Document:

EX-10.10

 Exhibit 10.10 

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT 

AGREEMENT BY AND BETWEEN 

HORIZON PHARMA, INC., HORIZON PHARMA USA, INC. AND 

VIKRAM KARNANI 
 This
Amended and Restated Executive Employment Agreement (hereinafter referred to as the “Agreement”), is entered into by and between Horizon Pharma, Inc., a Delaware corporation, and its wholly owned subsidiary, Horizon Pharma
USA, Inc., a Delaware corporation, each having a principal place of business at 150 S. Saunders Road, Lake Forest, IL 60045, (hereinafter referred to together as the “Company”) and Vikram Karnani (hereinafter referred as to
the “Executive”). The terms of this Agreement shall be effective commencing March 1, 2018 (the “Effective Date”). 

RECITALS 
 WHEREAS,
the Executive previously entered into an Executive Employment Agreement with the Company dated February 1, 2017 (the “Prior Agreement”). 

WHEREAS, the Company desires assurance of the continued association and services of the Executive in order to continue to retain the
Executive’s experience, skills, abilities, background and knowledge, and is willing to continue to engage the Executive’s services on the terms and conditions set forth in this Agreement; and 

WHEREAS, Executive desires to be in the continued employ of the Company, and is willing to accept such continued employment on the
terms and conditions set forth in this Agreement, which as of the Effective Date shall replace and supersede in its entirety the terms of the Prior Agreement. 

AGREEMENT 
  

	1.	Employment. 

 1.1 Term. The Executive originally commenced employment with
the Company on July 31, 2014. The Company hereby agrees to continue to employ the Executive, and the Executive hereby accepts continued employment by the Company, upon the terms and conditions set forth in this Agreement.
Executive’s employment shall be governed under the terms set forth in this Agreement beginning on the Effective Date and shall continue until it is terminated pursuant to Section 4 herein (hereinafter referred to as the
“Term”). 
 1.2 Title. From and after the Effective Date the Executive will
have the title of Executive Vice President, Chief Commercial Officer (such position held by Executive during such period is hereinafter referred to as “EVP CCO”) and Executive shall continue
to serve in such other capacity or capacities commensurate with his position as EVP CCO as the President and CEO of the Company may from time to time prescribe. 

1.3 Duties. The Executive shall do and perform all services, acts or things necessary or advisable to manage and conduct the
business of the Company and shall 

 
have the authority and responsibilities which are generally associated with the position of EVP CCO including being responsible for the Company’s business units. The Executive shall report
to the President and CEO. 
 1.4 Policies and Practices. The employment relationship between the parties shall be governed by
this Agreement and the policies and practices established by the Company and the Board of Directors (hereinafter referred to as the “Board”). In the event that the terms of this Agreement differ
from or are in conflict with the Company’s policies or practices or the Company’s Employee Handbook, this Agreement shall control. 

1.5 Location. The Executive shall perform the services the Executive is required to perform pursuant to this Agreement in
at the Company’s U.S. Headquarters in Lake Forest Illinois. The Company may from time to time require the Executive to travel temporarily to other locations outside of Lake Forest, Illinois area in connection with the Company’s business.

  

	2.	Loyalty of Executive. 

 2.1 Loyalty. During the Executive’s employment by the
Company, the Executive shall devote the Executive’s business energies, interest, abilities and productive time to the proper and efficient performance of Executive’s duties under this Agreement. Subject to the prior written consent of the
President and CEO, the Executive is permitted to serve on the board of directors of one other company, so long as the other company does not compete with the Company. 

2.2 Exclusive Employment. Except with the prior written consent of the Chief Executive Officer, Executive shall not,
during the term of this Agreement, undertake or engage in any other employment, occupation or business enterprise, other than ones in which Executive is a passive investor. The Company specifically agrees that the Executive may engage in any civic
and not-for-profit board membership or activities (including, but not limited to Executive role on the board of the Arthritis Foundation) so long as such activities do
not materially interfere with the performance of his duties hereunder or present a conflict of interest with the Company. 
 2.3
Agreement not to Participate in Company’s Competitors. During the Term of this Agreement, the Executive agrees not to acquire, assume or participate in, directly or indirectly, any position, investment
or interest known by Executive to be adverse or antagonistic to the Company, its business or prospects, financial or otherwise or in any company, person or entity that is, directly or indirectly, in competition with the business of the Company or
any of its affiliates. Notwithstanding the foregoing, Executive may invest and/or maintain investments in any public or private entity up to an amount of 2% of an entity’s fully diluted shares and on a passive basis. 

	3.	Compensation to Executive. 

 3.1 Base Salary. The Company shall pay the
Executive a base salary at the initial annualized rate of five hundred thousand dollars ($500,000.00) per year, subject to standard deductions and withholdings, or such higher rate as may be determined from time to time by the Board or the
compensation committee thereof (hereinafter referred to as the “Base Salary”). Such Base Salary shall be paid in accordance with the Company’s standard payroll practice. Payments of salary
installments shall be made no less frequently than once per month. Executive’s Base Salary will be reviewed annually and Executive shall be eligible to receive a salary increase (but not decrease) annually in an amount to be determined by the
Board or the compensation committee thereof in its sole and exclusive discretion. Once increased, the new salary shall become the Base Salary for purposes of this Agreement and shall not be reduced without the Executive’s written consent. Any
material reduction in the Base Salary of the Executive, without his written consent, may be deemed Good Reason as set forth in and subject to Section 4.5.2 of this Agreement.  

3.2 Discretionary Bonus. Provided the Executive meets the conditions stated in this Section 3.2, the Executive shall be
eligible for an annual discretionary bonus (hereinafter referred to as the “Bonus”) with a target amount of sixty percent (60%) of the Executive’s Base Salary, subject to standard deductions
and withholdings, based on the Board’s determination, in good faith, and based upon the Executive’s individual achievement and company performance objectives as set by the Board or the compensation committee thereof, of whether the
Executive has met such performance milestones as are established for the Executive by the Board or the compensation committee thereof, in good faith, in consultation with the Executive (hereinafter referred to as the
“Performance Milestones”). The Performance Milestones will be based on certain factors including, but not limited to, the Executive’s performance and the Company’s financial performance.
The Executive’s Bonus target will be reviewed annually and may be adjusted by the Board or the compensation committee thereof in its discretion, provided however, that the Bonus target may only be materially reduced upon Executive’s
written consent. The Executive must be employed on the date the Bonus is awarded to be eligible for the Bonus, subject to the termination provisions thereof. The Bonus shall be paid during the calendar year following the performance calendar year.

 3.3 Prior Equity Grants. All Company equity awards previously granted to Executive shall continue in effect from and
following the Effective Date in accordance with their existing terms. Executive may be eligible to receive additional grants of Company equity awards in the sole discretion and subject to the approval of the Board. 

3.4 Legal Review. Upon the Executive’s submission of appropriate proof and verification of reasonable and customary
legal fees incurred by the Executive in obtaining legal advice associated with the review, preparation, approval, and execution of this Agreement, the Company shall pay for up to $10,000.00 of such legal fees subject to receipt of appropriate proof
and verification of such legal fees no later than sixty (60) days of receipt of an invoice for legal services from the Executive and/or his attorneys. 

 
To be eligible for reimbursement, the invoice must be submitted no later than ninety (90) days after the legal fees are incurred. 

3.5 Changes to Compensation. The Executive’s compensation may be changed from time to time by mutual agreement of the
Executive and the Company. In the event that the Executive’s Base Salary is materially decreased without his written consent, said decrease will be Good Reason for the Executive to terminate the Agreement as set forth in and subject to
Section 4.5.2 of this Agreement.  
 3.6 Taxes. All amounts
paid under this Agreement to the Executive by the Company will be paid less applicable tax withholdings and any other withholdings required by law or authorized by the Executive. 

3.7 Benefits. The Executive shall, in accordance with Company policy and the terms of the applicable plan documents, be
eligible to participate in benefits under any executive benefit plan or arrangement which may be in effect from time to time and made available to the Company’s executives or key management employees, provided, however, that the Executive shall
be entitled to at least four (4) weeks of paid vacation annually. 
 3.8 Expense Reimbursement. The Company shall
reimburse the Executive for all reasonable and necessary out-of-pocket expenses incurred by Executive in the performance of his executive duties and responsibilities
hereunder, including without limitation expenses incurred for all of Executive’s travel and accommodations, subject to the Company’s normal policies and procedures, including without limitation, for expense verification and documentation
(it being understood by the parties hereto that the Executive’s duties hereunder will differ in scope and intensity from Company’s non-executive employees). 

 

	4.	Termination. 

 4.1 Termination by the Company. The Executive’s
employment with the Company may be terminated only under the following conditions: 
 4.1.1 Termination for Death or
Disability. The Executive’s employment with the Company shall terminate effective upon the date of the Executive’s death or “Complete Disability” (as defined in Section 4.5.1), provided, however, that this
Section 4.1.1 shall in no way limit the Company’s obligations to provide such reasonable accommodations to the Executive and/or his heirs as may be required by law. 

4.1.2 Termination by the Company For Cause. The Company may terminate the Executive’s employment under
this Agreement for “Cause” (as defined in Section 4.5.3) by delivery of written notice to the Executive specifying the Cause or Causes relied upon for such termination, provided that such notice is delivered within two (2) months
following the occurrence or discovery of any event or events constituting “Cause”. Any notice of termination given pursuant to this Section 4.1.2 shall effect termination as of the date of the notice or such date as specified in the
notice. The 

 
Executive shall have the right to appear before the CEO before any termination for Cause becomes effective and binding upon the Executive. 

4.1.3 Termination by the Company Without Cause. The Company may terminate the Executive’s employment
under this Agreement at any time and for any reason or no reason subject to the requirements set out in Section 4.4 of this Agreement. Such termination shall be effective on the date the Executive is so informed or as otherwise specified by the
Company, pursuant to notice requirements set forth in Section 6 of this Agreement. 
 4.2 Termination By The
Executive. The Executive may terminate his employment with the Company at any time and for any reason or no reason, including, but not limited, to the following conditions: 

4.2.1 Good Reason. The Executive may terminate his employment under this Agreement for “Good Reason” (as
defined below in Section 4.5.2) by delivery of written notice to the Company specifying the Good Reason(s) relied upon by the Executive for such termination in accordance with the requirements of such section. 

4.2.2 Without Good Reason. The Executive may terminate the Executive’s employment hereunder for other than
Good Reason upon thirty (30) days written notice to the Company. 
 4.3 Termination by Mutual Agreement of the
Parties. The Executive’s employment pursuant to this Agreement may be terminated at any time upon a mutual agreement in writing of the parties. Any such termination of employment shall have the consequences specified in such mutual
agreement. 
 4.4 Compensation to Executive Upon Termination. In connection with any termination of the
Executive’s employment for any reason, the Executive or the Executive’s estate, as applicable, shall be entitled to any amounts payable to the Executive or the Executive’s beneficiaries subject to and accordance with the terms of the
Company’s employee welfare benefit plans or policies (excluding any severance pay), as well as any other compensation and benefits specified in this Agreement. 

4.4.1 Death or Complete Disability. If the Executive’s employment shall be terminated by his death or Complete
Disability as provided in Section 4.1.1, the Company shall pay to Executive, and/or Executive’s heirs, all earned but unpaid Base Salary earned through the date of termination, any earned but unpaid discretionary Bonuses for any
prior period at such time as bonuses would have been paid if the Executive remained employed, all accrued but unpaid business expenses, and all accrued but unused vacation time earned through the date of termination at the rate in effect at the time
of termination (hereinafter collectively referred to as the “Accrued Amounts”), less standard deductions and withholdings. The Executive shall also be eligible to receive a pro-rated discretionary Bonus for the year in which the date of termination occurs, as determined by the Board or the Compensation Committee of the Board based on Executive’s then-current target Bonus and based
on actual performance and the period of 

 
the year he was employed (hereinafter referred to as the “Pro-rata Bonus”), less standard deductions
and withholdings, to be paid as a lump sum within thirty (30) days after the date of termination. 
 4.4.2 With Cause or
Without Good Reason. If the Executive’s employment shall be terminated by the Company for Cause, or if the Executive terminates employment hereunder without Good Reason, the Company shall pay the Executive’s Base Salary earned through
the date of termination, his accrued but unpaid business expenses and his accrued and unused vacation benefits earned through the date of termination at the rate in effect at the time of termination, less standard deductions and withholdings. 

4.4.3 Without Cause or For Good Reason. 

(i) Not in Connection With a Change in Control. If the Company terminates the Executive’s employment without Cause or the
Executive terminates his employment for Good Reason, and Section 4.4.3(ii) below does not apply, the Company shall pay the Accrued Amounts subject to standard deductions and withholdings, to be paid as a lump sum no later than thirty
(30) days after the date of termination. In addition, subject to the limitations stated in this Agreement and upon the Executive’s furnishing to the Company an executed waiver and release of claims (the form of which is attached hereto as
Exhibit A) (the “Release”) within the applicable time period set forth therein, but in no event later than forty-five days following termination of employment and permitting such Release to become effective in accordance with
its terms (the “Release Effective Date”), and subject to Executive entering into no later than the Release Effective Date a non-competition agreement to be effective during the
Severance Period (as defined below), substantially similar to Section 2.3, and continuing to abide by its terms during the Severance Period, the Executive shall be entitled to: 

(a) the equivalent of the Executive’s Base Salary in effect at the time of termination will continue to be paid for a period of
twelve (12) months following the date of termination (hereinafter referred to as the “Non Change in Control Severance Period”), less standard deductions and withholdings, to be paid during the Non Change in Control
Severance Period according to the Company’s regular payroll practices, subject to any delay in payment required by Section 4.6 in connection with the Release Effective Date; and 

(b) in the event the Executive timely elects continued coverage under COBRA, the Company will continue to pay the same portion of
Executive’s COBRA health insurance premium as the percentage of health insurance premiums that it paid during the Executive’s employment, including any amounts that Company paid for benefits to the qualifying family members of the
Executive, following the date of termination up until the earlier of either (i) the last day of the Non Change in Control Severance Period or, (ii) the date on which the Executive begins full-time employment with another company or
business entity which offers comparable health insurance coverage to the Executive (such period, the “Non Change  

 
in Control COBRA Payment Period”). Notwithstanding the foregoing, if the Company determines, in its sole discretion, that the Company cannot provide the COBRA premium benefits
without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof pay Executive a taxable cash amount, which payment
shall be made regardless of whether the Executive or his qualifying family members elect COBRA continuation coverage (the “Health Care Benefit Payment”). The Health Care Benefit Payment shall be paid in monthly or bi-weekly installments on the same schedule that the COBRA premiums would otherwise have been paid to the insurer. The Health Care Benefit Payment shall be equal to the amount that the Company otherwise would have
paid for COBRA insurance premiums (which amount shall be calculated based on the premium for the first month of coverage), and shall be paid until the expiration of the Non Change in Control COBRA Payment Period. 

(ii) In Connection With a Change in Control. If the Company (or its successor) terminates the Executive’s employment
without Cause or the Executive terminates his employment for Good Reason within the period commencing three (3) months immediately prior to a Change in Control of the Company and ending eighteen (18) months immediately following a Change
in Control of the Company (as defined in Section 4.5.4 of this Agreement), the Executive shall receive the Accrued Amounts subject to standard deductions and withholdings, to be paid as a lump sum no later than thirty (30) days after the
date of termination. In addition, subject to the limitations stated in this Agreement and upon the Executive’s furnishing to the Company (or its successor) an executed Release within the applicable time period set forth therein, but in no event
later than forty-five days following termination of employment and permitting such Release to become effective in accordance with its terms, and subject to Executive entering into no later than the Release Effective Date a non-competition agreement to be effective during the Severance Period, substantially similar to Section 2.3, and continuing to abide by its terms during the Severance Period, then in lieu of (and not additional
to) the benefits provided pursuant to Section 4.4.3(i) above, the Executive shall be entitled to: 
 (a) the equivalent of the
Executive’s Base Salary in effect at the time of termination will continue to be paid for a period of eighteen (18) months following the date of termination (hereinafter referred to as the “Change in Control Severance
Period”), less standard deductions and withholdings, to be paid during the Change in Control Severance Period according to the Company’s regular payroll practices, subject to any delay in payment required by Section 4.6 in
connection with the Release Effective Date; 

 (b) one and half (1.5) times Executive’s target Bonus in effect at the time of
termination, or if none, one and half (1.5) times the last target Bonus in effect for Executive, less standard deductions and withholdings, to be paid in a lump sum within ten (10) days following the later of (i) the Release Effective
Date, or (ii) the effective date of the Change in Control; and 
 (c) in the event the Executive timely elects continued
coverage under COBRA, the Company will continue to pay the same portion of Executive’s COBRA health insurance premium as the percentage of health insurance premiums that it paid during the Executive’s employment, including any amounts that
Company paid for benefits to the qualifying family members of the Executive, following the date of termination until the expiration of the Change in Control Severance Period. Notwithstanding the foregoing, if the Company determines, in its sole
discretion, that the Company cannot provide the COBRA premium benefits without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company
shall in lieu thereof pay Executive the Health Care Benefit Payment, which payment shall be made regardless of whether the Executive or his qualifying family members elect COBRA continuation coverage. The Health Care Benefit Payment shall be paid in
monthly or bi-weekly installments on the same schedule that the COBRA premiums would otherwise have been paid to the insurer. The Health Care Benefit Payment shall be equal to the amount that the Company
otherwise would have paid for COBRA insurance premiums (which amount shall be calculated based on the premium for the first month of coverage), and shall be paid until the expiration of the Change in Control Severance Period. 

(iii) No Duplication of Benefits. For the avoidance of doubt, in no event will Executive be entitled to benefits under
Section 4.4.3(i) and Section 4.4.3(ii). If Executive commences to receive benefits under Section 4.4.3(i) due to a qualifying termination prior to a Change in Control and thereafter becomes entitled to benefits under
Section 4.4.3(ii), any benefits previously provided to Executive under Section 4.4.3(i) shall offset the benefits to be provided to Executive under Section 4.4.3(ii) and shall be deemed to have been provided to Executive pursuant to
Section 4.4.3(ii). 
 4.4.4 Equity Award Acceleration. 

(i) Not in Connection With a Change in Control. In the event that the Executive’s employment is terminated without Cause or
for Good Reason and Section 4.4.4 (ii) below does not apply, the vesting of any equity awards granted to Executive that vest solely subject to Executive’s continued services to the Company (the “Time-Based Vesting Equity
Awards”) shall be deemed vested and immediately exercisable (if applicable) by the Executive with respect to such number of shares as determined in accordance with their applicable vesting schedules as if Executive had provided an
additional twelve (12) months of services as of the date of termination. Treatment of any performance based vesting equity awards granted to 

 
Executive will in all cases be governed solely by the terms of the equity award plan and/or agreement under which they were granted and will not be eligible to accelerate vesting pursuant to the
foregoing provision. 
 (ii) In Connection With a Change in Control. In the event that the Executive’s employment is
terminated without Cause or for Good Reason within the three (3) months immediately preceding or during the eighteen (18) months immediately following a Change in Control of the Company (as defined in Section 4.5.4 of this Agreement),
the vesting of any Time-Based Vesting Equity Awards granted to Executive shall be fully accelerated such that on the effective date of such termination (or if later, the date of the Change in Control) one hundred percent (100%) of any Time-Based
Vesting Equity Awards granted to Executive prior to such termination shall be fully vested and immediately exercisable, if applicable, by the Executive. Treatment of any performance based vesting equity awards granted to Executive will in all cases
be governed solely by the terms of the equity award plan and/or agreement under which they were granted and will not be eligible to accelerate vesting pursuant to the foregoing provision 

(iii) Release and Waiver. Any equity vesting acceleration pursuant to this Section 4.4.4 shall be conditioned upon
and subject to the Executive’s delivery to the Company of a fully effective Release in accordance with the terms specified by Section 4.4.3 hereof and such vesting acceleration benefit shall be in addition to the benefits provided by
Section 4.4.3 hereof. 
 4.5 Definitions. For purposes of this Agreement, the following terms shall have the following
meanings: 
 4.5.1 Complete Disability. “Complete Disability” shall
mean the inability of the Executive to perform the Executive’s duties under this Agreement, whether with or without reasonable accommodation, because the Executive has become permanently disabled within the meaning of any policy of disability
income insurance covering employees of the Company then in force. In the event the Company has no policy of disability income insurance covering employees of the Company in force when the Executive becomes disabled, the term “Complete
Disability” shall mean the inability of the Executive to perform the Executive’s duties under this Agreement, whether with or without reasonable accommodation, by reason of any incapacity, physical or mental, which the Board, based upon
medical advice or an opinion provided by a licensed physician, determines to have incapacitated the Executive from satisfactorily performing all of the Executive’s usual services for the Company, with or without reasonable accommodation, for a
period of at least one hundred eighty (180) days during any twelve (12) month period that need not be consecutive. 
 4.5.2
Good Reason. “Good Reason” for the Executive to terminate the Executive’s employment hereunder shall mean the occurrence of any of the following events without the
Executive’s consent: 

 (i) a material reduction in the Executive’s duties, authority, or
responsibilities relative to the duties, authority, or responsibilities in effect immediately prior to such reduction, including by way of example, having the same title, duties, authority and responsibilities at a subsidiary level following a
Change in Control; 
 (ii) the relocation of the Executive’s primary work location to a point more than fifty (50) miles
from the Executive’s current work location set forth in Section 1.5 that requires a material increase in Executive’s one-way driving distance; 

(iii) a material reduction by the Company of the Executive’s Base Salary or annual target Bonus opportunity, without the written
consent of the Executive, as initially set forth herein or as the same may be increased from time to time pursuant to this Agreement; and 

(iv) a material breach by the Company of Section 1.2 of this Agreement. 

Provided, however that, such termination by the Executive shall only be deemed for Good Reason pursuant to the foregoing definition if (i) the Company is
given written notice from the Executive within sixty (60) days following the first occurrence of the condition that he considers to constitute Good Reason describing the condition and the Company fails to satisfactorily remedy such condition
within thirty (30) days following such written notice, and (ii) the Executive terminates employment within thirty (30) days following the end of the period within which the Company was entitled to remedy the condition constituting
Good Reason but failed to do so. 
 4.5.3 Cause. “Cause” for the Company to
terminate Executive’s employment hereunder shall mean the occurrence of any of the following events, as determined reasonably and in good faith by the Board or a committee designated by the Board: 

(i) the Executive’s gross negligence or willful failure to substantially perform his duties and responsibilities to
the Company or willful and deliberate violation of a Company policy; 
 (ii) the Executive’s conviction of a felony or the
Executive’s commission of any act of fraud, embezzlement or dishonesty against the Company or involving moral turpitude that is likely to inflict or has inflicted material injury on the business of the Company, to be determined by the sole
discretion of the Company; 
 (iii) the Executive’s unauthorized use or disclosure of any proprietary information or trade
secrets of the Company or any other party that the Executive owes an obligation of nondisclosure as a result of the Executive’s relationship with the Company; and 

 (iv) the Executive’s willful and deliberate breach of the obligations under this
Agreement that causes material injury to the business of the Company. 
 4.5.4 Change in Control. For purposes of this
Agreement, “Change in Control” means: (i) a sale of all or substantially all of the assets of the Company; (ii) a merger or consolidation in which the Company is not the surviving entity
and in which the holders of the Company’s outstanding voting stock immediately prior to such transaction own, immediately after such transaction, securities representing less than fifty percent (50%) of the voting power of the entity surviving
such transaction or, where the surviving entity is a wholly-owned subsidiary of another entity, the surviving entity’s parent; (iii) a reverse merger in which the Company is the surviving entity but the shares of Common Stock outstanding
immediately preceding the merger are converted by virtue of the merger into other property, whether in the form of securities of the surviving entity’s parent, cash or otherwise, and in which the holders of the Company’s outstanding voting
stock immediately prior to such transaction own, immediately after such transaction, securities representing less than fifty percent (50%) of the voting power of the Company or, where the Company is a wholly-owned subsidiary of another entity, the
Company’s parent; or (iv) an acquisition by any person, entity or group (excluding any employee benefit plan, or related trust, sponsored or maintained by the Company or subsidiary of the Company or other entity controlled by the Company)
of the beneficial ownership of securities of the Company representing at least seventy-five percent (75%) of the combined voting power entitled to vote in the election of Directors; provided, however, that
nothing in this paragraph shall apply to a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company. 

4.6 Application of Internal Revenue Code Section 409A. Notwithstanding anything to the contrary set
forth herein, any payments and benefits provided under this Agreement (the “Severance Benefits”) that constitute “deferred compensation” within the meaning of Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and other guidance thereunder and any state law of similar effect (collectively
“Section 409A”) shall not commence in connection with Executive’s termination of employment unless and until Executive has also incurred a “separation
from service” (as such term is defined in Treasury Regulation Section 1.409A-1(h) (“Separation From Service”), unless the Company reasonably
determines that such amounts may be provided to Executive without causing Executive to incur the additional 20% tax under Section 409A. 

It is intended that each installment of the Severance Benefits payments provided for in this Agreement is a separate “payment” for
purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). For the avoidance of doubt, it is intended that payments of the Severance Benefits set forth in this Agreement satisfy, to the greatest extent
possible, the exemptions from the application of Section 409A provided under Treasury Regulation Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if the Company (or, if applicable, the successor entity thereto) determines that the Severance Benefits constitute “deferred compensation” under Section 409A and Executive is,
on the 

 
termination of service, a “specified employee” of the Company or any successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) of the Code, then, solely to the
extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the Severance Benefit payments shall be delayed until the earlier to occur of: (i) the date that is six months and one day
after Executive’s Separation From Service, or (ii) the date of Executive’s death (such applicable date, the “Specified Employee Initial Payment Date”), the Company (or the successor entity thereto, as
applicable) shall (A) pay to Executive a lump sum amount equal to the sum of the Severance Benefit payments that Executive would otherwise have received through the Specified Employee Initial Payment Date if the commencement of the payment of
the Severance Benefits had not been so delayed pursuant to this Section and (B) commence paying the balance of the Severance Benefits in accordance with the applicable payment schedules set forth in this Agreement. 

Notwithstanding anything to the contrary set forth herein, Executive shall receive the Severance Benefits described above, if and only if
Executive duly executes and returns to the Company within the applicable time period set forth therein, but in no event more than forty-five days following Separation From Service, the Company’s standard form of release of claims in favor of
the Company (attached to this Agreement as Exhibit A) (the “Release”) and permits the release of claims contained therein to become effective in accordance with its terms (such latest permitted date, the
“Release Deadline”). If the severance benefits are not covered by one or more exemptions from the application of Section 409A and the Release could become effective in the calendar year following the
calendar year in which Executive separates from service, the Release will not be deemed effective any earlier than the Release Deadline. Notwithstanding any other payment schedule set forth in this Agreement, none of the Severance Benefits will be
paid or otherwise delivered prior to the effective date (or deemed effective date) of the Release. Except to the extent that payments may be delayed until the Specified Employee Initial Payment Date pursuant to the preceding paragraph, on the first
regular payroll pay day following the effective date of the Release, the Company will pay Executive the Severance Benefits Executive would otherwise have received under the Agreement on or prior to such date but for the delay in payment related to
the effectiveness of the Release, with the balance of the Severance Benefits being paid as originally scheduled. 
 The severance benefits
are intended to qualify for an exemption from application of Section 409A or comply with its requirements to the extent necessary to avoid adverse personal tax consequences under Section 409A, and any ambiguities herein shall be
interpreted accordingly. 
 4.7 Application of Internal Revenue Code Section 280G. If any payment or
benefit Executive would receive pursuant to a Change in Control from the Company or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and
(ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either
(x) the largest portion of the Payment that would result in no portion of the Payment being subject to the 

 
Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes,
income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or
some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the manner that
results in the greatest economic benefit for Executive. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata. 

In the event it is subsequently determined by the Internal Revenue Service that some portion of the Reduced Amount as determined pursuant to
clause (x) in the preceding paragraph is subject to the Excise Tax, Executive agrees to promptly return to the Company a sufficient amount of the Payment so that no portion of the Reduced Amount is subject to the Excise Tax. For the avoidance
of doubt, if the Reduced Amount is determined pursuant to clause (y) in the preceding paragraph, Executive will have no obligation to return any portion of the Payment pursuant to the preceding sentence. 

Unless Executive and the Company agree on an alternative accounting firm, the accounting firm engaged by the Company for general tax compliance
purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting
the Change in Control, the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be
made hereunder. 
 The Company shall use commercially reasonable efforts to cause the accounting firm engaged to make the determinations
hereunder to provide its calculations, together with detailed supporting documentation, to Executive and the Company within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at
that time by Executive or the Company) or such other time as requested by Executive or the Company. 
 4.8 Indemnification
Agreements. The Company and the Executive have previously entered into indemnification agreements, copies of which are attached hereto as Exhibit B-1 and Exhibit
B-2. 
 4.9 Confidential Information and Invention Assignment Agreement. The
Executive has previously executed the Company’s Confidential Information and Invention Assignment Agreement the terms of which shall continue to govern the terms of Executive’s employment following the Effective Date, and a copy of which
is attached as Exhibit C. 
 4.10 No Mitigation or Offset. The Executive shall not be required to seek or accept other
employment, or otherwise to mitigate damages, as a condition to receipt of 

 
the Severance Benefits, and the Severance Benefits shall not be offset by any amounts received by the Executive from any other source, except to the extent that the Executive’s rights to the
benefits described in Sections 4.4.3(i)(b) or 4.4.3(ii)(c), as applicable, are terminated by reason of the Executive obtaining full-time employment with another company or business entity which offers comparable health insurance coverage. 

 

	5.	Assignment and Binding Effect. 

 This Agreement shall be binding upon the Executive and
the Company and inure to the benefit of the Executive and the Executive’s heirs, executors, personal representatives, assigns, administrators and legal representatives. Because of the unique and personal nature of the Executive’s duties
under this Agreement, neither this Agreement nor obligations under this Agreement shall be assignable by the Executive. This Agreement shall be binding upon and inure to the benefit of the Company and its successors, assigns and legal
representatives, provided that the Agreement may only be assigned to an acquirer of all or substantially all of the Company’s assets. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement
for all purposes. For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the
assets or business of the Company. 
  

	6.	Notice. 

 For the purposes of this Agreement, notices, demands, and all other forms of
communication provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or (unless otherwise specified) mailed by registered mail, return receipt requested, postage prepaid, or by confirmed
facsimile, addressed as set forth below, or to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of address shall be effective only upon receipt, as follows: 

If to the Company: 

Horizon Pharma, Inc. 

150 S. Saunders Road, 

Lake Forest, IL 60045 

Attention: Timothy P. Walbert, Chairman, President & CEO 

Fax: 847-572-1372 

If to the Executive: 

Vikram Karnani 

360 Linden Avenue 

Lake Forest, IL 60045 

 Any such written notice shall be deemed given on the earlier of the date on which such notice is personally
delivered or five (5) days after its deposit in the United States mail as specified above. Either party may change its address for notices by giving written notice to the other party in the manner specified in this section. 

 

	7.	Choice of Law. 

 This Agreement shall be governed by the laws of the State of Illinois,
without regard to any conflicts of law principals thereof that would call for the application of the laws of any other jurisdiction. The parties consent to the exclusive jurisdiction and venue of the federal court in the Northern District of
Illinois, and state courts located in the state of Illinois, county of Cook. Nothing in this Section 7 limits the rights of the parties to seek appeal of a decision of an Illinois court outside of Illinois that has proper jurisdiction over the
decision of a court sitting in Illinois. 
  

	8.	Integration. 

 This Agreement, including Exhibit A, Exhibit B-1, Exhibit B-2 and Exhibit C contains the complete, final and exclusive agreement of the parties relating to the terms and conditions of the Executive’s employment and
the termination of Executive’s employment, and supersedes all prior and contemporaneous oral and written employment agreements or arrangements between the parties, including but not limited to the Prior Agreement. 

 

	9.	Amendment. 

 This Agreement cannot be amended or modified except by a written agreement
signed by the Executive and the Company. 
  

	10.	Waiver. 

 No term, covenant or condition of this Agreement or any breach thereof shall be
deemed waived, except with the written consent of the party against whom the wavier is claimed, and any waiver or any such term, covenant, condition or breach shall not be deemed to be a waiver of any preceding or succeeding breach of the same or
any other term, covenant, condition or breach. 
  

	11.	Severability. 

 The finding by a court of competent jurisdiction of the unenforceability,
invalidity or illegality of any provision of this Agreement shall not render any other provision of this Agreement unenforceable, invalid or illegal. Such court shall have the authority to modify or replace the invalid or unenforceable term or
provision with a valid and enforceable term or provision, which most accurately represents the parties’ intention with respect to the invalid, unenforceable, or illegal term or provision. 

	12.	Interpretation; Construction. 

 The headings set forth in this Agreement are for
convenience of reference only and shall not be used in interpreting this Agreement. This Agreement has been drafted and negotiated by legal counsel representing the Company and the Executive. The parties acknowledge that each party and its counsel
has reviewed and revised, or had an opportunity to review and revise, this Agreement, and any rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this
Agreement. 
  

	13.	Execution by Facsimile Signatures and in Counterparts. 

 The parties agree that facsimile
signatures shall have the same force and effect as original signatures. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

  

	14.	Survival. 

 The provisions of this Agreement, and of all other agreements referenced
herein, shall survive the termination of this Agreement, and of the Executive’s employment by the Company for any reason, to the extent necessary to enable the parties to enforce their respective rights hereunder. 

[Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREFORE, the parties have signed this Agreement on the date first written
above. 
  

			
	COMPANY:
	
	HORIZON PHARMA, INC.
	HORIZON PHARMA USA, INC.
		
	By:	 	
	
	Title: Chairman, President & CEO
	
	Print Name: Timothy P. Walbert
	
	 /s/ Timothy P. Walbert

	Signature

 As authorized agent of the Company 
  

	
	 3/1/2018

	Date

  

	
	EXECUTIVE:
	
	 /s/ Vikram Karnani

	Vikram Karnani, individually
	
	 3/1/2018

	Date

 EXHIBIT A 

RELEASE AND WAIVER OF CLAIMS 

In consideration of the payments and other benefits set forth in Section 4.4 of the Amended and Restated Executive Employment Agreement
dated March 1, 2018, (the “Employment Agreement”), to which this form is attached, I, Vikram Karnani, hereby furnish Horizon Pharma, Inc. and Horizon Pharma USA, Inc. (together the
“Company”), with the following release and waiver (“Release and Waiver”). 

In exchange for the consideration provided to me by the Employment Agreement that I am not otherwise entitled to receive, I hereby generally
and completely release the Company and its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, Affiliates, and assigns from any and all claims, liabilities
and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring relating to my employment or the termination thereof prior to my signing this Release and Waiver. This general
release includes, but is not limited to: (1) all claims arising out of or in any way related to my employment with the Company or the termination of that employment; (2) all claims related to my compensation or benefits from the Company,
including, but not limited to, salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (3) all claims for breach of contract,
wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including, but not limited to, claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and
(5) all federal, state, and local statutory claims, including, but not limited to, claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the
federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), the Illinois Human Rights Act, the Illinois Equal Pay Act, the
Illinois Religious Freedom Restoration Act, and the Illinois Genetic Information Privacy Act. Notwithstanding the foregoing, this Release and Waiver, shall not release or waive my rights: to indemnification under the articles and bylaws of the
Company, any and all indemnification agreements, or applicable law; to payments under Sections                      of the Employment
Agreement; under any provision of the Employment Agreement that survives the termination of that agreement; under any applicable workers’ compensation statute; under any option, restricted share or other agreement concerning any equity interest
in the Company; as a shareholder of the Company or any other right that is not waivable under applicable law. 
 I acknowledge that, among
other rights, I am waiving and releasing any rights I may have under ADEA, that this Release and Waiver is knowing and voluntary, and that the consideration given for this Release and Waiver is in addition to anything of value to which I was already
entitled as an executive of the Company. If I am 40 years of age or older upon execution of this Release and Waiver, I further acknowledge that I have been advised, as required by the Older Workers Benefit Protection Act, that: (a) the release

 
and waiver granted herein does not relate to claims under the ADEA which may arise after this Release and Waiver is executed; (b) I should consult with an attorney prior to executing this
Release and Waiver; and (c) I have twenty-one (21) days from the date of termination of my employment with the Company in which to consider this Release and Waiver (although I may choose voluntarily
to execute this Release and Waiver earlier); (d) I have seven (7) days following the execution of this Release and Waiver to revoke my consent to this Release and Waiver; and (e) this Release and Waiver shall not be effective until the
seven (7) day revocation period has expired unexercised. If I am less than 40 years of age upon execution of this Release and Waiver, I acknowledge that I have the right to consult with an attorney prior to executing this Release and Waiver
(although I may choose voluntarily not to do so); and (c) I have five (5) days from the date of termination of my employment with the Company in which to consider this Release and Waiver (although I may choose voluntarily to execute this
Release and Waiver earlier). 
 I acknowledge my continuing obligations under my Confidential Information and Inventions Assignment
Agreement dated July 31, 2014. Pursuant to the Confidential Information and Inventions Assignment Agreement I understand that among other things, I must not use or disclose any confidential or proprietary information of the Company and I must
immediately return all Company property and documents (including all embodiments of proprietary information) and all copies thereof in my possession or control. I understand and agree that my right to the payments and other benefits I am receiving
in exchange for my agreement to the terms of this Release and Waiver is contingent upon my continued compliance with my Confidential Information and Inventions Assignment Agreement. 

This Release and Waiver, including my Confidential Information and Inventions Agreement dated July 31, 2014, constitutes the complete,
final and exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly stated herein. This Release and Waiver
may only be modified by a writing signed by both me and a duly authorized officer of the Company. 
 Date: 

 

			
		
	 By:
	 	 
		 	    Vikram KarnaniExhibit

Exhibit 10.3 
VERSUM MATERIALS, INC.

RESTRICTED STOCK UNIT AWARD AGREEMENT
for
NON-EMPLOYEE DIRECTORS

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT FOR NON-EMPLOYEE DIRECTORS (the “Agreement”) is entered into as of the Grant Date (as defined in Annex A) by and between Versum Materials, Inc. (the “Company”) and Grantee (as defined in Annex A), a non-employee member of the Company’s Board of Directors (the “Board”).

WHEREAS, the Company has adopted and the stockholders have approved the Versum Materials Inc. Amended and Restated Long-Term Incentive Plan (the “Plan”), the terms of which are hereby incorporated by reference; and

WHEREAS, the Board has determined that it would be to the advantage and in the best interests of the Company and its stockholders to grant to the Grantee, as compensation for service on the Board, time-based restricted stock units as provided for hereunder (the “RSUs”), payable in Shares of common stock of the Company, par value $1.00 per share (the “Common Stock”), pursuant to the Plan.

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:

1.  Notice of Grant.  Subject to the terms and conditions of the Plan and the additional terms and conditions set forth in this Agreement, the Company hereby grants to the Grantee the number of RSUs indicated on a Notice of Grant in the form attached hereto as Annex A, which Notice of Grant is incorporated herein by reference.  For purposes of this Agreement, capitalized terms not otherwise defined in this Agreement or in the Notice of Grant have the meanings set forth in the Plan.  This Agreement is subject to the terms of the Plan, as the Plan may be amended from time to time.  The RSUs granted herein constitute an Award within the meaning of the Plan.  Each RSU represents the right to receive one Share of Common Stock.

2.  Vesting and Settlement.

(a)      RSUs.  The vesting of the RSUs shall be subject to the conditions set forth in this Section 2(a):
(i)  Vesting.
(A)      Unless otherwise provided in this Agreement, provided that the Grantee remains on the Board Company through the applicable Vesting Date (as defined below), the Grantee shall vest in the RSUs on the earlier of (i) one year following the Grant Date and (ii) the date immediately prior to the Company’s next regular annual meeting of Stockholders (such date, the “Vesting Date”).
(B)      Unless otherwise determined by the Committee, if, prior to a Vesting Date (and absent the occurrence of a Change in Control), the Grantee’s service on the Board ends for any reason other than due to the Grantee’s death or Disability, then a number of RSUs (rounded down to the nearest whole 

number) shall immediately vest on a pro rata basis equal to the total number of RSUs granted on the Grant Date multiplied by a fraction the numerator of which is equal to the number of full months that have elapsed from the Grant Date and the denominator of which is 12, and any remaining portion of the RSUs shall be forfeited.  The date of termination of Board service shall be deemed to be the Vesting Date for such pro-rata portion for the purposes of Section 2(a)(ii).
(C)      If, prior to a Vesting Date (and absent the occurrence of a Change in Control), the Grantee’s service on the Board ends due to the Grantee’s death or Disability, then any outstanding unvested RSUs shall immediately vest and the date of such termination of Board service shall be deemed to be the Vesting Date for the purposes of Section 2(a)(ii).

(ii)  Settlement.  Promptly after the Vesting Date (but in no event later than 60 days following such date) the Company shall distribute to the Grantee the number of Shares of Common Stock equal to the number of RSUs that vested in accordance with Section 2(a).  Any RSUs that do not vest in accordance with Section 2(a) shall be forfeited by the Grantee without consideration and this Agreement shall terminate without payment in respect thereof.

(b)      Change in Control.  Notwithstanding anything set forth in Section 2(a), in the event of a Change in Control, the following rules shall apply with respect to the RSUs granted hereunder in lieu of the provisions of Section 2(a):
(i)      Unless otherwise determined by the Committee, if a Change in Control occurs prior to the Vesting Date and the Grantee remains on the Board of the Company or acquirer thereof following the completion of such Change in Control, then the RSUs shall be converted into a right to receive a cash payment equal to the sum of (x) the product of (1) the number of RSUs outstanding and (2) the CIC Per Share Price (such product, the “CIC Cash Value”)  and (y) an amount equal to the interest on the CIC Cash Value at a rate equal to LIBOR plus 2.0% per annum, computed on the basis of a year of 364 days, calculated daily for each day following the closing date of the Change in Control transaction through the date immediately preceding the date on which such cash payment becomes vested (the sum of clauses (x) and (y), the “CIC Settlement Amount”).  Subject to the provisions of Section 2(b)(ii) below, the CIC Settlement Amount shall vest and settle as described in Section 2(a)(i), so long as the Grantee continues on the Board of the Company or acquirer thereof in the Change in Control through the Vesting Date.
(ii)      Notwithstanding anything in this Agreement to the contrary, if the Grantee’s service on the Board of the Company or acquirer thereof ends for any reason on or following a Change in Control and prior to the Vesting Date (a “Qualifying Termination”), the Grantee shall immediately vest in the remaining unvested CIC Settlement Amount, and the CIC Settlement Amount shall be paid to the Grantee within ten business days following such termination date. In the event that, pursuant to Section 2(b)(i), the Committee determines that, upon a Change in Control, the RSUs shall remain outstanding as the right to receive Shares or be converted into a right to receive shares of the successor corporation or an affiliate, then, upon a Qualifying Termination, the Grantee’s RSUs or replacement units outstanding on such date will be cancelled in exchange for a cash payment equal to the product of (x) the total number of shares of common stock underlying such outstanding RSUs or replacement units and (y) the per share fair market value of such common stock on the date of the Qualifying Termination.

2

3.      Dividend Equivalents. With respect to each cash dividend or distribution (if any) paid with respect to Common Stock to holders of record on and after the Grant Date, an additional number of RSUs shall be accrued on the books and records of the Company, in an amount equal to the quotient of (a) the product of (i) the amount of such dividend or distribution paid with respect to one share of Common Stock, multiplied by (ii) the number of RSUs granted hereunder then held by the Grantee divided by (b) the Fair Market Value on the applicable dividend record date.  At such time(s) thereafter as the Grantee receives a distribution of Shares of Common Stock in respect of his or her vested RSUs granted hereunder pursuant to the applicable provision of Section 2, the Company shall also distribute to the Grantee a number of Shares of Common Stock equal to the additional number of RSUs accrued under this Section 3 that relate to the vested RSUs in respect of which such distribution of Shares is otherwise being made.  In the event of any stock dividend, the provisions of Section 10 of the Plan shall apply to the RSUs.

4.      Limitation on Obligations.  The Company’s obligation with respect to the RSUs granted hereunder is limited solely to the delivery to the Grantee of Shares of Common Stock on the date when such Shares are due to be delivered hereunder, and in no way shall the Company become obligated to pay cash in respect of such obligation, except as otherwise expressly provided for herein.  The RSUs shall not be secured by any specific assets of the Company or any of its subsidiaries, nor shall any assets of the Company or any of its subsidiaries be designated as attributable or allocated to the satisfaction of the Company’s obligations under this Agreement.

5.  Rights as a Stockholder.  The Grantee shall not have any rights of a common stockholder of the Company unless and until the Grantee receives the Shares of Common Stock pursuant to Section 2.  As soon as practicable following the date that the Grantee becomes entitled to receive the Shares of Common Stock pursuant to Section 2, certificates for such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) shall be issued to the Grantee or to the Grantee’s legal guardian or representative.

6.      Transferability.  The RSUs may not at any time be transferred, sold, assigned, pledged, hypothecated or otherwise disposed of, and shall not be subject to alienation, garnishment, execution or levy of any kind, and any attempt to cause any such awards to be so subjected shall not be recognized.  The Shares of Common Stock acquired by the Grantee pursuant to Section 2 of this Agreement may not at any time be transferred, sold, assigned, pledged, hypothecated or otherwise disposed of unless such transfer, sale, assignment, pledge, hypothecation or other disposition complies with applicable securities laws.

7.      No Right to Continued Service as a Director.  Nothing contained in this Agreement shall be deemed to confer upon the Grantee any right to continue to serve as a member of the Board.

8.      Change in Capitalization.  Except as provided in Section 2(b), in the event of any change in the outstanding Common Stock by reason of a stock split, spin-off, stock dividend, stock combination or reclassification, recapitalization or merger, Change in Control, or similar event, the provisions of Section 10 of the Plan shall govern the treatment of the RSUs.

3

9.      Securities Laws.  Upon the delivery of any Common Stock to the Grantee, the Company may require the Grantee to make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement.  The delivery of the Common Stock hereunder shall be subject to all applicable laws, rules and regulations and to such approvals of any governmental agencies as may be required.

10.  Clawback; Forfeiture on Violation of Code of Ethics.

(a)      The Committee in its sole discretion may impose on the RSUs provided for in this Agreement, either through an amendment to the Plan or through a policy that upon adoption by the Committee will be incorporated into this Agreement by reference effective as of the date of such adoption, that the Grantee’s rights, payments, and benefits with respect to this Agreement shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions provided in this Agreement, as required by applicable law.

(b)      In the event that the Grantee fails to satisfy the Code of Ethics Requirement, all RSUs granted hereunder (to the extent not already previously forfeited) may be immediately forfeited by the Grantee without consideration based upon a determination by the Committee, and this Agreement shall terminate without payment in respect thereof.

11.      Section 409A of the Code.  It is the Company’s intent that payments and benefits under this Agreement comply with Section 409A, to the extent subject thereto, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith. In the event that it is reasonably determined by the Company that, as a result of the deferred compensation tax rules under Section 409A of the Code (and any related regulations or other pronouncements thereunder) (the “Deferred Compensation Tax Rules”), benefits that the Grantee is entitled to receive under the terms of this Agreement may not be made at the time contemplated by the terms hereof without causing Grantee to be subject to tax under the Deferred Compensation Tax Rules, (i) the Grantee shall not be considered to have terminated Board service for purposes hereof until the Grantee would be considered to have incurred a “separation from service” within the meaning of Section 409A and (ii) the Company shall, in lieu of providing such benefit when otherwise due under this Agreement, instead provide such benefit on the first day on which such provision would not result in the Grantee incurring any tax liability under the Deferred Compensation Tax Rules; which day, if the Grantee is a “specified Grantee” (within the meaning of the Deferred Compensation Tax Rules), shall, in the event the benefit to be provided is due to the Grantee’s “separation from service” (within the meaning of the Deferred Compensation Tax Rules) with the Company and its subsidiaries, be the first day following the six-month period beginning on the date of such separation from Board service. Each amount to be paid or benefit to be provided under this Agreement shall be construed as a separately identified payment for purposes of the Deferred Compensation Tax Rules, and any payments described in this Agreement that are due within the “short term deferral period” as defined in the Deferred Compensation Tax Rules shall not be treated as deferred compensation unless applicable law requires otherwise.

12.      Notices.  Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of its Secretary, and any notice to be given to the Grantee shall be addressed to

4

him at the address given beneath his signature hereto.  By a notice given pursuant to this Section 13, either party may hereafter designate a different address for notices to be given to him.  Any notice which is required to be given to the Grantee shall, if the Grantee is then deceased, be given to the Grantee’s personal representative if such representative has previously informed the Company of his status and address by written notice under this Section 13.  Any notice shall be deemed properly given or made if personally delivered or, if mailed, when mailed by registered or certified mail, postage prepaid.

13.      Governing Law.  The laws of the State of Delaware (or if the Company reincorporates in another state, the laws of that state) shall govern the interpretation, validity and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

14.      RSUs Subject to Plan.  The RSUs shall be subject to all applicable terms and provisions of the Plan.  In the event of any conflict between this Agreement and the Plan, the terms of the Plan control.

15.      Signature in Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

16.  Taxes and Additional Matters.  The Grantee, as a Non-Employee Director, is solely responsible for the satisfaction of all taxes and penalties that may arise in connection with the RSUs, and as such the Company has no withholding obligation associated with the RSUs.  This Restricted Stock Unit Agreement for Non-Employee Directors is intended to comply with the applicable laws of any country or jurisdiction where RSUs are granted under the Plan, and all provisions hereof shall be construed in a manner to so comply.

17.  Definitions.

(a)      “CIC Per Share Price” means the price paid for one Share of Common Stock in the Change in Control transaction (with the value of any security that is paid as consideration in the Change in Control determined by the Committee as of the date of such Change in Control).

(b)      “Code of Ethics Requirement” means the Grantee complies with the Company’s Code of Conduct as in effect from time to time.

(c)      “Confidential Information” means all non-public information concerning trade secret, know-how, software, developments, inventions, processes, technology, designs, the financial data, strategic business plans or any proprietary or confidential information, documents or materials in any form or media, including any of the foregoing relating to research, operations, finances, current and proposed products and services, vendors, customers, advertising and marketing, and other non-public proprietary and confidential information of the Company, its affiliates, subsidiaries, successors or assigns.

(d)      “Disability” means the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be

5

expected to last for a continuous period of not less than 12 months.  A Grantee shall be deemed to have suffered a Disability if determined to be totally disabled by the Social Security Administration.

(e)      “LIBOR” means the three-month London interbank offered rate as published in the Wall Street Journal on the business day following the closing date of the Change in Control transaction and each anniversary thereafter.

6

Appendix A

Notice of Grant
Restricted Stock Unit Agreement
for
Non-Employee Directors

The following member of the Board of Directors of Versum Materials, Inc. has been granted Restricted Stock Units in accordance with this Notice of Grant and the Restricted Stock Unit Agreement for Non-Employee Directors to which this Notice of Grant is attached.

The terms below have the meanings ascribed to them below when used in the Restricted Stock Unit Agreement for Non-Employee Directors.

Grantee:  _________________________

Grant Date:  _______________________

Aggregate Number of RSUs Granted:  _______________________

IN WITNESS WHEREOF, the parties hereby agree to the terms of this Notice of Grant and the Restricted Stock Unit Agreement for Non-Employee Directors to which this Notice of Grant is attached, and execute this Notice of Grant and Restricted Stock Unit Agreement for Non-Employee Directors as of the Grant Date.

	
				
	 
	 
	 
	VERSUM MATERIALS, INC.

	Grantee
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	By:          _____________________________

	 
	 
	 
	Name:

	 
	 
	 
	Title:

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

7

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