. 

Section 10.05 No Mitigation. Except as otherwise provided in Section 4.04, a Participant shall not be required to
mitigate the amount of any Severance Benefit provided for in this Plan by seeking other employment or otherwise, nor shall the amount of any Severance Benefit provided for herein be reduced by any compensation earned by other employment or
otherwise, except if the Participant is re-employed by the Company as an Employee, in which case Severance Benefits shall cease on the date of the Participant’s re-employment. 

Section 10.06 No Contract of Employment. Neither the establishment of the Plan, nor any modification thereof, nor the
creation of any fund, trust or account, nor the payment of any benefits shall be construed as giving any Eligible Employee or any person whosoever, the right to be retained in the service of the Company, and all Eligible Employees shall remain
subject to discharge to the same extent as if the Plan had never been adopted. 

  
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 Section 10.07 Severability of Provisions. If any provision of this Plan
shall be held invalid or unenforceable by a court of competent jurisdiction, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been included.

 Section 10.08 Heirs, Assigns, and Personal Representatives. This Plan shall be binding upon the heirs,
executors, administrators, successors and assigns of the parties, including each Participant, present and future. 

Section 10.09 Headings and Captions. The headings and captions herein are provided for reference and convenience only,
shall not be considered part of the Plan, and shall not be employed in the construction of the Plan. 
 Section 10.10
Gender and Number. Where the context admits: words in any gender shall include any other gender, and, except where otherwise clearly indicated by context, the singular shall include the plural, and vice-versa. 

Section 10.11 Unfunded Plan. The Plan shall not be funded. No Participant shall have any right to, or interest in, any
assets of the Company that may be applied by the Company to the payment of Severance Benefits. 
 Section 10.12
Payments to Incompetent Persons. Any benefit payable to or for the benefit of a minor, an incompetent person or other person incapable of receipting therefor shall be deemed paid when paid to such person’s guardian or to the party
providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge the Company, the Committee and all other parties with respect thereto. 

Section 10.13 Lost Payees. A benefit shall be deemed forfeited if the Committee is unable to locate a Participant to
whom a Severance Benefit is due. Such Severance Benefit may be reinstated if application is made by the Participant for the forfeited Severance Benefit while this Plan is in operation. 

Section 10.14 Controlling Law. This Plan shall be construed and enforced according to the laws of the State of
Missouri to the extent not superseded by federal laws. 

  
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 Appendix 
 Salary Replacement Schedule 
  

			
	President and Chief Executive Officer	  	24 month Severance Period*
		
	Executive Vice Presidents and Senior Vice Presidents	  	18 month Severance Period
		
	Any other Eligible Employee	  	12 month Severance Period

 Bonus Payment Schedule 

 

			
	President and Chief Executive Officer	  	2x Annual Bonus
		
	Executive Vice Presidents and Senior Vice Presidents	  	1.5x Annual Bonus
		
	Any other Eligible Employee	  	1x Annual Bonus

  
 A-1EX-10.8

 Exhibit 10.8 
 Mallinckrodt plc 
 Stock and Incentive Plan 

TERMS AND CONDITIONS 

OF 
 RESTRICTED UNIT AWARD 

RESTRICTED UNIT AWARD granted on July 1, 2013 (the “Grant Date”). 

1. Grant of Restricted Units. Mallinckrodt plc (the “Company”) has granted to you Restricted Units, the amount of which
is set forth in the Grant Letter that issued this Award to you, subject to the provisions of these Terms and Conditions and the Plan. The Company will hold the Restricted Units in a bookkeeping account on your behalf until such units become payable
or are forfeited or cancelled. 
 2. Amount and Form of Payment. Each Restricted Unit represents one (1) Ordinary
Share and vested Restricted Units will be redeemed solely for Shares, subject to Section 10. 
 3. Dividends. Each
unvested Restricted Unit will be credited with a Dividend Equivalent Unit (“DEU”) for any cash or stock dividends distributed by the Company on an Ordinary Share. DEUs will be calculated at the same dividend rate paid to other holders of
Ordinary Shares and will vest in accordance with the vesting schedule applicable to the underlying Restricted Units. 
 4.
Vesting. Except as provided below, Restricted Units subject to this Award will vest according to the following schedule: 
  

					
	 Date
	  	Vested
Percentage	 
	
5th Anniversary of Grant Date
	  	 	100	% 

 If your employment terminates before full (100%) vesting, you will forfeit the unvested portion of
Restricted Units. However, if your employment terminates due to Normal Retirement (your employment terminates on or after the date you attain age 60 and the sum of your age and years of service equals at least 70), Retirement (your employment
terminates on or after the date you attain age 55 and the sum of your age and years of service equals at least 60), death, Disability, a Change in Control or Divestiture or Outsourcing Agreement, Restricted Units subject to this Award will become
vested in accordance with the provisions of Section 5, 6 or 7, as applicable. 

  

					
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 5. Retirement, Normal Retirement, Disability or Death. Notwithstanding the vesting
provisions described in Section 4, Restricted Units subject to this Award will vest if your Termination of Employment is a result of your Retirement, Normal Retirement, Disability or death as follows: 

(i) Retirement. If your employment terminates as a result of your Retirement (as defined in Section 4) and
your Retirement occurs less than 12 months after the Grant Date, you will forfeit all Restricted Units subject to this Award. If, however, your Retirement occurs at least 12 months after the Grant Date, then you will be entitled to pro rata vesting
of Restricted Units subject to this Award based on (A) the number of whole months completed from Grant Date through your Termination of Employment date divided by 60 times (B) the total number of Restricted Units subject to this Award
minus (C) the number of Restricted Units subject to this Award that previously vested. 
 (ii) Normal
Retirement, Disability or Death. If your employment terminates as a result of your Normal Retirement (as defined in Section 4), your death or a Disability, then you will become fully vested in all Restricted Units subject to this Award on
the date of your Normal Retirement, death or Termination of Employment due to Disability. 
 6. Termination of Employment
Following a Change in Control. Notwithstanding the vesting provisions described in Section 4, you will become fully vested in all Restricted Units subject to this Award on the date your employment terminates after a Change in Control if you
satisfy one of the following requirements: 
 (i) Within 12 months after a Change in Control, the Company or any
Subsidiary terminates your employment for any reason other than Cause, Disability or death; or 
 (ii) Within 12
months after a Change in Control and within 60 days after one of the events listed in this Section 6(ii), you terminate your employment because (A) the Company or any Subsidiary (1) assigns or causes to be assigned to you duties
inconsistent in any material respect with your position as in effect immediately prior to the Change in Control; (2) makes or causes to be made any material adverse change in your position (including titles and reporting relationships and
level), authority, duties or responsibilities; or (3) takes or causes to be taken any other action which, in your reasonable judgment, would cause you to violate your ethical or professional obligations or which results in a significant
diminution in your position, authority, duties or responsibilities; or (B) the Company or any Subsidiary, without your consent, (1) requires you to relocate to a principal place of employment more than 50 miles from your existing place of
employment and which increases your commute from your principal residence by more than 50 miles; or (2) reduces your base salary, annual bonus, or retirement, welfare, share incentive, perquisite (if any) and other benefits when taken as a
whole; provided, however, that upon an event described in (A) or (B) above, you submit written notice of such event to the Company and the Company has not cured such action within 15 days after receipt of such notice. 

7. Termination of Employment Resulting From Divestiture or Outsourcing Agreement. Notwithstanding the vesting provisions described
in Section 4, and subject to the provisions of subsection (i) below, if your employment with the Company or a Subsidiary 

  

					
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terminates as a result of a Divestiture or Outsourcing Agreement, then Restricted Units subject to this Award will vest on a pro-rata basis based on (A) the number of whole months completed
from Grant Date through your Termination of Employment date divided by 60 times (B) the total number of Restricted Units subject to this Award minus (C) the number of Restricted Units subject to this Award that previously vested.

 (i) Notwithstanding the foregoing provisions of this Section 7, you shall not be eligible for pro-rata
vesting if (A) your Termination of Employment occurs on or prior to the closing date of a Divestiture or such later date as is provided specifically in the applicable transaction agreement or related agreements, or on the effective date of an
Outsourcing Agreement (the “Applicable Employment Date”), and (B) you are offered Comparable Employment with the buyer, successor company or Outsourcing Agent, as applicable, but do not commence such employment on the Applicable
Employment Date. 
 (ii) For purposes of this Section 7 and these Terms and Conditions,
(A) “Comparable Employment” means employment at a location that is no more than 50 miles from your job location at the time of your Termination of Employment that has a base salary and target bonus opportunity that is at least equal
to your base salary and target bonus opportunity in effect immediately prior to your Termination of Employment; (B) “Disposition of Assets” means the disposition by the Company or a Subsidiary of all or a portion of the assets used by
the Company or Subsidiary in a trade or business to an unrelated individual or entity; (C) “Disposition of a Subsidiary” means the disposition by the Company or Subsidiary of its interest in a subsidiary or controlled entity to an
unrelated individual or entity, provided that such subsidiary or controlled entity ceases to be a member of the Company’s controlled group as a result of such disposition; (D) “Divestiture” means a Disposition of Assets or a
Disposition of a Subsidiary; and (E) “Outsourcing Agreement” means a written agreement between the Company or Subsidiary and an unrelated third party (“Outsourcing Agent”) pursuant to which (1) the Company or Subsidiary
transfers the performance of services previously performed by Company or Subsidiary employees to the Outsourcing Agent, and (2) the Outsourcing Agreement includes an obligation of the Outsourcing Agent to offer employment to any employee whose
employment is being terminated as a result of or in connection with said Outsourcing Agreement. 
 8. Withholdings. The
Company has the right, prior to the issuance or delivery of any Shares subject to this Award, to withhold or require from you the amount necessary to satisfy applicable tax requirements (e.g., income tax, social insurance, payroll tax and payment on
account), as determined by the Company. If, at any time after the Grant Date, you become subject to tax in more than one jurisdiction, the Company may be required to withhold or account for applicable tax requirements in the various jurisdictions.
By accepting this Award, you authorize the Company or any Subsidiary to satisfy applicable tax or tax withholding requirements by: (i) withholding from your wages or other cash compensation payable to you; (ii) withholding from any
proceeds resulting from the sale of Shares subject to this Award either through a voluntary sale or through a mandatory sale arranged by the Company on your behalf and pursuant to this authorization; (iii) redemption by the Company at Fair
Market Value of Shares due to you following the vesting of Shares subject to this Award; or (iv) a combination of 

  

					
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(i), (ii) or (iii) above. Furthermore, if the Shares subject to this Award vest under circumstances where they have not otherwise been fully paid-up in accordance with the requirements
of Irish law, the Company or any Subsidiary may require you to pay the par value of each Share which vests hereunder at the time of such vesting. The Company or any Subsidiary may take the payment from you by application of any of the methods of
withholding set forth herein. If the Company or any Subsidiary cannot withhold or account for all taxes associated with this Award, or obtain payment of the par value of each Share that vests hereunder, by application of the means described herein,
then, by accepting this Award, you agree that you will pay to the Company or any Subsidiary all amounts necessary to satisfy applicable tax requirements or the requirement that Shares be issued on a fully paid-up basis and acknowledge that the
Company may refuse to issue or deliver Shares subject to this Award, or the proceeds from the sale of such Shares, if you do not comply with such obligations. 
 9. Transfer of Award. You may not transfer this Award or any interest in Restricted Units except by will or the laws of descent and distribution. Any other attempt to transfer this Award or any
interest in Restricted Units is null and void. 
 10. Forfeiture of Award. You will forfeit all or a portion of the
Restricted Units subject to this Award if your employment terminates under the circumstances described below: 

(i) If the Company or Subsidiary terminates your employment for Cause, including, without limitation, a termination as a
result of your violation of the Company’s Guide to Business Conduct, then the Company will immediately rescind all unvested Restricted Units subject to this Award and you will forfeit all rights you have with respect to this Award. Also, by
accepting this Award, you agree and promise to deliver to the Company immediately upon your Termination of Employment for Cause, Shares (or, in the discretion of the Company, cash) equal in value to the amount of all Restricted Units subject to this
Award that vested during the 12-month period that occurs immediately before your Termination of Employment for Cause. 
 (ii) If, after your Termination of Employment, the Committee determines in its sole discretion that while you were a Company or Subsidiary employee you engaged in activity that would have constituted
grounds for the Company or Subsidiary to terminate your employment for Cause, then the Company will immediately rescind all unvested Restricted Units subject to this Award and you will forfeit all rights you have with respect to this Award. Also, by
accepting this Award, you agree and promise to deliver to the Company immediately upon the date the Committee determines that you could have been terminated for Cause, Shares (or, in the discretion of the Company, cash) equal in value to the amount
of all Restricted Units subject to this Award that vested during the period that begins 12 months immediately before your Termination of Employment and ends on the date that the Committee determines that you could have been terminated for Cause.

 (iii) If the Committee determines in its sole discretion that at any time after your Termination of Employment
and prior to the first anniversary of your Termination of Employment you (A) disclosed confidential or proprietary information related to any 

  

					
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business of the Company or any Subsidiary or (B) entered into an employment or consultation arrangement (including any arrangement for employment or service as an agent, partner,
stockholder, consultant, officer or director) with any entity or person engaged in a business and (1) such employment or consultation arrangement would likely (in the Committee’s sole discretion) result in the disclosure of confidential or
proprietary information related to any business of the Company or any Subsidiary to a business that is competitive with any Company or Subsidiary business as to which you had access to strategic or confidential information and (2) the Committee
has not approved the arrangement in writing, then the Company will immediately rescind all unvested Restricted Units subject to this Award and you will forfeit all rights you have with respect to this Award. Also, by accepting this Award, you agree
and promise to deliver to the Company, immediately upon the Committee’s determination date, Shares (or, in the discretion of the Company, cash) equal in value to the amount of all Restricted Units subject to this Award that vested during the
period that begins 12 months immediately before your Termination of Employment and ends on the date of the Committee’s determination. 
 11. Adjustments. In the event of any stock split, reverse stock split, dividend or other distribution (whether in the form of cash, Shares, other securities or other property), extraordinary cash
dividend, recapitalization, merger, consolidation, split-up, spin-off, reorganization, combination, repurchase or exchange of Shares or other securities, the issuance of warrants or other rights to purchase Shares or other securities, or other
similar corporate transaction or event, the Committee shall adjust the number and kind of Shares covered by this Award and other relevant provisions to the extent necessary to prevent dilution or enlargement of the benefits or potential benefits
intended to be provided by this Award. Any such determinations and adjustments made by the Committee will be binding on all persons. 
 12. Restrictions on Payment of Shares. Payment of Shares for Restricted Units is subject to the conditions that, to the extent required at the time of delivery of such Shares: 

(i) The Shares covered by this Award will be duly listed, upon official notice of issuance, on the NYSE; and 

(ii) A Registration Statement under the United States Securities Act of 1933 with respect to the Shares will be effective
or an exemption from registration will apply. 
 If there is any registration, qualification, exchange control or other legal
requirement imposed upon this Award or the Shares subject to this Award by applicable securities or exchange control laws (including rulings or regulations issued by the United States Securities and Exchange Commission or any other governmental
agency with jurisdiction over the issuance of this Award or the Shares subject to this Award), the Company shall not be required to deliver any Shares subject to this Award before the Company, in its sole discretion, has determined that either
(a) it has satisfied any such requirements or has received the requisite approval from the appropriate governmental agency; or (b) an exemption from such registration or exchange control requirement applies. By accepting this Award, you
acknowledge that you understand 

  

					
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that the Company is under no obligation to register this Award or the Shares subject to this Award with any governmental agency or to seek approval from any governmental agency for the issuance
or sale of Shares subject to this Award. 
 13. Disposition of Securities. By accepting this Award, you acknowledge that
you have read and understand the Company’s Insider Trading Policy and are aware of and understand your obligations under United States federal securities laws with respect to trading in the Company’s securities. The Company has the right
to recover, or receive reimbursement for, any compensation or profit realized on the disposition of Shares received for Restricted Units to the extent that the Company has a right of recovery or reimbursement under applicable securities laws.

 14. Plan Terms Govern. The vesting of Restricted Units, the disposition of any Shares received on or after such
vesting, and the treatment of any gains received upon such disposition are subject to the terms of the Plan and any rules that the Committee prescribes. The Plan document, as amended from time to time, is incorporated into these Terms and
Conditions. The Grant Letter and these Terms and Conditions shall together constitute the Award Certificate referred to in the Plan. Unless defined herein, capitalized terms used in these Terms and Conditions are defined in the Plan. If there is any
conflict between the terms of the Plan and these Terms and Conditions, the Plan’s terms govern. By accepting this Award, you acknowledge receipt of the Plan and the prospectus, as in effect on the Grant Date. 

15. Personal Data. To comply with applicable law and to administer this Award appropriately, the Company and its agents may
accumulate, hold and process your personal data and/or “sensitive personal data” within the meaning of applicable law (“Personal Data”). Personal Data includes, but is not limited to, the information provided to you as part of
the grant package and any changes thereto (e.g., details of Restricted Units, including amounts awarded, unvested, or vested), other appropriate personal and financial data about you (e.g., name, home address, telephone number, date of birth,
nationality, job title, reason for termination of employment and social security, social insurance or other identification number), and information about your participation in the Plan and Shares obtained under the Plan from time to time. By
accepting this Award, you give your explicit consent to your employer’s and the Company’s accumulating, transferring, and processing Personal Data as necessary or appropriate for Plan administration. Your Personal Data will be retained
only as long as is necessary to administer your participation in the Plan. If applicable, by accepting this Award, you also give your explicit consent to the Company’s transfer of Personal Data outside the country in which you work or reside
and to the United States of America where the same level of data protection laws may not apply as in your home country. The legal persons for whom your Personal Data are intended (and by whom your Personal Data may be transferred, processed or
exchanged) include the Company, its Subsidiaries (or former Subsidiaries as are deemed necessary), the outside Plan administrator, their respective agents, and any other person that the Company retains or utilizes for compensation planning or Plan
administration purposes. You have the right to request a list of the names and addresses of any potential recipients of your Personal Data and to review and correct your Personal Data by contacting your local Human Resources Representative. By
accepting this Award, you acknowledge your understanding that the transfer of the information outlined here is important to Plan administration and that failure to consent to the transmission of such information may limit or prohibit your
participation in the Plan. By 

  

					
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accepting this Award, you acknowledge that you are providing the consents herein on a purely voluntary basis and that, if you do not consent or if you later seek to revoke your consent, it will
adversely impact the ability of the Company to administer your Awards but it will not adversely impact your employment status or service with your employer. 
 16. No Contract of Employment or Promise of Future Grants. By accepting this Award, you agree that you are bound by the terms of the Plan and these Terms and Conditions and acknowledge that this
Award is granted in the Company’s sole discretion and is not considered part of any employment contract or your ordinary or expected salary or other compensation for services of any kind rendered to the Company or any Subsidiary. You further
agree that this Award, and your Plan participation, do not form, and will not be interpreted as forming, an employment contract or guarantee of employment with the Company or any Subsidiary. The Company, in its sole discretion, voluntarily
established the Plan and may amend or terminate it at any time pursuant to the terms of the Plan. You understand that the grant of restricted units under the Plan is voluntary and occasional and does not create any contractual or other right to
receive future grants of any restricted units, or benefits in lieu of restricted units, even if restricted units have been granted repeatedly in the past and that all decisions with respect to future grants will be in the Company’s sole
discretion. By accepting this Award, you also acknowledge that this Award and any gains received hereunder are extraordinary items and are not considered part of your salary or compensation for purposes of any pension or retirement benefits or for
purposes of calculating any termination, severance, redundancy, resignation, end of service payments, bonuses, long-service awards, life or accident insurance benefits or similar payments. Neither this Award, nor any gains received hereunder, is
intended to replace any pension rights or compensation. If the Company or Subsidiary terminates your employment for any reason, you agree that you will not be entitled to damages or compensation for breach of contract, dismissal (in any
circumstances, including unfair dismissal) or compensation for any loss of office or otherwise to any sum, Shares, Restricted Units or other benefits to compensate you for the loss or diminution in value of any actual or prospective rights, benefits
or expectation under or in relation to the Plan. 
 17. Limitations. Nothing in these Terms and Conditions or the Plan
grants to you any right to continued employment with the Company or any Subsidiary or to interfere in any way with the Company or Subsidiary’s right to terminate your employment at any time and for any reason, subject to applicable law. Payment
of Shares is not secured by a trust, insurance contract or other funding medium, and you do not have any interest in any fund or specific Company or Subsidiary asset by reason of this Award. You have no rights as a stockholder of the Company
pursuant to this Award until Shares are actually delivered to you. 
 18. Entire Agreement and Amendment. These Terms and
Conditions, the Grant Letter, and the Plan constitute the entire understanding between you and the Company regarding this Award. These Terms and Conditions supersede any prior agreements, commitments or negotiations concerning this Award. These
Terms and Conditions may not be modified, altered or changed except by the Committee (or its delegate) in writing and pursuant to the terms of the Plan; provided, however, that the Company has the unilateral authority to amend these Terms and
Conditions without your consent to the extent necessary to comply with applicable securities registration or exchange control requirements and to impose additional requirements on this Award or Shares subject to this Award if the Company, in its
sole discretion, deems it necessary or advisable for legal or administrative reasons. 

  

					
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 19. Severability. The invalidity or unenforceability of any provision of these Terms
and Conditions will not affect the validity or enforceability of the other provisions of these Terms and Conditions, which will remain in full force and effect. Moreover, if any provision is found to be excessively broad in duration, scope or
covered activity, the provision will be construed so as to be enforceable to the maximum extent compatible with applicable law. 

20. Waiver. By accepting this Award, you acknowledge that a waiver by the Company of any breach by you of a provision of these
Terms and Conditions shall not operate or be construed as a waiver by the Company of any other provision of these Terms and Conditions or of a subsequent breach. 
 21. Notices. By accepting this Award, you agree to receive documents, notices and any other communications relating to your participation in the Plan in writing by regular mail to your last known
address on file with your employer, the Company or Subsidiary or any outside Plan administrator, or by electronic means, including by e-mail, through an online system maintained by any outside Plan administrator or by a posting on the Company’s
intranet website or on an online system or website maintained by any outside Plan administrator. 
 22. Code
Section 409A Compliance. Notwithstanding any other provision of these Terms and Conditions to the contrary, in the event that all or a portion of this Award becomes subject to Code Section 409A, the provisions contained in
Section 7.12 of the Plan shall govern and shall supersede any applicable provision of these Terms and Conditions. 
 23.
Governing Law. This Award and these Terms and Conditions are governed by the law of Ireland and shall be construed accordingly; provided, however, that, to the extent that any provisions of Irish employment law are relevant, such provisions
shall only apply to an individual who has entered into a contract of employment with the Company or any of its Irish subsidiaries. 
 24. Acceptance. By accepting this Award, you agree to the following: (i) you have carefully read, fully understand and agree to all of the terms and conditions contained in the Plan and these
Terms and Conditions; and (ii) you understand and agree the Plan and these Terms and Conditions constitute the entire understanding between you and the Company regarding this Award, and any prior agreements, commitments or negotiations
concerning this Award are replaced and superseded. 

  

					
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