Document:

Employment Agreement

  
 Exhibit 10.1

 

 

 November 1, 2010 
 Mr. Albert Benchimol 
 [ADDRESS] 
 Dear Albert: 
 We are delighted that you have decided to join AXIS Specialty U.S.
Services, Inc., a Delaware corporation (the “Company”) and wholly owned, indirect subsidiary of AXIS Capital Holdings Limited, a Bermuda company (the “Parent”). We thought it would be useful to lay out the terms and
conditions of our agreement in this letter agreement (this “Agreement”). This Agreement is dated as of November 1, 2010. 
  

	1)	Employment 

  

	 	a)	Position and Duties. Commencing on January 17, 2011, Company shall employ you in the position of Executive Vice President and Chief Financial Officer of the
Parent or in such other position as is mutually agreeable to you and the Company. Subject to the reasonable and customary direction and control of the Board of the Parent, your duties and responsibilities will include oversight of the following
functions of the Parent and its direct and indirect subsidiaries (collectively, the “Parent Group”): (i) accounting and finance; (ii) investor relations, and (iii) investments. You will report directly and exclusively to the
Chief Executive Officer and President of the Parent. You will be expected to devote your full business time and energy, attention, skills and ability to the performance of your duties and responsibilities to the Parent Group on an exclusive basis,
including service to subsidiaries and affiliates of the Parent, on a basis consistent with your position with the Parent, as requested by the Board of Directors of the Parent (the “Board”), and shall faithfully and diligently
endeavor to promote the business and best interests of the Company and its subsidiaries and affiliates. Anything herein to the contrary notwithstanding, nothing shall preclude you from (i) upon the written approval of the Parent’s Board,
serving on the board of directors of another corporation or a trade association; (ii) serving on the board of charitable organizations, (iii) engaging in charitable, community and other business affairs, and (iv) managing your
personal investments and affairs; provided such activities do not, in the reasonable judgment of the Company, materially interfere with the proper performance of your responsibilities and duties hereunder. 

 

	 	b)	Place of Performance. In connection with your employment during the Employment Term (as defined in Section 3(a)), you shall be based at the Parent’s
offices in Bermuda, except for necessary travel on Company business. You will cooperate with the Parent to become and remain eligible under applicable law to work in Bermuda at all times during the Employment Term. To your knowledge, you are
eligible under applicable law to work in Bermuda, and you agree that you will promptly notify the Company if you become aware that you are not eligible or are no longer eligible under applicable law to work in Bermuda. 

11680 Great Oaks Way, Suite 500, Alpharetta, GA 30022 
 678-746-9000 Phone        678-746-9317 Fax 

  

	2)	Compensation and Benefits 

  

	 	a)	During the Employment Term, your annual base salary shall be no less than $910,000 (the base salary as may be increased from time to time referred to as “Base
Salary”) and shall be paid pursuant to the Company’s customary payroll practices. The Base Salary will be reviewed annually and may be increased (but not decreased) in the sole discretion of the Company. 

 

	 	b)	In addition to the Base Salary, in each fiscal year of the Parent ending during the Employment Term, you will be eligible to earn an annual cash bonus (“Annual
Bonus”). Your target Annual Bonus is 125% of your then current Base Salary if the Parent achieves certain performance objectives and subject to your individual performance pursuant to the Parent’s annual bonus plan. Except as provided
in Section 4 below, the Annual Bonus for each period will be paid only if you are actively employed with the Company on the date of disbursement. Any Annual Bonus payable hereunder shall be paid in the calendar year following the applicable
fiscal year of the Parent, after it has been determined by the Compensation Committee of the Parent, and then on the same schedule generally followed by the Company with respect to similar annual bonuses for the said fiscal year for the majority of
named executive officers of the Parent. All determinations hereunder shall be made in good faith and on a basis reasonably consistent with the treatment of other executive officers generally. 

 

	 	c)	Within 30 days following the commencement of the Employment Term, Parent shall grant you an award of 100,000 restricted shares of the Common Stock of Parent pursuant to
the 2007 Long-Term Equity Compensation Plan as it may be amended from time to time and subject to an award agreement in substantially the form as attached hereto as Exhibit A. 

 

	 	d)	You will be eligible to participate in the Parent’s 2007 Long-Term Equity Compensation Plan as it may be amended from time to time (or a successor plan) with an
initial annual target of 35,000 Restricted Shares, subject to an award agreement in such form as the Compensation Committee of the Parent may determine from time to time and that is consistent with the form used for executive officers generally at
such time. 

  

	 	e)	During the Employment Term, you will be eligible to participate in or receive benefits under any 401(k) savings plan, medical and dental benefits plan, life insurance
plan, short-term and long-term disability plans, supplemental and/or incentive compensation plans, or any other employee benefit or fringe benefit plan, generally made available by the Parent to senior executives in accordance with the eligibility
requirements of such plans and subject to the terms and conditions set forth in this Agreement. Notwithstanding the foregoing, you shall not be eligible to participate in any nonqualified deferred compensation plans sponsored by the Company in order
to prevent the application of Section 457A of the Internal Revenue Code of 1986, as amended (the “Code”) to any compensation earned by you. 

  

	 	f)	During the Employment Term, you will be entitled to 25 days of paid vacation per calendar year (prorated for any partial years of employment), subject to the applicable
vacation policies and procedures on usage and carry over. 

  

	 	g)	 During the Employment Term, the Company will reimburse you for all reasonable business expenses incurred by you in the course of performing your duties
under this Agreement which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and
documentation of expenses. Reimbursements will be paid promptly after submission and review of appropriate documentation, but in any event no later than
2 1/2 months after the end of the calendar year in
which the expense was incurred. 

  
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	 	h)	 Provided you relocate to Bermuda and maintain your own residence in Bermuda in connection with your employment during the Employment Term, the Company
will reimburse you on an after-tax basis for the reasonable costs that you actually incur for your relocation to Bermuda (including the costs of transportation and moving furniture and personal and household items) and will provide you with a
monthly housing allowance of $25,000. In the event of termination of your Employment in conformity with this Agreement, then provided you relocate from Bermuda to the United States within six months following said termination, the Company will
reimburse you on an after-tax basis for the reasonable costs that you actually incur during said six months for your relocation from Bermuda to the United States (including the costs of transportation and moving furniture and personal and household
items). Reimbursements under this subparagraph will be paid promptly after submission and review of appropriate documentation, but in any event no later than
2 1/2 months after the end of the calendar year in
which the expense was incurred. 

  

	 	i)	 Additionally, the Company will reimburse you for reasonable costs incurred for preparation of annual tax returns and associated tax planning for your
first year of employment. Notwithstanding the foregoing, reimbursements will be paid promptly after submission and review of appropriate documentation, but in any event no later than 2 1/2 months after the end of the calendar year in which the expense was
incurred. 

  

	3)	Term of Employment 

  

	 	a)	The employment period shall commence on January 17, 2011, and shall terminate on December 31, 2013 (the “Employment Term”), unless earlier
terminated as provided in this Section 3. Your employment hereunder may be terminated by the Company or by you, as applicable, without any breach of this Agreement under the following circumstances: 

 

	 	(i)	Death. Your employment shall automatically terminate upon your death. 

 

	 	(ii)	Disability. The Company shall be entitled to terminate your employment if, as a result of your incapacity due to physical or mental illness or injury, you shall
have been unable to perform your duties hereunder for a period of 181 days in any twelve-month period (your “Disability”). 

  

	 	(iii)	 Cause. The Company may terminate your employment at any time for Cause which, for purposes of this Agreement, shall mean (i) any act or
omission which constitutes a material breach by you of the terms of this Agreement, the employment policies of the Parent Group, or applicable law governing the Parent Group or your employment, (ii) the conviction of a felony or commission of
any act which would rise to the level of a felony, (iii) the conviction (or commission of any act which would rise to the level of) a lesser crime or offense that adversely impacts or potentially could impact upon the business or reputation of
the Parent Group in a material way, (iv) your willful violation of specific lawful and material directives of the Parent that are not contrary to this Agreement, 

  
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	 	(v) commission of a dishonest or wrongful act involving fraud, misrepresentation or moral turpitude causing damage or potential damage to the Company, its parent and/or
affiliates and subsidiaries, (vi) the willful failure to perform a substantial part of your substantial job functions after written notice from the Board requesting such performance, or (vii) breach of fiduciary duty.

  

	 	(iv)	Without Cause. The Company may terminate your employment at any time without Cause; provided, however, that the Company provides you with notice of its
intent to terminate at least twelve (12) months in advance of the date of termination. 

  

	 	(v)	Voluntary Resignation. You may voluntarily terminate your employment hereunder; provided, however, that in the event you are not terminating for Good
Reason pursuant to subparagraphs (vi) and (vii) below, you provide the Company with notice of your intent to terminate at least twelve (12) months in advance of the date of termination. 

 

	 	(vi)	Good Reason. You may terminate your employment for Good Reason if (i) (A) the scope of your position, authority or duties is materially adversely
changed (except for changes during a Notice Period as authorized under Section 3(c) below), (B) your compensation under this Agreement is not paid or your Base Salary or your Target Bonus is reduced below the levels specified in Sections
2(a) and (b) or there is a material adverse change in your employee benefits (excluding changes in any benefits plan where such changes apply generally to participants in the plan), (C) you are notified by the Company that you are required
to relocate to a place outside of Bermuda, (D) you are assigned duties that are materially inconsistent with your position with the Company/Parent, (E) you are required to report to anyone other than the Parent’s Chief Executive
Office or the Board; (ii) you give the Company written notice of your intent to terminate your employment as a result of such event and provide the specific reasons therefore within thirty (30) days of such event occurring; (iii) the
Company does not make the necessary corrections within thirty (30) days of receipt of your written notice; and (iv) you terminate employment no later than ten (10) days following the end of such thirty (30) day period.

  

	 	(vii)	 Good Reason following a Change in Control. You may terminate your employment for Good Reason if (i) during the twenty-four (24) month
period immediately following a Change in Control (A) the scope of your position, authority or duties is materially adversely changed (except for changes during a Notice Period as authorized under Section 3 (c) below), (B) your
compensation under this Agreement is not paid or your Base Salary or your Target Bonus is reduced below the levels specified in Sections 2(a) and (b) or there is a material adverse change in your employee benefits (excluding changes in any
benefits plan where such changes apply generally to participants in the plan), (C) you are notified by the Company that you are required to relocate to a place outside of Bermuda, (D) you are assigned duties that are materially
inconsistent with your position with the Company/Parent, (E) you are required to report to anyone other than the Parent’s Chief Executive Office or the Board, or (F) in the event that any other person or entity acquires all or
substantially all of the Parent Group’s business, the Company fails to obtain the 

  
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assumption of this Agreement by the successor; (ii) you give the Company written notice of your intent to terminate your employment as a result of such event and provide the specific reasons
therefore within thirty (30) days of your knowledge of such event occurring; (iii) the Company does not make the necessary corrections within thirty (30) days of receipt of your written notice; and (iv) you terminate employment
no later than ten (10) days following the end of such thirty (30) day period. For purposes of this Agreement, the “Change in Control” will be deemed to have occurred as of the first day any of the following events occur:

  

	 	1.	Any person or entity is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the U.S. Securities Exchange Act of 1934, as amended), directly or
indirectly, of securities of the Parent representing 50% or more of the combined voting power of the Parent’s then outstanding voting securities entitled to vote generally in the election of directors (the “Outstanding Parent Voting
Securities”); provided, however, that for purposes of this Section 3(a)(vii)(1), the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Parent, (B) any acquisition by
the Parent, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Parent or any affiliate of the Parent or (D) any acquisition by any entity pursuant to a transaction which complies with clauses
(A), (B) and (C) of Section 3(a)(vii)(3) hereof; 

  

	 	2.	Individuals who, as of the date of this Agreement, constitute the Board (hereinafter referred to as the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Parent’s stockholders, was approved by a vote of at
least a majority of the directors then comprising the Incumbent Board shall be considered a member of the Incumbent Board, excluding any individual whose initial assumption of office occurs as a result of an actual or threatened election contest
with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person or entity other than the Board; 

 

	 	3.	 Consummation of a reorganization, merger, share exchange, amalgamation, recapitalization, consolidation or similar transaction by and among the Parent
and another person or entity, including, for this purpose, a transaction as a result of which another person or entity owns the Parent or all or substantially all of the Parent’s assets, either directly or through one or more subsidiaries (a
“Business Combination”), in each case, unless, following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Parent Voting
Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or
equivalent management personnel) of the entity resulting from such Business Combination or that, as a result of such Business Combination, owns the Parent or all or substantially all of the Parent’s assets, either directly

  
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or through one or more subsidiaries, in substantially the same proportions as their ownership of the Outstanding Parent Voting Securities immediately prior to such Business Combination;
(B) no person or entity (excluding any entity resulting from such Business Combination, or that, as a result of such Business Combination, owns the Parent or all or substantially all of the Parent’s assets, either directly or through one
or more subsidiaries, or any employee benefit plan (or related trust) of the foregoing) beneficially owns, directly or indirectly, 50% or more of the then outstanding shares of common stock or the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors (or equivalent management personnel) of the entity resulting from such Business Combination or that, as a result of such Business Combination, owns the Parent or all or substantially
all of the Parent’s assets, either directly or through one or more subsidiaries, except to the extent that such ownership existed with respect to the Parent prior to the Business Combination; and (C) at least a majority of the members of
the board of directors (or equivalent management personnel) of the entity resulting from such Business Combination or that, as a result of such Business Combination, owns the Parent or all or substantially all of the Parent’s assets, either
directly or through one or more subsidiaries, were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, pursuant to which such Business Combination is effected or approved; or

  

	 	4.	Approval by the shareholders of the Parent of a complete liquidation or dissolution of the Parent or the sale or other disposition of all or substantially all of the
Parent’s assets. 

  

	 	b)	Any termination of your employment by the Company or by you under this Section 3 (other than termination pursuant to Section 3(a)(i)) shall be communicated by
a written notice to the other party hereto indicating the specific termination provision in this Agreement relied upon and specifying a date of termination. 

 

	 	c)	The period between the date notice of termination is provided and your termination date shall be referred to as the “Notice Period.” During any Notice Period,
the Company may, in its absolute discretion (i) require you to perform only such portion of your normal duties as it may allocate to you from time to time, (ii) require you not to perform any of your duties, (iii) require you not to
have any contact with customers or clients of the Company nor any contact (other than purely social contact) with such employees of the Company as the Company shall determine, (iv) exclude you from any premises of the Company, (v) require
you to resign from all directorships and other offices that you hold in connection with your employment with the Company (including any directorships with subsidiaries or other affiliates of the Company) effective as of any date during the Notice
Period, and/or (vi) terminate your employment, which shall also terminate the Notice Period for purposes of this Agreement. If the Company elects to take any such action, such election shall not constitute a breach by the Company of this
Agreement or Good Reason for you to terminate your Employment under Sections 3(a)(vi) or (vii) and you shall not have any claim against the Company in connection therewith so long as, during the Notice Period, the Company continues to pay to
you your Base Salary, Annual Bonus and all of the other amounts described in Section 2 of this Agreement. 

  
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	4)	Severance Payments and Other Benefits Following Termination of Employment 

 

	 	a)	In the event that your employment with the Company shall terminate for any reason, and except as otherwise set forth in this Agreement, the Company’s sole
obligation under this Agreement shall be to pay to you any accrued but unpaid Base Salary for services rendered to the date of termination, any bonus awarded by the Compensation Committee in respect of a prior year’s target Annual Bonus but not
yet paid as of the date of termination, any accrued but unpaid expenses required to be reimbursed under this Agreement, any accrued but unused vacation accrued to the date of termination, any unpaid housing allowance accrued to the date of
termination, and comply with Section 2(h) relating to relocation benefits, if applicable. For the sake of clarity, this Section 4(a) does not limit any rights you may have under the Company’s retirement or welfare plans.

  

	 	b)	Death. In the event your employment is terminated due to your death pursuant to Section 3(a)(i), then in addition to the amounts provided under
Section 4(a) above: 

  

	 	i)	Your beneficiary will be paid a pro-rata portion of your Annual Bonus that you would have been entitled to receive for the calendar year in which your termination
occurs, based on the number of days you were employed by the Parent Group during such year and calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; and

  

	 	ii)	All outstanding and unvested restricted shares of the Common Stock of Parent pursuant to the 2007 Long-Term Equity Compensation Plan as it may be amended from time to
time, or any successor plan, unless prohibited by such successor plan (“Restricted Shares”), shall immediately vest upon said termination. 

  

	 	c)	Disability. In the event that the Company terminates your employment due to your disability, pursuant to Section 3(a)(ii), then in addition to the amounts
provided under Section 4(a) above,: 

  

	 	i)	You will be paid a pro-rata portion of your Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, based on
the number of days you were employed by the Parent Group during such year and calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; and 

 

	 	ii)	All outstanding and unvested Restricted Shares shall immediately vest upon said termination. 

 

	 	d)	Termination by the Company without Cause. In the event that the Company terminates your employment without Cause in accordance with the provisions of
Section 3(a)(iv) hereof, and conditioned on your compliance with this Agreement during the Notice Period (but not for any other reason, including without limitation under Sections 3(a)(i), (ii), (iii), or (v)), then in addition to the amounts
you have received during the Notice Period and any other amounts provided in Section 4(a), but subject to your timely satisfaction of the condition precedent in Section 4(i) below, the following will be provided to you following the
termination of the Notice Period: 

  

	 	(i)	You will be paid a lump sum amount equal to one year’s Base Salary at the rate in effect immediately prior to said termination, to be paid no later than sixty
(60) days following your termination; 

  
 7 

  

	 	(ii)	With respect to the Annual Bonus for the calendar year prior to the calendar year in which your termination occurs, you will be excused from the requirement in
Section 2(b) that you must be actively employed with the Company on the date of disbursement in order to receive the Bonus; 

  

	 	(iii)	You will be paid an amount equal to the Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, calculated as
if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; 

  

	 	(iv)	You will be paid a pro-rata portion of your Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, based on
the number of days you were employed by the Parent Group during such year and calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; 

 

	 	(v)	The Company will pay COBRA premiums to continue your coverage pursuant to COBRA and the applicable insurance policies up and until the earlier of: (i) 12 months
from the date of termination, (ii) or the date upon which you cease to be eligible for COBRA continuation coverage under applicable law and the terms of the applicable policies. You agree to notify the Company in the event that you obtain
coverage with another employer group health plan that does not contain any exclusions or limitations with respect to any pre-existing condition, or if you become entitled to Medicare benefits; and 

 

	 	(vi)	In the event that the Company terminates your employment without Cause in accordance with the provisions of Section 3(a)(iv), then for so long as you shall remain
in full compliance with the obligations set forth in Sections 7, 8, and 10 below, and conditioned on such continued compliance, all Restricted Shares previously granted to you which have not vested as of the date of your termination, if any, shall
continue to vest on the applicable dates set forth in the applicable award agreements granting such Restricted Shares. 

  

	 	e)	Termination by the Company without Cause Following Change in Control. In the event that within 24 months following a Change in Control as defined in
Section 3(a)(vii) (1 – 4) hereof the Company terminates your employment without Cause, (but not for any other reason, including without limitation under Sections 3(a)(i), (ii), (iii), or (v)) then in addition to the amounts you have
received during the Notice Period and any other amounts provided in Section 4(a), but subject to your timely satisfaction of the condition precedent in Section 4(i) below, the following will be provided to you following the termination of
the Notice Period: 

  

	 	(i)	You will be paid a lump sum amount equal to one year’s Base Salary at the rate in effect immediately prior to said termination, to be paid no later than sixty
(60) days following your termination; 

  

	 	(ii)	With respect to the Annual Bonus for the calendar year prior to the calendar year in which your termination occurs, you will be excused from the requirement in
Section 2(b) that you must be actively employed with the Company on the date of disbursement in order to receive the Bonus; 

  
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	 	(iii)	You will be paid an amount equal to two times the Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs,
calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; 

  

	 	(iv)	You will be paid a pro-rata portion of your Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, based on
the number of days you were employed by the Parent Group during such year and calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; 

 

	 	(v)	The Company will pay COBRA premiums to continue your coverage pursuant to COBRA and the applicable insurance policies up and until the earlier of: (i) 12 months
from the date of termination, (ii) or the date upon which you cease to be eligible for COBRA continuation coverage under applicable law and the terms of the applicable policies. You agree to notify the Company in the event that you obtain
coverage with another employer group health plan that does not contain any exclusions or limitations with respect to any pre-existing condition, or if you become entitled to Medicare benefits; and 

 

	 	(vi)	All outstanding and unvested Restricted Shares shall immediately vest upon said termination. 

 

	 	f)	Termination by You for Good Reason. In the event that you terminate for Good Reason in accordance with the provisions of Section 3(a)(vi) hereof, (but not
for any other reason, including without limitation under Sections 3(a)(i), (ii), (iii), or (v)) then in addition to the amounts provided in Section 4(a), but subject to your timely satisfaction of the condition precedent in Section 4(i)
below, the following will be provided to you: 

  

	 	(i)	You will be paid a lump sum amount equal to one year’s Base Salary at the rate in effect immediately prior to said termination, to be paid no later than sixty
(60) days following your termination; 

  

	 	(ii)	With respect to the Annual Bonus for the calendar year prior to the calendar year in which your termination occurs, you will be excused from the requirement in
Section 2(b) that you must be actively employed with the Company on the date of disbursement in order to receive the Bonus; 

  

	 	(iii)	You will be paid a pro-rata portion of your Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, based on
the number of days you were employed by the Parent Group during such year and calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; 

 

	 	(iv)	You will be paid an amount equal to the Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, calculated as
if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; 

  
 9 

  

	 	(v)	The Company will pay COBRA premiums to continue your coverage pursuant to COBRA and the applicable insurance policies up and until the earlier of: (i) 12 months
from the date of termination, (ii) or the date upon which you cease to be eligible for COBRA continuation coverage under applicable law and the terms of the applicable policies. You agree to notify the Company in the event that you obtain
coverage with another employer group health plan that does not contain any exclusions or limitations with respect to any pre-existing condition, or if you become entitled to Medicare benefits; and 

 

	 	(vi)	In the event that you terminate for Good Reason in accordance with the provisions of Section 3(a)(vi), then for so long as you shall remain in full compliance with
the obligations set forth in Sections 7, 8, 9 and 10 below, and conditioned on such continued compliance, all Restricted Shares previously granted to you which have not vested as of the date of your termination, if any, shall continue to vest on the
applicable dates set forth in the applicable award agreements granting such Restricted Shares. 

  

	 	g)	Termination by You for Good Reason Following Change in Control. In the event that within 24 months following a Change of Control as defined in
Section 3(a)(vii) (1 – 4) hereof you terminate for Good Reason in accordance with the provisions of Section 3(a)(vii) hereof, (but not for any other reason, including without limitation under Sections 3(a)(i), (ii), (iii), or (v))
then in addition to the amounts provided in Section 4(a), but subject to your timely satisfaction of the condition precedent in Section 4(i) below, the following will be provided to you: 

 

	 	(i)	You will be paid a lump sum amount equal to one year’s Base Salary at the rate in effect immediately prior to said termination, to be paid no later than sixty
(60) days following your termination; 

  

	 	(ii)	With respect to the Annual Bonus for the calendar year prior to the calendar year in which your termination occurs, you will be excused from the requirement in
Section 2(b) that you must be actively employed with the Company on the date of disbursement in order to receive the Bonus; 

  

	 	(iii)	You will be paid a pro-rata portion of your Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, based on
the number of days you were employed by the Parent Group during such year and calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; 

 

	 	(iv)	You will be paid an amount equal to two times the Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs,
calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; 

  

	 	(v)	 The Company will pay COBRA premiums to continue your coverage pursuant to COBRA and the applicable insurance policies up and until the earlier of:
(i) 12 months from the date of termination, (ii) or the date 

  
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upon which you cease to be eligible for COBRA continuation coverage under applicable law and the terms of the applicable policies. You agree to notify the Company in the event that you obtain
coverage with another employer group health plan that does not contain any exclusions or limitations with respect to any pre-existing condition, or if you become entitled to Medicare benefits; and 

 

	 	(vi)	All outstanding and unvested Restricted Shares shall immediately vest upon said termination. 

 

	 	h)	Company Decision Not to Employ You After Expiration of Employment Term. Upon the expiration of the January 17, 2011 - December 31, 2013 Employment Term, and
not for any other reason, then if the Company does not offer you a written agreement for the period January 1, 2014 through December 31, 2014 on terms and conditions at least as favorable as specified in this Agreement (excluding this
Section 4(h)), the following will be provided to you upon any termination of your employment, other than for Cause, that occurs prior to January 31, 2014, as set forth below: 

 

	 	(i)	You will be paid a lump sum amount equal to one year’s Base Salary at the rate in effect immediately prior to said termination, to be paid no later than sixty
(60) days following your termination; 

  

	 	(ii)	With respect to the Annual Bonus for the 2013 calendar year, you will be excused from the requirement in Section 2(b) that you must be actively employed with the
Company on the date of disbursement in order to receive the Bonus; 

  

	 	(iii)	You will be paid an amount equal to your target Annual Bonus for the calendar year 2013 (in addition to the payment under Section 4(h)(i) above), calculated as if
all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; 

  

	 	(iv)	The Company will pay COBRA premiums to continue your coverage pursuant to COBRA and the applicable insurance policies up and until the earlier of: (i) 12 months
from the date of termination, (ii) or the date upon which you cease to be eligible for COBRA continuation coverage under applicable law and the terms of the applicable policies. You agree to notify the Company in the event that you obtain
coverage with another employer group health plan that does not contain any exclusions or limitations with respect to any pre-existing condition, or if you become entitled to Medicare benefits; and 

 

	 	(v)	For so long as you shall remain in full compliance with the obligations set forth in Sections 7, 8, 9 and 10 below, and conditioned on such continued compliance, all
Restricted Shares previously granted to you which have not vested as of the date of your termination, if any, shall continue to vest on the applicable dates set forth in the applicable award agreements granting such Restricted Shares.

  

	 	i)	 No severance benefits or payments provided pursuant to this Section 4, other than the amounts described in Section 4(a), will be provided to
you unless you execute a waiver and release in the form specified in Exhibit B hereto (with such changes as may be required due to change in applicable law or regulation) within forty-five (45) days following your employment termination
date and do not revoke such release. To the extent required to avoid penalty taxes under Section 409A of the Code, any payment or benefit payment hereunder shall commence on the 60th day following your termination, including any payments that would otherwise have been made prior to such date.

  
 11 

  

	 	j)	In the event of any termination of your Employment by the Company, or by you in conformity with this Agreement, you shall be under no obligation to seek other
employment, and there shall be no offset against amounts due you under this Agreement on account of any remuneration attributable to any subsequent employment you may obtain. Any amounts due under this Section 4 are considered to be reasonable
by the Company and not in the nature of a penalty. 

  

	5)	Resignation from Directorships and Other Offices 

 In addition, upon your termination of employment with the Company for any reason, you agree to resign from all directorships and other offices that you hold in connection with your employment with the
Company (including any directorships with subsidiaries or other affiliates of the Company). 
  

	6)	Conflict of Interest 

 During employment with the Company, you may not use your position, influence, knowledge of Confidential Information or Trade Secrets or the Company’s assets for personal gain. A direct or indirect
financial interest (excluding investments in mutual funds or other similar investment vehicles), including joint ventures in or with a supplier, vendor, customer or prospective customer without disclosure and the express written approval of the
Chief Executive Officer of the Parent is strictly prohibited during employment with the Company. 
  

	7)	Confidential Information 

  

	 	a)	 As an executive of the Company, you will learn or have access to, or may assist in the development of, highly confidential and sensitive information
and trade secrets about the Company, its operations, its subsidiaries and affiliates, its employees, and its customers, which are the property of the Company. Such Confidential Information and Trade Secrets include but are not limited to:
(i) financial and business information relating to the Company, such as information with respect to costs, commissions, fees, profits, expenses, sales, markets, mailing lists, strategies and plans for future business, new business, product or
other development, potential acquisitions or divestitures, and new marketing ideas; (ii) product and technical information relating to the Company, such as product formulations, new and innovative product ideas, methods, procedures, devices,
machines, equipment, data processing programs, software, software codes, computer models, and research and development projects; (iii) customer information, such as the identity of the Company’s customers, the names of representatives of
the Company’s customers responsible for entering into contracts with the Company, the amounts paid by such customers to the Company, specific customer needs and requirements, specific customer risk characteristics, policy expiration dates,
policy terms and conditions, information regarding the markets or sources with which insurance is placed, and leads and referrals to prospective customers; (iv) personnel information, such as the identity and number of the Company’s other
employees, their salaries, bonuses, benefits, skills, qualifications, and abilities; (v) any and all information in whatever form relating to any client or prospective customer of the Company, including but not limited to, its business,
employees, operations, systems, assets, liabilities, finances, products, and marketing, selling and operating practices; (vi) any information not included in (i) or (ii) above which you know or should know is subject to a restriction
on disclosure or which you know or should know is considered by the Company or the Company’s customers or 

  
 12 

	 	 
prospective customers to be confidential, sensitive, proprietary or a trade secret or is not readily available to the public; and (vii) intellectual property, including inventions and
copyrightable works. Confidential Information and Trade Secrets are not generally known or available to the general public, but have been developed, compiled or acquired by the Company at its great effort and expense. Confidential Information and
Trade Secrets can be in any form: oral, written or machine readable, including electronic files, but shall not included any information known generally to the public or within the Company’s industry. 

 

	 	b)	You acknowledge and agree that the Company is engaged in a highly competitive business and that its competitive position depends upon its ability to maintain the
confidentiality of the Confidential Information and Trade Secrets which were developed, compiled and acquired by the Company at its great effort and expense. You further acknowledge and agree that any disclosing, divulging, revealing, or using of
any of the Confidential Information and Trade Secrets, other than in connection with the Company’s business or as appropriate to carry out your duties for the Parent Group, will be highly detrimental to the Company and cause it to suffer
serious loss of business and pecuniary damage. 

  

	 	c)	Accordingly, you agree that you will not, while associated with the Company and for so long thereafter as the pertinent information or documentation remains
confidential, for any purpose whatsoever, directly or indirectly use, disseminate or disclose to any other person, organization or entity Confidential Information or Trade Secrets, except as appropriate to carry out your duties as an executive of
the Parent and except (i) as expressly authorized by the Chief Executive Officer of the Company, (ii) appropriate to enforce the terms of this Agreement, or (iii) required by law or legal process; provided, that you give notice to the
Company promptly on becoming aware of any obligations to disclose such information under this provision, and not less than ten days prior to making any such disclosure. 

 

	 	d)	Immediately upon the termination of employment with the Company for any reason, or at any time the Company so requests, you will return to the Company: (i) any
originals and all copies of all files, notes, documents, slides (including transparencies), computer disks, printouts, reports, lists of the Company’s clients or leads or referrals to prospective clients, and other media or property in
Employee’s possession or control which contain or pertain to Confidential Information or Trade Secrets; and (ii) all property of the Company, including, but not limited to, supplies, keys, access devices, books, identification cards,
computers, telephones and other equipment. 

  

	8)	Intellectual Property 

  

	 	a)	You agree that all inventions, improvements, products, designs, specifications, trademarks, service marks, discoveries, formulae, processes, software or computer
programs, modifications of software or computer programs, data processing systems, analyses, techniques, trade secrets, creations, ideas, work product or contributions thereto, and any other intellectual property, regardless of whether patented,
registered or otherwise protected or protectable, and regardless of whether containing or constituting Trade Secrets or Confidential Information as defined in this Agreement (referred to collectively as “Intellectual Property”), that were
conceived, developed or made by you during the period of your employment by the Company and that relate directly to the Company’s insurance and reinsurance business and any other business in which the Company was engaged as of the date of your
termination of employment with the Company (the “Proprietary Interests”), shall belong to and be the property of the Company. 

  
 13 

  

	 	b)	You further covenant and agree that you will: (i) promptly disclose such Intellectual Property to the Company; (ii) make and maintain for the Company,
adequate and current written records of your innovations, inventions, discoveries and improvements; (iii) assign to the Company, without additional compensation, the entire rights to Intellectual Property for the United States and all foreign
countries; (iv) execute assignments and all other papers and do all acts necessary to carry out the above, including enabling the Company to file and prosecute applications for, acquire, ascertain and enforce in all countries, letters patent,
trademark registrations and/or copyrights covering or otherwise relating to Intellectual Property and to enable the Company to protect its proprietary interests therein; and (v) give testimony, at the Company’s expense, in any action or
proceeding to enforce rights in the Intellectual Property. 

  

	 	c)	You further covenant and agree that it shall be conclusively presumed as against you that any Intellectual Property related to the Proprietary Interests described by
you in a patent, service mark, trademark, or copyright application, disclosed by you in any manner to a third person, or created by you or any person with whom you have any business, financial or confidential relationship, within one (1) year
after cessation of your employment with the Company, was conceived or made by you during the period of employment by the Company and that such Intellectual Property be the sole property of the Company. 

 

	 	d)	Nothing in this Section 8 shall be construed as granting or implying any right to you under any patent or unpatented intellectual property right of the Company, or
your right to use any invention covered thereby. 

  

	 	e)	In the event that you are requested or required (by oral questions, interrogatories, requests for information or documents, subpoena or similar process) to disclose any
information protected by Sections 7 and 8 (collectively, “Restricted Material,”) you agree to provide the Company with prompt notice of such request(s) so that the Company may seek an appropriate protective order or other appropriate
remedy and/or waive your compliance with the provisions of this Agreement. In the event that such protective order or other remedy is not obtained, or that the Company grants a waiver hereunder, you may furnish that portion (and only that portion)
of the Restricted Material which you are legally compelled to disclose and will exercise your reasonable best efforts to obtain reliable assurance that confidential treatment will be accorded any Restricted Material so furnished.

  

	9)	Non-Competition 

  

	 	a)	You acknowledge and agree that the Company is engaged in a highly competitive business and that by virtue of your senior executive position and responsibilities with
the Company and your access to the Confidential Information and Trade Secrets, engaging in any business which is directly competitive with the Company during the 12-month period following the termination of your employment will cause it great and
irreparable harm. 

  

	 	b)	Accordingly, you covenant and agree that so long as you are employed by the Company and for a period of twelve (12) months after such employment ends for any
reason whatsoever, other than a termination without Cause pursuant to Section 3(a)(iv), whether voluntarily or involuntarily, you will not, without the express written consent of the Chief Executive Officer of the Parent, directly or
indirectly, own, manage, operate or control, or be employed in the same or substantially the same position or duties as the position(s) held by you with the Company or the Parent, by any company or entity engaged in the insurance or reinsurance
business in which the Company is engaged or has announced an intention to become engaged as of the date of termination of employment, and for which you had responsibility or about which you had knowledge of or access to Confidential Information and
Trade Secrets. In recognition of the global nature of the Company’s business which includes the sale of its products and services around the world, and in nature of your senior executive position, this restriction shall apply throughout the
United States and Bermuda. 

  
 14 

  

	10)	Non-Solicitation of Employees 

  

	 	a)	You acknowledge and agree that solely as a result of employment with the Company, and in light of the broad responsibilities of such employment which include working
with other employees of the Company, you have and will come into contact with and acquire Confidential Information and Trade Secrets regarding other employees of the Company, and will develop relationships with those employees.

 Accordingly, you covenant and agree that for so long as you are employed by the Company and for a period of
twelve (12) months after such employment ends, whether voluntarily or involuntarily and whether with or without cause, you shall not, either on your own account or on behalf of any person, company, corporation, or other entity, directly or
indirectly, solicit any employee of the Company to leave employment with the Company. This restriction shall apply to those employees of the Company with whom you came into contact or about whom you obtained Confidential Information or Trade Secrets
during the last two (2) years of your employment with the Company. 
  

	11)	Enforcement 

  

	 	a)	The parties acknowledge and agree that compliance with the covenants set forth in this Agreement is necessary to protect the Confidential Information and Trade Secrets,
business and goodwill of the Company, and that any breach of this Agreement will result in irreparable and continuing harm to the Company, for which money damages may not provide adequate relief. Accordingly, in the event of any breach or
anticipatory breach of this Agreement by you, or your claim in a declaratory judgment action that all or part of this Agreement is unenforceable, the parties agree that the Company shall be entitled to the following particular forms of relief as a
result of such breach, in addition to any remedies otherwise available to it at law or equity: (a) injunctions, both preliminary and permanent, enjoining or restraining such breach or anticipatory breach, and you consent to the issuance thereof
forthwith and without bond by any court of competent jurisdiction; and (b) recovery of all reasonable sums and costs, including attorneys’ fees, incurred by the Company to defend or enforce the provisions of this Agreement if you argue
that such covenants are unreasonable or unenforceable. 

  

	 	b)	The parties hereto hereby declare that it is impossible to measure in money the damages that will accrue to the Company by reason of your failure to perform any of your
obligations under Sections 7, 8, 9, and 10. Accordingly, if the Company institutes any action or proceeding to enforce the provisions hereof, to the extent permitted by applicable law, you hereby waive the claim or defense that the Company has an
adequate remedy at law, and you shall not urge in any such action or proceeding the defense that any such remedy exists at law. The foregoing rights shall be in addition to any other rights and remedies available to the Company under law or in
equity. 

  

	 	c)	If any of the covenants contained in Sections 7, 8, 9, and 10, or any part thereof, is construed to be invalid or unenforceable, the same shall not affect the remainder
of the covenant or covenants, which shall be given full effect, without regard to the invalid portion(s). In addition, if any of the covenants contained in Sections 7, 8, 9, and 10 hereof, or any part thereof, is held by any person or entity with
jurisdiction over the matter to be invalid or unenforceable because of duration of such provision or the geographical area covered thereby, the parties agree that such person or entity shall have the power to reduce the duration and/or geographical
area of such provision and, in its reduced form, said provisions shall then be enforceable. 

  
 15 

  

	 	d)	It is understood and agreed that no failure or delay by the Company in exercising any right, power or privilege contained in Sections 7, 8, 9, and 10 shall operate as a
waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege contained in Sections 7, 8, 9, or 10. 

 

	 	e)	It is understood and agreed that references to the “Company” in the foregoing Sections 7, 8, 9 and 10 include the Company, Parent and its affiliates.

  

	12)	Disclosure of Agreement; Disclosure of New Employment 

 You agree that you will promptly disclose the existence of this Agreement and the post-employment restrictions contained herein to all subsequent employers until all such covenants have expired.

  

	13)	Confidential Information Belonging to Others 

 You affirm that you have informed the Company of any restrictive covenant or other contract or agreement of any kind which would prohibit, restrict or limit your employment with the Company. If you learn
or become aware or are advised that you are subject to an additional actual or alleged restrictive covenant or other prior agreement which may prohibit or restrict employment by the Company, you shall immediately notify the Company of the same. You
agree that you shall not disclose to the Company, use for the Company’s benefit, or induce the Company to use any trade secret or confidential information you may possess or any Intellectual Property belonging to any former employer or other
third party. 
  

	14)	Choice of Forum 

The Parent is an international insurance company, and has subsidiaries that conduct business in the United States (including New York) and
other countries. You and the Company are desirous of having any disputes resolved in a forum having a substantial body of law and experience with the matters contained herein. As a result, you and the Company have a strong interest in providing a
single forum and governing law for the convenience of you and the Company to resolve any and all legal claims. In addition, you recognize that the Company’s and the Parent’s savings from limiting the forum for legal claims allow them and
their affiliates to maintain lower business expenses, which help all of them provide more cost effective and competitive insurance products and services. For all of these reasons, you and the Company agree that any action or proceeding brought in
any court or other forum with respect to this Agreement and Employee’s employment shall be brought exclusively in the Supreme Court of the State of New York, New York County, or in the United States District Court for the Southern District of
New York, or in any other court of competent jurisdiction sitting in the County and State of New York, and the parties agree to the personal jurisdiction thereof. The parties hereby irrevocably waive any objection they may now or hereafter have to
the laying of venue of any such action in the said court(s), and further irrevocably waive any claim they may now or hereafter have that any such action brought in said court(s) has been brought in an inconvenient forum. The parties recognize that,
should any dispute or controversy arising from or relating to this agreement be submitted for adjudication to any court or other third party, the preservation of the secrecy of Confidential Information or Trade Secrets may be jeopardized.
Consequently, the parties agree that all issues of fact shall be tried without a jury. 

  
 16 

  

	15)	Governing Law 

 You
and the Company agree that for the reasons recited in the foregoing paragraph 14, this Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to its conflict of laws provisions.

  

	16)	Section 409A 

You and the Company understand and agree that certain payments contemplated by this Agreement may be “nonqualified deferred
compensation” for purposes of Section 409A of the Code. No nonqualified deferred compensation payable hereunder shall be paid or be subject to acceleration or to any change in the specified time or method of payment, except as otherwise
provided under this Agreement and consistent with Section 409A of the Code. Notwithstanding any other provision of this Agreement to the contrary, and to the extent required by Section 409A of the Code (as amended from time to time), in
the event that payment of nonqualified deferred compensation made pursuant to this Agreement is based upon or attributable to your termination of employment and you are at the time of your termination a “Specified Employee,” then any
payment of nonqualified deferred compensation otherwise required to be made to you shall be deferred and paid in a lump sum to you on the day after the date that is six (6) months from the date of your “Separation from Service” within
the meaning of Section 409A of the Code; provided, however, if you die prior to the expiration of such six (6) month period, payment to your beneficiary shall be made as soon as practicable following your death. You will be a
“Specified Employee” for purposes of this Agreement if, on the date of your Separation from Service, you are an individual who is, under the method of determination adopted by the Company designated as, or within the category of employees
deemed to be, a “specified employee” within the meaning and in accordance with Treasury Regulation Section 1.409A-1(i). The Company shall determine in its sole discretion all matters relating to who is a “Specified Employee”
and the application of and effects of the change in such determination. 
  

	17)	Indemnification 

The Parent shall indemnify you to the same extent and by the same means as provided to other executive officers generally (excluding the
Parent’s Chairman and Chief Executive Officer). 
  

	18)	Miscellaneous 

  

	 	a)	Any notice or other communication required or permitted under this Agreement shall be effective only if it is in writing and shall be deemed to be given when delivered
personally or three days after it is mailed by registered or certified mail, postage prepaid, return receipt requested or one day after it is sent by a reputable overnight courier service and, in each case, addressed to the relevant party at the
address provided for such party on the first page hereof, or to such other address as any party hereto may designate by notice to the other in accordance with the foregoing. 

 

	 	b)	This Agreement constitutes the entire agreement among you and the Company, the Parent and any affiliate with respect to your employment by the Company, and supersedes
and is in full substitution for any and all prior understandings or agreements with respect to your employment, including but not limited to, the offer letter to you from AXIS, dated October 19, 2010. This Agreement shall be binding upon
execution by both parties, it being understood and agreed that your employment shall not commence until January 17, 2011. 

  
 17 

  

	 	c)	This Agreement may be amended only by an instrument in writing signed by the parties hereto, and any provision hereof may be waived only by an instrument in writing
signed by the party against whom or which enforcement of such waiver is sought. Any amendment to this Agreement must comply with the requirements of Section 409A of the Code. 

 

	 	d)	The Company shall withhold from any compensation and benefits payable under this Agreement all applicable U.S. federal, state, local, or other taxes.

  

	 	e)	Except as otherwise set forth herein, in the event of any contest or dispute between you and the Company with respect to this Agreement, each of the parties shall be
responsible for their respective legal fees and expenses. 

  

	 	f)	If any term or provision of this Agreement is declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, such
term or provision shall immediately become null and void, leaving the remainder of this Agreement in full force and effect. 

  

	 	g)	Except as otherwise provided in this Agreement, this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs,
representatives, successors and assigns. Your rights and benefits under this Agreement are personal to you and no such right or benefit shall be subject to voluntary or involuntary alienation, assignment or transfer; provided, however, that nothing
in this Section 17 shall preclude you from designating a beneficiary or beneficiaries to receive any benefit payable on your death. 

  

	 	h)	The headings in this Agreement are inserted for convenience of reference only and shall not be a part of or control or affect the meaning of any provision hereof.

  

	 	i)	Except as otherwise expressly set forth in this Agreement, to the extent necessary to carry out the intentions of the parties hereunder, the respective rights and
obligations of the parties hereunder shall survive any termination of your employment or expiration or termination of this Agreement. 

  

	 	j)	Nothing in this Agreement shall be construed as giving you any claim against any specific assets of the Company, Parent or any affiliate or as imposing any trustee
relationship upon the Company in respect of you. The Company shall not be required to establish a special or separate fund or to segregate any of its assets in order to provide for the satisfaction of its obligations under this Agreement. Your
rights under this Agreement shall be limited to those of an unsecured general creditor of the Company, Parent and its affiliates; 

  

	 	k)	Both parties, through their respective counsel, have participated in the preparation of this Agreement and its Exhibit B. Accordingly, both parties shall be
deemed to be the drafter of this Agreement or its Exhibit B for purposes of construing their provisions. The language in all parts of this Agreement and its exhibits shall be interpreted according to its fair meaning, and shall not be
interpreted for or against either of the Parties as the drafter of the language. 

 If the terms of this Agreement
meet with your approval, please sign and return one copy to the Company. 
 [signatures on following page] 

  
 18 

  
 
			
	AXIS SPECIALTY U.S. SERVICES, INC.
		
	By:	 	/s/ Brian W. Goshen

			
	Name:	 	Brian W. Goshen
	Title:	 	Chief Administrative Officer

 Accepted and Agreed

 as of the date first set forth above: 
  

	
	
	/s/ Albert Benchimol
	Albert Benchimol

  
 19 

 EXHIBIT A TO EMPLOYMENT
AGREEMENT 
 AXIS CAPITAL HOLDINGS LIMITED

 2007 LONG-TERM EQUITY COMPENSATION PLAN

 Employee Restricted Stock Agreement 
 You (the “Participant”) have been granted a restricted stock award (the “Award”) of ordinary shares, par value $0.0125 per share (the “Shares”), of AXIS Capital Holdings
Limited, a Bermuda company (the “Company”), pursuant to the AXIS Capital Holdings Limited 2007 Long-Term Equity Compensation Plan (the “Plan”). The date of grant of the Award (the “Award Date”) and the number of Shares
subject to the Award (the “Award Shares”) are as set forth in your restricted stock account maintained on the Smith Barney Benefit Access website or such other website as may be designated by the Committee (“Benefit Access”).

 By your acceptance of the grant of the Award on Benefit Access, you agree that the Award is granted under and governed by the
terms and conditions of the Plan and this Restricted Stock Agreement (the “Agreement”). 
  

	1.	GRANT OF RESTRICTED STOCK. 

(a) Award. On the terms and conditions set forth in this Agreement, the Company hereby grants to the Participant on the Award Date
the Award Shares. 
 (b) Plan and Defined Terms. The Award is granted pursuant to the Plan, a copy of which the
Participant acknowledges having received. The terms and provisions of the Plan are incorporated into this Agreement by this reference. All capitalized terms that are used in this Agreement and not otherwise defined herein shall have the meanings
ascribed to them in the Plan. 
  

	2.	ISSUANCE OF SHARES. 

Subject to Section 4, the Award Shares will be issued to the Participant and generally shall have the rights and privileges of a
shareholder of the Company. 
  

	3.	PERIOD OF RESTRICTION. 

(i) The Award Shares shall be restricted during the period (the “Period of Restriction”) commencing on the Award Date and
expiring on the first to occur of: 
 (a) The vesting of the Award Shares. The Award Shares shall vest in four equal
installments on the first, second, third and fourth anniversary of the Grant Date; provided, that if the Award Shares are not evenly devisable by four, then no fractional shares shall vest or be exercised and the installments shall be as equal as
possible with any smaller installments vesting first; 

  
 (b) The
Participant’s death or permanent Disability; or 
 (c) The date of the Participant’s termination without Cause
or termination for Good Reason, in each case, within 24 months following a Change in Control. 
 (d) Definitions. As used
herein, the following terms shall have the meanings set forth below: 
 1) “Cause” shall have the meaning set
forth in the Participant’s employment agreement with the Company, if any, or in the absence of an employment agreement definition shall mean (A) any act or omission which constitutes a material breach by the Participant of the terms of his
or her employment, (B) the Participant’s conviction of a felony or commission of any act which would rise to the level of a felony, (C) the Participant’s conviction or commission of a lesser crime or offense that adversely
impacts or potentially could impact upon the business or reputation of the Company and/or affiliates and subsidiaries in a material way, (D) the Participant’s willful violation of specific lawful directives of the Company, (E) the
Participant’s commission of a dishonest or wrongful act involving fraud, misrepresentation, or moral turpitude causing damage or potential damage to the Company and/or its affiliates and subsidiaries, (F) the Participant’s willful
failure to perform a substantial part of the Participant’s duties or (G) the Participant’s breach of fiduciary duty. 
 (2) “Good Reason” shall have the meaning set forth in the Participant’s employment agreement with the Company, if any, or in the absence of an employment agreement definition shall
mean (A) the scope of the Participant’s position, authority or duties with the Company is materially adversely changed, (B) the Participant’s compensation is not paid or is materially reduced or there is a material adverse change
in the Participant’s employee benefits or (C) the Participant is required by the Company to relocate to a place more than 50 miles from the Participant’s current place of employment; provided that, in each case, “Good
Reason” shall not exist unless the Participant provides the Company with written notice of the Participant’s intent to terminate employment as a result of such event, providing the specific reasons therefore, and the Company does not make
the necessary corrections within thirty days of receipt of the Participant’s written notice, following which the Participant may terminate his or her employment for “Good Reason” within the ten days following expiration of such thirty
day notice period. 
 (ii) Absent subsequent Committee action, the Award Shares will not automatically vest upon the Participant’s
Retirement. 
 (iii) Notwithstanding the foregoing, to the extent that the Participant is party to an employment agreement with the Company that
provides for vesting of the Participant’s restricted stock awards on an accelerated or otherwise more favorable basis as compared to the terms set forth in this Section 3, then the Award Shares shall vest pursuant to the terms set forth in
such employment agreement. 

  
 2 

  

	4.	RESTRICTIONS, VOTING RIGHTS AND DIVIDENDS. 

 (a) Restrictions. During the Period of Restriction, the following restrictions shall apply: (i) the Award Shares may not be sold, transferred, pledged, assigned or otherwise alienated or
hypothecated and (ii) the stock certificates, if any, representing the Award Shares shall be deposited with the Company or as the Committee may otherwise direct and the Participant shall not be entitled to delivery of a stock certificate. If
the Participant’s employment terminates during the Period of Restriction for any reason other than death or permanent Disability, the Award Shares shall be immediately repurchased by the Company for an aggregate repurchase price of US$1 (One
United States Dollar) without liability or further action or obligation on the part of the Company. Upon the repurchase of any Award Shares, any dividends and interest set aside thereon shall be transferred to the Company without further action by
the Participant, and the Participant shall immediately thereby relinquish and cease to hold any right, title or interest to any such dividends and interest. 
 (b) Voting Rights. Participant shall be entitled to exercise full voting rights with respect to the Award Shares during the Period of Restriction. 

(c) Dividends. Dividends may be paid to Participant with respect to the Award Shares during the Period of Restriction as
determined from time to time by the Committee. Any Dividends paid with respect to the Award Shares during the Period of Restriction will be held by the Company, or a depository appointed by the Committee, for the Participant’s account, and
interest may be paid on the amount of cash dividends held at a rate and subject to such terms as may be determined by the Committee. All cash or share dividends so held, and any interest so paid, shall initially be subject to forfeiture as set forth
in subsection 4(a) but shall become non-forfeitable and payable at upon the expiration or termination of the Period of Restriction. 
 (d) Leaves of Absence. For any purpose under this Agreement, employment shall be deemed to continue while the Participant is on a bona fide leave of absence, if such leave was approved by the
Company in writing and if continued crediting of employment for such purpose is expressly required by the terms of such leave or by applicable law (as determined by the Company). 

 

	5.	RESTRICTIONS ON TRANSFER. 

(a) Transfer Restrictions. Regardless of whether the offering and sale of Award Shares under the Plan have been registered under
the U.S. Securities Act of 1933, as amended (the “Securities Act”) or otherwise, the Company, in its sole discretion, may impose restrictions upon the sale, pledge or other transfer of such Award Shares (including the placement of
appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Company’s Bye-Laws, the
Securities Act, the U.S. Securities Exchange Act of 1934, as amended, the securities laws of any country or state or any other applicable law, rule or regulation. 

  
 3 

  
 (b) Legends.
All certificates evidencing Award Shares issued under this Agreement shall bear such restrictive legends as are required or deemed advisable by the Company under the provisions of any applicable law, rule or regulation. If, in the opinion of the
Company and its counsel, any legend placed on a stock certificate representing Award Shares issued under this Agreement is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate
representing the same number of Award Shares but without such legend. 
  

	6.	MISCELLANEOUS PROVISIONS. 

(a) Bye-Laws. All Award Shares acquired pursuant to this Agreement shall be subject to any applicable restrictions contained in the
Company’s Bye-Laws. 
 (b) No Retention Rights. Nothing in this Agreement or in the Plan shall confer upon the
Participant any right to continue employment for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or any Affiliate employing or retaining the Participant or of the Participant, which rights
are hereby expressly reserved by each, to terminate his or her employment at any time and for any reason, with or without Cause. 
 (c) Notice. Any notice required by the terms of this Agreement shall be given in writing and shall be deemed effective upon delivery by hand, upon delivery by reputable express courier or, if the
recipient is located in the United States, upon deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid. Notice shall be addressed to the Company at its principal executive office and to the
Participant at the address that he or she most recently provided in writing to the Company. 
 (d) Choice of Law. This
Agreement shall be governed by, and construed in accordance with, the laws of Bermuda. 
 (e) Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 (f) Modification or Amendment. This Agreement may be amended or modified by the Committee; provided that any amendment or modification that would adversely effect the Participant’s
rights with respect to the Award must be made by written agreement executed by the parties hereto; and provided, that the adjustments permitted pursuant to Section 4(b) and 7(c) of the Plan may be made without such written agreement.

 (g) Severability. In the event any provision of this Agreement shall be held illegal or invalid for any reason, the
illegality or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if such illegal or invalid provision had not been included. 

  
 4 

  
 Exhibit B to
Employment Agreement 
 GENERAL RELEASE AND WAIVER 

In consideration of the payment by AXIS Capital Holdings Limited (“the Company”) to or for the benefit of of the payments and
benefits set forth in that certain Employment Agreement by and between [—] (“Executive”) and AXIS Capital Holdings Limited dated
                     (“Employment Agreement”), and in compliance the terms of the of the Employment Agreement, [—] hereby makes and delivers to the Company this General Release and Waiver (“Release”) as set forth herein: 
 1. Release of All Claims. [—] voluntarily, knowingly and willingly on behalf of himself, his heirs, executors, administrators, successors
and assigns, hereby irrevocably and unconditionally release the Company, its parents, their subsidiaries, divisions and affiliates, together with their respective owners, assigns, agents, directors, partners, officers, employees, consultants,
shareholders, attorneys and representatives, and any of their predecessors and successors and each of their estates, heirs and assigns (collectively, the “Company Releasees”) from any and all charges, complaints, claims, liabilities,
obligations, promises, agreements, causes of action, rights, costs, losses, debts and expenses of any nature whatsoever, known or unknown, which he or his heirs, executors, administrators, successors or assigns ever had, now have or hereafter can,
will or may have (either directly, indirectly, derivatively or in any other representative capacity) against the Company or any of the other Company Releasees by reason of any matter, cause or thing whatsoever arising on or before the date this
General Release and Waiver is executed by [—]. In addition, this Release includes, 

 
without limitation, any rights or claims relating in any way to any and all employment relationships between [—] and the Company or any of the
Company Releasees, or the termination thereof, arising under the Employment Act 2000 of Bermuda, the Human Rights Act 1981 of Bermuda, Title VII of the Civil Rights Act of 1964, Sections 1981 through 1988 of Title 42 of the United States Code, The
Employee Retirement Income Security Act of 1974 (“ERISA”) (except for any vested benefits under any tax qualified benefit plan), The Immigration Reform and Control Act, The Americans with Disabilities Act of 1990, The Age Discrimination in
Employment Act of 1967 (“ADEA”), The Workers Adjustment and Retraining Notification Act, The Fair Credit Reporting Act, New York State Human Rights Law, New York Human Rights Law, New York Rights of Persons With Disabilities, New York
Confidentiality of Records of Genetic Tests, New York Whistleblower Law, New York Statutory Provision Regarding Retaliation/Discrimination for Filing a Workers’ Compensation Claim, New York Adoptive Parents’ Child Care Leave Law, New York
Smokers’ Rights Law, New York Equal Pay Law, New York AIDS Testing Confidentiality Act, New York Nondiscrimination Against Genetic Disorders Law, New York Bone Marrow Leave Law, New York Equal Rights Law, New York Confidentiality of Records of
Genetic Tests, New York Executive Law Section 290 et seq., The New York State Labor Relations Act, the general regulations of the New York State Division of Human Rights, The New York Labor Law, The New York Wage Hour and Wage Payment Laws, The
New York Minimum Wage Law, as amended, The New York City Administrative Code, New York State Public Employee Safety and Health Act, New York Executive Law §290 et seq., the New York City Charter and Administrative Code, New York
Labor Law §740 et seq., the New York Legal Activities Law, New York Labor Law §201-d, the New York occupational safety and health laws, the New Jersey Law Against Discrimination – N.J. Rev. Stat. §10:5-1 et seq,,
New Jersey Statutory Provision Regarding Retaliation/Discrimination for Filing a Workers’ Compensation Claim – N.J. Rev. Stat. §34:15-39.1 et seq., New Jersey Family Leave Act – N.J. Rev. Stat. §34:11B-1 et seq., New Jersey
Smokers’ Rights Law – N.J. Rev. Stat. §34:6B-1 et seq., New Jersey Equal Pay Act – N.J. Rev. Stat. §34:11-56.1 et seq., New Jersey Genetic Privacy Act – N.J. Rev. Stat. Title 10, Ch. 5, §10:5-43 et seq., New Jersey
Conscientious Employee Protection Act (Whistleblower Protection) – N.J. Stat. Ann. §34:19-3 et seq., New Jersey Wage Payment and Work Hour Laws, The New Jersey Public Employees’ Occupational Safety and Health Act- N.J. Stat. Ann.
§34:6A-25 et seq., New Jersey Fair Credit Reporting Act, and the New Jersey laws regarding Political Activities of Employees, Lie Detector Tests, Jury Duty, Employment Protection, and Discrimination, and any other federal, state or local law,
statute, rule, regulation, or ordinance, any public policy, contract, tort, or common law whether of any state in the United States or Bermuda; or any basis for recovering costs, fees, or other expenses including attorneys’ fees incurred in
these matters. 

 
[—] is not waiving, and shall not be deemed to have waived, claims for indemnity or contribution under the terms of the Employment Agreement or
allowable under the Company’s Bye-Laws. 
 2. Acknowledgements and Affirmations. 

a. [—] affirms and agrees that the Company has fulfilled all of its obligations to
him under Bermudan employment law, including without limitation the Employment Act 2000 as may be amended from time to time, and has not violated his rights under Bermudan employment law. [—] affirms
and acknowledges that the payments made under the Separation Agreement fully, fairly and finally compensate him for any and all monies that may be due or become to him under Bermudan law in connection with his employment or termination of his
employment, including without limitation any severance allowance or repatriation expenses. 

  
 b. By signing this
Release, [—] represents that [—] has not commenced or joined in any claim, charge, action or proceeding whatsoever against the Company or any of
the Company Releasees. [—] further represents that he will not be entitled to any personal recovery in any action or proceeding of any nature whatsoever against the Company or any of the other
Company Releasees that may be commenced on his behalf arising out of any of the matters released hereby. 
 c. [—] agrees and acknowledges that the Company has fully satisfied any and all obligations owed him to arising out of his employment with the Company (or the termination thereof), and no further sums are
owed to him by the Company except as expressly provided in the Employment Agreement. 
 d.
[—] also affirms that he has been paid and/or has received all compensation, wages, bonuses and/or commissions to which he may be entitled prior to the date hereof except as expressly provided in
this Release and Section 4(a) of the Employment Agreement. [—] affirms he has been granted any leave to which he was entitled under the Employment Act 2000 of Bermuda, the Family and Medical
Leave Act or similar state or local leave or disability accommodation laws. [—] further affirms that he has no known workplace injuries or occupational diseases. The Company acknowledges that it
shall comply with Section 4 of the Employment Agreement. 

  
 3. Return and
Possession of Property. [—] affirms that he has returned all of the Company’s property, documents, and/or any confidential information in his possession or control. [—] also affirms that he is in possession of all of his property that he had at the Company’s premises and that the Company is not in possession of any of his property. 

Effect of Violation by [—] of Employment Agreement. [—] affirms and acknowledges that the provisions of Sections [—] of the Employment Agreement remain in full force and effect as to him according to their
terms. 
 4. No Admission by Company. The Company’s acceptance and acknowledgement of this Release and the
payments and benefits set forth herein are not, and shall not be construed as, any admission of liability or wrongdoing on the part of the Company or any of the Company Releasees. 

5. Revocation Rights. [—] IS ADVISED THAT HE HAS UP TO
TWENTY-ONE (21) CALENDAR DAYS TO CONSIDER THIS GENERAL RELEASE AND WAIVER. [—] ALSO IS ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO HIS SIGNING OF THIS GENERAL RELEASE AND WAIVER.

 [—] MAY REVOKE THIS GENERAL RELEASE AND WAIVER FOR A PERIOD OF SEVEN
(7) CALENDAR DAYS FOLLOWING THE DAY HE SIGNS THIS AGREEMENT AND GENERAL RELEASE. ANY REVOCATION WITHIN THIS PERIOD MUST BE SUBMITTED, IN WRITING, TO
                     [IDENTIFY COMPANY REPRESENTATIVE] AND STATE, “I HEREBY REVOKE MY

 
ACCEPTANCE OF OUR AGREEMENT AND GENERAL RELEASE.” THE REVOCATION MUST BE PERSONALLY DELIVERED TO
                     [IDENTIFY COMPANY REPRESENTATIVE] OR HIS/HER DESIGNEE, OR MAILED TO
                     [IDENTIFY COMPANY REPRESENTATIVE] AND POSTMARKED WITHIN SEVEN (7) CALENDAR DAYS AFTER
[—] SIGNS THIS AGREEMENT AND GENERAL RELEASE. 
 [—] AGREES THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT AND GENERAL RELEASE, DO NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL UP TO TWENTY-ONE (21) CALENDAR DAY
CONSIDERATION PERIOD. 
 [—] FREELY AND KNOWINGLY, AND AFTER DUE
CONSIDERATION, ENTERS INTO THIS AGREEMENT AND GENERAL RELEASE INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS [—] HAS OR MIGHT HAVE AGAINST RELEASEES. 

6. No Assignment; Intended Beneficiaries. This Agreement is personal to
[—] and may not be assigned by [—]. This Agreement inures and will inure to the benefit of the Company and the other Company Releasees. 

7. Modification and Waiver. This Agreement may not be changed orally, but may be changed only in a writing that expressly
refers to this Agreement and that is signed by [—] and by a duly authorized representative of the Company. The failure of [—] or the Company to
enforce any of the terms, provisions or covenants of this Agreement will not be construed as a waiver of the same or of the right of such party to enforce the same. Waiver by [—] or the Company of
any breach or default by the other party of any term or provision of this Agreement will not operate as a waiver of any other breach or default. 

  
 8. Descriptive
Headings. The Section headings contained herein are for reference purposes only and will not in any way affect the meaning or interpretation of this Agreement. 
 9. Enforceability. It is the desire and intent of the parties that the provisions of this General Release and Waiver shall be enforced to the fullest extent permissible. In the event that
any one or more of the provisions of this General Release and Waiver is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remainder hereof will not in any way be affected or impaired thereby and any such
provision or provisions will be enforced to the fullest extent permitted by law. 
 10. Each Party the Drafter.
This General Release and Waiver, and the provisions contained in it, shall not be construed or interpreted for, or against, any party to this General Release and Waiver because that party drafted or caused that party’s legal representatives
to draft any of its provisions. 
 11. Governing Law. This General Release and Waiver shall be governed by, and
construed and enforced in accordance with, the laws of New York, without reference to its choice 

 
of law rules. The parties hereby irrevocably consent to the jurisdiction of New York and courts located in New York for purposes of resolving any dispute under this General Release and Waiver and
expressly waive any objections as to venue in any such courts. 
 12. No Other Assurances. [—] affirms and acknowledges that he has not relied on any representations, promises, or agreements of any kind made to him in connection with his decision to execute and deliver this General Release and
Waiver, except for those set forth in or expressly referenced herein. 
 Now therefore, intending to be fully and irrevocably bound by the terms
hereof, [—] has executed this General Release and Waiver and has delivered it to AXIS Capital Holdings Limited as of this      day of
            , 20[—]. 
  

									
	Executed and delivered by:	 		 	Accepted by:
				
		 		 		 	AXIS CAPITAL HOLDINGS LIMITED
					
	By:	 	  
	 		 	By:	 	  

					
		 	[—]Supply Agreement

  
 Exhibit 10.1

 SUPPLY AGREEMENT 
 THIS SUPPLY AGREEMENT (the “Agreement”) is as entered into as of this July 14, 2010 (“Effective Date”) between Questcor
Pharmaceuticals, Inc., a corporation organized under the laws of the State of California and having a place of business at 3260 Whipple Road, Union City, California 94587 U.S.A. (“Questcor”) and BioVectra Inc., a corporation organized
under the laws of Prince Edward Island and having a place of business at 11 Aviation Avenue, Charlottetown, Prince Edward Island, C1E 0A1 Canada (“BioVectra”) (each individually a “Party” and collectively the
“Parties”). 
 WITNESSETH: 
 WHEREAS, Questcor wishes to purchase from BioVectra and BioVectra desires to sell to Questcor the Product (as hereinafter defined); and 

WHEREAS, BioVectra represents that it has the technical and scientific experience and expertise necessary to perform manufacturing,
packaging, analytical testing and/or quality assurance services for the manufacturing and bulk packaging of such Product, and to handle materials associated with manufacture of such Product in a safe and environmentally sound manner; and 

WHEREAS, Questcor desires BioVectra to perform such services as set forth herein and manufacture such Product for Questcor, and BioVectra
desires to perform such services and manufacture such Product for supply to Questcor or its designee, all on the terms and conditions set forth in this Agreement; 
 NOW, THEREFORE, in consideration of the mutual covenants and promises set forth herein, the Parties agree as follows: 

 

	1.	DEFINITIONS  

 The following terms,
whether used in the singular or plural, shall have the meanings assigned to them below for purposes of this Agreement: 
  

	 	1.1	“Act” shall mean the United States Federal Food, Drug and Cosmetics Act, as amended, and the regulations promulgated under such Act. 

 

	 	1.2	“Affiliate” shall mean any corporation or non-corporate entity that controls, is controlled by, or is under common control with a Party. For purposes of this
Section 1.2, “control,” whether used as a noun or a verb, means the possession, directly or indirectly, of the power to affirmatively direct, or affirmatively cause the direction of, the management and policies of an entity, whether
through the ownership of voting securities, by contract, or otherwise. 

  

	 	1.3	“Agreement” shall mean this Supply Agreement and any Schedules appended hereto, as may be amended from time to time. 

 

	 	1.4	“API” shall mean Active Pharmaceutical Ingredient. 

  

	 	1.5	“Certificate of Compliance” shall mean a document indicating that each batch of Product was manufactured in compliance with cGMP, and that all Deviations were
evaluated for impact on Product. 

  
  

	[***]:	Certain confidential information contained in this document marked with [***] has been omitted and filed separately with the Securities and Exchange Commission pursuant
to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  

	 	1.6	“COA” shall mean Certificate of Analysis. 

  

	 	1.7	“Confidential Information” shall mean all proprietary information, data and know-how of each Party, whether disclosed orally or visually or in written,
graphic, electronic or other tangible form, which is disclosed by a Party or any of its Affiliates (the “Disclosing Party”) to the other Party or any of its Affiliates (the “Receiving Party”) or which the Receiving Party obtains
in the course of its performance pursuant to this Agreement, and which: (a) if in written, graphic, electronic or other tangible form, is labeled as confidential or proprietary; (b) if disclosed orally or visually, is identified as
confidential or proprietary at the time of disclosure and is confirmed to be confidential or proprietary by the Disclosing Party in writing to the Receiving Party within thirty (30) calendar days of such disclosure; or (c) should
reasonably be considered to be confidential or proprietary. With respect to Questcor, “Confidential Information” shall be deemed to also include (i) the Specifications; (ii) the Questcor Technology; and (iii) all business,
financial and technical data of Questcor including, but not limited to information regarding Questcor’s plans, plants, processes, products, costs, equipment, operations, marketing plans, forecasts, customers or suppliers. With respect to
BioVectra, “Confidential Information” shall be deemed to also include (i) its manufacturing processes and practices; (ii) the BioVectra technology; and (iii) all business, financial and technical data of BioVectra including,
but not limited to information regarding BioVectra’s plans, plants, processes, products, costs, equipment, operations, marketing plans, forecasts, customers or suppliers. 

 

	 	1.8	“Delivery Point” shall mean the Questcor ship-to location specified in the applicable Purchase Order for shipment of the ordered Product.

  

	 	1.9	“FDA” shall mean the United States Food and Drug Administration or any successor entity thereof having or performing substantially the same function.

  

	 	1.10	“Firm Order” shall mean a binding commitment in writing made by Questcor to purchase Product in accordance with Section 5. 

 

	 	1.11	“cGMP” shall mean all laws, guidelines and regulations applicable to the manufacture of Product including the current Good Manufacturing Practices as
specified in the United States Code of Federal Regulations, as the same may be amended or re-enacted from time to time, and international guidelines and regulations such as ICH Q7A. 

 

	 	1.12	“Non-Process Related Impurities” shall mean any substance that would not be present as a result of the process used to manufacture Product in compliance with
cGMP. 

  

	 	1.13	“Product” shall mean the chemical substances or the formulation(s) thereof listed in Schedule 1, attached hereto. 

  

									
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	 	  ̈

BioVectra

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	 	1.14	“Product Recall” shall mean any recall, withdrawal, field correction or other action to recover possession of quantities of the Product shipped or sold to
Third Parties resulting in the event that (i) any government authority or other regulatory agency issues a request, directive or order that any Product or drug products derived from Product be recalled, (ii) a court of competent
jurisdiction orders such a recall, (iii) Questcor reasonably determines after consultation with BioVectra that any Products should be recalled because they do not conform to the Specifications or other requirements of this Agreement at the time
of shipment by BioVectra or (iv) Questcor reasonably determines that any Products should be recalled for any reason. 

  

	 	1.15	“Purchase Order” shall mean a written order for the purchase of Product duly executed by Questcor and transferred to BioVectra via mail, facsimile or
electronically, and setting forth the quantity of Product ordered, the required delivery date, the Delivery Point, the price for the Product, the Purchase Order number, the name of the requester, and any special terms and conditions relevant to the
particular Purchase Order (special terms and conditions are those that are not preprinted). 

  

	 	1.16	“Quality Assurance” shall mean the total organized arrangements made with the object of ensuring that Product is of the quality required for its intended use
and that quality systems are maintained so that all of the provisions set forth in Section 7.1.1 and in Section 9 of this Agreement are met. 

  

	 	1.17	“Quarter” shall mean the period of three consecutive calendar months ending 31 March, 30 June, 30 September and 31 December.

  

	 	1.18	“Change” or “Deviation” shall mean any planned or unplanned deviation, variance or change. 

 

	 	1.19	“Specifications” shall mean the specifications and quality assurance and other testing for the Product which will be attached hereto as Schedule 2, and made a
part hereof, as determined in accordance with the analytical methodology set forth therein, as such Specifications may be amended from time to time in writing by mutual agreement of the Parties. 

 

	 	1.20	“Third Party” shall mean any party other than Questcor, BioVectra and their respective Affiliates and agents. 

 

	 	1.21	“Section” shall mean a Section of this Agreement. 

  

	 	1.22	“NDA” means a New Drug Application as defined in and contemplated by the Act. 

 

	 	1.23	“DMF” means the Drug Master File pertaining to the manufacture of the Product. 

  

									
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	 	  ̈

BioVectra

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	2.	SUPPLY OF PRODUCT 

  

	 	2.1	Supply and Purchase. BioVectra agrees to manufacture for and supply to Questcor or its designee on an exclusive basis such quantities of Product as Questcor may order
from BioVectra, and Questcor agrees to purchase such quantities of Product from BioVectra, in accordance with the terms and conditions of this Agreement. Questcor shall be obligated to purchase a minimum of [***] kilograms of Product under this
Agreement, however, Questcor shall not purchase in excess of [***] of Product in any given year. 

  

	 	2.2	Equipment. Questcor will provide to BioVectra at no cost to BioVectra the equipment required to manufacture Product in accordance with the manufacturing process
specified by Questcor, which equipment (and the location thereof) are listed on Schedule 5 attached hereto (the “Questcor Equipment”). BioVectra solely will be responsible for the costs of installation of the Questcor Equipment and
providing adequate facilities to house the Questcor Equipment. BioVectra will receive written authorization from Questcor prior to contracting to purchase additional equipment as may be required to produce Product for Questcor hereunder.

  

	 	2.3	Applicability and Hierarchy of Terms. The terms and conditions of this Agreement shall apply to any Purchase Order issued by Questcor to BioVectra during the term of
this Agreement for the Product that is the subject of this Agreement, whether or not this Agreement or its terms and conditions are expressly referenced in the Purchase Order. In the event of a conflict between the pre-printed terms provided in any
Purchase Order and the terms of this Agreement, the terms of this Agreement shall prevail. 

  

	 	2.4	Maintenance of Equipment. BioVectra shall be responsible for maintaining Questcor Equipment (and any other BioVectra equipment required to manufacture Product) in good
working order. Maintenance required of BioVectra includes, but is not limited to, preventative maintenance, calibration and repairs. 

  

	 	2.5	Use of Questcor Equipment. The Questcor Equipment is to be only used to manufacture the Product for Questcor hereunder. 

 

	3.	TERM AND TERMINATION 

  

	 	3.1	Term. This Agreement shall commence on the Effective Date and shall continue until written notice of no less than twelve (12) months is given by either Questcor or
BioVectra to the other (the “Term”). BioVectra will continue to provide manufacturing services and related testing, if notice of termination is given by Questcor or BioVectra, until Questcor transfers the manufacturing to an alternate site
and manufacturing at the alternate site is approved by the FDA or until four (4) years from the date of the notice of termination, whichever is shorter. 

  
  

	[***]:	Certain confidential information contained in this document marked with [***] has been omitted and filed separately with the Securities and Exchange Commission pursuant
to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  

									
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	 	  ̈

BioVectra

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	 	3.2	Termination for Cause. Without prejudice to any other available legal or equitable rights or remedies, the Parties may terminate this Agreement immediately upon written
notice to the other Party as follows: 

  

	 	3.2.1	Material Breach. Either Party may terminate this Agreement in the event of a material breach by the other Party of any material terms or conditions (including, but not
limited to, the non-Specification conformance of the Product) of the Agreement (“Default”), through no fault of the non-Defaulting Party, which remains uncured ninety (90) calendar days after the non-Defaulting Party provides written
notice of such Default to the Defaulting Party; provided however, that in the event that the Defaulting Party reasonably believes that the Default is incapable of being cured within such ninety (90) day period, then the Defaulting party shall
provide written notice to the non-Defaulting Party within seven (7) calendar days from the date of the notice of such Default, specifying that such Default is not capable of being cured within such period and the actions the Defaulting Party is
taking to diligently cure such Default, and the non-Defaulting Party may, in its sole discretion, agree in writing to extend the time period for curing such Default for up to an additional thirty (30) calendar days or such time as is reasonably
necessary to cure such Default. 

  

	 	3.2.2	Insolvency; Bankruptcy. Either Party may terminate immediately this Agreement in the event that the other Party (a) becomes insolvent; (b) makes an assignment
for the benefit of creditors; (c) files or has filed against it a petition in bankruptcy; (d) has a receiver appointed for its assets; or (e) is dissolved or liquidated. 

 

	 	3.2.3	Continued Manufacture. Termination under this Section 3.3 shall not cause Product to be unavailable to persons who are in need thereof. In the event this
Section 3.3 becomes applicable, the Parties agree to collaborate in good faith to develop a new source of manufacture thereof so as to keep Product available in the marketplace for the benefit of the users thereof. Questcor agrees to diligently
locate and qualify a new manufacturer of the Product and BioVectra agrees that it will not discontinue manufacture of the Product until such new manufacturer is qualified; provided, however, that if BioVectra’s inability to manufacture
Specification–conforming Product is the basis for termination under Section 3.3.1 above, then Questcor shall not obligate BioVectra to manufacture further non-conforming Product, but BioVectra agrees that it will, to the best of its
ability, correct any deficiencies at its own expense and manufacture Specification-conforming Product hereunder after any such notice of termination is received until such new manufacturer is qualified. 

 

	 	3.2.4	 Transfer of Materials and Equipment. If this Agreement is terminated under this Section 3.3, BioVectra shall promptly transfer to Questcor or
Questcor’s 

  

									
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	 	  ̈

BioVectra

	BioVectra	  	Page 5 of 42	 		 		 	

	 	 
designee, at Questcor’s written request and expense, all raw materials purchased by Questcor and supplied to BioVectra and all Questcor Equipment. 

 

	 	3.4	Return of Unused Maintenance Fees. Within Thirty (30) days of the effective date of any termination or expiration of the Agreement, Questcor will pay all amounts
owing to BioVectra for delivered Products in accordance with Section 4 of the Agreement or BioVectra will return Questcor any amount paid to BioVectra as a Minimum Annual Production Maintenance Fee that is not owed against such Products.

  

	4.	PRICE AND PAYMENT 

  

	 	4.1	Price of Product. The price for Product provided hereunder shall be as set forth in Schedule 3 to this Agreement. Such prices shall be firm through the entire Term and
through any subsequent contract extensions. 

  

	 	4.2	Price Adjustments. The price for Product may only be adjusted as provided in Schedule 3 hereto. 

 

	 	4.3	Billing and Payment. BioVectra will submit invoices to Questcor at the address designated in the applicable Purchase Order. Invoices shall include the following
information, where applicable: the description and quantity of Product delivered; the date of shipment of Product; the price for the Product; any applicable taxes, transportation charges or other charges provided for in the applicable Purchase
Order; and the applicable Purchase Order number. Questcor shall pay all invoices to BioVectra in U.S. dollars within thirty (30) days from when the Product is delivered to or on behalf of Questcor at the Delivery Point, provided that:
i) Questcor has received from BioVectra complete and accurate certificates of analysis and any other Process records required to be provided to Questcor pursuant to the provisions of Section 9 for such lot; ii) Questcor or its
designee has actually received the applicable lots of Product; and iii) the lot (or partial lot) is not rejected by Questcor or its designee. In the event that any shipment does not contain the entire invoiced quantity of Product, Questcor
shall only be obligated to pay for the quantity of Product actually received by or on behalf of Questcor. Full or partial payment by Questcor shall not result in a waiver of any of its rights under applicable law or this Agreement.

  

	 	4.4	Documentation Delays. For each day that such complete and accurate required documentation is delayed, the due and payable date of the related invoice will be delayed by
one (1) business day. Questcor will notify BioVectra if payment is to be delayed due to incomplete or inaccurate documentation stating in sufficient detail the reasons therefor. Questcor shall not be obligated to make payment for a lot of
Product if Product is rejected. If a lot of rejected Product is subsequently approved by Questcor, Questcor shall pay BioVectra for such lot within thirty (30) calendar days following such approval date. 

 

	 	4.5	 Disputed Amounts. If Questcor disputes in good faith all or any portion of any

  

									
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	 	  ̈

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invoice submitted by BioVectra, Questcor shall be required to pay that portion of the invoiced amount that is not in dispute. In such event, Questcor shall notify BioVectra in writing of the
amount and nature of the dispute within thirty (30) calendar days after receipt of the applicable invoice, and the Parties shall promptly attempt in good faith to amicably resolve such dispute. Once the matter is resolved, Questcor shall
promptly pay any amount as may be due BioVectra. 

  

	 	4.6	Taxes. The Prices stated in this Agreement or a Purchase Order include all taxes except such sales and use taxes that BioVectra is required by law to collect
from Questcor. Such taxes, if any, will be separately stated in BioVectra’s invoice and will be paid by Questcor to BioVectra unless an exemption is available. BioVectra shall be responsible for the timely payment of all such taxes to the
applicable taxing authority, and BioVectra shall pay (without reimbursement by Questcor), and shall hold Questcor harmless against, any penalties, interest or additional taxes that may be levied or assessed as a result of the failure or delay of
BioVectra to pay any taxes. Questcor shall be responsible for any duties that result from BioVectra shipping Product to any Questcor designated Delivery Point. 

 

	5.	FORECASTS AND FIRM ORDERS 

  

	 	5.1	Forecasts. Questcor shall provide to BioVectra quarterly forecasts of its estimated requirements for Product (“Forecast”). Questcor shall provide such
Forecasts to BioVectra at least sixty (60) calendar days before the beginning of each calendar Quarter during the Term of this Agreement (beginning with the first Quarter in which Questcor intends to purchase Product hereunder), and such
Forecasts shall provide an estimate of Questcor’s requirements for Product for such Quarter and for the next succeeding three (3) Quarters. Such Forecasts shall be estimates for planning purposes only and shall not constitute commitments
by Questcor to purchase Product. Questcor shall only be obligated to purchase such quantities of Product as may be ordered by Questcor pursuant to a Purchase Order issued by Questcor to BioVectra, as provided in Section 5.2 below.

  

	 	5.2	Firm Orders. BioVectra will provide Product to Questcor pursuant to orders placed by Questcor in the form of individual Purchase Orders issued by Questcor to BioVectra.
At least forty-five (45) calendar days prior to the beginning of each Quarter during the Term of this Agreement, beginning with the first Quarter in which Questcor intends to purchase Product under this Agreement, Questcor shall issue a
Purchase Order for its requirements of Product for such Quarter. Questcor shall ensure that BioVectra has sufficient raw materials therefor in accordance with Section 9.2.1 below. 

 

	6.	DELIVERY; ACCEPTANCE; TITLE; RISK OF LOSS 

  

	 	6.1	 Delivery of Product. BioVectra will deliver Product to Questcor FOB, Charlottetown, per UCC § 2-319(1)(a), at the Delivery Point by the date(s)
specified in the applicable Purchase Order (the “Delivery Date”). BioVectra may not deliver 

  

									
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Product more than seven (7) calendar days prior to such Delivery Date without the prior written consent of Questcor. Questcor shall not be obligated to accept any untimely, incomplete
shipments less than sixty five percent (65%) of the Purchase Order amount or excessive shipments greater than one hundred thirty five percent (135%) of the Purchase Order amount, and such shipments, in whole or in part, may, at
Questcor’s option, be returned to BioVectra or held for disposition at BioVectra’s expense and risk. 

  

	 	6.2	Timely Delivery. In the event that BioVectra fails to deliver fully conforming Product by the Delivery Date, Questcor, at its option and in addition to any of its other
rights or remedies, may: (a) require BioVectra to expedite delivery of Product at BioVectra’s own expense; (b) extend the required Delivery Date; or (c) cancel the applicable Purchase Order. 

 

	 	6.3	Transportation. BioVectra will be responsible for routing of all freight, unless Questcor specifies otherwise in writing for a particular Purchase Order. Questcor shall
be responsible for all transportation charges on Product shipped from BioVectra to Questcor or its designee, subject to Section 6.2(a) above. BioVectra shall bear the cost of transportation for Product shipped to Questcor or its designee to
replace non-conforming or defective Product, and BioVectra shall bear the cost of transportation for Product returned to BioVectra by Questcor due to any defect or non-conformance, whether for the convenience of BioVectra or pursuant to a demand by
Questcor as provided herein. 

  

	 	6.4	Title and Risk of Loss. Title to and risk of loss of or damage to the Product sold hereunder shall pass to Questcor upon loading of the Product at BioVectra,
Charlottetown. Questcor shall assume the risk of loss of or damage to the Product after such loading of the Product at BioVectra, except to the extent that such loss or damage results from the negligence or willful misconduct of BioVectra or its
representatives, for which BioVectra shall retain the risk of loss of or damage to Product. 

  

	 	6.5	Acceptance; Rejection. All Product delivered by BioVectra to Questcor or its designee shall be subject to inspection by or on behalf of Questcor and Final Release (as
defined in Section 9 below) by Questcor’s Quality Assurance representative. Questcor may, on written notice to BioVectra within sixty (60) calendar days from receipt of delivery, reject any Product that does not fully conform to the
Specifications or requirements of this Agreement and the applicable Purchase Order, and Questcor may return any shipment or any portion of any shipment that does not fully conform. Payment for Product by Questcor shall not constitute acceptance
thereof. Questcor may revoke its acceptance of any Product in the event that any non-conformance of the Specifications is discovered after acceptance by Questcor. 

  

									
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	7.	REPRESENTATIONS AND WARRANTIES 

  

	 	7.1	Warranties by BioVectra. BioVectra represents and warrants to Questcor that: 

 

	 	7.1.1	Product. All Product provided to Questcor by BioVectra pursuant to this Agreement: 

 

	 	(a)	Will conform in all respects with the Specifications for such Product in effect at the time title to such Product passes from BioVectra to Questcor pursuant to this
Agreement; 

  

	 	(b)	Will not be adulterated or misbranded within the meaning of the Act or any similar law of any other jurisdiction; will be free from Non-Process Related Impurities; and
will be free of any defects; 

  

	 	(c)	Will not have been manufactured with Deviation(s) unless approved in writing by Questcor prior to release by BioVectra and subsequent delivery of the Product to
Questcor or its designee; 

  

	 	(d)	Will conform to and will be manufactured, packaged, labeled, stored and shipped in conformity with FDA regulations, cGMP requirements, the Specifications, the NDA
pertaining to the Product, and all applicable national, federal, state, provincial, and local laws, orders, rules and regulations, and 

  

	 	(e)	Will be manufactured, packaged and stored in facilities that are approved by the applicable regulatory authorities for the manufacture of Product at the time of such
manufacture, packaging and storage, to the extent such approval is required by law or regulation. 

  

	 	7.1.2	Title. BioVectra has good title to all Product provided to Questcor pursuant to this Agreement and passes such title to Questcor free and clear of any security
interests, liens, or other encumbrances. 

  

	 	7.1.3	Debarment. BioVectra represents and warrants that it is not debarred under subsections 306(a) or (b) of the Act and that it has not and will not use in any
capacity the services of any person or entity debarred under such law with respect to its performance of this Agreement. BioVectra will immediately notify Questcor in the event that it or any such person or entity is debarred during the term of this
Agreement. 

  

	 	7.1.4	No Conflict. The execution, delivery and performance of this Agreement by BioVectra does not conflict with any agreement, instrument or understanding, oral or written,
to which it is a party or by which it may be bound, and does not violate any law or regulation of any court, governmental body or administrative or other agency having authority over it; BioVectra is not currently a party to, and during the term of
this Agreement will not enter into, any agreements, oral or written, that are inconsistent with its obligations under this Agreement. 

  

	 	7.1.5	 Authority. BioVectra is validly existing and in good standing under the laws of the province of its incorporation and has the corporate power and
authority 

  

									
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to enter into this Agreement. This Agreement has been duly executed and delivered by BioVectra and constitutes the valid and binding obligation of BioVectra, enforceable against it in accordance
with its terms except as enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights generally and by general equitable principles. The
execution, delivery, and performance of this Agreement have been duly authorized by all necessary action on the part of BioVectra, its officers and directors. 

  

									
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	 	7.2	Breach of Warranty by BioVectra. In the event that any Product does not meet any of BioVectra’s warranties as provided in Section 7.1, in addition to any
other rights or remedies available to Questcor, BioVectra shall, at Questcor’s option, either use its best efforts to replace the non-conforming Product as soon as practicable or promptly refund the payments by Questcor for such non-conforming
Product. 

  

	 	7.3	Independent Laboratory Testing. If Questcor and BioVectra are unable to agree as to whether any Product conforms to the Specifications for such Product, the Parties
shall cooperate to have the Product in dispute analyzed by an independent testing laboratory of recognized repute selected by BioVectra and approved by Questcor, which approval shall not be unreasonably withheld, conditioned or delayed. The results
of such laboratory testing shall be final and binding on the Parties on the issue of conformance of the Product to the Specifications. If the Product is determined to so conform, then Questcor shall bear the cost of the independent laboratory
testing and pay for the Product in accordance with this Agreement. If the Product is determined not to conform, then BioVectra shall bear the cost of the independent laboratory testing, and BioVectra shall, at Questcor’s sole discretion, within
thirty (30) calendar days of the date of such determination, either replace the rejected Product at no cost to Questcor or promptly refund to Questcor the price paid for such Product. 

 

	 	7.4	Warranties by Questcor. Questcor represents and warrants to BioVectra that: 

 

	 	7.4.1	No Conflict. The execution, delivery and performance of this Agreement by Questcor does not conflict with any agreement, instrument or understanding, oral or written,
to which it is a party or by which it may be bound, and does not violate any law or regulation of any court, governmental body or administrative or other agency having authority over it; Questcor is not currently a party to, and during the term of
this Agreement will not enter into, any agreements, oral or written, that are inconsistent with its obligations under this Agreement. 

  

	 	7.4.2	Authority. Questcor is validly existing and in good standing under the laws of the state of its incorporation and has the corporate power and authority to enter into
this Agreement. This Agreement has been duly executed and delivered by Questcor and constitutes the valid and binding obligation of Questcor, enforceable against it in accordance with its terms except as enforceability may be limited by bankruptcy,
fraudulent conveyance, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights generally and by general equitable principles. The execution, delivery and performance of this Agreement have been duly
authorized by all necessary action on the part of Questcor, its officers and directors. 

  

									
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	8.	PRODUCT RECALLS 

  

	 	8.1	Cooperation. In the event of any Product Recall, the Parties shall take all appropriate corrective actions and shall cooperate in the investigations and all necessary
activities surrounding the Product Recall. 

  

	 	8.2	Consultation. In the event that BioVectra or Questcor determines that Product should be recalled, the Parties shall consult with each other prior to taking any
corrective actions. Given that in the marketplace the Product is or will be associated with Questcor, in no event shall BioVectra institute a Product Recall without the prior written approval of an officer of Questcor. 

 

	 	8.3	Product Recall Caused by BioVectra. To the extent that any Product Recall results from any cause or event arising from the manufacturing, packaging, labeling, testing,
storage, or handling of the recalled Product by BioVectra, by any breach of BioVectra’s warranties, by any materials or facilities provided by BioVectra, or otherwise by the acts or omissions of BioVectra or its agents, BioVectra shall be
responsible for all expenses of such Product Recall. 

  

	 	8.4	Product Recall Caused by Questcor. To the extent that any Product Recall results from any cause or event arising from the Specifications, the raw materials supplied by
or on behalf of Questcor, marketing, distribution, shipment, handling (after title passes to Questcor) or sale of the recalled Product by Questcor or its Affiliates or designee at the Delivery Point, or the negligence of Questcor or its Affiliates
or designee at the Delivery Point, Questcor shall be responsible for all expenses of such Product Recall, including, without limitation, reasonable and necessary expenses incurred by BioVectra after written notification to Questcor and written
approval by Questcor therefor. 

  

	 	8.5	Expenses of Product Recall. In the event that a Product Recall is caused by BioVectra, BioVectra shall be liable to reimburse Questcor for all expenses of such Product
Recall, including, without limitation, the following: (i) all amounts paid by Questcor to BioVectra for the Product subject to the Product Recall, (ii) all reasonable costs and expenses incurred and not recovered by Questcor directly
resulting from such Product Recall (including, without limitation, shipping charges, hours spent coordinating the Product Recall, expenses of notification and destruction or return of the recalled Product, all costs associated with the distribution
of replacement Product, and all other costs incurred in connection with such Product Recall). The foregoing remedies shall be in addition to such other rights and remedies as Questcor may have under this Agreement and applicable law.

  

	 	8.6	 Disputes Regarding Cause of Product Recall. If the Parties are unable to agree as to which Party’s acts or omissions gave rise to a Product
Recall, such dispute shall be referred for decision to a mutually agreed upon independent expert of recognized repute (acting as an expert and not as an arbitrator, and who may be an attorney knowledgeable in FDA/pharmaceutical product recall law)
selected by Questcor and 

  

									
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approved by BioVectra, which approval shall not be unreasonably withheld, conditioned or delayed. The results of such independent expert shall be final and binding on the Parties on the issue of
which Party’s acts or omissions gave rise to the Product Recall. The costs of such independent expert shall be borne by the Party determined to be responsible for the Product Recall. 

 

	 	8.7	Notification Regarding Product Recall. Subject to Section 8.2 above, in the event that any Product Recall is required because Product violates applicable laws,
regulations, agreed upon Specifications, the NDA pertaining to the Product, or is deemed unacceptable for some other reason, whether or not such action is requested by any governmental agency, the initiating Party shall notify the Quality Assurance
Representative of the other Party as soon as possible, but not later than the end of the next business day following the decision to implement such action. 

 

	9.	QUALITY ASSURANCE 

  

	 	9.1	Change Control. BioVectra will utilize a documented system of procedures for the control of changes to raw materials, packaging materials, suppliers, equipment,
manufacturing methods, Product, intermediates and raw materials specifications, sampling, test methods, and release requirements, consistent with cGMPs, all applicable laws, rules and regulations, including the NDA pertaining to the Product, and
industry standards. BioVectra shall not implement any Change without the express prior written approval of Questcor. BioVectra will submit any proposed Change to Questcor in writing for its review, using the Deviation/Change Form attached hereto as
Schedule 4. The Parties will provide written responses to requests from the other pursuant to this Section 9.1 as soon as commercially possible but in no event more than twenty (20) business days from receipt of the request from the other
Party hereto. All updates to BioVectra’s DMF (and any other of BioVectra’s regulatory documents) related to the Product (or manufacture of the Product) are the responsibility of BioVectra. Updates to regulatory applications such as the NDA
pertaining to the Product are the responsibility of Questcor 

  

	 	9.2	Raw Materials. 

  

	 	9.2.1	Procurement of Raw Materials. BioVectra will utilize a documented system of procedures to evaluate, qualify and approve raw materials and suppliers.

 BioVectra is responsible for procuring suitable raw materials [***] from the approved and qualified sources.

  
  

	[***]:	Certain confidential information contained in this document marked with [***] has been omitted and filed separately with the Securities and Exchange Commission pursuant
to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  

									
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 Questcor, at
Questcor’s expense, shall provide [***] to BioVectra in amounts required for BioVectra to fulfill its supply obligations to Questcor hereunder. In this regard, Questcor will provide sufficient quantity of appropriate quality [***] necessary to
fulfill Questcor’s obligation to purchase minimum quantities of Product as set forth in Section 2.1 above. 
  

	 	9.2.2	Inspection and Testing of Raw Materials. BioVectra must utilize documented material inspection plans and testing procedures. The results of this inspection and testing
must be in accordance with BioVectra established specifications and the NDA pertaining to the Product. 

BioVectra shall inspect all containers of raw materials [***] promptly upon receipt by BioVectra. BioVectra will inspect and/or test all
raw materials on a batch-by-batch basis. BioVectra may accept and release certain starting materials utilizing the COA with abbreviated or no additional testing. However, a minimum of an identification test is required unless the material is too
hazardous or reactive to sample. 
  

	 	9.2.3	Storage and Handling of Raw Materials. BioVectra agrees to store and handle the materials under appropriate conditions, consistent with cGMPs, all applicable laws,
rules and regulations, including the NDA pertaining to the Product, and industry standards. 

 BioVectra agrees to
store Product labeling materials under appropriate controlled and secured conditions, consistent with cGMPs, all applicable laws, rules and regulations, including the NDA pertaining to the Product, and industry standards. 

BioVectra shall have all necessary and appropriate controls in place to prevent cross-contamination of the raw materials and
intermediates used in the manufacture of Product from other chemicals stored, used, or manufactured by BioVectra, including but not limited to potent hormones, cytotoxic compounds, beta-lactams, highly potent drugs, biological preparations or
non-pharmaceutical chemicals. 
  

	 	9.2.4	 Transmissible Spongiform Encephalopathies (TSE) Compliance. Upon request by Questcor, BioVectra will promptly provide a written TSE declaration that
all materials [***] used by BioVectra to manufacture Product are free from animal derived material. BioVectra shall obtain such written 

  
  

	[***]:	Certain confidential information contained in this document marked with [***] has been omitted and filed separately with the Securities and Exchange Commission pursuant
to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  

									
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TSE declarations from each supplier of raw material used in the manufacturing of Product and shall maintain such TSE declarations for inspection by Questcor upon its request.

 If BioVectra is unable to provide the above mentioned declaration(s), BioVectra must comply with applicable
TSE laws and regulations and must supply all associated TSE documentation, as requested by Questcor, during the Term. Such documentation may include, but is not limited to, an application for a TSE Certificate of Suitability in accordance with
European Directive 75/318/EEC as amended by directive 1999/82/EEC, the note for guidance EMEA/410/01 rev1, as amended and AP-CSP (99)4, Appendix 2, as amended. 
  

	 	9.2.5	Certificate of Compliance for Animal Derived Components. BioVectra is to issue a Certificate of Compliance (signed by BioVectra’s Head of Quality Assurance) that
states that [***]. This Certificate of Compliance is to be included in each lot batch record. The format of a Certificate of Compliance approved by Questcor is attached hereto as Schedule 6. 

 

	 	9.3	Product Specifications. BioVectra will manufacture, package, label and handle all Product in conformance with, and in order for the Product to be in conformance with,
the Specifications and the NDA pertaining to the Product. 

  

	 	9.4	Manufacturing and Packaging of Product. BioVectra shall manufacture, package, and label all Product in accordance with specific procedures and instructions consistent
with cGMPs, all applicable laws, rules and regulations, and the NDA pertaining to the Product, and industry standards. 

 BioVectra will prepare all appropriate and required manufacturing and packaging batch documentation for each batch of Product manufactured pursuant to this Agreement. BioVectra shall retain such batch
documentation in accordance with any document retention schedules provided by Questcor and as required in order to comply with applicable regulatory requirements. BioVectra will make any such batch documentation available for review and inspection
by Questcor and/or any regulatory personnel, and BioVectra shall provide to Questcor all such batch documentation upon the expiration or termination of this Agreement or upon request by Questcor. 

BioVectra shall have all necessary and appropriate controls in place to prevent cross-contamination of Product and intermediates used in
the manufacture of Product from other chemicals stored, used, or manufactured by BioVectra, including but not limited to potent hormones, cytotoxic compounds, highly potent drugs, biological 

  
  

	[***]:	Certain confidential information contained in this document marked with [***] has been omitted and filed separately with the Securities and Exchange Commission pursuant
to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  

									
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preparations or non-pharmaceutical chemicals. Beta-lactam and cephalosporin antibiotics must be handled in facilities separate from those in which Product is manufactured and packaged.

 BioVectra shall assure that materials in its possession containing any potentially hazardous component are sufficiently
isolated and segregated from the Product manufactured for Questcor. BioVectra shall make Questcor aware of the presence of any potentially hazardous products and will adhere to all reasonable requests of Questcor with respect to the storage of such
materials. BioVectra will adhere to any regulatory requirements or restrictions with respect to the storage of raw materials, intermediates, or Product. 
 BioVectra will destroy any waste material or labeling materials in a secure and legal manner, in order to prevent unauthorized use and/or environmental problems. 

 

	 	9.5	Inspection and Testing of Product. BioVectra will perform the inspection and testing of Product as provided in Schedule 2 to this Agreement. Questcor reserves the right
to inspect and/or test all batches of the Product delivered to Questcor or any Questcor designee. 

 BioVectra
will provide to Questcor a complete copy of the entire batch record that shall include but not be limited to (i) COA, (ii) executed batch record, (ii) all testing results conducted by BioVectra and/or independent testing labs
contracted by BioVectra, (iii) Certificate of Compliance concerning animal derived components (per Section 9.2.5 above), (iv) Deviation final reports that have been approved by Questcor, and (v) any other associated documentation
mutually agreed to by both Parties for each batch of Product delivered. BioVectra will deliver the complete batch record and associated documents with each batch no later than the time of delivery of the batch by BioVectra to Questcor or its
designee. 
  

	 	9.6	Notification and Approval of Deviations. BioVectra will have a documented system for handling Deviations, Deviation investigations, and corrective actions. All
Deviations will be investigated and fully documented by BioVectra. BioVectra is to notify Questcor within five (5) business days from the time that BioVectra discovers the Deviation. All Deviations (including the final report which outlines the
Deviation, investigation and corrective actions taken) must be reviewed and approved by Questcor. BioVectra will retain such documentation as part of the batch documentation for the batch affected. Shipment of a lot shall not occur until Questcor
has approved all Deviations. 

  

	 	9.7	Release and Shipment of Product. BioVectra has the responsibility to release the Product for shipment to Questcor or its designee, provided, however, that if Product
does not meet the Specifications in all respects, without any Deviations not approved by Questcor, the Product can be released only with the prior written consent of Questcor. 

  

									
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 BioVectra will not
ship any Product to any Delivery Point, as identified by Questcor, until the Product is released. 
  

	 	9.8	Retained Samples of Product. BioVectra shall retain samples of all Product batches in accordance with the retention schedule mutually agreed upon but for no less than
seven (7) years. The amount of such retained samples shall be of sufficient quantity to conduct at least full Specification analyses in duplicate. BioVectra shall store the retained samples under appropriate Product label storage conditions in
a secure area and in a suitable storage facility, consistent with cGMPs, all applicable laws, rules and regulations, and industry standards. All such samples shall be available for inspection by Questcor during any audit by Questcor of
BioVectra’s facilities or upon reasonable notice to BioVectra by Questcor. 

  

	 	9.9	Storage of Product. BioVectra agrees to store the Product under appropriate Product storage conditions and in a secure area, consistent with cGMPs, all applicable laws,
rules and regulations, and the NDA pertaining to the Product, and industry standards. 

  

	 	9.10	Annual Product Quality Review(s). BioVectra will prepare and provide to Questcor a Product Quality Review Report (“PQRR”) on an annual basis, consisting of a
systems review to confirm 1) processing, 2) that Product consistently meets the Specifications and limits, 3) identification of any significant trends (data or nonconformance) and 4) continued support for established retest dating. Such PQRR shall
be provided by BioVectra to Questcor within thirty (30) calendar days from each one-year anniversary of the Effective Date of this Agreement or such other times as may be mutually agreed upon by the Parties. 

 

	 	9.11	In addition, Questcor and BioVectra will meet as necessary to review quality issues related to the obligations and responsibilities as described in this Agreement.
During this review, quality issues related to the past production by BioVectra of Product will be reviewed. The information presented and discussed during this review meeting will be documented by BioVectra and submitted to Questcor for its review
and approval. 

  

	 	9.12	Complaints about the Product. BioVectra will have a documented system to receive, communicate with Questcor, investigate, and resolve all complaints related to Product.
BioVectra will investigate the complaints as requested by Questcor and provide a written report on the results of the investigation to Questcor within thirty (30) calendar days. If necessary, Questcor will communicate with the customers and/or
the regulatory authorities the results of the complaint investigation. 

  

	 	9.13	Returned Goods. BioVectra will have a documented system for handling returned goods, consistent with cGMPs, all applicable laws, rules and regulations, and industry
standards. 

  

	 	9.14	 Audits and Inspections of Facilities and Product. BioVectra will notify Questcor of any inspections of BioVectra’s facilities used in the
manufacture or storage of 

  

									
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Product, or other actions that could potentially impact Product, by any regulatory agencies or other enforcement entities. BioVectra will provide Questcor with a written summary describing all
results of inspections within thirty (30) days after the visit or inquiry. If any inspection is specifically related to the Product, BioVectra shall promptly inform Questcor and give Questcor representatives the opportunity to participate, at
Questcor’s expense, in the inspection. 

 Questcor reserves the right to audit BioVectra’s
facilities, systems, and documentation as they relate to the manufacture and control of Product, and to assure compliance with this Agreement, including but not limited to Product manufacturing, storage, quality control, environmental compliance and
health and safety compliance. These audits may be performed on a periodic basis at times mutually agreed upon by both Parties. The right to audit will also cover any subcontractors (e.g. a contract laboratory) if utilized by BioVectra. Questcor also
reserves the right to be present at BioVectra’s facility during the manufacture of Product. 
  

	10.	CONFIDENTIALITY 

  

	 	10.1	Restrictions. Except as otherwise provided in this Section 10, during the Term of this Agreement, including any renewals thereof, and for a period of ten
(10) years thereafter: (i) each Party will hold the Confidential Information of the other Party in strict confidence and will protect such Confidential Information with at least the same degree of care that it exercises with respect to its
own Confidential Information, which shall be no less than a reasonable degree of care; (ii) neither Party will disclose the Confidential Information of the other without in each instance obtaining the prior written consent of the Disclosing
Party; (iii) each Party will use the Confidential Information of the other only as is necessary to fulfill its obligations under this Agreement and for achieving the purposes of this Agreement and not for any other purpose; and (iv) each
Party will limit internal disclosure of the other Party’s Confidential Information to its and its Affiliates’ officers, employees or agents on a need-to-know basis for purposes of fulfilling its obligations under this Agreement and
achieving the purposes of this Agreement, provided, however, that each of these officers, employees and agents shall have been advised of the confidential nature of the Confidential Information, are bound by these restrictions, and have been
directed to treat such information confidentially and otherwise comply with this Agreement. In any event, the Receiving Party shall be responsible for any breach of the terms of this Agreement by any of its or its Affiliates’ officers,
employees or agents. 

  

	 	10.2	 Exceptions. Notwithstanding the provisions of Section 10.1 above, neither Party shall have any obligations with respect to information which the
Receiving Party can demonstrate: (i) is or becomes generally available to the public other than through the Receiving Party’s disclosure; (ii) was in the Receiving Party’s possession prior to it being furnished by or on behalf of
the Disclosing Party, provided that the Receiving Party’s source had the legal right to disclose such information; (iii) becomes available to the Receiving Party on a non-confidential basis from a source other than the

  

									
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Disclosing Party, provided that the Receiving Party’s source had the legal right to disclose such information; (iv) is or becomes independently developed by an employee of the Receiving
Party without access to the Confidential Information and without violating any of the Receiving Party’s obligations under this Agreement; (v) is required to be disclosed to any governmental agency for purposes of obtaining patents or
approvals to test or market the Product; or (vi) is required to be disclosed by order of any court of competent jurisdiction or other governmental authority, provided, however, that the Receiving Party shall provide to the Disclosing Party
prompt written notice (but in no event less than fourteen (14) calendar days) prior to such disclosure so that the Disclosing Party may attempt by appropriate legal means to limit such disclosure at its cost and expense, and the Receiving Party
shall endeavor in good faith to limit the disclosure and maintain the confidentiality of such Confidential Information to the maximum extent possible, provided, however, that nothing in this Agreement shall be deemed to require the Receiving Party
to violate and law or judicial order. 

  

	 	10.3	Return of Confidential Information. Each Party agrees to promptly return all Confidential Information and all copies thereof to the Disclosing Party, and to destroy all
information created by Receiving Party that contains Confidential Information furnished by Disclosing Party, at the expiration or termination of this Agreement, or at any time prior to the expiration or termination of this Agreement upon the
Disclosing Party’s written request (provided, however, that the Receiving Party shall not be required to return such Confidential Information to the Disclosing Party prior to the expiration or termination or this Agreement that the Receiving
Party reasonably requires in order to perform its obligations under this Agreement). Upon request of the Disclosing Party, the Receiving Party shall provide written certification of such return or destruction. Notwithstanding the foregoing, the
Receiving Party may retain one (1) copy of such Confidential Information in its legal archive files solely for purposes of identifying such Party’s obligations under this Agreement or complying with other legal requirements, including
under the Act. Notwithstanding the Receiving Party’s return and destruction of the Confidential Information, Receiving Party will continue to be bound by its obligation of confidentiality as otherwise provided herein. 

 

	11.	INDEMNIFICATION 

  

	 	11.1	 Indemnification by Questcor. Except as otherwise specifically provided in Section 11.2 below, Questcor shall indemnify, defend and hold harmless
BioVectra, its Affiliates, and its and their respective directors, officers, employees, agents, successors and assigns from and against any and all claims, demands, losses, damages, judgments, settlement amounts, suits, actions, liabilities, costs
and expenses (including, but not limited to, court costs and reasonable attorneys’ fees) arising out of or resulting from: (i) any negligence or willful misconduct of Questcor, its employees or agents in the use, handling (after title has
passed to Questcor), shipment, distribution, marketing or sale of any Product; (ii) any injury or death to persons or 

  

									
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	 	  ̈

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	BioVectra	  	Page 19 of 42	 		 		 	

	 	 
theft of or damage to property resulting from the use, handling (after title has passed to Questcor), shipment, distribution, marketing or sale of any Product unless caused by defective or
non-conforming Product; (iii) the material default by Questcor in the performance of any obligation hereunder or Questcor’s breach of any of its warranties or representations hereunder; (iv) any labeling of any Product to the extent
that such labeling has been supplied by or at the direction of Questcor and applied in accordance with instructions from Questcor; and/or (v) any proceeding instituted by or on behalf of a Third Party based upon a claim that the manufacture,
use or sale of the Product infringes any intellectual property right, including any patent, trademark or trade secret of such Third Party. 

  

	 	11.2	Indemnification by BioVectra. Except as otherwise specifically provided in Section 11.1 above, BioVectra shall indemnify, defend and hold harmless Questcor, its
Affiliates, and its and their respective directors, officers, employees, agents, successors and assigns from and against any and all claims, demands, losses, damages, judgments, settlement amounts, suits, actions, liabilities, costs and expenses
(including, but not limited to, court costs and reasonable attorneys’ fees) arising out of or resulting from: (i) any injury or death to persons or theft of or damage to property caused directly or indirectly by defective or non-conforming
Product or by the negligence or willful misconduct of BioVectra, its employees or agents; (ii) the material default by BioVectra in the performance of any obligation hereunder or BioVectra’s breach of any of its warranties or
representations hereunder; (iii) BioVectra’s negligent acts or omissions or willful misconduct in the manufacture, labeling, packaging, storage, or handling of Product; and/or (iv) BioVectra’s failure to comply with the
provisions of any applicable law or regulation, including, but not limited to, the NDA pertaining to the Product, those of the Act and those relating to the environment and health and safety. 

 

	 	11.3	 A Party (the “Indemnitee”) which intends to claim indemnification under this Section 11 shall promptly notify the other Party (the
“Indemnitor”) in writing of any action, claim or other matter in respect of which the Indemnitee or any of its Affiliates, or any of their respective directors, officers, employees or agents, or any Third Party entitled to indemnification
under Sections 11.1 or 11.2 above, intend to claim such indemnification; provided, however, the failure to provide such notice within a reasonable period of time shall not relieve the Indemnitor of any of its obligations hereunder except to the
extent the Indemnitor is prejudiced by such failure. The Indemnitee shall permit, and shall cause its Affiliates, and their respective directors, officers, employees and agents to permit, the Indemnitor, at its discretion, to settle any such action,
claim or other matter and the Indemnitee agrees to the complete control of such defense or settlement by the Indemnitor; provided that such settlement does not adversely affect the Indemnitee’s rights hereunder or impose any obligations on the
Indemnitee in addition to those set forth herein in order for it to exercise such rights. No such action, claim or other matter shall be settled without the prior written consent of the Indemnitee, and the Indemnitee shall not be responsible for any
attorneys’ fees or other costs incurred other than as provided 

  

									
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herein. The Indemnitee, its Affiliates, and their respective directors, officers, employees and agents shall reasonably cooperate with the Indemnitor and its legal representatives in the
investigation and defense of any action, claim or other matter covered by this indemnification. The Indemnitee shall have the right, but not the obligation, to be represented by counsel of its own selection and at its own expense.

  

	 	11.4	The provisions of this Section 11 shall survive the expiration or termination of this Agreement. 

 

	12.	LIMITATIONS ON LIABILITY 

  

	 	12.1	In no event shall either Party be liable to the other Party for any indirect, incidental, special, consequential, punitive or exemplary damages (including, but not
limited to, damages based upon lost profits, business interruption, lost business, or lost savings) for any acts or failure to act under this Agreement, even if it has been advised of their possible existence. Notwithstanding the foregoing, there
shall be no limitation on a Party’s liability for claims: a) arising out of a breach of its confidentiality obligations under this Agreement; or b) arising out of its indemnification obligations under this Agreement. 

BioVectra shall reimburse Questcor for loss or damage to (i) raw materials purchased by Questcor, supplied to BioVectra and stored
at BioVectra and (ii) Questcor Equipment. Reimbursement of raw materials and equipment shall be at replacement value. 
  

	13.	INSURANCE 

 Each
Party shall obtain and maintain at its expense during the term of this Agreement and for a period of at least one (1) year after the expiration or termination of this Agreement, all insurance coverage required by law as well as appropriate
insurance coverage to protect against any and all claims or liabilities that may arise directly or indirectly as a result of its performance under this Agreement. In this regard, each Party shall maintain at least three million dollars ($3,000,000)
of product liability insurance for the duration of this Agreement and for five (5) years thereafter. 
  

	14.	MISCELLANEOUS 

  

	 	14.1	 Independent Contractors. The relationship between Questcor and BioVectra is that of independent contractors and nothing contained in this Agreement
shall be deemed to constitute or create any other relationship, including employment, partnership, agency or joint venture, between Questcor and BioVectra. Neither Party shall have any express or implied right or authority to employ any person as
agent or employee for or on behalf of the other, or to bind or attempt to bind the other Party to any obligation with any Third Party. BioVectra has and retains full control and supervision over the performance of its obligations hereunder and over
the 

  

									
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employment, direction, compensation and discharge of all employees, agents and subcontractors it utilizes in the performance of such obligations. BioVectra is responsible for its acts and
omissions and those of its employees, agents and subcontractors. 

  

	 	14.2	Assignment and Subcontracting. BioVectra shall not assign any of its rights nor delegate or subcontract any of its duties under this Agreement without the prior written
consent of Questcor. Any such attempted assignment of rights or delegation or subcontracting of duties without the prior written consent of Questcor shall be void and ineffective. Any such assignment, delegation or subcontracting consented to by
Questcor shall not relieve BioVectra of its responsibilities and liabilities hereunder, and BioVectra shall remain liable to Questcor for the conduct and performance of each permitted delegate and subcontractor hereunder. Questcor shall have the
right to assign this Agreement to any Third Party, provided, however, that such Third Party assumes in writing the rights, duties and obligations of Questcor as set forth in this Agreement and guarantees such in writing to BioVectra.

  

	 	14.3	Advertising and Publicity. BioVectra shall not use the name or any trademark, trade name, logo or symbol of Questcor or any Questcor Affiliates, or disclose any matters
relating to this Agreement, in any advertising, promotion, press/publicity release, written articles or other form of public written disclosure without the prior written consent of Questcor. Questcor shall not disclose and matters relating to this
Agreement nor issue any press/publicity release referring to BioVectra without the prior written permission of BioVectra, which shall not be unreasonably withheld, conditioned or delayed. It is understood by BioVectra that Questcor, as the holder of
the Product NDA, will have to make certain disclosures and regulatory filings indicating that BioVectra is manufacturing the Product for Questcor. 

  

	 	14.4	Force Majeure. Neither Party shall be liable for delays in performance or nonperformance in whole or in part due to any causes that are beyond its reasonable
control and not due to its acts or omissions, such as acts of God, fire, strikes, embargo, war, acts of terrorism, acts of the government, or any other similar causes, but not acts which could be anticipated, such as raw material
price increases, shortages of raw materials, or an increase in demand for Product. In such event, the Party delayed shall promptly give notice to the other Party, and shall endeavor in good faith to eliminate, cure or overcome any such causes and to
resume performance of its obligations as soon as possible. The Party affected by the other Party’s delay may elect to: (a) suspend performance and extend the time for performance for the duration of the event, or (b) cancel all or
part of any part of the unperformed part of this Agreement or any individual Purchase Order(s) hereunder. 

Questcor shall have the right, but not the obligation, to terminate this Agreement under this Section 14.4 upon not less than ninety
(90) days written notice to BioVectra if BioVectra cannot, or appears unable in Questcor’s good faith opinion, to supply Product hereunder to Questcor to meet Questcor’s needs therefor due to a condition of Force Majeure. 

  

									
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	 	14.5	Notices. Any notice, communication, or statement required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been
sufficiently given when delivered to the person(s) listed below in any of the following manners: (i) in person; (ii) by registered or certified mail, postage pre-paid, return receipt requested; (iii) by a
nationally-recognized courier service guaranteeing next-day delivery, charges prepaid; or (iv) by facsimile with the original promptly sent by any of the foregoing manners. Notice or receipt of a particular communication shall be
considered given or received when actually received. Either Party may, by notice to the other, change the names and addresses given below for receipt of notices. 

 

	 	14.6	If to BioVectra: 

BioVectra Inc. 
 Attn: Chief Executive Officer 
 11 Aviation Avenue 

Charlottetown, Prince Edward Island 

C1E0A1 Canada 
 Facsimile No.: (902) 566-9116 
 With a copy to: 

BioVectra Inc. 
 Attn: Chief Operating Officer 
 11 Aviation Avenue 

Charlottetown, Prince Edward Island 

C1E0A1 Canada 
 Facsimile No.: (902) 566-9116628-2045 
 If to Questcor: 

Questcor Pharmaceuticals, Inc. 
 3260 Whipple Road 
 Union City, California 94587 

Attn: Chief Executive Officer 
 Facsimile No. (510) 400 -0799 
 With a copy to: 

Questcor Pharmaceuticals, Inc. 
 3260 Whipple Road 
 Union City, California 94587 

Attn: SVP Pharmaceutical Operations 

Facsimile No. (510) 400 -0799 
  

	 	14.7	Non-Waiver. The failure of either Party to strictly enforce any of the terms or conditions of this Agreement shall not be considered as a waiver of any right hereunder
nor shall it deprive that Party of the right at some other time to insist upon strict adherence to that term or condition or to any other terms or conditions. 

  

									
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	 	14.8	Severability. If any section, subsection, sentence or clause of this Agreement shall be adjudged illegal, invalid or unenforceable, such illegality, invalidity or
unenforceability shall not affect the legality, validity or enforceability of this Agreement as a whole or of any section, subsection, sentence or clause hereof not so adjudged, and the remaining terms and provisions of this Agreement shall remain
unimpaired and in full force and effect. 

  

	 	14.9	Paragraph Headings. All paragraph headings in this Agreement are for convenience of reference only and shall not be construed as a limitation of the scope of the
particular sections to which they refer. 

  

	 	14.10	Governing Law and Arbitration. This Agreement will be governed by the laws of the State of California U.S.A., without regard to its, or any other jurisdictions,
conflicts of laws provisions or rulings. Any dispute, claim or controversy that may arise under, out of, in connection with or relating to this Agreement or any breach or default in the performance of the terms and conditions thereof, which cannot
be settled by the Parties, shall be settled by final and binding arbitration in the English language in New York, New York, U.S.A. in accordance with the then-existing Rules of Commercial Arbitration (the “Rules”) promulgated by the
American Arbitration Association (the “AAA”). The arbitrator(s) shall apply the governing law as set forth above in this Section 14.10 and judgment upon the award of the arbitrator(s) may be entered in any court having appropriate
jurisdiction. 

  

	 	14.11	Successors and Assigns. This Agreement shall apply to, inure to the benefit of and be binding upon the Parties hereto and upon their respective successors and permitted
assigns. The Parties agree that this Agreement is not intended by either Party to give any benefits, rights, privileges, actions or remedies to any person, partnership, firm or corporation as a third party beneficiary or otherwise under any theory
of law, except as expressly set forth herein. 

  

	 	14.12	Survival of Obligations. The termination or expiration of this Agreement shall not affect the survival and continuing validity of the Sections entitled
“Representations and Warranties; “Product Recalls”, “Confidentiality”, “Indemnification” and “Limitations on Liability” nor of any other provision that is expressly or by implication intended to continue
in force after such termination or expiration. Termination or expiration of this Agreement shall not relieve either Party from full performance of any obligations incurred prior to the Effective Date of such termination or expiration.

  

	 	14.13	Schedules. All schedules referred to herein form an integral part of this Agreement and are incorporated into this Agreement by such reference.

  

	 	14.14	Review by Legal Counsel. Each of the Parties agrees that it has had the opportunity to review this Agreement with its legal counsel. Accordingly, the rule of
construction that any ambiguity in this Agreement is to be construed against the drafting Party shall not apply. 

  

									
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	 	14.15	Amendments. No modification, alteration or amendment of this Agreement or any Purchase Order(s) hereunder shall be binding upon the Parties unless contained in a
writing signed and delivered by a duly authorized representative of each respective Party and specifically referring hereto or thereto, as the case may be. 

 

	 	14.16	Counterparts. This Agreement and any amendment or supplement hereto may be executed in any number of counterparts, each of which when executed and delivered shall be
deemed to be an original and all of which counterparts taken together shall constitute but one and the same instrument. The execution of this Agreement and any such amendment or supplement by any Party hereto will not become effective until
counterparts hereof have been executed (i.e., signed and delivered) by both Parties hereto. 

  

	 	14.17	Entire Agreement. This Agreement, together with any documents attached hereto, constitutes the entire agreement of the Parties with respect to its subject matter and
merges and supersedes all prior discussions and writings with respect thereto. No modification to this Agreement shall be affected by the acknowledgment or acceptance of any purchase order or shipping instruction forms or similar documents
containing terms or conditions at variance with or in addition to those set forth herein. 

 Notwithstanding the
above, the Mutual Nondisclosure Agreement dated July 12, 2010 (a copy of which is attached hereto as Schedule 7) and the Equipment & Materials Transfer Agreement (a signed copy of which is attached hereto as Schedule 8) shall remain in
full force and effect for the Term, any Extension Period and the period of Confidentiality as set forth in Section 10.1 above, except for the provisions of the Equipment & Materials Transfer Agreement entitled: “Term;
“Termination”, “Development and Supply Agreement” and “Non-Binding Term Sheet”, which shall be superseded hereby. In the event of any direct conflict of the terms and conditions of the Mutual Nondisclosure Agreement and
the Equipment & Materials Transfer Agreement with the terms and conditions of this Agreement, the terms and conditions of this Agreement shall control. The period of confidentiality of the Mutual Nondisclosure Agreement shall be as set
forth in Section 10.1 hereof. 
 IN WITNESS WHEREOF, the Parties have caused this Agreement to
be executed by their respective duly authorized representatives to be effective as of the Effective Date set forth above. 
  

									
	QUESTCOR PHARMACEUTICALS, INC.	 		 	BIOVECTRA INC.
					
	Signature:	 	  
	 		 	Signature:	 	  

  

									
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	BioVectra	  	Page 25 of 42	 		 		 	

									
		 	  
	 		 		 	  

					
	Name:	 	  
	 		 	Name:	 	  

					
	Title:	 	  
	 		 	Title:	 	  

					
	Date:	 	  
	 		 	Date:	 	  

  

									
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SCHEDULE 1 
 To the Supply Agreement between Questcor and BioVectra. 
 PRODUCT

 [***] 

  
  

	[***]:	Certain confidential information contained in this document marked with [***] has been omitted and filed separately with the Securities and Exchange Commission pursuant
to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  

									
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SCHEDULE 2 
 To the Supply Agreement between Questcor and BioVectra. 

SPECIFICATIONS 
 [***] 

  
  

	[***]:	Certain confidential information contained in this document marked with [***] has been omitted and filed separately with the Securities and Exchange Commission pursuant
to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  

									
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SCHEDULE 3 
 To the Supply Agreement between Questcor and BioVectra. 
 PRICE 

All prices in USD 
  

					
	 [***]
	  	 [***]
	  	 [***]

			
	 [***]
	  	[***]	  	[***]
			
	 [***]
	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]
			
		  	[***]	  	

  
  

	[***]:	Certain confidential information contained in this document marked with [***] has been omitted and filed separately with the Securities and Exchange Commission pursuant
to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  

									
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	 	  ̈

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SCHEDULE 4 
 To the April 1 2003 Supply Agreement between Questcor and BioVectra dcl 
  

					
		  	DEVIATION/CHANGE FORM	  	
	CP0006-0	  	BIOVECTRA.	  	

 Standard Operating Procedure for Writing and Managing SOPs 

Attachment 1: Document Creation/Change Control Form. 
  

							
	SOP Title:	 	  
	 		 	

							
				
	SOP Form ID:	 	  
	 	Date:	 	  

 

			
		 	Change Type:
	 ̈	 	Major
	 ̈	 	Minor
		
		 	Check One:
	 ̈	 	Annual Review
	 ̈	 	Revision
	 ̈	 	New issue
	
	Summary of Changes and Justifications
	(Attach additional pages as necessary.)
	  

	  

	  

	  

	  

	  

	  

	
	Comments:	 	  

	  

	  

 

			
	Signature	 	Date
	  
	 	  

  

									
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	 Reviewed by

	 Approved by

	 QA/RA Approval

  

									
	Document Control	  		  		  	
					
	 ̈	  	Revision History Ledger updated	  	  
	  		  	  

		  		  	Signature	  		  	Date
					
	  ̈
	  	Training Requirements Completed	  	  
	  		  	  

		  		  	Signature	  		  	Date
					
	 ̈	  	Read and Understood	  		  		  	
					
	 ̈	  	Additional Training Required (Explain)	  	  
	  		  	
					
		  		  	  
	  		  	

 Attachment 2: Revision History Ledger 

 

									
	 Form ID
	  	 Title
	  	 Revision

#
	  	 Comments
	  	 Performed by

(Initial and Date)

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

									
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	FORM ID	  	            CP0006	  	REVISIONS NO.	  	            Zero (0)
	WRITTEN BY	  	 APPROVED BY

  

					
	QA APPROVAL                EFFECTIVE DATE	 	

  

									
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SCHEDULE 5 
 To the Supply Agreement between Questcor and BioVectra dcl 

QUESTCOR PROVIDED EQUIPMENT AND LOCATION
THEREOF 
 [***] 

  
  

	[***]:	Certain confidential information contained in this document marked with [***] has been omitted and filed separately with the Securities and Exchange Commission pursuant
to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  

									
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 Schedule 6 

To the Supply Agreement between Questcor and BioVectra. 

FORMAT OF AN APPROVED CERTIFICATE OF COMPLIANCE 
 To the Supply Agreement between Questcor and BioVectra 
 (as referred to in
Section 9.2.5 of that Agreement) 
 CERTIFICATE OF COMPLIANCE 

[***] 
  

					
	BIOVECTRA INC.	 		 	
			
	 By:
	 		 	  

			
	 Signature
	 		 	
			
	 Date
	 		 	
	
	  

			
	 Print name and title
	 		 	

  

	[***]:	Certain confidential information contained in this document marked with [***] has been omitted and filed separately with the Securities and Exchange Commission pursuant
to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  

									
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SCHEDULE 7 
 To the Supply Agreement between Questcor and BioVectra. 
 MUTUAL
NONDISCLOSURE AGREEMENT (dated July 12, 2010) 
 THIS AGREEMENT is made on July 12, 2010, by and between Questcor Pharmaceuticals,
Inc., a California Corporation located at 3260 Whipple Road, Union City, CA 94587 (“Questcor”) and BioVectra Inc., a corporation organized under the laws of Prince Edward Island and located at (“BioVectra”), 11 Aviation Avenue,
Charlottetown, Prince Edward Island, C1E 0A1 Canada (“BioVectra”). 
 1. Purpose. As part of supply agreement between BioVectra and
Questcor both companies may disclose information it regards as confidential to the other. 
 2. Definition. “Confidential Information”
means any information, technical data, or know-how, including, but not limited to, that which relates to research, development, products, biological materials, chemical compounds, processes, test data, animal studies, clinical trials, markets,
inventions, marketing or finances, which Confidential Information is designated in writing to be confidential or proprietary, or if given orally, is confirmed promptly in writing as having been disclosed as confidential or proprietary. Confidential
Information does not include information, technical data or know-how which (i) is in the possession of the receiving party at the time of disclosure as shown by the receiving party’s files and records immediately prior to the time of
disclosure; or (ii) prior to or after the time of disclosure becomes part of the public knowledge or literature, not as a result of any action or inaction of the receiving party; or (iii) is approved for release by the disclosing party, or
(iv) is at any time disclosed to the receiving party by a third party without, to the knowledge of the receiving party, violation of any obligation of confidentiality. 
 3. Non-Disclosure of Confidential Information. Questcor and BioVectra each agree not to use the Confidential Information disclosed to it by the other party for its own use or for any purpose except as
specified in paragraph 1. Neither will disclose the Confidential Information of the other to third parties or to its own employees and advisors except those employees and advisors who are required to have the information in order to evaluate it.
Each agrees to advise such employees and advisors of the confidential nature of the information they are receiving, and to take all other reasonable steps to protect the secrecy of and avoid disclosure or use of Confidential Information of the other
in order to prevent it from falling into the public domain or the possession of unauthorized persons. Each agrees to notify the other in writing of any misuse or misappropriation of such Confidential Information of the other which may come to its
attention. 
 4. Return of Material. Upon request, any materials or documents which have been furnished by one party to the other will be
returned, accompanied by all copies of such documentation. Except that one copy may be retained for legal archival purposes. 

  

									
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 5. Patent or Copyright Infringement.
Nothing in this Agreement is intended to grant any rights under any patent or copyright of either party, nor shall this Agreement grant either party any rights in or to the others party’s Confidential Information, except the limited right to
review such Confidential Information solely for the purpose specified in paragraph 1. 
 6. Term. The foregoing commitments in this Agreement
shall terminate on the later of ten (10) years following the date of this Agreement, or ten (10) years following the termination of any business relationship between the parties. 
 7. Miscellaneous. This Agreement shall be binding upon and for the benefit of the undersigned parties, their successors and assigns, provided that Confidential Information may not be assigned without
consent of the disclosing party. Failure to enforce any provision of this Agreement shall not constitute a waiver of any term hereof. 
 8.
Governing Law and Jurisdiction. This Agreement shall be governed by and construed under the laws of the State of California. The federal and state courts within the State of California shall have exclusive jurisdiction to adjudicate any dispute
arising out of this Agreement. 
 9. Remedies. Each party agrees that its obligations hereunder are necessary and reasonable in order to protect
the other party and the other party’s business. Accordingly, each party agrees and acknowledges that any such violation or threatened violation may cause irreparable injury to the other party and that, in addition to any other remedies that may
be available, in law, in equity or otherwise, the other party shall be entitled to obtain injunctive relief against the threatened breach of this Agreement or the continuation of any such breach. 

  

									
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SCHEDULE 8 
 To the Supply Agreement between Questcor and BioVectra dcl 

EQUIPMENT & MATERIALS TRANSFER AGREEMENT 
  

			
	PARTIES	  	 Questcor Pharmaceuticals, Inc. (“Questcor”)
 Diagnostic Chemicals Limited, doing business as BioVectra (“BIO”)

		
	MATERIAL AND EQUIPMENT TRANSFER	  	Upon reasonable prior notice to RIO, Questcor will cause to be delivered, and BIO will accept for delivery, the Certain manufacturing equipment (the “Equipment”) and the
raw materials (the “Materials”) described and listed on Exhibit A as associated with the commercial production of [***] (the “Concentrate”). Questcor will be responsible for all costs associated with the delivery of the Materials
and Equipment to the Storage Location (defined below), including applicable import/export costs actually and reasonably incurred by BIO. BIO will reasonably assist Questcor to arrange for the delivery and receipt of the Materials and
Equipment.
		
	HANDLING AND STORAGE	  	BIO will (i) handle, store, maintain and deliver the Materials and Equipment in accordance with the terms and conditions of this Term Sheet and applicable laws and regulations and
(ii) take such action as reasonably requested by Questcor in respect of the handling, storage, maintenance or delivery of such Materials and Equipment. BIO will store and maintain the Equipment and the Materials in a secure location within the
premises located at BioVectra DCL, Charlottetown Airport Business Park, 328 Brackley Point Road, Charlottetown, PE C1E, 2E6 (the “Storage Location”) and in a manner that preserves the operation and effectiveness of the Materials and
Equipment, but in no event in a manner less than the specifications described on Exhibit A. Except as directed in writing by Questcor, BIO will not remove the Equipment from its original shipping packaging or otherwise tamper with, remove or
relocate the Equipment or Materials from the Storage Location. BIO will provide Questcor or its designee access to the Equipment and/or Materials in the Storage Location, upon reasonable prior notice. BIO shall immediately notify Questcor at the
address provided below of any breach of this Term Sheet or any theft of and/or damage or unauthorized access to the Equipment and/or Materials.
		
	OWNERSHIP	  	Questcor will retain ownership over all rights in and to the Equipment and Materials delivered to BI0. BIO shall not use, retain for itself or grant to any third party any access or
rights in or to the Materials or Equipment, including, without limitation, the imposition of any levy, lien or encumbrance of any nature whatsoever.
		
	INSURANCE; DAMAGE	  	Questcor will maintain general commercial liability and property insurance covering the Equipment and Materials during the Term in reasonable and customary amounts as it may
determine. BIO will be responsible to Questcor for any loss, damage or destruction of the Equipment and Materials or any claim by any third party with respect to personal injury relating to the Equipment or Materials, in each case to the extent
arising out of BIO’s negligence or willful misconduct.

  

	[***]:	 Certain confidential information contained in this document marked with [***] has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  

									
		  		 		 	  ̈

Questcor
	 	  ̈

BioVectra

	BioVectra	  	Page 37 of 42	 		 		 	

			
	TERM; TERMINATION	  	 This Term Sheet will be in effect from the date last written below until the earlier of (a) the execution by the parries of a definitive
Development and Supply Agreement or (b) June 30, 2003, unless otherwise earlier terminated by either parry in accordance with this Term Sheet or extended in writing by the mutual agreement of the patties (the “Term”).

 
 Either party may terminate this Term Sheet upon [***] prior written notice to the
other for any reason or within [***] upon the uncured material breach by either party; provided however, that Questcor may at any time request the return and delivery of the Materials and/or Equipment to itself or its designee as described
below.

		
	RETURN DELIVERY	  	Promptly upon the request of Questcor (but in no event later than five business days), BIO will prepare the Equipment and Materials for shipment and make them available for transfer
to Questcor or its designee at the Storage Location. Questcor will reimburse BIO with respect to its reasonable and actual costs incurred in connection with the foregoing and will bear the costs of transporting the Equipment and/or Materials from
the Storage Location.
		
	FEES	  	BIO will handle and store the Equipment and Materials in consideration for the negotiation by the parties of a Development and Supply Agreement as described herein and no additional
fees or charges will apply,
		
	QUALITY AUDIT	  	At a time as mutually agreed by the parties, BIO will permit Questcor, at no Cost to Questcor, access to its facilities, records and personnel necessary for Questcor to conduct a
Quality System Audit. Questcor will bear the costs of conducting such audit.
		
	DEVELOPMENT AND SUPPLY AGREEMENT	  	Subject to the successful completion of the Quality Audit described above, the parties will use their good faith, Commercially reasonable efforts to negotiate a definitive
Development and Supply Agreement pursuant to which BIO will provide the Concentrate for Questcor’s commercial requirements.
		
		  	[***]
		
	GOVERNING LAW	  	This Term Sheet and the terms of the definitive agreement will be governed by the laws of the State of California, United States, without regard to its conflicts of
laws.
		
	CONFIDENTIALITY	  	The parties agree that the contents of this Term Sheet and any and all information provided by one party to the other pursuant to this Term Sheet shall be “Confidential
Information” subject to the terms of that certain Mutual Nondisclosure Agreement between Questcor and BIO dated as of August 15, 2002.

 

	[***]:	Certain confidential information contained in this document marked with [***] has been omitted and filed separately with the Securities and Exchange Commission pursuant
to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  

									
		  		 		 	  ̈

Questcor
	 	  ̈

BioVectra

	BioVectra	  	Page 38 of 42	 		 		 	

  

			
	NON-BINDING TERM SHEET	  	The terms provided in the paragraph entitled “Supply Agreement” are for discussion purposes only, and such terms shall not constitute a binding agreement, an offer to
enter into a binding agreement or an amendment to or termination of the certain terms and conditions provided to Questcor by BIO in a letter dated March 18, 2003 (the “Non-Binding Terms”). The Non-Binding Terms and any proposals
contained herein are subject to additional due diligence, the negotiation: of a definitive. agreement, the terms and conditions provided to Questcor by BIO in a letter dated March 18, 2003, and approval by the parties’ respective Board of
Directors.
		
		  	Notwithstanding the foregoing, the parties agree and acknowledge that all provisions other than the Non-Binding Terms will constitute a binding agreement between the parties as of
the date last written below. It is the intention of BIO and Questcor to promptly and in good faith negotiate and finalize a definitive agreement regarding the terms and conditions set forth herein and other usual and customary terms for transactions
of this type. In the event that the parties fail to reach a definitive agreement on or before June 30, 2003 or otherwise extend the term hereof by mutual agreement in writing, this Term Sheet shall terminate as of June 30, 2003 and be of no further
force and effect, except for provisions regarding confidentiality. In such event, BIO shall promptly return the Materials and Equipment to Questcor in accordance with the paragraph entitled “Return & Delivery”

 

									
	QUESTOR PHARMACEUTICALS, INC.	 		 	DIAGNOSTIC CHEMICALS LIMITED
					
	By:	 	  
	 		 	By:	 	  

					
	Name:	 	  
	 		 	Name:	 	  

					
	Title:	 	  
	 		 	Title:	 	  

					
	Date:	 	  
	 		 	Date:	 	  

									
					
	Address:	 		 		 	Address:	 	

  

									
		  		 		 	  ̈

Questcor
	 	  ̈

BioVectra

	BioVectra	  	Page 39 of 42	 		 		 	

  
 EXHIBIT A

 Equipment Description and Inventory: 
 (see attached list) 
 [***] 

 

	[***]:	Certain confidential information contained in this document marked with [***] has been omitted and filed separately with the Securities and Exchange Commission pursuant
to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  

									
		  		 		 	  ̈

Questcor
	 	  ̈

BioVectra

	BioVectra	  	Page 40 of 42	 		 		 	

  
 EQUIPMENT FOR HP ACTHAR
GEL 
 TRUCK 1 
 TRUCK I

 [***] 

 

	[***]:	Certain confidential information contained in this document marked with [***] has been omitted and filed separately with the Securities and Exchange Commission pursuant
to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  

									
		  		 		 	  ̈

Questcor
	 	  ̈

BioVectra

	BioVectra	  	Page 41 of 42	 		 		 	

  
 EQUIPMENT FOR HP ACTHAR
GEL 
 TRUCK 2 
 TRUCK 2

 [***] 

 

	[***]:	Certain confidential information contained in this document marked with [***] has been omitted and filed separately with the Securities and Exchange Commission pursuant
to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  

									
		  		 		 	  ̈

Questcor
	 	  ̈

BioVectra

	BioVectra	  	Page 42 of 42

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