Document:

PROMISSORY NOTE

EXHIBIT 10.3

PROMISSORY NOTE

		
	$1,000,000.00 

	July 21, 2014

FOR VALUE RECEIVED, the undersigned (the “Maker”) promises to pay to the order of Michael Mathews (the “Holder”) the sum of one million and No/100 Dollars ($1,000,000.00), or such lesser sum as shall have been advanced, together with interest thereon computed at the per annum rate of ten percent (10%) on January 1, 2016.  Prior to maturity, the Maker shall pay the Holder interest on the last day of each month.  This Note replaces that certain promissory note dated September 25, 2013, which replaced a promissory note dated July 1, 2013.  

While in default this Note shall bear interest at the rate of 18% per annum or such maximum rate of interest allowable under the laws of the State of New York.  

Payments shall be made in lawful money of the United States at 224 West 30th Street, Suite 604 New York, N.Y. 10001, or at such other place as may be designated in writing by the Holder.

This Note shall be considered in default at the option of the Holder when (i) any past due installment of interest has not been made within five days after notice of non payment has been provided to the Maker (ii) payment of principal and accrued interest required to be made hereunder shall not have been made on the due date or as provided in the next paragraph. This Note shall remain in default until said payment shall have been made.  Failure at any time of the Holder to exercise said option shall not constitute a waiver of the right to exercise the same at any time.  

In the event the Maker shall commence any case, proceeding or other action under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to its debts, or seeking appointment of a receiver, custodian, trustee or other similar official for it or for all or any substantial part of its assets; or there shall be commenced against the Maker, any case, proceeding or other action which results in the entry of an order for relief or any such adjudication or appointment remains undismissed, undischarged or unbonded for a period of 30 days; or there shall be commenced against the Maker, any case, proceeding or other action seeking issuance of a warrant of attachment, execution, restraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within 10 days from the entry thereof; or the Maker shall make an assignment for the benefit of creditors; or the Maker shall be unable to, or shall admit in writing the inability to, pay its debts as they become due; or the Maker shall take any action indicating its consent to, approval of, or acquiescence in, or in furtherance of, any of the foregoing; then, or any time thereafter during the continuance of any of such events, any of these events shall 

cause this Note to be in default and the entire unpaid balance of this Note then outstanding, together with accrued interest thereon, if any, shall be and become immediately due and payable without notice of demand by the Holder.

All makers and endorsers now or hereafter becoming parties hereto jointly and severally waive demand, presentment, notice of non-payment and protest and, if this Note becomes in default and is placed into the hands of an attorney for collection, to pay attorney's fees and all other costs incurred in connection with such collection provided the Holder is the prevailing party.  “Attorney's fees” are defined to include, but are not limited to, all fees incurred in all matters of collection and enforcement, construction and interpretation, before, during and after suit, proceedings and appeals, as well as appearances in and connected with any bankruptcy proceedings or creditors, reorganization, or similar proceedings.  “Attorney's fees” shall also include paralegal and law clerk fees.  

The Maker knowingly, voluntarily and intentionally waives for itself and its heirs, successors and assigns, any rights which any one of them might have to a trial by jury with respect to any litigation, action, suit, or proceeding (whether at law or in equity) based on or arising out of this Note or any course of conduct, course of dealing (oral or written) or actions of any party or their respective officers, principals, partners, employees, agents or representatives in connection with the loan contemplated by this Note whether arising in contract, tort or otherwise and whether asserted by way of complaint, answer, cross claim, counter claim, affirmative defense or otherwise. No party shall seek to consolidate any such litigation, action, suit, or proceeding in which a jury trial cannot be or has not been waived with any other action in which a jury trial has been waived.

This Note may not be changed or terminated orally, but only with an agreement in writing, signed by the parties against whom enforcement of any waiver, change, modification, or discharge is sought with such agreement being effective and binding only upon attachment hereto.

This Note and the rights and obligations of the Holder and of the undersigned shall be governed and construed in accordance with the laws of the State of New York.

[Signature Page to Follow]

IN WITNESS WHEREOF, the Company has caused this Note to be executed as of the date aforesaid.

		
	ASPEN GROUP, INC., a Delaware corporation

	 
	 

	 
	 

	 
	 

	By: 

	 

	 
	Janet Gill, Chief Financial OfficerQCOR 2014.6.30 10.1

Exhibit 10.1

AMENDMENT TO
QUESTCOR PHARMACEUTICALS, INC. 
AMENDED AND RESTATED 2006 EQUITY INCENTIVE AWARD PLAN 
 
This Amendment (“Amendment”) to the Questcor Pharmaceuticals, Inc. Amended and Restated 2006 Equity Incentive Award Plan (the “Plan”), is adopted by the Board of Directors (the “Board”) of Questcor Pharmaceuticals, Inc., a California corporation (the “Company”), effective as of April 5, 2014 (the “Effective Date”). Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed to such terms in the Plan. 

RECITALS

		
	A. 
	The Company, Mallinckrodt plc, an Irish public limited company, and Quincy Merger Sub, Inc. a Delaware corporation (the “Merger Sub”), propose to enter into an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which Merger Sub will merge with and into the Company, with the Company as the surviving corporation of such merger (the “Merger”).

		
	B.
	The Company currently maintains the Plan.

		
	C.
	Pursuant to Section 15.1 of the Plan, the Board has the authority to amend or modify the Plan at any time and from time to time. 

		
	D.
	The Board believes it is in the best interests of the Company and its shareholders to, among other things and in connection with the Merger, amend the Plan to provide for the acceleration of vesting of outstanding equity awards in certain circumstances. 

AMENDMENT

The Plan is hereby amended as follows, effective as the Effective Date.  

1.    Section 12.2(b). Section 12.2(b) of the Plan is hereby deleted and replaced in its entirety with the following:

“With respect to any Participant who was providing services as an Employee, member of the Board or Consultant, if such Participant has a Termination of Employment, Termination of Directorship or Termination of Consultancy in contemplation of a Change in Control, by the Company, any Parent or Subsidiary or any Successor Entity without Cause (other than due to the Participant’s death or Disability) or due to a resignation by the Participant for Good Reason, in either case, within the sixty (60) days prior to the consummation of a Change in Control, any Awards held by such Participant shall become exercisable and/or payable, as applicable, and the forfeiture, repurchase and other restrictions on such Awards shall lapse in their entirety immediately prior to such Change in Control and such Awards shall be exercisable for the longer of twelve (12) months following such Change in Control or the expiration of any applicable underwriters’ lock-up agreements and thereafter shall terminate, but such period shall not extend beyond the expiration date of such Awards; provided, however, that in the event such termination is due to a resignation by the Participant for Good Reason pursuant to Sections 2.19(a) or (b) above, each Award held by such Participant shall become exercisable and/or payable, as applicable, and the forfeiture, repurchase and other restrictions on each such Award shall lapse in accordance with the 

schedule set forth in Section 12.2(f) below (rather than in its entirety) immediately prior to such Change in Control, and each such Award shall thereafter continue to vest in accordance with its terms (with any remaining vesting installments reduced pro rata).”

2.    Section 12.2(c).  Section 12.2(c) of the Plan is hereby deleted and replaced in its entirety with the following:

“With respect to any Participant who was providing services as an Employee, member of the Board or Consultant immediately prior to the consummation of a Change in Control, if such Participant has a Termination of Employment, Termination of Directorship or Termination of Consultancy by the Company, any Parent or Subsidiary or any Successor Entity without Cause (other than due to the Participant’s death or Disability) or due to a resignation by the Participant for Good Reason, in either case, within the thirteen (13) months following such Change in Control, any Awards held by such Participant shall become exercisable and/or payable, as applicable, and the forfeiture, repurchase and other restrictions on such Awards shall lapse in their entirety on the date of such Termination of Employment, Termination of Directorship or Termination of Consultancy and such Awards shall be exercisable for the longer of twelve (12) months following such Change in Control or the expiration of any applicable underwriters’ lock-up agreements and thereafter shall terminate, but such period shall not extend beyond the expiration date of such Awards; provided, however, that in the event such termination is due to a resignation by the Participant for Good Reason pursuant to Sections 2.19(a) or (b) above, each Award held by such Participant shall become exercisable and/or payable, as applicable, and the forfeiture, repurchase and other restrictions on each such Award shall lapse in accordance with the schedule set forth in Section 12.2(f) below (rather than in its entirety) on the date of such Termination of Employment, Termination of Directorship or Termination of Consultancy, and each such Award shall thereafter continue to vest in accordance with its terms (with any remaining vesting installments reduced pro rata).”

3.    Section 12.2(d).  Section 12.2(d) of the Plan is hereby deleted and replaced in its entirety with the following:

“With respect to any Participant who was providing services as an Employee, member of the Board or Consultant immediately prior to the consummation of a Change in Control, if such Participant does not have a Termination of Employment, Termination of Directorship or Termination of Consultancy prior to thirteen (13) months after such Change in Control, each Award held by such Participant shall become exercisable and/or payable, as applicable, and the forfeiture, repurchase and other restrictions on each such Award shall lapse at the end of such thirteen (13) month period in accordance with the schedule set forth in Section 12.2(f) below, and each such Award shall thereafter continue to vest in accordance with its terms (with any remaining vesting installments reduced pro rata).  In addition, each such Award shall remain exercisable until the later of (i) the twelve (12) month anniversary following the end of such thirteen (13) month period or (ii) the expiration of such Award as set forth in the applicable Award Agreement; provided, however, that exercise period for any Award shall not extend beyond the expiration of the maximum term of such Award.”

4.    Section 12.2(f).  Section 12.2(f) of the Plan is hereby deleted and replaced in its entirety with the following: 

“Except as otherwise expressly set forth in Sections 12.2(b) and (c) above, Awards shall become exercisable and/or payable, as applicable, and the forfeiture, repurchase and other restrictions on each such Award shall lapse pursuant to Sections 12.2(b), (c) and (d) above in accordance with the length of service a Participant has with the Company, or any Parent or Subsidiary (or any predecessor organization), or any Successor Entity as of the date of determination (measured from the Participant’s date of hire) as set forth below and such Awards shall continue to vest after such acceleration of vesting in accordance with their terms (with any remaining vesting installments reduced pro rata).

	
		
	Length of Service
	Percentage of each Award to Become Exercisable and/or Payable and Percentage of each Award as to which Forfeiture, Repurchase and Other Restrictions Shall Lapse

	0-180 days
	0%

	181 days to 1 year
	25%

	1 year to 1 day and 2 years
	50%

	Greater than 2 years
	100%

5.    This Amendment shall be and, as of the Effective Date, is hereby incorporated in and forms a part of the Plan.

6.      In the event the Merger Agreement is terminated prior to consummation of the Merger, this Amendment shall automatically and without further action terminate.

7.    Except as expressly provided herein, all terms and conditions of the Plan shall remain in full force and effect.

    
IN WITNESS WHEREOF, the Board has caused this Amendment to be executed by a duly authorized officer of the Company as of the 11th day of April, 2014.

QUESTCOR PHARMACEUTICALS, INC.                

By: /s/ Michael H. Mulroy
Name: Michael H. Mulroy
Title:      Executive Vice President - Strategic Affairs and  General Counsel

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