Document:

Form of Tax Matters Agreement

 Exhibit 10.1 

 
  

 
  
 TAX MATTERS AGREEMENT 
 by and between 

ELAN CORPORATION, PLC 
 AND 
 PROTHENA CORPORATION PLC, 

Dated                     , 2012

  
  

 
  

 TABLE OF CONTENTS 

 

							
	  	 	  	  	 Page
	 
	
	ARTICLE I	  
	
	DEFINITIONS	  
			
	 Section 1.01
	 	Definition of Terms	  	 	2	  
	
	ARTICLE II	  
	
	ALLOCATION OF TAXES	  
			
	 Section 2.01
	 	Ordinary Course Taxes	  	 	7	  
	 Section 2.02
	 	Transaction Taxes	  	 	7	  
	 Section 2.03
	 	Transfer Taxes	  	 	8	  
	 Section 2.04
	 	Entitlement to Tax Attributes	  	 	9	  
	 Section 2.05
	 	Additional Costs	  	 	9	  
	
	ARTICLE III	  
	
	TAX RETURN FILING AND PAYMENT OBLIGATIONS	  
			
	 Section 3.01
	 	Tax Return Preparation and Filing	  	 	9	  
	 Section 3.02
	 	Treatment of Transactions and Reporting Obligations	  	 	10	  
	 Section 3.03
	 	VAT	  	 	10	  
	
	ARTICLE IV	  
	
	TAX-FREE TREATMENT OF DISTRIBUTION & RELATED TRANSACTIONS	  
			
	 Section 4.01
	 	Representations	  	 	10	  
	 Section 4.02
	 	Covenants	  	 	11	  
	
	ARTICLE V	  
	
	TAX CONTESTS; INDEMNIFICATION; COOPERATION	  
			
	 Section 5.01
	 	Notice	  	 	13	  
	 Section 5.02
	 	Control of Tax Contests	  	 	13	  
	 Section 5.03
	 	Indemnification Payments	  	 	13	  
	 Section 5.04
	 	Interest on Late Payments	  	 	14	  
	 Section 5.05
	 	Treatment of Indemnity Payments	  	 	14	  
	 Section 5.06
	 	Cooperation	  	 	14	  

  
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	 Section 5.07
	 	Confidentiality	  	 	15	  
	
	ARTICLE VI	  
	
	DISPUTE RESOLUTION	  
			
	 Section 6.01
	 	Tax Disputes	  	 	15	  
	
	ARTICLE VII	  
	
	MISCELLANEOUS	  
			
	 Section 7.01
	 	Authorization	  	 	16	  
	 Section 7.02
	 	Expenses	  	 	16	  
	 Section 7.03
	 	Entire Agreement	  	 	16	  
	 Section 7.04
	 	Governing Law	  	 	16	  
	 Section 7.05
	 	Notice	  	 	16	  
	 Section 7.06
	 	Priority of Agreements	  	 	18	  
	 Section 7.07
	 	Amendments and Waivers	  	 	18	  
	 Section 7.08
	 	Termination	  	 	18	  
	 Section 7.09
	 	No Third Party Beneficiaries	  	 	19	  
	 Section 7.10
	 	Assignability	  	 	19	  
	 Section 7.11
	 	Enforcement	  	 	19	  
	 Section 7.12
	 	Survival	  	 	19	  
	 Section 7.13
	 	Construction	  	 	19	  
	 Section 7.14
	 	Severability	  	 	20	  
	 Section 7.15
	 	Counterparts	  	 	20	  
	 Section 7.16
	 	Successors	  	 	20	  

  
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 TAX MATTERS AGREEMENT 

THIS TAX MATTERS AGREEMENT (this “Agreement”) is made and entered into as of [DATE] by and between Elan Corporation,
plc, an Irish public limited company (“Parent”), and Prothena Corporation plc, an Irish public limited company (“Prothena”) (and Parent and Prothena, collectively, the “Companies”). 

WHEREAS, the board of directors of Parent has determined that it would be appropriate and desirable to separate a substantial portion of
the drug discovery business platform from Parent; 
 WHEREAS, the board of directors of Parent has approved and declared
advisable the separation of a substantial portion of Parent’s drug discovery business platform pursuant to a “demerger” under Irish law in which Parent will contribute such drug discovery business platform to Prothena (such transfer,
the “Prothena Transfer”) in exchange for Prothena issuing directly to holders of ordinary shares of Parent and American Depositary Shares (“ADSs”) of Parent, on a pro rata basis, Prothena ordinary shares
representing 100% of Prothena’s outstanding ordinary shares (such direct share issuance, the “Distribution”); 
 WHEREAS, Parent and Prothena have entered into the Demerger Agreement pursuant to which Parent shall effect the Prothena Transfer and the Distribution; 

WHEREAS, immediately following the Distribution, Elan Science One Limited, a wholly-owned subsidiary of Parent, will subscribe for 18% of
Prothena’s outstanding ordinary shares in exchange for cash; 
 WHEREAS, the Companies intend that the Prothena Transfer
and the Distribution (taken together) should not give rise to a chargeable gain for Parent in respect of the disposal by Parent of Neotope Biosciences, pursuant to Section 615 of the Taxes Consolidation Act, 1997 of Ireland (the
“TCA”) and should be relieved from Irish stamp duty for which Prothena would otherwise be accountable for, pursuant to Section 80 of the Stamp Duties Consolidation Act, 1999 of Ireland (the “SDCA”); 

WHEREAS, the Companies intend (and save in respect of any cash received in lieu of Prothena ordinary shares) that the Prothena Transfer
and the Distribution (taken together) shall qualify as a “scheme of reconstruction or amalgamation” pursuant to section 587 of the TCA with the result that no chargeable gain for Irish Tax purposes shall arise for shareholders in Parent
within the charge to Irish Tax as a result of the receipt of shares in connection with the Distribution; 

 WHEREAS, the Companies intend that the (i) Prothena Transfer, taken together with the
Distribution, qualify as a “reorganization” under Code Section 368(a)(1)(D), and (ii) the Distribution, as such, qualify as a distribution of Prothena ordinary shares to Parent shareholders pursuant to Code Section 355; and

 WHEREAS, the Companies desire to allocate the Tax responsibilities, liabilities and benefits of certain transactions and to
provide for certain other Tax matters. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained
herein, the Companies (each on behalf of itself and each of its subsidiaries as of the Closing Date and its future subsidiaries) hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 

Section 1.01 Definition of Terms. 
 The following terms shall have the following meanings (such meanings to apply equally to both the singular and the plural forms of the terms defined). Unless otherwise stated, all Section references are
to this Agreement. Any capitalized terms used herein and not otherwise defined shall have the meaning given to such term in the Demerger Agreement. 
 “Active Trade or Business” means the active conduct (determined in accordance with Code Section 355(b)) of the business conducted, prior to the Distribution, by Parent and its
subsidiaries and, after the Distribution, by the Prothena Group members independently and with separate employees. For these purposes, members shall include only those members that are part of the “separate affiliated group” of Parent or
Prothena, as applicable, within the meaning of Code Section 355(b)(3)(B). 
 “Additional Costs” means
liabilities, damages, penalties, judgments, assessments, losses, costs and expenses (including reasonable attorneys’ and accountants’ fees and expenses), whether arising under strict liability or otherwise, in each case, arising out of or
incident to the imposition, assessment or assertion of any Tax or adjustment against a party with respect to an amount for which such party is entitled to indemnification under this Agreement. 

“Adjustment Request” means any formal or informal claim or request for a Refund filed with any Taxing Authority.

 “ADSs” has the meaning set forth in the recitals. 

“Agreement” has the meaning set forth in the recitals. 

“Closing Date” means the date on which the Distribution is consummated. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

  
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 “Companies” has the meaning set forth in the recitals. 

“Demerger Agreement” means the Demerger Agreement, dated as of November 8, 2012, between Parent and Prothena, as may be
amended from time to time. 
 “Distribution” has the meaning set forth in the recitals. 

“Equity Investment” means Prothena’s potential cash issuance of common shares, ordinary shares, American Depository
Receipts, ADSs and/or preferred shares to investors after the Transactions. 
 “Final Determination” means the
final resolution of any Tax liability for any Tax period by or as a result of (i) a final and unappealable decision, judgment, decree or other order by any court of competent jurisdiction, (ii) a final settlement with the United States
Internal Revenue Service, a closing agreement or accepted offer in compromise under Code Sections 7121 or 7122, or a comparable arrangement under the laws of Ireland or another jurisdiction, (iii) any allowance of a Refund in respect of an
overpayment of Tax, but only after the expiration of all periods during which such amount may be recovered by the jurisdiction imposing such Tax, or (iv) any other final disposition, including by reason of the expiration of the applicable
statute of limitations. 
 “Indemnitee” has the meaning set forth in Section 5.01. 

“Indemnifying Party” has the meaning set forth in Section 5.01. 

“Irish Group Relief” means any loss, allowance or other amount eligible for surrender by way of group relief in
accordance with the TCA. 
 “Joint Return” means any Tax Return filed by a Tax Group that includes at least one
Parent Group member and at least one Prothena Group member. 
 “Neotope Biosciences” means Neotope Biosciences
Limited, an Irish private limited company and currently a wholly owned subsidiary of Parent; 
 “Onclave” mean
Onclave Therapeutics Limited, an Irish private limited company and currently a wholly owned subsidiary of Parent. 

“Parent” has the meaning set forth in the recitals. 

“Parent Capital Stock” means (ii) all classes or series of outstanding capital stock of Parent for U.S. federal
income Tax purposes, including ordinary shares, ADSs and all other instruments treated as outstanding equity in Parent for U.S. federal income Tax purposes, and (ii) all options, warrants and other rights to acquire such capital stock.

 “Parent Group” means Parent and each of its subsidiaries, in each case, including any successors thereof,
but excluding Prothena and each of its subsidiaries. 

  
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 “Parent Group Taxes” means any Tax imposed on or payable by the Parent
Group or any member thereof for any Tax period whether or not by reason of being a member of any Tax Group. 

“Post-Distribution Period” means the portion of the Closing Date after the completion of the Distribution and any date
thereafter. 
 “Pre-Closing Period” means any Tax period ending on or before the Closing Date and the portion
of any Straddle Period ending on the Closing Date. 
 “Proceedings” has the meaning set forth in
Section 7.04. 
 “Prothena” has the meaning set forth in the recitals. 

“Prothena Capital Stock” means (i) all classes or series of outstanding capital stock of Prothena for U.S. federal
income Tax purposes, including ordinary shares, preferred shares and all other instruments treated as outstanding equity in Prothena for U.S. federal income Tax purposes, and (ii) all options, warrants and other rights to acquire any such
capital stock (including ordinary shares). 
 “Prothena Group” means Prothena and each of its subsidiaries, in
each case, including any successors thereof, but excluding, for the avoidance of doubt, any member of the Parent Group. 

“Prothena Group Taxes” means (i) in the case of a Prothena Separate Return, any Tax imposed on or payable by the
Prothena Group or any member thereof, and (ii) in the case of a Joint Return, the aggregate Tax liability of the Prothena Group member(s), as determined by Parent pursuant to Section 3.01. 

“Prothena Separate Return” means any Tax Return (other than a Joint Return) that includes or relates to any Prothena
Group member (including any such Tax Return filed by or on behalf of a Tax Group). 
 “Prothena Transfer” has
the meaning set forth in the recitals. 
 “Refund” means any cash refund of Taxes or reduction of Taxes by
means of credit, offset or otherwise, together with any interest received or credited thereon. 
 “Representation
Letter” means the representation letter executed by Parent and Prothena in connection with the delivery of the Tax Opinions. 
 “Restricted Period” means the period commencing upon the Closing Date and ending at the close of business on the first day following the second anniversary of the Closing Date.

 “SDCA” has the meaning set forth in the recitals. 

  
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 “Straddle Period” means a Tax period beginning on or before and ending
after the Closing Date. 
 “Tax” or “Taxes” shall mean all forms of taxation, whenever created
or imposed, and whether of the United States, Ireland or elsewhere, and whether imposed by a federal, state, municipal, governmental, territorial, local, foreign or other body, and without limiting the generality of the foregoing, shall include net
income, gross income, capital gains, gross receipts, sales, use, value added, ad valorem, transfer, recording, franchise, profits, license, lease, service, service use, payroll, wage, withholding, employment, unemployment insurance, workers
compensation, social security, excise, severance, stamp, business license, business organization, occupation, premium, property, environmental, windfall profits, customs, duties, alternative minimum, estimated or other taxes, fees, premiums,
assessments or charges of any kind whatever imposed or collected by any governmental entity or political subdivision thereof, together with any related interest, charges, penalties, additions to such tax or additional amounts imposed with respect
thereto by such governmental entity or political subdivision. 
 “Tax Advisor” has the meaning set forth in
Section 6.01. 
 “Tax Attributes” means net operating losses, capital losses, investment credits, foreign
Tax credits, excess charitable contributions, general business credits, or any other loss, deduction, credit or other comparable item that could reduce a Tax liability. 
 “Tax Contest” means an audit, review, examination or any other administrative or judicial proceeding with the purpose or effect of redetermining Taxes (including any administrative or
judicial review of any Adjustment Request). 
 “Tax Dispute” means any dispute arising in connection with this
Agreement. 
 “Tax-Free Treatment” means (i) for U.S. federal, state or local Tax purposes, (x) the
Prothena Transfer and Distribution, taken together, qualifying as a transaction that is described in Code Sections 355(a) and 368(a)(1)(D), in which the Prothena ordinary shares distributed are “qualified property” under Code
Section 361(c) and Parent shareholders recognize no income or gain for U.S. federal income Tax purposes under Code Section 355 (except to the extent of any cash received in lieu of fractional Prothena ordinary shares), and (y) to the
extent applicable, the Transactions qualify for Tax-Free Treatment under comparable provisions of U.S. state and local Tax law; and (ii) for Irish Tax purposes, the Prothena Transfer and Distribution, taken together, qualifying as (x) a
transaction that falls within the provisions of both section 615 of the TCA and Section 80 of the SDCA and, as a result, does not give rise to a chargeable gain for Parent on the disposal of Neotope Biosciences and does not give rise to a
charge to stamp duty in respect of the transfer of the shares in Neotope Biosciences to Prothena and (y) save in respect of the receipt of any cash in lieu of fractional Prothena ordinary shares, a transaction that falls within Section 587
of the TCA and, as a result, the receipt of Prothena ordinary shares in connection with the Distribution does not give rise to a chargeable gain for shareholders of Parent within the charge to Irish Tax. 

  
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 “Tax Group” means two or more entities that file a Tax Return under
applicable Tax law on an affiliated, consolidated, combined, unitary or other group basis or that are otherwise treated as members of the same group for relevant Tax purposes. 
 “Tax Opinions” means the opinions obtained by Parent with respect to the Prothena Transfer and Distribution. 
 “Tax Return” means any return, filing, report, questionnaire, information statement, claim for Refund, or other document required or permitted to be filed, including any amendments
thereto, for any Tax period with any Taxing Authority. 
 “Taxing Authority” means any governmental authority
imposing Taxes. 
 “TCA” has the meaning set forth in the recitals. 

“Third Party Transaction Taxes” means all liabilities relating to Taxes of any third party, including any Parent
shareholder, for which any Parent Group or Prothena Group member, as the case may be, is or becomes liable, resulting from, or arising in connection with, the failure of the Prothena Transfer and Distribution to qualify for Tax-Free Treatment,
including any liability of Parent under applicable securities laws relating to the failure of the Transactions to qualify for Tax-Free Treatment. 
 “Transaction Document” means any document executed by Parent and/or Prothena, as the case may be, in connection with the Transactions, including this Agreement, the Demerger Agreement and
the Representation Letter. 
 “Transaction Taxes” means all U.S. federal, state and local income and franchise
Taxes and any Irish Taxes of any Parent Group member or Prothena Group member, as the case may be, resulting from, or arising in connection with, the failure of any of the Prothena Transfer and the Distribution to qualify for Tax-Free Treatment.

 “Transactions” means the Prothena Transfer and Distribution, as contemplated by the Demerger Agreement and
other relevant documents. 
 “Transfer Taxes” means any stamp, sales, use, gross receipts, value added, goods
and services, harmonized sales, land transfer or other transfer Taxes imposed in connection with, or that are otherwise related to, the Transactions. For the avoidance of doubt, “Transfer Taxes” shall not include any income or franchise
Taxes payable in connection with the Transactions or Taxes in lieu of any such income or franchise Taxes. 

“Unqualified Opinion” means an opinion obtained by Prothena (at its sole expense), in form and substance satisfactory to
Parent, providing that the completion of a proposed action by the Prothena Group (or, in each case, any member thereof) prohibited by Section 4.02(b) or (c) below would not affect the Tax-Free Treatment. Any Unqualified Opinion shall be
delivered by nationally recognized U.S. tax counsel or Irish tax counsel acceptable to Parent, as applicable, and Parent shall use its reasonable best efforts to determine whether such Unqualified Opinion is reasonably satisfactory to Parent within
30 Business Days of the receipt of such Unqualified Opinion by Parent. 

  
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 “VAT” means value added Tax payable or recoverable pursuant to the VATCA.

 “VAT Group” has the meaning set forth in Section 3.03(a). 

“VATCA” means the Value-Added Tax Consolidation Act, 2010 of Ireland. 

ARTICLE II 

ALLOCATION OF TAXES 
 Section 2.01 Ordinary Course Taxes. 
 (a) Except as provided in Sections
2.02 and 2.03 below, Parent shall indemnify each Prothena Group member against, and hold it harmless from, all Parent Group Taxes. 
 (b) Except as provided in Sections 2.02 and 2.03 below, each Prothena Group member, jointly and severally, shall indemnify each Parent Group member against, and hold it harmless from, all Prothena Group
Taxes (including Taxes payable upon the completion of a Tax Contest, as provided in Section 5.02). 
 (c) If, with respect
to any Prothena Group Tax, the Parent Group (or any member thereof) subsequently receives (or realizes) a Refund, it shall remit to Prothena, within 30 days, the amount of such Refund net of any Taxes or other expenses incurred by the Parent Group
(or any member thereof) in connection with the Refund. 
 (d) Except as provided in Section 2.01(e) below, if, with respect
to any Parent Group Tax, the Prothena Group (or any member thereof) subsequently receives (or realizes) a Refund, it shall remit to Parent, within 30 days, the amount of such Refund net of any Taxes or other expenses incurred by the Prothena Group
(or any member thereof) in connection with the Refund. 
 (e) The Prothena Group, except to the extent not permitted by law,
shall elect to forego, and/or shall not claim, carrybacks of any Tax Attributes of the Prothena Group to a Pre-Closing Period. For the avoidance of doubt, the Prothena Group shall have no claim against the Parent Group (whether pursuant to the terms
of this Agreement or otherwise) to the extent that any Tax Attributes of the Prothena Group available to the Prothena Group as of the Closing Date are subsequently determined to be invalid or are otherwise not available to any Prothena Group member.

 Section 2.02 Transaction Taxes. 
 (a) Subject to the relative fault provision in Section 2.02(c) below, each Prothena Group member, jointly and severally, shall indemnify each Parent Group member against, and hold it harmless from,
any Transaction Taxes and Third Party Transaction Taxes attributable to: 

  
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 (i) any inaccurate representation of fact, plan or intent made by Prothena
in Section 4.01 of this Agreement or in the Representation Letter; and 
 (ii) any action or omission by
Prothena or any of its Affiliates in the Post-Distribution Period, other than any action or omission (x) contemplated under any Transaction Document, or (y) that was taken or omitted in reliance upon any representation, warranty or
covenant made by Parent in this Agreement or the Representation Letter to the extent such representation or warranty is incorrect or such covenant was breached, in whole or in relevant part. 

(b) Subject to the relative fault provision in Section 2.02(c) below, Parent shall indemnify each Prothena Group member against, and
hold it harmless from, any Transaction Taxes and Third Party Transaction Taxes attributable to: 
 (i) any
inaccurate representation of fact, plan or intent made by Parent in Section 4.01 of this Agreement or in the Representation Letter; and 
 (ii) any action or omission by Parent or any of its Affiliates in the Post-Distribution Period, other than any action or omission (x) contemplated under any Transaction Document, or (y) that was
taken or omitted in reliance upon any representation, warranty or covenant made by Prothena in this Agreement or the Representation Letter to the extent such representation or warranty is incorrect or such covenant was breached, in whole or in
relevant part. 
 (c) If the liability for any Transaction Taxes or Third Party Transaction Taxes arises as a result of or is
attributable to (i) any inaccurate representation or any act or omission set forth in Section 2.02(a) above and (ii) any other factor or cause that independently or together with the factors or causes set forth in clause
(i) above contributes to (or results in) a liability for Transaction Taxes, then such liability for Transaction Taxes and Third Party Transaction Taxes shall be shared by the Parent Group and the Prothena Group according to relative fault.

 (d) The party liable for any Transaction Taxes shall be entitled to any Refund of such Transaction Taxes, and, if another
party subsequently receives (or realizes) any such Refund, such party shall, within 30 days, remit the amount of such Refund, net of any Taxes incurred by such party (or any member of its group) in connection with such Refund, to the party entitled
to such Refund under this Agreement. 
 Section 2.03 Transfer Taxes. 

(a) The Parent Group shall be liable for any Transfer Taxes, except to the extent that such liability would not have arisen but for a
voluntary transaction, action or omission carried out, effected or made by any Prothena Group member at any time after the Demerger. The parties shall cooperate in good faith to minimize the amount of any Transfer Taxes and obtain any Refunds
thereof. 
 (b) Without prejudice to the generality of Section 2.03(a) above, Parent shall indemnify Prothena against, and
hold it harmless from, any liability for any Irish stamp duty which Prothena is properly required to pay if it shall be determined that section 80 of the SDCA 

  
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did not apply to the transfer of the shares in Neotope Biosciences Limited pursuant to the Prothena Transfer, except to the extent that such liability would not have arisen but for a voluntary
transaction, action or omission carried out, effected or made by any Prothena Group member at any time after the Demerger. 

(c) In the case of any Transfer Taxes which have given rise to a claim by the Prothena Group under Section 2.03(a) or (b), if the
Prothena Group subsequently receives a Refund of any such Transfer Taxes, Prothena shall remit, within 30 days, to Parent the Refund received by the Prothena Group net of Taxes or other expenses incurred by the Prothena Group in connection with the
Refund. 
 Section 2.04 Entitlement to Tax Attributes. 

Prothena shall procure that each Prothena Group member shall make such surrenders of Irish Group Relief in respect of any accounting
period beginning on or before the Closing Date to any Parent Group member as Parent may, in its sole discretion, direct, provided always that Prothena shall be under no obligation to procure that the Prothena Group make any surrender of Irish Group
Relief to the extent that such surrender cannot lawfully be made. Prothena shall procure that each Prothena Group member, and Parent shall procure that each Parent Group member, shall use all reasonable endeavours to procure that full effect is
given to the surrenders to be made pursuant to this Section 2.04 and that such surrenders are allowed in full by the Irish Revenue Commissioners and (without prejudice to the generality of the foregoing) shall, at each party’s own cost,
sign and submit to the Irish Revenue Commissioners all such Tax returns and other documents as may be necessary to secure that full effect is given to this Section 2.04. For the avoidance of doubt, no payment shall be made by any Parent Group
member to any Prothena Group member in respect of any surrender made pursuant to this Section 2.04. 
 Section 2.05
Additional Costs. 
 Each Party shall be entitled to indemnification for Additional Costs related to any indemnity
payment under this Agreement. 
 ARTICLE III 
 TAX RETURN FILING AND PAYMENT OBLIGATIONS 
 Section 3.01 Tax Return
Preparation and Filing. 
 (a) Subject to Section 3.03, Parent shall prepare and file, or shall cause to be prepared
and filed, all Joint Returns required to be filed under applicable Tax law after the date hereof (including any Joint Returns required to be filed for the taxable period in which the Transactions occur), and shall pay, or cause to be paid, all Taxes
shown to be due and payable on such Joint Returns; provided that Prothena shall (i) provide Parent, within 15 days of its request, with all information requested by Parent for purposes of calculating the Prothena Group’s items of
income, gain, loss, deduction or expense to be reported on any such Joint Return, and (ii) pay to Parent the Prothena Group’s share, if any, of any Tax liability reported on such Joint Return,

  
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within five days of Parent’s delivery of a reasonably detailed calculation of such Tax liability, which calculation shall be made by the Parent Group in accordance with its past practices.
Subject to Section 3.02, Prothena shall prepare and file, or shall cause to be prepared and filed, all Prothena Separate Returns required to be filed under applicable Tax law after the date hereof, and shall pay, or cause to be paid, all Taxes
shown to be due and payable on such Prothena Separate Returns. 
 (b) Except as required by any Transaction Document, Prothena
shall not cause or permit any Prothena Group member to take any action on the Closing Date other than in the ordinary course of business, including the sale of any assets, distribution of any dividend or making of any Tax election. 

Section 3.02 Treatment of Transactions and Reporting Obligations. 

The parties shall report the Transactions for all applicable Tax purposes in a manner consistent with the Tax Opinions, unless, and then
only to the extent, an alternative position is required pursuant to a Final Determination. Parent shall determine the Tax reporting of any issue relating to the Transactions that is not covered by the Tax Opinion. The parties shall comply (and cause
their subsidiaries to comply) with all applicable reporting requirements of U.S. Treasury Regulation Section 1.368-3. 

Section 3.03 VAT. 
 (a) Parent shall procure that, effective as of the Closing Date, Neotope Biosciences and Onclave shall cease to be members of a group within the meaning of section 15 of the VATCA in respect of which any
Parent Group member is also a member (a “VAT Group”). 
 (b) Prothena shall procure that Neotope Biosciences or
Onclave, as appropriate, pay to Parent (or to such Parent Group member as Parent may direct) the appropriate Prothena Group member’s share, if any, of any VAT liability for which any Parent Group member is liable in respect of the VAT due on
supplies by Neotope Biosciences or Onclave for a Straddle Period, and such payment shall be made within 5 days of Parent’s delivery of a reasonably detailed calculation of such VAT liability, which calculation shall be made by the Parent Group
in accordance with its past practices. Parent shall prepare and file, or shall cause to be prepared and filed, any Tax return required to be filed under applicable Tax law by any VAT Group in respect of a Straddle Period, and shall pay, or cause to
be paid, all Taxes shown to be due and payable on such Tax return. 
 ARTICLE IV 

TAX-FREE TREATMENT OF DISTRIBUTION & RELATED TRANSACTIONS 

Section 4.01 Representations. 
 (a) Parent represents and warrants that, as of the Closing Date, (i) the Transaction Documents, including all statements in the Transaction Documents by or about the

  
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Prothena Group, are true, correct and complete in all material respects, and Parent knows of no other facts that could cause any Transaction to fail to qualify for Tax-Free Treatment, and
(ii) it has no plan or intention to take any action inconsistent with the Representation Letter or any covenant of any Parent Group member set forth in any Transaction Document. 

(b) Prothena represents and warrants that, as of the Closing Date, (i) all statements in the Transaction Documents by or about the
Prothena Group, and any member thereof, are true, correct and complete in all material respects, and Prothena knows of no other facts that could cause any Transaction to fail to qualify for Tax-Free Treatment, and (ii) it has no plan or
intention to take any action inconsistent with the Representation Letter or any covenant of any Prothena Group member set forth in any Transaction Document. 
 Section 4.02 Covenants. 
 (a) During the Restricted Period,
(i) neither Parent nor any of its Affiliates (or any officers or directors acting on behalf of Parent or any of its subsidiaries, or any Person acting with the implicit or explicit permission of any such officers or directors) shall take or
fail to take any action if such action (or the failure to take such action) would (x) be inconsistent with any covenant, representation or statement made by, Parent or any of its Affiliates in the Representation Letter or in any Transaction
Document, or (y) prevent, or be reasonably likely to prevent, the Transactions (or any portion thereof) from qualifying for Tax-Free Treatment; and (ii) none of Prothena or any of its Affiliates (or any officers or directors acting on
behalf of Prothena or any of its subsidiaries, or any Person acting with the implicit or explicit permission of any such officers or directors) shall take or fail to take any action if such action (or the failure to take such action) would
(x) be inconsistent with any covenant, representation or statement made by, Prothena or any of its Affiliates in the Representation Letter or in any Transaction Document, or (y) prevent, or be reasonably likely to prevent, the Transactions
(or any portion thereof) from qualifying for Tax-Free Treatment. 
 (b) Without limiting the generality of the foregoing, during
the Restricted Period and subject to Section 4.02(d), neither Prothena nor any of its Affiliates (or any officers or directors acting on behalf of Prothena or any of its subsidiaries, or any Person acting with the implicit or explicit
permission of any such officers or directors) shall: 
 (i) merge or consolidate Prothena with any other Person,
or liquidate or partially liquidate Prothena; 
 (ii) cause or permit Prothena to be treated as other than a
corporation for U.S. federal income Tax purposes; 
 (iii) discontinue, sell, transfer or cease to maintain the
Active Trade or Business (including by failing to make reasonable efforts to pursue opportunities to perform research and development services for unrelated parties with whom Prothena or any of its subsidiaries is otherwise collaborating), or engage
in any transaction that could result in Prothena ceasing to be engaged in the Active Trade or Business; 
 (iv)
redeem, repurchase or otherwise acquire any outstanding Prothena Capital Stock; 

  
 -11-

 (v) issue any shares of Prothena Capital Stock, other than shares of
Prothena Capital Stock issued in the Equity Investment and to employees of the Prothena Group as compensation for services; 
 (vi) amend, terminate or fail to enforce the terms of any proxy agreement entered into between Parent and Prothena with respect to the voting of Parent’s shares of Prothena Capital Stock; 

(vii) take any action that permits a proposed acquisition of Prothena Capital Stock to occur by means of an agreement to
which Prothena is a party, including by (x) soliciting any Person to make a tender offer for, or otherwise acquire or sell, Prothena Capital Stock (other than the Equity Investment and shares of Prothena Capital Stock issued to employees of the
Prothena Group as compensation for services) or approving or otherwise permitting any such transaction, (y) participating in or otherwise supporting any unsolicited tender offer for, or other unsolicited acquisition or disposition of, Prothena
Capital Stock or approving or otherwise permitting any such transaction, or (z) making a determination that a tender offer is a “permitted offer” under any such plan or otherwise causing any such plan to be inapplicable or neutralized
with respect to any proposed acquisition of Prothena Capital Stock; or 
 (viii) without duplication for
Section 4.02(b)(iii), sell, transfer or otherwise cease to be the beneficial owner of the shares of Neotope Biosciences acquired by Prothena pursuant to the Prothena Transfer. 

(c) To the extent that, as a result of a subsequent amendment to the Code and/or the U.S. Treasury Regulations, any action or a failure
to take any action by a Parent Group member or a Prothena Group member could affect any Transaction’s qualification for Tax-Free Treatment, then the covenants contained in Section 4.02(a)(i)(y) and in Section 4.02(a)(ii)(y) shall
automatically be deemed to incorporate by reference such actions and the failure to take such actions, and the Prothena Group shall comply with the requirements of the relevant amendment through the end of the Restricted Period; provided,
however, that, for the avoidance of doubt, no such action or failure to take any such action before the date the relevant amendment is enacted shall constitute a breach of such Sections to the extent such actions or failure to take such
actions would not have otherwise constituted a breach of such Sections before such date. 
 (d) For the avoidance of doubt,
neither the Prothena Group nor any of its Affiliates shall take any action prohibited by Section 4.02(b) or Section 4.02(c), unless (i) Parent receives prior written notice describing the proposed action in reasonable detail, and
(ii) the Prothena Group delivers to Parent an Unqualified Opinion and Parent, in its reasonable discretion, which discretion shall be exercised in good faith solely to preserve the Tax-Free Treatment, provides its written consent permitting the
proposed action. Parent’s obligation to cooperate in connection with the Prothena Group’s delivery of an Unqualified Opinion is as expressly set forth in Section 5.06(b) below. For the avoidance of doubt, the Parent Group’s right
to indemnification for Transaction Taxes shall be determined without regard to whether the Prothena Group satisfies any or all of the requirements of this Section 4.02(d). 

  
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 (e) After the Distribution, each of Prothena and its Affiliates shall maintain its books and
records for financial reporting and, to the extent applicable, U.S. federal income Tax purposes using the accrual method of accounting. 
 ARTICLE V 
 TAX CONTESTS; INDEMNIFICATION; COOPERATION 

Section 5.01 Notice. 
 Within 30 days after a party (the “Indemnitee”) becomes aware of the existence of a Tax Contest that may give rise to an indemnification claim by it against another party under this
Agreement (each such party, an “Indemnifying Party”), the Indemnitee shall promptly notify the Indemnifying Parties of the Tax Contest, and thereafter shall promptly forward or make available to the Indemnifying Parties copies of
all notices and communications with a Taxing Authority solely to the extent relating to such Tax Contest; provided, however, that any delay on the part of the Indemnitee in notifying the Indemnifying Parties shall not relieve the
Indemnifying Parties from any obligation hereunder unless (and then solely to the extent) the Indemnifying Parties are actually prejudiced thereby. 
 Section 5.02 Control of Tax Contests. 
 Parent shall have the right to
(i) contest, compromise or settle any adjustment or deficiency proposed or asserted with respect to any Tax liability with respect to a Joint Return or any Irish stamp duty liability which Prothena is required to pay if it shall be asserted
that section 80 of the SDCA did not apply to the transfer of the shares in Neotope Biosciences pursuant to the Prothena Transfer, and (ii) file, prosecute, compromise or settle any Adjustment Request (and determine the manner in which any
Refund shall be received) with respect to any Tax addressed in clause (i) immediately above; provided that, to the extent a Tax Contest solely relates to Transaction Taxes with respect to which the Prothena Group could be liable under
Section 2.02(a), Parent shall reasonably consult with the Prothena Group with respect to Parent’s defense and control of such Tax Contest. 
 Section 5.03 Indemnification Payments. 
 An Indemnitee shall be
entitled to make a claim, including, for the avoidance of doubt, any claim for Third Party Transaction Taxes, for payment pursuant to this Agreement at the time the Indemnitee determines that it is entitled to such payment. The Indemnitee shall
provide to the Indemnifying Parties notice of such claim within 30 days of the date on which it first determines that it is entitled to claim such payment, including a description of such claim and a detailed calculation of the amount of the
indemnification payment that is claimed; provided, however, that any delay on the part of the Indemnitee in notifying the Indemnifying Parties shall not relieve the Indemnifying Parties from any obligation hereunder unless (and then
solely to the extent) the Indemnifying Parties are actually prejudiced thereby. Unless the Indemnifying Parties reasonably dispute their liability for, or the amount of, an indemnity payment, such parties shall make the claimed payment to the
Indemnitee within 10 days after receiving notice of (i) the Indemnitee’s payment of a Tax for which the Indemnifying Parties are liable under this Agreement, or (ii) a Final Determination which results in the Indemnifying Parties
becoming obligated to make a payment to the Indemnitee under this Agreement. 

  
 -13-

 Section 5.04 Interest on Late Payments. 

With respect to any indemnification payment (including any disputed payment that is ultimately required to be paid) not made by the due
date for payment set forth in this Agreement, interest shall accrue at a rate of 2% above EURIBOR for the period from the date falling 30 Business Days after the due date to the date of actual payment. 

Section 5.05 Treatment of Indemnity Payments. 
 Except for any payment of interest under Section 5.04 and in the absence of a Final Determination to the contrary, any amount payable with respect to any Tax under this Agreement shall, to the extent
permitted under applicable Tax law, be treated as occurring immediately prior to the Transactions, as an inter-company distribution or a contribution to capital, as the case may be. Notwithstanding the foregoing, the amount of any indemnity payment
under this Agreement shall be (i) decreased to take into account any Tax benefit actually realized by the Indemnitee (or an Affiliate thereof) arising from the incurrence or payment of the relevant indemnified item, and (ii) increased to
take into account any Tax cost actually incurred by the Indemnitee (or an Affiliate thereof) arising from the receipt of the relevant indemnity payment. Any indemnity payment will initially be made without regard to this Section 5.05 and will
be reduced or increased to reflect any applicable Tax benefit or Tax cost, as the case may be, within 30 days after the Indemnitee (or an Affiliate thereof) actually realizes such Tax benefit or incurs such Tax cost by way of a Refund, an increase
in Taxes or otherwise. In the event of a Final Determination relating to the Indemnitee’s (or its Affiliate’s) incurrence or payment of an indemnified item and/or receipt of an indemnity payment pursuant to this Section 5.05, the
Indemnitee will, within 30 days of such Final Determination, provide the other parties with notice thereof and supporting documentation addressing, in reasonable detail, the amount of any reduction or increase in Taxes of the Indemnitee (or its
Affiliate) resulting from such Final Determination, and the parties will promptly make any payments necessary to reflect the relevant reduction or increase in Tax liability. 
 Section 5.06 Cooperation. 
 (a) Pursuant to this Agreement, each
member of the Parent Group and the Prothena Group shall cooperate fully with all reasonable requests from the other parties in connection with the preparation and filing of Tax Returns and Adjustment Requests, the resolution of Tax Contests and any
other matters covered herein. If any parties fail to comply with any of their obligations set forth in this Section 5.06(a), and such failure results in the imposition of additional Taxes, the nonperforming parties shall be liable for such
additional Taxes. 
 (b) In connection with the foregoing, Parent shall, at Prothena’s sole expense, reasonably cooperate
with Prothena, upon its written request, in connection with obtaining an Unqualified Opinion; provided, however, that Parent’s cooperation shall not affect the Parent Group’s indemnity obligation for Taxes under this
Agreement, decrease in any respect the Prothena Group’s indemnity obligation for Taxes under this Agreement, or cause any member of the Parent Group to have any liability to any third party. 

  
 -14-

 Section 5.07 Confidentiality. 

Any information or document provided under this Agreement shall be kept confidential by the recipient parties, except as may otherwise be
necessary in connection with the filing of any Tax Return or the resolution of any Tax Contest. In addition, if Parent or Prothena determines that providing any information or document could be commercially detrimental, violate any law or agreement
or waive any privilege, the parties shall use their reasonable best efforts to permit compliance with the obligations under this Agreement in a manner that avoids any such harm or consequence. 

ARTICLE VI 

DISPUTE RESOLUTION 
 Section 6.01 Tax Disputes. 
 The parties shall endeavor, and shall
cause their respective Affiliates to endeavor, to resolve in good faith all disputes arising in connection with this Agreement. The parties shall negotiate in good faith to resolve any Tax Dispute within 30 days. Upon written notice by a party after
such 30-day period, the matter will be referred to a U.S. tax counsel or other tax advisor of recognized national standing (the “Tax Advisor”) that will be jointly chosen by Parent and Prothena; provided, however,
that, if Parent and Prothena do not agree on the selection of the Tax Advisor after 10 days of good faith negotiation, their respective U.S. or Irish tax counsel or other advisors of recognized national standing shall select a mutually acceptable
Tax Advisor within the following 10-day period. The Tax Advisor may, in its discretion, obtain the services of any third party necessary to assist the Tax Advisor in resolving the Tax Dispute. The Tax Advisor shall furnish written notice to the
Companies of its resolution of the Tax Dispute as soon as practicable, but in any event no later than 90 days after acceptance of the matter for resolution. Any such resolution by the Tax Advisor shall be binding on the parties, and the parties
shall take, or cause to be taken, any action necessary to implement such resolution. All fees and expenses of the Tax Advisor shall be shared equally by Parent and the Prothena Group. If the parties are unable to find a Tax Advisor willing to
adjudicate the Tax Dispute and whom the parties, acting in good faith, find acceptable (under the standards set forth in this Section 6.01), (i) the Tax Dispute will be submitted for mediation, and (ii) if the Tax Dispute is not
resolved in mediation, either party will have the right to commence litigation, in a manner consistent with Clause 30 of the Demerger Agreement. If any dispute regarding the preparation of a Tax Return is not resolved before the due date for filing
such return, the return shall be filed in the manner deemed correct by the party responsible for filing the return without prejudice to the rights and obligations of the parties hereunder; provided that the preparing party shall file an
amended Tax Return, within 10 days after the completion of the process set forth in this Section 6.01, reflecting any changes made in connection with such process. 

  
 -15-

 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.01 Authorization. 

Each party hereby represents and warrants that it has the power and authority to execute, deliver and perform this Agreement, that this
Agreement has been duly authorized by all necessary corporate action on the part of such party, that this Agreement constitutes a legal, valid and binding obligation of such party, and that the execution, delivery and performance of this Agreement
by such party does not contravene or conflict with any provision of law or of its charter or bylaws or any agreement, instrument or order binding on such party. 
 Section 7.02 Expenses. 
 Except as otherwise provided in this
Agreement or any other Transaction Document, each party will bear its own expenses in connection with the matters addressed herein. 
 Section 7.03 Entire Agreement. 
 This Agreement and the other
Transaction Documents, including any related annexes, schedules and exhibits, as well as any other agreements and documents referred to herein and therein, will together constitute the entire agreement between the parties with respect to the subject
matter hereof and thereof and will supersede all prior negotiations, agreements and understandings of the parties of any nature, whether oral or written, with respect to such subject matter. 

Section 7.04 Governing Law. 
 This Agreement is governed by and shall be construed in accordance with the laws of Ireland. The courts of Ireland are to have exclusive jurisdiction to settle any dispute, whether contractual or
non-contractual, arising out of or in connection with this Agreement. Any proceeding, suit or action arising out of or in connection with this Agreement or the negotiation, existence, validity or enforceability of this Agreement
(“Proceedings”) shall be brought only in the courts of Ireland. Each of the Companies waives (and agrees not to raise) any objection, on the ground of forum non conveniens or on any other ground, to the taking of Proceedings
in the courts of Ireland. Each Party also agrees that a judgment against such party in Proceedings brought in shall be conclusive and binding upon such party and may be enforced in any other jurisdiction. Each of the Companies irrevocably submits
and agrees to submit to the jurisdiction of the courts of Ireland. 
 Section 7.05 Notice. 

All notices, requests, permissions, waivers and other communications hereunder will be in writing and will be deemed to have been duly
given (i) five Business Days following sending by registered or certified mail, postage prepaid, (ii) when sent, if sent by facsimile; provided that the facsimile transmission is promptly confirmed by telephone, (iii) when

  
 -16-

 
delivered, if delivered personally to the intended recipient, and (iv) one Business Day following sending by overnight delivery via a national courier service and, in each case, addressed to
a party at the following address for such party: 
  

	If to Parent:	Elan Corporation, plc 

	    	Treasury Building 

	    	Lower Grand Canal Street 

	    	Dublin 2 

	    	Ireland 

	    	Tel.: +353 1 709 4000 

	    	Fax: +353 1 709 4713 

	    	Attention: William F. Daniel, Company Secretary 

  

	    	with a copy to (which shall not constitute notice): 

  

	    	A&L Goodbody 

	    	International Financial Services Centre 

	    	North Wall Quay 

	    	Dublin 1 

	    	Tel.: +353 1 649 2000 

	    	Fax: +353 1 649 2649 

	    	Attention: John Given/Darragh O’Dea 

  

	    	and 

  

	    	Cadwalader, Wickersham & Taft LLP 

	    	One World Financial Center 

	    	New York, NY 10281 

	    	USA 

	    	Tel.: +1 212 504 6000 

	    	Fax: + 212 504 6666 

	    	Attention: Christopher T. Cox 

  

	If to Prothena:	Prothena Corporation plc 

	    	650 Gateway Boulevard 

	    	South San Francisco 

	    	CA 94080 

	    	U.S.A. 

	    	Tel.: +1 650-837-8550 

	    	Fax: + 2 650-837-8560 

	    	Attention: Dale Schenk, CEO 

  
 -17-

	    	with a copy to (which shall not constitute notice): 

  

	    	Prothena Corporation plc 

	    	25-28 North Wall Quay 

	    	Dublin 1 

	    	Ireland 

	    	Tel.: +353 1 649 2000 

	    	Fax: +353 1 649 2649 

	    	Attention: John Given 

 or to such other
address(es) as will be furnished in writing by any such party to the other party in accordance with the provisions of this Section 7.05. Any notice to Parent will be deemed notice to all members of the Parent Group and any notice to Prothena
will be deemed notice to all members of the Prothena Group. 
 Section 7.06 Priority of Agreements. 

If there is a conflict between any provision of this Agreement and a provision in another Transaction Document, the provision of this
Agreement will control, unless specifically provided otherwise in this Agreement or in the applicable Transaction Document. 

Section 7.07 Amendments and Waivers. 
 (a) This Agreement may be amended and any provision of this Agreement may be waived; provided that any such amendment or waiver will be binding upon a party only if such amendment or waiver is set
forth in a writing executed by such party. No course of dealing between or among any Persons having any interest in this Agreement will be deemed effective to modify, amend or discharge any part of this Agreement or any rights or obligations of any
party hereto under or by reason of this Agreement. 
 (b) No delay or failure in exercising any right, power or remedy hereunder
will affect or operate as a waiver thereof; nor will any single or partial exercise thereof or any abandonment or discontinuance of steps to enforce such a right, power or remedy preclude any further exercise thereof or of any other right, power or
remedy. The rights and remedies hereunder are cumulative and not exclusive of any rights or remedies that any party hereto would otherwise have. Any waiver, permit, consent or approval of any kind or character of any breach or default under this
Agreement or any such waiver of any provision of this Agreement must satisfy the conditions set forth in this Section 7.07(b) and will be effective only to the extent in such writing specifically set forth. 

Section 7.08 Termination. 
 This Agreement shall automatically terminate, without further action by any party hereto, upon the termination of the Demerger Agreement if such termination occurs prior to the Distribution. If
terminated, no party will have any liability of any kind to the other parties or any other Person on account of the termination or otherwise with respect to this Agreement. 

  
 -18-

 Section 7.09 No Third Party Beneficiaries. 

Except as otherwise provided in the indemnification provisions contained herein, this Agreement is solely for the benefit of the parties
hereto and does not confer on third parties (including any employees of any member of the Parent Group or the Prothena Group) any remedy, claim, reimbursement, claim of action or other right in addition to those existing without reference to this
Agreement. 
 Section 7.10 Assignability. 
 No party will assign its rights or delegate its duties under this Agreement without the written consent of the other parties, except that any party may assign its rights or delegate its duties under this
Agreement to an Affiliate; provided that such assigning party agrees in writing to be bound by the terms and conditions contained in this Agreement , and provided, further, that the assignment or delegation will not relieve any
party of its indemnification obligations or obligations in the event of a breach of this Agreement. Except as provided in the preceding sentence, any attempted assignment or delegation will be void. 

Section 7.11 Enforcement. 
 The parties agree that irreparable damage would occur to Parent and Prothena in the event that any provision of this Agreement were not performed in accordance with the terms hereof. The parties agree
that Parent and Prothena shall be entitled to injunctive relief to prevent any breach of this Agreement and to enforce specifically the terms and provisions hereof, such remedy being in addition to any other remedy to which a party may be entitled
at law or in equity. 
 Section 7.12 Survival. 

All Sections of this Agreement shall be unconditional and absolute and shall remain in effect without limitation as to time (except to
the extent any Sections expressly provide for an earlier date, in which case, as of such date). 
 Section 7.13
Construction. 
 The descriptive headings herein are inserted for convenience of reference only and are not intended to
be a substantive part of or to affect the meaning or interpretation of this Agreement. Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise modified from time to time in accordance
with the terms thereof, and if applicable hereof. The use of the words “include” or “including” in this Agreement will be by way of example rather than by limitation. The use of the words “or,” “either” or
“any” will not be exclusive. The parties have participated jointly in the negotiation and drafting of this Agreement, and the parties acknowledge that, in the event an ambiguity or question of intent or interpretation arises, this
Agreement will be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. Except as otherwise
expressly provided elsewhere in this Agreement or any other Transaction Document, any provision herein which contemplates the agreement, approval or consent of, or exercise of 

  
 -19-

 
any right of, a party, such party may give or withhold such agreement, approval or consent, or exercise such right, in its sole and absolute discretion, the parties hereto hereby expressly
disclaiming any implied duty of good faith and fair dealing or similar concept. 
 Section 7.14 Severability.

 The parties agree that (i) the provisions of this Agreement shall be severable in the event that for any reason
whatsoever any of the provisions hereof are invalid, void or otherwise unenforceable, (ii) any such invalid, void or otherwise unenforceable provisions shall be replaced by other provisions which are as similar as possible in terms to such
invalid, void or otherwise unenforceable provisions but are valid and enforceable, and (iii) the remaining provisions shall remain valid and enforceable to the fullest extent permitted by Applicable Law. 

Section 7.15 Counterparts. 
 This Agreement may be executed in multiple counterparts (any one of which need not contain the signatures of more than one party), each of which will be deemed to be an original but all of which taken
together will constitute one and the same agreement. This Agreement, and any amendments hereto, to the extent signed and delivered by means of a facsimile machine or other electronic transmission, will be treated in all manner and respects as an
original agreement and will be considered to have the same binding legal effects as if it were the original signed version thereof delivered in person. At the request of any party, the other parties will re-execute original forms thereof and deliver
them to the requesting party. No party will raise the use of a facsimile machine or other electronic means to deliver a signature or the fact that any signature was transmitted or communicated through the use of facsimile machine or other electronic
means as a defense to the formation of a Contract and each such party forever waives any such defense. 
 Section 7.16
Successors. 
 For the avoidance of doubt, for all purposes of this Agreement, a party shall be subject to all of the
restrictions and obligations, and shall have all of the rights, of such party’s predecessor. 

  
 -20-

 IN WITNESS whereof this Agreement has been duly executed as a deed by the parties to it on
the date set out at the beginning of this Agreement. 
 GIVEN UNDER THE COMMON SEAL 

of ELAN CORPORATION, PLC 
 in the
presence of: 
  

	
	
	  
	Signature of Director
	
	  
	Signature of Director/Secretary

 GIVEN UNDER THE COMMON SEAL 
 of PROTHENA CORPORATION PLC 
 in the presence of: 

 

	
	
	  
	Signature of Director
	
	  
	Signature of Director/SecretaryForm of Transitional Services Agreement

 Exhibit 10.2 
 DATED [                    ] 2012 

Elan Corporation Plc 
 and 
 Prothena Corporation Plc 

 
  

TRANSITIONAL SERVICES AGREEMENT 
  

 
  
  

 CONTENTS 
  

							
	1.	 	INTERPRETATION	  	 	1	  
	2.	 	SERVICES TO BE PROVIDED	  	 	5	  
	3.	 	WARRANTIES	  	 	6	  
	4.	 	PERSONNEL	  	 	6	  
	5.	 	DURATION	  	 	6	  
	6.	 	SERVICE FEES	  	 	6	  
	7.	 	TRANSITIONAL SERVICES CHANGE MANAGEMENT	  	 	7	  
	8.	 	INTELLECTUAL PROPERTY	  	 	7	  
	9.	 	DATA PROTECTION	  	 	7	  
	10.	 	TERMINATION	  	 	8	  
	11.	 	EFFECT OF TERMINATION	  	 	9	  
	12.	 	LIABILITY	  	 	9	  
	13.	 	AUDIT ACCESS	  	 	9	  
	14.	 	CONFIDENTIALITY	  	 	9	  
	15.	 	FORCE MAJEURE	  	 	10	  
	16.	 	ENTIRE AGREEMENT	  	 	10	  
	17.	 	ASSIGNMENT	  	 	10	  
	18.	 	SUB-CONTRACTING	  	 	10	  
	19.	 	NO PARTNERSHIP	  	 	10	  
	20.	 	VARIATION	  	 	10	  
	21.	 	SEVERABILITY	  	 	10	  
	22.	 	WAIVER	  	 	11	  
	23.	 	EXPENSES	  	 	11	  
	24.	 	NOTICES	  	 	11	  
	25.	 	DISPUTE ESCALATION PROCEDURE	  	 	11	  
	26.	 	NON SOLICITATION	  	 	12	  
	27.	 	COUNTERPARTS	  	 	12	  
	28.	 	GOVERNING LAW AND JURISDICTION	  	 	12	  

 SCHEDULE 1 – Transitional Services 
 SCHEDULE 2 – Service Fees 
 SCHEDULE 3 – Transitional Services Committee

 SCHEDULE 4 – Premises 

 THIS AGREEMENT is made the      day of
                 2012 (the “Effective Date”). 

BETWEEN: 
  

	 	(1)	Elan Corporation Plc, a public limited company incorporated in Ireland (registered number 30356) having its registered office is at Treasury Building, Lower
Grand Canal Street, Dublin 2, Ireland (“Elan”); 

  

	 	(2)	Prothena Corporation Plc, a public limited company incorporated in Ireland (registered number 518146) having its registered office is at 25-28 North Wall Quay,
Dublin 2 (“Prothena”) 

 (each a “Party” and together the “Parties”).

 WHEREAS: 
  

	A.	Elan entered into a demerger agreement with Prothena dated
[                    ] 2012 (the “Demerger Agreement”), pursuant to which the Prothena Business (as defined in the Demerger
Agreement) will be separated from Elan and transferred to Prothena. 

  

	B.	In accordance with the Demerger Agreement, Elan has agreed to provide to Prothena certain transition services for specified periods following Completion (as defined in
the Demerger Agreement), as set forth in Part A of Schedule 1. 

  

	C.	Elan desires to purchase from Prothena, and Prothena desires to provide to Elan certain transition services for specified periods following Completion as set forth in
Part B of Schedule 1. 

 NOW IT IS HEREBY AGREED as follows: 

 

	1.	INTERPRETATION 

  

	1.1.	Definitions 

 In this
Agreement the following terms shall have the meanings specified below: 
 Affiliate means, in relation to either party,
any company which is for the time being a holding company of that party or a subsidiary of that party or of any such holding company (as defined in Section 155 of the Companies Act 1963 (as amended)). 

Agreement means this agreement and the schedules hereto; 
 Applicable Law means any Irish, U.S. federal, state, local or other foreign statute, enactment, ordinance, order, regulation, guidance or other similar instrument (including building codes and
local authority byelaws) which relate to the provision or receipt of the Transitional Services or otherwise relate to the performance of this Agreement; 
 Background Intellectual Property Rights means any Intellectual Property Rights owned by or licensed to either Party and used by that Party in the provision of the Transitional Services; 

Breaching Party has the meaning set forth in clause 10.3; 

Business Day means 9am to 5.30pm on any day that is not a Saturday or a Sunday or public holiday, on which the banks are generally
open for business in Ireland and New York City, New York, United States; 
 Completion has the meaning given to it in the
Demerger Agreement; 
 Computer Systems means the computer equipment, software, ancillary equipment, communications
equipment, operating software, routers, hubs, servers, micro processors, firmware and any equipment or systems containing, controlled or affected by any of the foregoing and used by either Party in the supply of the Transitional Services;

  
 1 

 Confidential Information means any information which might fairly be considered to be
of a confidential nature including commercial, business, financial, technical, operational, administrative, marketing, economic or other information or data (including trade secrets, know-how, customer and supplier details, new products, prices,
strategy, marketing, business opportunities and future plans) in whatever form supplied or received (whether in oral, written, magnetic, electronic, digital or any other form) relating to the business and/or the affairs of either Party which is
directly or indirectly disclosed or made available in connection with this Agreement by either Party, or on either Party’s behalf, to the other Party and/or any of the other Party’s directors, officers, employees, advisers or consultants
before or after the date of this Agreement; 
 Continuing Affiliate means any Affiliate of Elan that will continue to be
an Affiliate of Elan following Completion; 
 Data Protection Law means the Data Protection Acts 1988 and 2003 or any
other similar Applicable Law and where Data Controller, Data Processor and Personal Data or Processing are referred to in this Agreement they shall have the respective meanings set out in the Data Protection Law; 

Demerger Agreement has the meaning given to it in the Recitals 

Effective Date means the date of Completion; 
 Elan has the meaning set forth in the Recitals; 
 Elan Services Fees
has the meaning given to it in Clause 6; 
 Elan Services means the services to be provided by Elan to Prothena under
this Agreement as set out in Part A of Schedule 1 (which for the avoidance of doubt include the IT Services). 
 Force
Majeure means in relation to any Party, any circumstances beyond the reasonable control of that Party involving war, insurrection, riot, civil commotion, acts of terrorism, act of God, market closure (which is not in the ordinary course of
business), fire, water damage, explosion, mechanical breakdown, any law, decree, regulation or order of any government or governmental body (including any court or tribunal), any material interruption in telecommunications, Internet or utilities
services, in each case which is beyond the affected Party’s reasonable control and which actually prevents, hinders or delays such Party from performing its obligations under this Agreement; 

Good Industry Practice means, in relation to any undertaking and any circumstances, the exercise of the skill, diligence, and
prudence which would be expected from a reasonably skilled and experienced person engaged in the same type of undertaking in the same industry sector; 
 Initiating Party has the meaning given in clause 10.3; 
 Intellectual
Property Right means any trade mark, service mark, trade name, mask work, invention, discoveries, concepts, ideas and improvements to existing technology, patent, patent application, trade secret, copyright, know-how, data, proprietary
information, processes, procedure, protocol, techniques, designs, formulae, products, compounds, compositions, material, technologies, apparatus, devices, assays, screens, Internet domain names, trade dress and general intangibles of like nature
(together with goodwill), customer lists, confidential information, licences, software, databases and compilations including any and all collections of data and all documentation thereof (including any registrations or applications for registration
of any of the foregoing) all rights in or to any of the foregoing and any other similar type of proprietary intellectual property rights and “Intellectual Property” shall be construed accordingly; 

IT Services means the IT services more particularly described in Part A of Schedule 1; 

IT Services Agreement means any agreement to be entered into by Elan with a third party for the provision of the whole or part of
the IT Services; 
 Nominated Representatives means the representative of each of the Parties for the purposes of this
Agreement identified in Schedule 3; 

  
 2 

 Party has the meaning given in the Recitals; 

Personal Data has the meaning given to it under the applicable Data Protection Law; 

Personnel means those employees and other personnel of either Party, allocated by such Party to provide the Transitional Services
or otherwise to be involved in the performance of this Agreement, including the Nominated Representatives; 
 Premises
means the premises identified in Schedule 4; 
 Proceedings shall have the meaning given in clause 28.2; 

Prothena Business has the meaning given to it in the Demerger Agreement; 

Prothena Services Fees has the meaning given to it in clause 6; 

Prothena Services means the services to be provided by Prothena and its Affiliates to Elan as set out in Part B of Schedule 1;

 Provider means (i) Elan or its Affiliates, as applicable, with respect to the Elan Services and
(ii) Prothena or its Affiliates, as applicable, with respect to the Prothena Services; 
 Service Fees means the
fees to be paid for the Transitional Services pursuant to clause 6 as more particularly set out in Schedule 2; 
 Service
Recipient means (i) Prothena or its Affiliates with respect to the Elan Services and (ii) Elan or any Continuing Affiliate with respect to the Prothena Services; 
 Service Tax or Service Taxes means sales, use, VAT (as defined below), ad volorem, transfer, recording, service, service use, and other similar taxes, fees, premiums, assessments or charges imposed
or collected by any governmental entity or political subdivision thereof, together with any related interest and any penalties, additions to such tax or additional amounts imposed with respect thereto by such governmental entity or political
subdivision; 
 Service Term means, in respect of each Transitional Service, the period from the date on which the
Transitional Service is scheduled to commence and on which the Transitional Service (or part of a Transitional Service) is provided during the Term as set out in Schedule 1, or if earlier, the date on which the Transitional Service is terminated in
accordance with Clause 10; 
 Transitional Services means either or both of the Elan Services and the Prothena Services,
as the context so requires and “Transitional Service” shall be construed accordingly; 
 Transitional
Services Commencement Date means the date of Completion; 
 Transitional Services Management Committee means the
committee to be established by the Parties pursuant to clause 7; 
 Term has the meaning given in clause 5; and

 VAT means Value Added Tax. 
  

	1.2.	Interpretation Generally 

  

	 	1.2.1.	Any reference to any statute, statutory provision or to any order or regulation shall be construed as a reference to that statute, provision, order or regulation as
extended, modified, replaced or re-enacted from time to time (whether before or after the date of this Agreement) and all statutory instruments, regulations and orders from time to time made thereunder or deriving validity therefrom (whether before
or after the date of this Agreement); 

  

	 	1.2.2.	words denoting any gender include all genders and words denoting the singular include the plural and vice versa; 

  
 3 

	 	1.2.3.	all references to recitals, clauses, paragraphs, schedules and annexures are to recitals in, clauses and paragraphs of and schedules and annexures to this Agreement,
unless specified otherwise; 

  

	 	1.2.4.	headings are for convenience only and shall not affect the interpretation of this Agreement; 

 

	 	1.2.5.	words such as “hereunder”, “hereto”, “hereof” and “herein” and other words commencing with “here” shall unless the
context clearly indicates to the contrary refer to the whole of this Agreement and not to any particular section, clause or paragraph hereof; 

  

	 	1.2.6.	in construing this Agreement general words introduced by the word “other” shall not be given a restrictive meaning by reason of the fact that they are
preceded by words indicating a particular class of acts, matters or things and general words shall not be given a restrictive meaning by reason of the fact that they are followed by particular examples intended to be embraced by the general words
and any reference to the word “include” or “including” is to be construed without limitation; 

  

	 	1.2.7.	the word “or” shall unless the context clearly indicates to the contrary be interpreted as “and/or”; 

 

	 	1.2.8.	any reference to “Agreement” or any other document or to any specified provision of this Agreement or any other document is to this Agreement, that document
or that provision as in force for the time being and as amended from time to time in accordance with the terms of this Agreement or that document; 

  

	 	1.2.9.	any reference to a person shall be construed as a reference to any individual, firm, other party, corporation, government, state or agency of a state or any association
or partnership (whether or not having separate legal personality) of two or more of the foregoing; 

  

	 	1.2.10.	any reference to a person includes his successors, personal representatives and permitted assigns; 

 

	 	1.2.11.	“writing” or any similar expression includes transmission by facsimile sent in accordance with clause 24 of this Agreement; 

 

	 	1.2.12.	any references to “EUR,” “€” or “euros” are to euros, the lawful currency of Ireland; 

 

	 	1.2.13.	any references to “USD,” “$” or “dollars” are to U.S. dollars, the lawful currency of the United States; 

 

	 	1.2.14.	if any action or duty to be taken or performed under any of the provisions of this Agreement would fall to be taken or performed on a day which is not a Business Day
such action or duty shall be taken or performed on the Business Day next following such day; 

  

	 	1.2.15.	all references to time are references to Irish time; 

  

	 	1.2.16.	the contra proferentem rule of construction shall not apply in the interpretation of this Agreement; and 

 

	 	1.2.17.	for the avoidance of doubt, any reference to Ireland does not include Northern Ireland. 

 

	 	1.2.18.	Capitalized terms used but not defined herein shall have the meanings specified in the Demerger Agreement, as it may be amended from time to time.

  

	1.3.	Schedules 

 The contents
of the schedules form an integral part of this Agreement and shall have as full effect as if they were incorporated in the body of this Agreement and the expressions “this Agreement” and “the Agreement” as used in any of the
schedules shall mean this Agreement and any reference to “this Agreement” shall be deemed to include the schedules. 
  

	2.	SERVICES TO BE PROVIDED 

  
 4 

	2.1.	With effect from the Transitional Services Commencement Date and subject to clauses 10 and 2.7: 

 

	 	2.1.1.	Elan or its Affiliates shall provide or procure the provision of the Elan Services to Prothena and its Affiliates for each Service Term as set forth in Part A of
Schedule 1; and 

  

	 	2.1.2.	Prothena or its Affiliates shall provide or procure the provision of the Prothena Services to Elan and any relevant Continuing Affiliates for the relevant Service Term
as set forth in Part B of Schedule 1. 

  

	2.2.	In performing its obligations under this Agreement, each party shall use reasonable endeavours to: 

 

	 	2.2.1.	provide the Transitional Services using commercially reasonable skill and judgment, in accordance with the policies and procedures of the Provider in place as of the
date of Completion and, to the extent applicable, in a comparable manner and to a comparable level of service as the Service Recipient enjoyed during the twelve (12) month period preceding the Transitional Services Commencement Date and at all
times in accordance with Applicable Law; 

  

	 	2.2.2.	maintain the necessary resources (human and technological) to provide the Transitional Services; and 

 

	 	2.2.3.	use reasonable endeavours to promptly obtain the authorisations, memberships, licences, approvals, consents or qualifications of any person as may be necessary for the
performance of its obligations pursuant to this Agreement, including obtaining from third party providers all consents necessary to grant any sublicenses in connection with the performance of Transitional Services hereunder and maintain such
authorisations, memberships, licences, approvals, consents and qualifications in full force and effect. 

  

	2.3	In the event that the consent of a third party provider, if required, is requested by the Provider and is not obtained within thirty (30) days following
Completion, the Provider shall notify the Service Recipient and shall cooperate with the Service Recipient to provide an alternate means of providing the Transitional Services affected by such failure to obtain consent, such alternative to be
reasonably satisfactory to the Parties. In the event that such an alternative is required and agreed upon by the Parties, the Provider shall provide the Transitional Services in such alternative manner and the Service Recipient shall bear any
expenses incurred in the provision of such Transitional Services through such alternative means. 

  

	2.4	If the Parties do not elect such an alternative plan, either Party may terminate any such affected Transitional Services upon ten (10) days’ prior written
notice. The Service Recipient shall be responsible for any costs or expenses incurred in connection with obtaining any consents, approvals or authorizations described in clause 2.2.3 or 2.3. 

 

	2.5	The Provider shall not be in breach of this Agreement for a failure, delay or other problem in connection with the provision of (or the procurement of the provision of)
the Transitional Services (or part thereof) to the extent the Provider’s inability to perform the Transitional Services is directly attributable to a failure by the Service Recipient. Where a failure by the Service Recipient causes a delay in
the provision of the Transitional Services, the time allowed in respect of the provision of such delayed Transitional Services shall be extended by the amount of time reasonably required to re-schedule events or steps that would otherwise have
occurred, but for, or which were directly impacted as a result of, such failure by the Service Recipient. 

  

	2.6	Notwithstanding anything to the contrary contained in this Agreement (including the accompanying schedules), no Provider (or any of its Personnel or, if applicable,
subcontractors) shall make any substantive business decisions with respect to the Service Recipient in performing Transitional Services. Each provision of this Agreement (including the accompanying schedules) shall be interpreted in a manner
consistent with this clause 2.6. 

  

	2.7	 Elan shall provide or procure the provision of the IT Services to Prothena and its Affiliates until (i) 30th June 2013, (ii) until the date of commencement of the IT
Services Agreement or (iii) until the IT Services are terminated in accordance with Clause 10, whichever date is the earlier. 

  

	3.	WARRANTIES 

  

	3.1.	Each Party warrants to the other Party that it has the corporate power and capacity and all necessary licences, permits and consents to enter into this Agreement and to
perform its obligations under this Agreement. 

  
 5 

	3.2.	Except to the extent set out in this Agreement, all representations, warranties, conditions and other terms express or implied by statute or common law are, to the
fullest extent permitted by law, excluded from this Agreement. 

  

	4.	PERSONNEL 

  

	4.1.	Each Party shall co-operate as far as is reasonably practicable in providing any information or assistance reasonably requested by the other Party, provided that such
information is reasonably necessary in connection with the Transitional Services, and shall ensure that such of its Personnel whose decisions and input are necessary for the provision of the Transitional Services are reasonably available to the
other Party for consultation and negotiation in relation to any matter connected with this Agreement and the provision of the Transitional Services. 

  

	4.2.	Each Party shall allow or procure reasonable access to any Premises from which the Transitional Services are provided to suitable qualified Personnel of the other
Party, and each Party shall ensure that all of its Personnel allowed access pursuant to the provisions of this clause comply with all reasonable safety, confidentiality and security requirements notified to it from time to time by the Party allowing
access. 

  

	4.3.	It is acknowledged by the Parties that this Agreement constitutes a contract for the provision of services and not a contract of employment. Accordingly, during the
Term of this Agreement, each Party shall at all times retain overall control of its Personnel who shall perform the relevant Transitional Services at the direction of such Party; and such Party shall be solely responsible for the payment of all
remuneration and benefits of any kind (including all salaries, holiday pay, tax, health insurance, pay related social insurance payments and contributions to pension arrangements) and shall make all proper deductions from the remuneration that it
pays to its Personnel and sub-contractors. 

  

	5.	DURATION 

  

	    	This Agreement shall come into effect on the Transitional Services Commencement Date and unless earlier terminated pursuant to clause 10, shall continue in full force
for each Service Term set forth in part A or part B of Schedule 1, or until 31 December 2013 (whichever date is the earlier) unless terminated prior to the end of such period in accordance with this Agreement (“Term”).

  

	6.	SERVICE FEES 

  

	6.1.	As compensation for the Transitional Services to be provided hereunder, Prothena shall pay to Elan (or a nominated Affiliate) a fee for each Elan Service (the
“Elan Services Fees”) and Elan shall pay to Prothena (or a nominated Affiliate) a fee for the Prothena Services (the “Prothena Services Fees”) in each case in the amount and in accordance with Schedule 2 (which, for
the avoidance of doubt, reflects an arm’s length cost-plus standard) and including, as applicable, any fees for any Elan Services or Prothena Services provided by third party providers and invoiced to the Service Recipient at cost (such fees,
“Service Fees”). 

  

	6.2.	Unless otherwise stated (including in the relevant Schedules) all amounts payable under this Agreement shall be invoiced by the Provider (or its nominated Affiliate)
monthly in arrears and shall be due and payable in U.S. dollars within thirty (30) days after the receipt of such invoice. 

  

	6.3.	In addition to the amounts described in clause 6.1, each Service Recipient shall pay, and hold its Provider harmless against, any Service Taxes applicable to the
provision of the Transitional Services, which, for the avoidance of doubt, will not include any income or franchise taxes. In connection with the foregoing, all amounts stated to be payable under this Agreement are stated as exclusive of any VAT
chargeable on them, which shall be paid by the paying Party at the rate and in the manner prescribed in law from time to time. 

  

	6.4.	If the Service Recipient receives an invoice from the Provider which it disputes in good faith, the Service Recipient shall notify the Provider in writing of such
dispute as soon as reasonably practicable and the Service Recipient may withhold payment of such sums as are in dispute pending resolution of such dispute. 

  
 6 

	6.5.	Each party shall be entitled to receive interest on any payment not made to it when properly due to it pursuant to the terms of this Agreement, calculated from day to
day at a rate per annum equal to 2% above the providing base rate of the European Central Bank and payable from the day after date on which payment was due up to and including the date of payment. 

 

	6.6.	All Service Fees payable under this Agreement shall become due immediately on termination (in whole or in part) or expiry of this Agreement. 

 

	7.	TRANSITIONAL SERVICES CHANGE MANAGEMENT 

  

	7.1.	The Parties shall establish, operate and maintain the Transitional Services Management Committee during the Term of this Agreement and hereby appoint the respective
Nominated Representatives identified in Schedule 3 to serve on such Transitional Services Management Committee. 

  

	7.2.	Without prejudice to the other provisions of this Agreement, the Nominated Representatives of each Party shall meet every month in person or by telephone until
termination or expiry of this Agreement to discuss the performance of the Transitional Services. 

  

	7.3.	The Nominated Representatives shall be responsible for the management of all matters relating to the provision of the Transitional Services and for liaising with each
other to ensure the smooth operation of this Agreement and the proper discharge by each Party of its respective obligations. 

  

	7.4.	In the event that either Party’s Nominated Representative, shall for any reason, cease to be engaged in the Transitional Services, such Party shall take all
reasonable steps to arrange that a suitably qualified replacement is appointed as soon as is reasonably practical, that there is a reasonable handover period, that the adverse effects of a change of Nominated Representative are minimised and where
reasonably practicable, that the other Party is notified in writing in advance of the change. 

  

	7.5.	All changes to the Transitional Services shall be managed and agreed in writing between the Nominated Representatives. 

 

	8.	INTELLECTUAL PROPERTY 

  

	8.1	Save as expressly provided for in this Agreement, no party shall be granted any proprietary or other interest in respect of the Intellectual Property Rights of any
other party and, for the avoidance of doubt, nothing in this Agreement shall transfer or grant to Prothena any right, title or interest in or to any trademarks or other Intellectual Property Rights owned or used by Elan. 

 

	8.2	The Provider hereby grants, or shall procure the grant of, to the Service Recipient a non-exclusive, non-transferable, royalty-free licence (without the right to
sub-licence) to use any Intellectual Property Rights owned by the Provider (or licensed to the Provider) for the Term solely to the extent necessary for the receipt of the Transitional Services by the Service Recipient in accordance with and subject
to the terms of this Agreement and each such licence shall terminate automatically on cessation of the provision of the relevant Transitional Service to which it relates. 

 

	8.3	The Service Provider hereby grants to the Provider a non-exclusive, non-transferable, royalty-free licence (without the right to sub-licence) to use any Intellectual
Property Rights owned by the Service Recipient (or licensed to the Service Recipient) for the Term solely to the extent necessary for the provision of the Transitional Services by the Provider under this Agreement and each such licence shall
terminate automatically on cessation of the provision of the relevant Transitional Service to which it relates. 

  

	9.	DATA PROTECTION 

  

	9.1	With respect to the Parties’ rights and obligations under this Agreement in relation to Personal Data, the Parties agree that except to the extent set out in this
clause 9, they each shall remain solely responsible for determining the contents and use of their Personal Data. 

  

	9.2	To the extent that the provision of Transitional Services involves the processing of Personal Data by one Party (the “Data Processor”) on behalf of the
other (the “Data Controller”), the Data Processor agrees that: 

  
 7 

	 	9.1.1.	it shall only process Personal Data in accordance with the instructions of the Data Controller and solely as strictly necessary for the performance of its obligations
under this Agreement; 

  

	 	9.1.2.	it shall implement and maintain such technical and organisational security measures as are required to comply with the data security obligations in Data Protection Law;

  

	 	9.1.3.	the Data Controller (or its authorised representative(s)) shall be entitled at its own cost, at reasonable times and on reasonable notice, to audit the technical and
organisational security measures adopted by the Processor to ensure that such measures comply with the data security obligations in Data Protection Law; and 

 

	 	9.1.4.	the Data Processor shall report any incident which gives rise to a risk of unauthorised disclosure, loss, destruction or alteration of such personal data to the
Controller immediately upon becoming aware of such an incident. 

  

	9.2.	In connection with the Parties’ access to the facilities and Computer Systems of the other: 

 

	 	9.2.1.	each Party agrees that it will comply, and will ensure that its respective employees, agents and suppliers comply, with its obligations as required under Data
Protection Law; and 

  

	 	9.2.2.	each Party agrees that it will use best endeavours to procure that its employees, agents and service providers only access and use relevant Premises, facilities,
systems and data as required for the performance of their allocated responsibilities and in accordance with such policies and procedures in force from time to time which have been notified to it in writing with respect to access to and use of the
other Party’s Premises including, inter alia, security policies and health and safety policies. 

  

	10.	TERMINATION 

  

	10.1.	Either Party may terminate this Agreement at any time forthwith on written notice if a receiver, examiner or administrator is appointed of the whole or any part of the
other Party’s assets or the other Party is struck off the Register of Companies in the jurisdiction where it was incorporated or an order is made or a resolution passed for winding up the other Party (unless such order or resolution (i) is
part of a voluntary scheme for the reconstruction or amalgamation of the Party as a solvent corporation and the resulting corporation, if a different legal person, undertakes to be bound by this Agreement or (ii) is discharged within twenty
(20) Business Days). 

  

	10.2.	The Service Recipient may terminate this Agreement with respect to any Transitional Service at any time prior to the last day of the Service Term for such Transitional
Service (as set forth on Schedule 1) upon fifteen (15) days’ written notice to the Provider. 

  

	10.3	A Party (the “Initiating Party”) may terminate this Agreement, only to the extent that it relates to any particular Transitional Service, with
immediate effect by written notice to the other Party (the “Breaching Party”) if the Breaching Party is in material breach of this Agreement and, if the breach is capable of remedy, fails to remedy the breach within twenty
(20) Business Days starting on the day after receipt of written notice from the Initiating Party giving full details of the breach and requiring the Breaching Party to remedy the breach and stating that a failure to remedy the breach may give
rise to termination under clause 10.3 of this Agreement. 

  

	10.4	Termination of this Agreement shall not prejudice any rights of either Party which may have arisen on or before the date of termination, including any rights to payment
of Service Fees pursuant to clause 6. 

  

	10.5	Any waiver by either Party of a breach of any provision of this Agreement shall not be considered as a waiver of any subsequent breach of the same or any other
provision. 

  

	10.6	Upon the termination of this Agreement for any reason, subject as otherwise provided in this Agreement to any rights or obligations which have accrued prior to
termination, neither of the Parties shall have any further obligation to the other under this Agreement. 

  

	10.7	Clauses 8, 9, 10.4, 10.5, 10.6, 11, 12, 13, 14, 24, 25 and 28 (inclusive) shall survive expiry or termination (for whatever reason) of this Agreement.

  
 8 

	11.	EFFECT OF TERMINATION 

  

	11.1	Upon any termination or expiry of this Agreement (howsoever occasioned) each Party may require the other Party to return or delete, or to deliver up all or any off-line
storage and security and copies of, the requesting Party’s Confidential Information, Background Intellectual Property Rights and Personal Data then in the other Party’s possession or control (excluding documents stored in either
party’s back up electronic archives). 

  

	11.2	The provisions of this clause 11 shall apply mutatis mutandis to any partial termination of this Agreement. 

 

	12.	LIABILITY 

  

	12.1.	Nothing in this Agreement shall limit the liability of either party for: 

  

	 	12.1.1.	fraud or fraudulent misrepresentation; 

  

	 	12.1.2.	for death or personal injury caused by its negligence or the negligence of its employees, contractors or agents; 

 

	 	12.1.3.	any liability which cannot be excluded or limited by law. 

  

	12.1	Subject to Clause 12, no party shall be liable to another party for any indirect or consequential loss or damage even if foreseeable or if such party has been advised
of the possibility of such losses. 

  

	12.2	Subject to Clause 12, the total liability of either party arising under or in connection with this Agreement, whether in tort (including negligence), contract,
representation (other than fraudulent misrepresentations) or otherwise or for loss (whether direct, indirect or consequential) of business, profits, use, revenue, data, anticipated savings or goodwill shall be limited to USD$500,000.

  

	12.3	Neither party shall be liable for any failure to provide, or for any delay in the provision of, any of the Transitional Services to the extent that such failure or
delay is directly caused or is contributed to directly by any failure of a third party service provider retained directly by the Provider to provide an element of the Transitional Services. 

 

	13.	AUDIT ACCESS 

  

	13.1.	Each Party shall keep or cause to be kept full and accurate records (the “Records”) existing or generated as part of the Transitional Services
performed in connection with this Agreement in accordance with Applicable Law and regulation and consistent with Good Industry Practice. Such Records shall be kept for a period of seven (7) years from the date of their creation, and shall be
made available to the other Party promptly on request in such format as may be reasonably requested at the requesting Party’s cost. 

  

	13.2.	Each Party shall grant to the other Party, any internal, external and statutory auditors and/or regulators of the other Party and their respective authorised agents the
right of reasonable access to the Records and any sites and materials on reasonable notice and shall provide all reasonable assistance at all times for the purposes of carrying out an audit of the other Party’s compliance with this Agreement.
Each Party will give and procure such assistance as may be necessary for the other Party, their auditors and regulators, to understand any such information. 

 

	14.	CONFIDENTIALITY 

  

	14.1.	Any Confidential Information of either Party provided to or accessible by the other Party in connection herewith, regardless of form, shall be received and held in
confidence and used solely for purposes relating to this Agreement. 

  

	14.2.	“Confidential Information” as defined herein does not include any information (i) lawfully received by the receiving Party from another source free of
restriction and without breach of this Agreement, (ii) that becomes generally available to the public without breach of this Agreement, or (iii) known to the receiving Party at the time of disclosure free from any confidentiality
obligations (including existing confidentiality obligations to the other Party). Each Party shall be fully responsible for breaches of its obligations under this clause 14 by its agents, employees, contractors or subcontractors.

  
 9 

	14.3.	Nothing contained in this clause 14 shall prohibit any Party from disclosing, or permitting the disclosure of, Confidential Information if and only to the extent that
such Party is compelled to disclose such Confidential Information by judicial or administrative process or by other requirements of Applicable Law. 

  

	14.4.	Notwithstanding the foregoing, in the event that any demand or request for disclosure of Confidential Information is made as described in the preceding sentence, the
Party receiving such demand or request shall, unless prohibited by Applicable Law, promptly notify the other Party in writing of the existence of such demand or request and shall provide such Party with a reasonable opportunity to seek an
appropriate protective order or other remedy at such Party’s expense. In the event that such appropriate protective order or other remedy is not obtained or is not sought, the Party receiving such demand or request shall furnish, or cause to be
furnished, only that portion of the Confidential Information that is legally required to be disclosed. The provisions of this clause 14.4 do not apply to any legal proceedings between the Parties to this Agreement. 

 

	15.	FORCE MAJEURE 

  

	15.1.	If any Party is affected by Force Majeure, it shall promptly notify the other Party of the nature and extent of the circumstances in question. 

 

	15.2.	Provided that the Party affected by Force Majeure continues to use all reasonable endeavours to perform its obligations under this Agreement, such Party shall not be
deemed to be in breach of this Agreement, or otherwise be liable to the other Party, for any delay in performance or other non-performance of any of its obligations under this Agreement to the extent that the delay or non-performance is due to any
Force Majeure of which it has notified the other Party, and the time for performance of that obligation shall be extended accordingly. 

  

	16.	ENTIRE AGREEMENT 

  

	16.1.	This Agreement set out the entire agreement and understanding between the Parties in respect of the provision of Transitional Services and, save to the extent there has
been a fraudulent misrepresentation, supersedes all previous agreements, arrangements, representations and understandings between the Parties, whether written or oral, relating to the provision of Transitional Services, which shall cease to have any
further force or effect. 

  

	17.	ASSIGNMENT 

  

	17.1.	Neither Party may assign or otherwise transfer its rights or obligations under this Agreement without the prior written consent of the other Party.

  

	18.	SUB-CONTRACTING 

 The
Provider reserves the right to use sub-contractors to assist it in the provision of the Transitional Services as the Provider deems appropriate. 
  

	19.	NO PARTNERSHIP 

 Nothing
in this Agreement shall create, or be deemed to create, a partnership between the Parties. In providing and/or procuring the provision of the Transitional Services, the Parties shall at all times be independent contractors. 

 

	20.	VARIATION 

 This
Agreement may not be modified except by an instrument in writing signed by the duly authorised representatives of both Parties. 
  

	21.	SEVERABILITY 

 If any
provision of this Agreement is held by any court or other competent authority to be void or unenforceable in whole or in part, the other provisions of this Agreement and the remainder of the affected provisions shall continue to be valid. The
Parties shall then use all reasonable endeavours to replace the void or unenforceable provision with a valid and enforceable substitute provision, the effect of which is as close as possible to the intended effect of the void or unenforceable
provision. 

  
 10 

	22.	WAIVER 

 Either Party may
(a) extend the time for the performance of any of the obligations or other acts of the other Party, (b) waive any inaccuracies in the warranties contained herein or in any document delivered pursuant to this Agreement or (c) waive
compliance with any of the agreements or conditions contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the Party to be bound thereby. Any failure to assert, or delay in the assertion
of, rights under this Agreement shall not constitute a waiver of those rights or of any other rights under this Agreement. 
  

	23.	EXPENSES 

 Except as
otherwise provided in this Agreement, the Parties shall bear their respective direct and indirect costs and expenses incurred in connection with the negotiation, preparation, execution and performance of this Agreement and the transactions
contemplated hereby. 
  

	24.	NOTICES 

  

	24.1.	 Any notice or other communication to be given by one Party to the other Party under, or in connection with, this Agreement shall be in writing and
signed by or on behalf of the Party giving it. It shall be served by sending it by fax to the number set out in Schedule 3, or delivering it by hand, or sending it by pre-paid recorded delivery, special delivery or registered post, to the address
set out in Schedule 3, and in each case marked for the attention of the relevant Party set out in Schedule 3 (or as otherwise notified from time to time in accordance with the provisions of this clause). Any notice is effective when delivered. A
notice given by post shall be deemed (if not proved to have been delivered earlier) to have been duly given on the third
(3rd) day after posting.

  

	24.2.	A Party may notify the other Parties to this Agreement of a change to its name, relevant addressee, address or fax number for the purposes of this clause, provided that
such notice shall only be effective on: 

  

	 	24.2.1.	the date specified in the notice as the date on which the change is to take place; or 

 

	 	24.2.2.	if no date is specified or the date specified is less than five (5) Business Days after the date on which the notice is received, the date falling five
(5) Business Days after notice of any change has been received. 

  

	25.	DISPUTE ESCALATION PROCEDURE 

  

	25.1.	Where at any point during the Term of this Agreement any matter relating to this Agreement cannot be agreed by the Parties, it shall be escalated as follows:

  

	 	25.1.1.	the matter shall be referred as soon as practicable to the Nominated Representative for resolution; and 

 

	 	25.1.2.	if the matter has not been resolved within ten (10) Business Days (or such longer period as may be agreed in writing by the Parties) of being referred to the
Nominated Representative or if the Nominated Representative determine it is incapable of being resolved at that level, then the matter shall be immediately referred to the Chief Executive Officer of Prothena and the Chief Executive Officer of Elan;
and 

  

	 	25.1.3.	if after the expiry of 30 Business Days from the time the matter in dispute was referred to the CEO of each of Elan and Prothena the matter remains unresolved, the
Parties shall refer the matter to non-binding mediation in accordance with the procedure set out in clause 21.3.1 of the Demerger Agreement. 

  

	 	25.1.4.	in the event that:- 

  

	 	(1)	having been so requested, the mediation does not commence within 20 Business Days of the request for mediation; or 

  
 11 

	 	(2)	a binding settlement in writing is not reached within a period of 60 Business Days after the delivery of a written request for mediation; 

 

	 	25.1.5.	and, in any such case, the dispute or difference referred to in this clause 25 remains unresolved, the Parties (or the relevant one of them) shall then be entitled to
instigate legal proceedings 

  

	25.2.	Any joint decision as to a resolution at any stage in the above process shall be recorded in writing and signed on behalf of each Party and shall be final and binding
on the Parties. 

  

	26.	NON SOLICITATION 

 The
parties will comply with their non solicitation obligations at clause 17 of the Demerger Agreement. 
  

	27.	COUNTERPARTS 

 This
Agreement may be executed in any number of counterparts and by the Parties to it on separate counterparts, each of which is an original but all of which together constitute one and the same instrument. This Agreement shall be of no effect unless and
until each Party has executed at least one counterpart. 
  

	28.	GOVERNING LAW AND JURISDICTION 

  

	28.1.	This Agreement shall be governed by and construed in accordance with the laws of Ireland. 

 

	28.2.	Subject to the provisions of clause 25, each of the Parties irrevocably agrees that the courts of Ireland are to have non-exclusive jurisdiction to settle any dispute
arising out of or in connection with this Agreement and, for such purposes, irrevocably submits to the non-exclusive jurisdiction of such courts. Any proceeding, suit or action arising out of or in connection with this Agreement (the
“Proceedings”) may therefore be brought in the courts of Ireland. 

  

	28.3.	Each of the Parties irrevocably waives any objection to Proceedings in the courts referred to in clause 28.2 on the grounds of venue or on the grounds of forum non
conveniens. 

  

	28.4.	The submission to the non-exclusive jurisdiction of the courts referred to in clause 28.2 shall not (and shall not be construed so as to) limit the right of the Parties
to take Proceedings against the other Party in any other court of competent jurisdiction, nor shall the taking of Proceedings in any one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not)
if and to the extent permitted by applicable law and subject to the provisions of clause 25. 

  
 12 

 IN WITNESS whereof this Agreement has been duly executed on the date shown at the beginning of this
Agreement. 
 SIGNED for and on behalf 
 of ELAN CORPORATION PLC 
 by 

 

			
		
	  	 	 
	(Signature)	 	

 in the presence of: 
  

			
		
	Signature of Witness:	 	  
		
	Name of Witness:	 	 
		
	Address of Witness:	 	 
		
	Occupation of Witness:	 	 

  
 13 

 SIGNED for and on behalf 
 of PROTHENA CORPORATION PLC 
 by 
 in the presence of: 
  

			
		
	  	 	 
	(Signature)	 	

  

			
		
	Signature of Witness:	 	  
		
	Name of Witness:	 	 
		
	Address of Witness:	 	 
		
	Occupation of Witness:	 	 

  
 14 

 SCHEDULE 1 
 Transitional Services 
 The following categories of services will be provided: 

Part A – Elan Services 
 The Elan
Services shall comprise the following: 
  

							
	 Elan Service
	  	 Description of Services
	  	 Date Service

Term

ends
	  	 Personnel for

provision of the
 Elan Services

	CMC / QA	  		  		  	
		  	Chemistry, Manufacturing and Control Project Management for all Prothena Programs. Managing processes with Boehringer Ingelheim on three projects: NEOD001, NEOD002, MCAM	  	29 March 2013	  	Gerry Murphy
				
		  	Packaging and Labling Management for all Prothena Programs including NEOD001, NEOD002, MCAM	  	28 June 2013	  	Phil Chou
				
		  	Bio Ananlytical Management for all Prothena Programs including NEOD001, NEOD002, MCAM	  	28 June 2013	  	Holly Lin
				
		  	Quality Assurance Management for all Prothena Programs including NEOD001, NEOD002, MCAM	  	1 April 2013	  	Patrick Smith
				
		  	Chemistry, Manufacturing and Control Project Management for all Prothena Programs including NEOD001, NEOD002, MCAM	  	1 March 2013	  	David Bruton
				
		  	Chemistry, Manufacturing and Control Regulatory Management for all Prothena Programs including NEOD001, NEOD002, MCAM	  	1 April 2013	  	Karen Quigley / Amy Smith
				
	Information Services	  		  		  	
		  	Provide laboratory notebook type services	  	1 March 2013	  	Cary Cochrell

  
 15 

							
				
	Facilities	  		  		  	
		  	Environmental Health & Safety Management for Prothena	  	1 April 2013	  	David Meyer
				
		  	Security Management for Prothena	  	26 April 2013	  	Alex Sanchez
				
		  	Procurement Management for Prothena	  	26 April 2013	  	Jim Latimer
				
	Company Secretary	  		  		  	
		  	Secretarial and Corporate Support for Prothena’s Irish Companies (Neotope Biosciences Ltd, Onclave Therapeutics Ltd and Prothena plc)	  	28 June 2013	  	Liam Daniel
				
		  	These services shall not include acting as a company secretary, director or officer for any of Prothena companies or Affiliates (including Neotope Biosciences Ltd., Onclave
Therapeutics Ltd and Prothena Plc) or acting as an authorised signatory or providing a registered office for any of the Prothena companies or Affiliates.	  		  	
				
	Finance	  		  		  	
		  	External financial reporting services including assistance with SEC external reporting filing obligations for year end 2012	  	31 March 2013	  	Darragh Lyons
				
		  	Accounts payable services - provision of temporary accounts payable services as required	  	 28 February

2013
	  	Dan Hensley
				
		  	Irish tax transition assistance to Prothena finance team - Irish tax compliance and tax registration assistance and general Irish tax advice	  	31 March 2013	  	Sean Murphy
				
		  	SOX / Internal Audit services - advisory / consulting services, including initial filing setup	  	31 March 2013	  	 Edgar Trinidad /

Sandy Alipio

  
 16 

							
				
	Legal	  		  		  	
		  	Oversight of outside IP and corporate counsel, assistance/ guidance on IP, transactional, regulatory, compliance and corporate matters.	  	 31 December

2012
	  	Nina Ashton
				
		  	Stock Administration Training for Prothena	  	 31 March
 2013
	  	Liz Fitzgerald
				
		  	Assistance with legal obligations associated with the recent formation of Prothena Biosciences Inc.	  	 31 March
 2013
	  	John Donahue (Legal 5%, HR 10%)
		  		  	 31 March
 2013
	  	Diana King
				
		  	Ensure transition of appropriate employee data/information from Elan to Prothena; assistance/guidance on select employee relations and employment law topics; other misc. topics, if
needed	  	 31 March
 2013
	  	Mike Feinman
				
	Compliance	  		  		  	
		  	Assist in the setting up of Compliance Management for Prothena. Assist in the day-to-day operations of the Compliance Program	  	 31 March
 2013
	  	Fabiana Lacerca-Allen
				
	HR	  		  		  	
		  	Ensure appropriate/smooth transition of year-end 2012 compensation process; provide access to any 2013 compensation surveys (to extent it already has access); HRIS topics related to
compensation (e.g., data requirements, modeling approach); other misc. compensation topics	  	 31 March
 2013
	  	Tara Cassidy
				
		  	Ensure appropriate/smooth transition to 2013 Prothena benefits platform; assistance to deal with immediate needs @ plan-year beginning; HRIS topics related to benefits (e.g., file
feeds to carriers); other misc. benefits topics	  	 31 March
 2013
	  	Laura Klenske

  
 17 

							
				
	External Communications	  	Assist Prothena to establish its investor relation function, including identification and initial management of an external vendor to conduct relations on behalf of
Prothena	  	31 December 2012	  	Anita Kawatra
				
	Other	  	Continue to support Prothena’s Research initiatives	  	31 December 2012	  	Peter Seubert
				
		  	Oversight of operations including facilities, IT, compliance and HR	  	11 January 2013	  	Johannes Roebers
				
	IT Services	  	 •     Helpdesk Support

 
 •     IT
Procurement support
  

•     Client Software Installations and Support

 
 •     Client
Hardware Break/Fix Support
  

•     Mobile Device Management

 
 •     User
Provisioning /Deactivation
  

•     Email Management

 

•     Application User Account Management

 
 •     Fixed
Line Telephony, and Voicemail support
  
 •     File and Print Server management
  

•     Audio Conference Support

 
 •     Telecom
Support
  

•     Patch Management

 
	  	Service Term ends in accordance with clause 2.7	  	

  
 18 

							
		  	 •     Mobility Services

 
 •     VPN
Remote access
  

•     Data Centre Management

 

•     Provision of IT security Management

 
 •     Action
vulnerability notifications on IT infrastructure.
  
 •     Manage service to minimize the impact on business operations after an IT Security incident has occurred.

 
 •     IT
Compliance including SOX management
  

•     Lab Systems Support

 
 •     Back up
& Recovery Management
  

•     Lab System Recovery Support

 
 •     Network
and Firewall Management,
  

•     Local Area Network Management

 
 •     Server
Management
  

•     Storage Management

 

•     Infrastructure Backups

 
 •     ERP
Support
  

•     Domain Registrations and Management

 

•     Technical Website Management

 
	  		  	

  
 19 

							
		  	 •     IT Vendor Contract management
	  		  	

 Part B -Prothena Services 
  

							
	 Prothena Service
	  	 Description of Services
	  	 Date Service Term

ends
	  	 Personnel for the

provision of the Prothena
 Services

	Finance	  	Provision of clinical costing / financial modelling services	  	31 March 2013	  	Randy Fawcett
				
	Tysabri Services	  	 Working with Elan on ongoing studies for VLA4 antagonists including:

 
 -CIDP

 
 -Spinal Cord Injury

 
 -Other similar studies

 
 Providing Elan with the assistance necessary to connect with the right laboratories
for ongoing VLA4 antagonist studies.
  
 Working with Elan on Tysabri risk
stratification
  
 Working with Elan on PML issues

 
 Finalizing discussion papers with BIIB on risk stratification and PML
biology
  
 Working with Elan medical affairs on educational programs both
internally and externally.
  
 Providing assistance with the history of
Tysabri from a research and clinical development perspective
	  	31 December 2013	  	 Susan Goelz
 Ted
Yednock

  
 20 

							
				
	Elan Publication Review	  	At the request of Elan / Guriq Basi; Ted Yednock and/or Gene Kinney will assist Guriq Basi / Elan in reviewing proposed Elan publications related to work done at Elan prior to
Completion. Such assistance shall not require a time commitment of in excess of five percent of any work day of Ted Yednock or Gene Kinney and shall end no later than June 30, 2013	  	30 June 2013	  	 Ted Yednock and/or
 Gene
Kinney

  
 21 

 SCHEDULE 2 
 Service Fees 
  

	1.1	The Elan Services Fees will comprise: 

  

	1.1.1	a charge per full time equivalent (“Full Time Equivalent” or “FTE”) allocated by Elan to the provision of the Elan Services (excluding the IT
Services, which are addressed below) (plus a mark up of 40% to cover the fully loaded cost (including overheads) and reflect an arm’s length cost-plus standard). The FTE shall be calculated on the basis of the number of Elan staff or
contractors supporting the provision of the Elan Services in a particular month, and the portion of time dedicated by them to the provision of the Elan Services. The FTE shall be calculated by using a rate of USD$250,000 per annum (before mark up of
40%) per employee allocated by Elan to provide the Elan Services who are in Elan’s staff wage bands 1-5. A rate of USD$400,000 per annum (before mark up of 40%) shall apply for any employee allocated by Elan to provide the Elan Services
who are in Elan’s staff wage band 6 and above. 

  

	1.1.2	a fixed monthly charge of USD$75,000 (which includes a mark up) in respect of the IT Services for so long as such services are provided in accordance with clause 2.7 of
this Agreement, which, for the avoidance of doubt, reflects and arm’s length cost-plus standard. 

  

	1.2	The Prothena Services Fees will comprise: 

  

	1.2.1	a charge per full time equivalent (“Full Time Equivalent” or “FTE”) allocated by Prothena to the provision of the Prothena Services (plus a
mark up of 40% to cover the fully loaded cost (including overheads) and reflect an arm’s length cost-plus standard). The FTE shall be calculated on the basis of the number of Prothena staff or contractors supporting the provision of the
Prothena Services in a particular month, and the portion of time dedicated by them to the provision of the Prothena Services. The FTE shall be calculated by using a rate of USD$250,000 per annum (before the mark up of 40%) for any employee allocated
by Prothena to provide the Prothena Services who was last in Elan’s staff wage bands 1-5 prior to Completion. A rate of USD$400,000 per annum (before mark up of 40%) shall apply for any employee allocated by Prothena to provide the Prothena
Services who was last in Elan’s staff wage band 6 prior to Completion. If an employee is used by Prothena to provide the Prothena Services who was not employed by Elan or Prothena or an Affiliate in the 12 months prior to Completion then the
rate for that employee shall be determined by using (i) a rate of USD$250,000 per annum (before the mark up of 40%) if that employee is in Prothena staff wage tier 4-5 or (ii) a rate of USD$400,000 per annum (before mark up of 40%) if that
employee is in Prothena staff wage tier 1-3. 

  

	1.2.2	a fixed monthly charge of USD$6,000 (which includes a mark up) in respect of the Tysabri services for so long as such services are provided under this Agreement to
account for use of lab space and capital equipment for any month in which Elan Employees use Prothena lab space or Tysabri samples are analyzed using Prothena equipment. 

 

	2.	The Provider shall ensure that its payroll system shall be structured so that the payroll costs in respect of FTE’s engaged in the provision of the Transitional
Services it is providing shall be separately identifiable and capable of allocation so as to facilitate the calculation of the Service Fees in accordance with this Schedule 2. 

 

	3.	During the Term and at the start of each calendar month, the Provider shall deliver to Service Recipient an estimate which the parties will agree as the estimate of
resources and the Provider’s staff or contractors which will be required for the provision of its Transitional Services in that month. The estimate shall state the amount of Service Fees it is estimated will be due in respect of the
Provider’s Transitional Services for the relevant period. 

  
 22 

	4.	At the end of each calendar month, the Provider shall provide the Service Recipient with a report detailing the services provided, and the categories and line items
under which its Service Fees have been accrued, in respect of that monthly period (the “Monthly Report”) which shall include the FTE allocation. 

 

	5.	The Provider shall issue an invoice for the Service Fees detailing the amount due in respect of its Transitional Services respectively for the relevant period. Where
costs in Euro have been incurred by the Provider in the relevant period the parties agree to use of an average of the exchange rate between the U.S. dollar and Euro over the relevant period which shall then be reflected in the monthly invoice in
U.S. dollars for that period. 

  

	6.	All Service Fees shall be subject to increase or decrease (by way of reconciliation in subsequent invoices) to the extent such increases or decreases are provided for
by Schedule 2. 

  

	7.	Any disputes in relation to the Service Fees shall be dealt with in accordance with Clause 25. 

 The following is an illustrative table showing how the Service Fees will be calculated each month: 
 Elan Services to Prothena 
  

									
	 Name / Department
	  	 Rate
	  	% time charged to
Prothena for relevant
month	 	Monthly Cost	 
	 	  	 	  	 	 	(Excluding
uplift of 40%)	 
	 CMC / QA
	  		  		 			
	 Gerry Murphy
	  	 $250,000 per annum

$20,833 per month
	  	100%	 	$	20,833	  
				
	 Legal
	  		  		 			
	 Nina Ashton
	  	 $400,000 per annum
 $33,333
per month
	  	40%	 	$	13,333	  
	 IT Services
	  		  	Not applicable	 	$	75,000	  
	 Total cost per month (excluding IT services):
	  		  		 	$	34,166	  
	 Plus 40% uplift:
	  		  		 	$	47,832	  
	 Total cost per month (including uplift and IT services):
	  		  		 	$	122,832	  

  
 23 

 Prothena Services to Elan 

 

									
	 Name / Department
	  	 Rate
	  	% time charged to
Prothena for relevant
month	 	Monthly Cost	 
	 	  	 	  	 	 	(Excluding
uplift of 40%)	 
	 Finance
	  		  		 			
	 Randy Fawcett
	  	 $250,000 per annum

$20,833 per month
	  	2.5%	 	$	521	  
	 Total Cost per month:
	  		  		 	$	521	  
	 Plus 40% uplift:
	  		  		 	$	729	  
	 Total cost per month:
	  		  		 	$	729	  

  
 24 

 SCHEDULE 3 
 Transitional Services Committee 
 Nominated Representative 

Elan Nominated Representative 
  

	
	 Name & Contact Details

	 Name: Mary Sheahan
 Address:
Elan Corporation plc, Treasury Building, Lower Grand Canal Street, Dublin 2
 Telephone: +353 1 709 4039

Fax: +353 1 709 4700
 E-mail:
Mary.Sheahan@elan.com

 Prothena Nominated Representative 

 

	
	 Name & Contact Details

	 Name: Randy Fawcett
 Address:
Prothena Biosciences Inc, 650 Gateway Boulevard, South San Fancisco, California 94080
 Telephone: 650 837 8550

Fax: 837 8560
 E-mail:

 Elan Nominated Representative for Invoices and Invoice related correspondence 

 

	
	 Name & Contact Details

	 Name: Mary Sheahan
 Address:
Elan Corporation plc, Treasury Building, Lower Grand Canal Street, Dublin 2
 Telephone: +353 1 709 4039

Fax: +353 1 709 4700
 E-mail:
Mary.Sheahan@elan.com

 Prothena Nominated Representative for Invoices and Invoice related correspondence 

 

	
	 Name & Contact Details

	 Name:
 Address:

Telephone:
 Fax:

E-mail:

  
 25 

 SCHEDULE 4 
 Premises 
 Elan Premises 
 Treasury Building, Lower Grand Canal Street, Dublin 2 
 Prothena Premises 

650 Gateway Boulevard 
 South San Francisco

 CA 94080

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