Document:

EX-10.3

 Exhibit 10.3 

EXECUTIVE EMPLOYMENT 

AGREEMENT BY AND BETWEEN 

HORIZON THERAPEUTICS PLC AND HORIZON THERAPEUTICS USA, INC. 

AND AARON L. COX 
 This
Executive Employment Agreement (hereinafter referred to as the “Agreement”), is entered into by and between Horizon Therapeutics PLC., an Irish Public Limited Company, and its wholly owned subsidiary, Horizon Therapeutics
USA, Inc., a Delaware corporation, having a principal place of business at 1 Horizon Way, Deerfield IL 60015, (hereinafter referred to together as the “Company”) and Aaron L. Cox (hereinafter referred as to the
“Executive”). The terms of this Agreement shall be effective commencing November 1, 2021 (the “Effective Date”). 

RECITALS 
 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 continuing employment on the terms and conditions set forth in this Agreement. 

AGREEMENT 
  

	1.	 Employment. 

1.1 Term. The Company hereby agrees to continue to employ the Executive, and the Executive hereby accepts employment by the
Company, upon the terms and conditions set forth in this Agreement. The Executive originally commenced employment with the Company on April 4, 2015. 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 the Effective Date, through May 15, 2022, the Executive will have the title of Executive Vice President,
Finance (such position held by Executive during such period is hereinafter referred to as “EVP, Finance”). Beginning on May 16, 2022 and through the remainder of the term of this
Agreement, the Executive will have the title of Executive Vice President, Chief Financial Officer (such position held by Executive during such period is hereinafter referred to as “EVP, CFO”)
and Executive shall serve in such other capacity or capacities commensurate with his position as EVP, CFO as the President and Chief Executive Officer (“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, 

  
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Finance. During the period of time while Executive is functioning as EVP, Finance, the Executive shall report to the EVP, Chief Financial Officer. During the period while the Executive is
functioning as EVP, CFO, the Executive shall report to the President and Chief Executive Officer. 
 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 location in Deerfield, Illinois. The Company may from time to time require the Executive to travel temporarily to other locations outside of Deerfield, 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 Chief Executive Officer, 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. Executive may engage in any civic and not-for-profit activities 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 Six Hundred Twenty Thousand
Dollars ($620,000.00) 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 

  
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payroll practice. Payments of salary installments shall be made no less frequently than once per month. Executive’s Base Salary will be reviewed annually. If 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 hereof. The Bonus shall be paid during the calendar year
following the performance calendar year. 
  

	 	3.3	 Equity Awards. 

3.3.1 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. 

3.3.2 Annual Long-Term Incentive Plan. Executive will participate in the Annual Long-Term Incentive Plan (“ALTIP”)
adopted by the Board of Directors for executives, and all applicable terms which may apply. The annual grant for the Executive shall be at the discretion of the Board of Directors and may be in a mix of RSUs and PSUs. The final target amount,
vesting schedule and other terms and criteria for the ALTIP are to be determined at the sole discretion of the Board of Directors and may be subject to shareholder approval. 

3.4 Legal Review. Upon the Executive’s submission of appropriate itemized 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 

  
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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. 

 

	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 President and Chief Executive Officer 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. 

  
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 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 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 in accordance with the terms of the Company’s employee welfare
benefit plans or policies (excluding any severance pay). 
 4.4.1 Death or Complete Disability. If the Executive’s
employment shall be terminated by 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, 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 referred to as the “Accrued Amounts”), less standard deductions and withholdings. The Executive shall also be eligible to receive a
pro-rated bonus for the year of termination, as determined by the Board or the Compensation Committee of the Board 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, accrued but unpaid business expenses and 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.

  
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 (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. 

  
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 (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 

  
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 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 both 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 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 will be governed solely by the terms of the agreements under which such awards 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 will be governed solely by the terms of the agreements under which such awards 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: 

  
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 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 twenty-five (25) 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 

  
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 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 

  
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 (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. 

  
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 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. 

  
 12 

 4.8 Indemnification Agreements. Concurrently with the execution of this
Agreement, the Company and the Executive shall enter 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 shall execute the Company’s Confidential
Information and Invention Assignment Agreement the terms of which shall 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
Therapeutics plc 
 Horizon Therapeutics USA, Inc. 

1 Horizon Way 

  
 13 

 Deerfield, IL 60015 

Attention: Timothy P. Walbert, Chairman, President & Chief Executive Officer 

If to the Executive: 
 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, Exhibit C, the 2014 Equity Incentive Plan and the Equity Plan Documents, 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. 
  

	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. 

  
 14 

	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 or .PDF Signatures and in Counterparts. 

The parties agree that facsimile signatures and .pdf-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] 

  
 15 

 IN WITNESS WHEREFORE, the parties have signed this Agreement on the date first
written above. 
 COMPANY: 
 HORIZON THERAPEUTICS PLC
and HORIZON THERAPEUTICS USA, INC. 
  

	
	 By:

	
	
Title: Chairman, President & Chief Executive Officer

	
	 Print Name: Timothy P. Walbert

	
	/s/ Timothy P. Walbert
	
	 Signature:

	
	 As authorized agent of the Company

	
	 EXECUTIVE:

	
	 Aaron L. Cox

	
	 /s/ Aaron L. Cox

	 Aaron L. Cox, individually

  
 16 

 EXHIBIT A 

RELEASE AND WAIVER OF CLAIMS 
 In
consideration of the payments and other benefits set forth in Section 4.4 of the Executive Employment Agreement dated                    
             , (the “Employment Agreement”), to which this form is attached, I, Aaron L. Cox, hereby furnish Horizon Therapeutics, Inc. and Horizon
Therapeutics 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 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 

  
 17 

 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 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 Agreement dated
                                 , . Pursuant to the Confidential
Information and Inventions 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 Agreement. 
 This Release and Waiver, including
my Confidential Information and Inventions Agreement dated                    ,
            , 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:	 	
		 	Aaron L. Cox

  
 18EX-10.4

 Exhibit 10.4 

EXECUTIVE EMPLOYMENT AND TRANSITION AGREEMENT 

This Executive Employment and Transition Agreement (this “Agreement”) is entered into on May 11, 2022, by
and among Horizon Therapeutics plc, an Irish Public Limited Company, and its wholly owned subsidiary, Horizon Therapeutics USA, Inc., a Delaware corporation, having a principal place of business at 1 Horizon Way, Deerfield, Illinois 60015
(hereinafter referred to together as the “Company”) and Paul W. Hoelscher (the “Executive”), and replaces and supersedes that certain Executive Employment Agreement dated June 17, 2014 and that
certain First Amendment to Executive Employment Agreement dated May 4, 2017 (collectively the “Prior Agreements”), by and between Horizon Therapeutics USA, Inc. and the Executive. This Agreement shall become effective on
the “Effective Date” specified in Section 10 below. 
 RECITALS 

WHEREAS, the Company and the Executive have previously entered into the Prior Agreements, the Executive has notified the
Company of his intention to retire on May 16, 2022 and the Executive has provided exceptional service pursuant to the Prior Agreements that has materially enhanced the performance and value of the Company; 

WHEREAS, the Prior Agreements may be amended with the written agreement of the Company and the Executive; 

WHEREAS, the Company and the Executive desire to provide continuity and efficiency in connection with the Company’s
appointment of a new Chief Financial Officer effective with the Executive’s retirement, and provide for transition and post-employment advisor services by the Executive; and 

WHEREAS, the Company and the Executive desire to supersede and replace the Prior Agreements with this Agreement. 

AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and the promises and covenants contained herein, and
for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: 
 1.
TRANSITION PERIOD. The Executive shall remain employed as a full-time employee and Executive Vice President and Chief Financial Officer of the Company (“CFO”)
through May 16, 2022 (the “Transition Period”). During the Transition Period the Executive shall continue to receive his current base salary and the Executive and his eligible dependents, if applicable, shall remain
enrolled in all Company-sponsored benefit programs in which he (or they) were enrolled as of the Effective Date. During the Transition Period, the Executive shall work collaboratively with Aaron Cox, Executive Vice President, Finance, on all matters
relating to Aaron Cox’s transition into the role of CFO effective as of May 16, 2022, along with such additional duties consistent with the role of CFO as may be required of the Executive. The Executive’s employment as CFO and with
the Company shall terminate effective May 16, 2022 (the “Retirement Date”). Following the Retirement Date, the Executive shall no longer have any: (i) responsibilities as the Company’s CFO,
(ii) responsibility to sign the Company’s future filings with the Securities and 

 
Exchange Commission, or (iii) other authority or responsibilities as an officer of the Company or any of its subsidiaries. Effective as of the Retirement Date, the Executive also hereby
resigns from any director, manager or similar roles on governing bodies of the Company’s subsidiaries. 
 2.
RETIREMENT BENEFITS. 
 (a) Prorated 2022 Annual Bonus. Provided that the Executive has
timely executed, returned, and does not revoke this Agreement, and complies with Executive’s contractual and legal obligations to the Company (including without limitation those specified in Sections 1, 5, 6, and 7
of this Agreement and the Confidentiality Agreement (as defined below)), then notwithstanding the requirement that Executive remain employed on the date such bonus is awarded to be eligible for such bonus, the Company will pay Executive an amount
equal to the product of (i) the annual discretionary performance bonus that Executive would have been entitled to receive for calendar year 2022, subject to a target of 70% of the Executive’s annual base salary and the Company’s and
Executive’s achievement of performance milestones as established by the Company’s Board of Directors or the compensation committee thereof, and (ii) a fraction, the numerator of which is the number of days Executive was continuously
employed by the Company for calendar year 2022 and the denominator of which is the number of days in such year (the “Prorated Bonus”). The Prorated Bonus will be paid to Executive, subject to standard payroll deductions and
withholdings, in a lump sum at the time such annual discretionary bonuses are paid out to similarly situated employees of the Company (but in no event later than March 15, 2023), provided that this Agreement has become effective by its terms as
of such date. 
 (b) COBRA Subsidy. If the Executive timely elects continued coverage under COBRA, the Company will continue to pay
the same percentage of the Executive’s COBRA health insurance premium as the percentage of health insurance premiums that it paid during the Executive’s employment (the “COBRA Subsidy”), including any amounts that
the Company paid for benefits to the qualifying family members of the Executive, following the Retirement Date until the earlier of either (i) 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, or (ii) December 31, 2022 (such period, the “COBRA Payment Period”). Notwithstanding the foregoing, if the Company determines, in its sole
discretion, that the Company cannot provide the COBRA Subsidy without potentially violating the nondiscrimination requirements under Internal Revenue Code Section 105(h) or the Executive incurring additional income tax liability, the Company
shall in lieu thereof pay the 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”), and which the Executive may, but is not obligated to, use to pay for medical expenses, including COBRA premiums. The Health Care Benefit Payment shall be paid in monthly installments. The Health Care Benefit Payment
shall be equal to the amount of the COBRA Subsidy (which amount shall be calculated based on the premium for the first month of coverage), and shall be paid until the date the COBRA Payment Period expires or otherwise would have expired if the
Executive does not elect continued coverage under COBRA. 
 (c) Financial Advisory Services. The Company will pay for, or reimburse
the Executive for, the fees associated with the Executive’s continued use of personal financial 

 
advisory services provided by JMG Financial Group through December 31, 2023, up to $10,000.00 per year. 

3. PART-TIME ADVISOR ROLE. From the
date immediately following the Retirement Date until terminated as specified herein, the Executive shall serve as a part-time advisor to the Company, providing services consistent with his expertise and experience as a chief financial officer (the
“Part-time Advisor Period”). For purposes of this Section 3, “part-time” shall mean the Executive shall be available to the Company to provide such services as may be requested by the
Company (a) for up to twenty (20) hours per week from the date immediately following the Retirement Date through May 16, 2023 and (b) for up to 5 hours per month from May 17, 2023 until the Part-time Advisor Period is
terminated by either party. During the Part-time Advisor Period, the Company shall pay to the Executive compensation at the rate of (x) $27,500 per month through May 16, 2023 and (y) $5,000 per year after May 16, 2023. Such compensation
shall not be subject to any tax or other withholding and shall be reported on Form 1099 and shall be paid to the Executive in arrears on the first business day of each calendar month. During the Part-time Advisor Period, the Company will not make
deductions from any amounts payable to the Executive for taxes or social securities. Payment of all taxes and social securities due on any amounts paid to the Executive for services provided during the Part-time Advisor Period shall be the sole
responsibility of the Executive. Upon the Executive filing his Form 1040 Individual U.S. Federal Income Tax return as it relates to the Part-time Advisor Period in any particular tax year, the Executive shall provide the Company with a signed Form
4669, “Statement of Payments Received” attesting that the Executive reported the amounts received from the Company for services performed during the Part-time Advisor Period in such tax year as taxable income. 

During the Part-time Advisor Period, the Company will also reimburse the Executive for reasonable and documented out-of-pocket costs and expenses actually incurred in connection with providing the services requested by the Company, including travel costs and other similar expenses,
subject to and in accordance with the Company’s travel and expense policies in effect from time to time. 
 As additional consideration, the Company
will consider the Executive’s change of status from an employee to an advisor, and the Executive’s service to the Company during the Part-Time Advisor Period, as service as a “Consultant” and to constitute “Continuous
Service” for purposes of the Company’s Amended and Restated 2014 Equity Incentive Plan, the Company’s Amended and Restated 2018 Equity Incentive Plan and the Company’s Amended and Restated 2020 Equity Incentive Plan (together,
each as amended from time to time, the “Equity Plans”), and, therefore, each of the Executive’s equity awards granted under any of the Equity Plans (each, an “Equity Award”), to the extent
outstanding as of the Retirement Date, will continue to vest in accordance with their terms during the Part-time Advisor Period; provided that any such Equity Awards that are “incentive stock options” under Section 422 of the
Internal Revenue Code of 1986, as amended (the “Code”) shall cease to be “incentive stock options” following the three (3) month anniversary of the Retirement Date, or earlier pursuant to the Extended Exercise
Period Amendment (as defined below), if applicable. Except as provided herein, all terms, conditions and limitations applicable to the Equity Awards will continue to be subject to and governed and controlled by the Equity Plans and the
Executive’s applicable grant documents (the “Equity Documents”). 

 The Executive’s relationship with the Company during the Part-time Advisor Period will be that of an
independent contractor, and nothing in this Agreement is intended to, or should be construed to, create a partnership, agency, joint venture or employment relationship after the Retirement Date. The Executive acknowledges and agrees that the advisor
relationship with the Company during the Part-time Advisor Period will not be subject to the Fair Labor Standards Act or other laws or regulations governing employment relationships. During the Part-time Advisor Period, the Executive will have no
authority to bind the Company to any contractual obligations, whether written, oral or implied, except with the authorization of the Company’s Chief Executive Officer or Chief Financial Officer. Further, the Executive agrees not to represent or
purport to represent the Company to any third party (including but not limited to investors, analysts, business partners or vendors), unless authorized by the Company’s Chief Executive Officer or Chief Financial Officer to do so. 

Without waiving any other rights or remedies, the Company has the right to immediately terminate the Part-time Advisor Period without cost or liability,
except as provided herein, after May 16, 2023, upon providing written notice of such termination to the Executive. Without waiving any other rights or remedies, the Executive has the right to immediately terminate the Part-time Advisor Period
without cost or liability at any time for any reason upon providing written notice of such termination to the Company. If the Company terminates the Part-time Advisor Period after May 16, 2023 or if the Part-time Advisor Period is terminated
due to the Executive’s death, then notwithstanding anything in the Equity Plans or Equity Documents to the contrary, with respect to each Equity Award that is outstanding as of the date of such termination: 

 

	 	(a)	 such Equity Award will continue to vest in accordance with its terms on and following the date of such
termination; provided, however, that on and following the date of such termination, any Continuous Service requirement (for any purpose, including without limitation vesting and any acceleration provisions related to a Corporate Transaction
or Change in Control (as such terms are defined in the Equity Plans)) and any requirement that such Equity Award terminate or be forfeited upon the date of such termination will not be applicable to such Equity Award; 

 

	 	(b)	 any such Equity Award that is a stock option may be exercised, to the extent vested on the date of exercise,
until the expiration of its original full term, subject to any applicable provisions related to a Corporate Transaction or Change in Control; 

  

	 	(c)	 any such Equity Award that is a stock option will remain outstanding until the earlier of the date it is fully
exercised or the expiration of its original full term, or such earlier date pursuant to a Corporate Transaction or Change in Control, if applicable and in accordance with the terms of the Equity Plans; 

 

	 	(d)	 any such Equity Award that is a restricted stock unit award will remain outstanding until it is fully settled;
and 

  

	 	(e)	 Any such Equity Award that is a performance-based stock unit award will remain outstanding until it is fully
settled based upon the achievement of the applicable performance-based vesting conditions. 

 4. NO OTHER COMPENSATION
OR BENEFITS. The Executive acknowledges that, except as expressly provided in this Agreement, Executive has not earned, will not earn after the Retirement Date, and will not receive from the Company or any of its
affiliates any of the benefits that the Company may make available to its employees or any additional compensation (including base salary, bonus, retention payments, incentive compensation, commissions, or equity), severance, or benefits prior to,
on, or after the Retirement Date. 
 5. RETURN OF COMPANY
PROPERTY. Upon the Retirement Date (or earlier if requested by the Company), and subject to the last sentence of this Section 5, the Executive must immediately return to the Company all Company
documents (and all copies thereof) and other Company property that the Executive has in the Executive’s possession or control, including but not limited to any materials of any kind that contain or embody any proprietary or confidential
information of the Company or its affiliates (and all reproductions thereof in whole or in part). The Executive further represents that the Executive will make a diligent search to locate any such documents, property and information. In addition, if
the Executive has used any personally owned computer, server, e-mail system, mobile phone, or portable electronic device (e.g., iPhone, iPad, Android) (collectively, “Personal
Systems”) to receive, store, prepare or transmit any Company or affiliate confidential or proprietary data, materials or information, then the Executive must immediately provide the Company with a computer-useable copy of all such
information and then permanently delete and expunge all such Company or affiliate confidential or proprietary information from such Personal Systems without retaining any copy or reproduction in any form. During the Part-time Advisor Period, the
Company may permit the Executive to receive and/or use certain documents, equipment, and/or information reasonably necessary to perform the advisor services, all of which the Executive shall return to the Company by the last day of the Part-time
Advisor Period, or earlier upon the Company’s request, without retaining any copies or embodiments (in whole or in part). 
 6.
CONFIDENTIAL INFORMATION. The Executive acknowledges his continuing obligations under his previously executed Confidential Information and Invention Assignment Agreement dated June 23, 2014
(the “Confidentiality Agreement”). Pursuant to the Confidentiality Agreement, the Executive understands that among other things, the Executive must not use or disclose any confidential or proprietary information of the
Company and the Executive must immediately return all Company property and documents (including all embodiments of proprietary information) and all copies thereof in the Executive’s possession or control. The Executive understands and agrees
that the Executive’s right to the payments and other benefits the Executive is receiving in exchange for the Executive’s agreement to the terms of this Agreement is contingent upon the Executive’s continued compliance with the
Executive’s Confidentiality Agreement. Notwithstanding the foregoing nondisclosure obligations, pursuant to 18 U.S.C. Section 1833(b), the Executive will not be held criminally or civilly liable under any federal or state trade secret law
for the disclosure of a trade secret that is made: (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected
violation of law; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

7. NON-COMPETITION/NON-SOLICITATION AGREEMENT. During the time the Executive performs services or receives any compensation or benefits pursuant to this Agreement, the
Executive i) will not, without the prior written consent of the Company, participate as an owner (which shall not include ownership of less than 2% of the stock of a publicly-traded company), 

 
employee, officer, director, promoter, or consultant in a business that is directly competitive with the Company; ii) the Executive will not request, induce or advise any vendors, existing or
potential corporate partners or investors, and/or customers of the Company to withdraw, curtail, limit, reduce, or cancel their business or business relationship(s) with the Company; and iii) will not hire any employees, consultants, contractors or
representatives of the Company (or those of any of its affiliates), nor induce or attempt to induce, or assist any other person or entity to (including without limitation by providing such person or entity any information regarding the
Company’s business or employees) induce or attempt to induce such employees, consultants, contractors or representatives to stop working for, contracting with or representing the Company or any of its affiliates. 

8. RELEASE. In exchange for the consideration provided to the Executive by this
Agreement that the Executive is not otherwise entitled to receive, the Executive hereby generally and completely releases the Company and its past and present directors, officers, employees, shareholders, members, 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 prior to the Executive signing this Agreement. This general release includes, but is not limited to: (1) all claims arising out of or in any way related to the Executive’s employment or service relationship with the
Company or the separation of that employment or service relationship; (2) all claims related to the Executive’s compensation or benefits from the Company (except compensation and benefits expressly provided in this Agreement), including,
but not limited to, salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, restricted stock units, performance stock units, 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, the Illinois Genetic Information Privacy Act, the Illinois Employment Contract Act, the Illinois Labor Dispute Act, the Illinois Victims’ Economic Security and Safety Act, the Cook County
Human Rights Ordinance, and the Chicago Human Rights Ordinance (collectively, the “Released Claims”). 
 9.
EXCLUDED CLAIMS AND PROTECTED RIGHTS. Notwithstanding the foregoing, the following are not included in the Released Claims: (a) any rights or claims for
indemnification the Executive may have pursuant to any written indemnification agreement with the Company or any of its subsidiaries to which the Executive is a party, the charter, bylaws, or operating agreements of the Company, or under applicable
law; (b) any rights to participate in the Horizon Therapeutics Retiree Medical Plan; (c) as of the Retirement Date, all earned but unpaid base salary, 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 Retirement Date at the rate in effect at such date; (d) any rights to
Company matching contributions based on the Executive’s contributions to Company-sponsored retirement and deferred compensation plans through the 

 
Retirement Date; (e) any rights to contributions by the Executive to the Company’s 2020 Employee Share Purchase Plan that are otherwise due to be returned to the Executive as a result
of termination of employment under the terms of such plan and related offering documents; (f) any rights to tax gross-up payments associated with the value of personal benefits provided to the Executive
through the Retirement Date in accordance with the Company’s standard practices; (g) any rights that are not waivable as a matter of law; or (h) any claims arising from the breach of this Agreement (the “Excluded
Claims”). In addition, nothing in this Agreement prevents Executive from filing a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health
Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (collectively, the “Government Agencies”). This Agreement does not limit the Executive’s
ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agencies. While this Agreement does not limit the Executive’s right to receive an award
for information provided to the Securities and Exchange Commission, the Executive understands and agrees that, to maximum extent permitted by law, the Executive is otherwise waiving any and all rights the Executive may have to individual relief
based on any claims that the Executive has released and any rights the Executive has waived by signing this Agreement. The Executive hereby represents and warrants that, other than the Excluded Claims, the Executive is not aware of any claims the
Executive has or might have against any of the Released Parties that are not included in the Released Claims. 
 10. ADEA
WAIVER. The Executive hereby knowingly and voluntarily waives and releases any rights the Executive may have under the ADEA (as defined above). The Executive also acknowledges that the consideration
given for the Executive’s releases in this Agreement is in addition to anything of value to which the Executive was already entitled. The Executive is advised by this writing that: (a) the Executive’s waiver and release does not apply
to any claims that may arise after the Executive signs this Agreement; (b) the Executive should consult with an attorney prior to executing this release; (c) the Executive has twenty-one
(21) days within which to consider this release (although the Executive may choose to voluntarily execute this release earlier); (d) the Executive has seven (7) days following the execution of this release to revoke this Agreement; and
(e) this Agreement will not be effective until the eighth day after the Executive signs this Agreement, provided that the Executive has not earlier revoked this Agreement (the “Effective Date”). The Executive will not be
entitled to receive any of the benefits specified by this Agreement unless and until it becomes effective. 
 11.
ENTIRE AGREEMENT. This Agreement, including Executive’s Confidentiality Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement between the
Executive and the Company with regard to this subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties
or representations, including without limitation, the Prior Agreements. The Executive agrees and acknowledges that there are no circumstances as of the date of this Agreement that constitute, and nothing contemplated in this Agreement shall be
deemed for any purpose to be or to create, an involuntary termination without Cause or a Good Reason resignation right, including for purposes of Section 4 of the Prior Agreements, or any other severance or change in control plan, agreement or
policy maintained by the Company. The Executive further hereby expressly waives any claim or right the Executive may have as of the date of this Agreement (if any) to assert that this Agreement, or any

 
other condition or occurrence, forms the basis for a without Cause termination or Good Reason resignation for any purpose, including for purposes of Section 4 of the Prior Agreements, or any
other severance or change in control plan, agreement or policy maintained by the Company. 
 12. SUCCESSORS
AND ASSIGNS. This Agreement will bind the heirs, personal representatives, successors and assigns of both the Executive and the Company, and inure to the benefit of both the Executive and the Company, their heirs,
successors and assigns. The Executive may not assign any of the Executive’s duties hereunder and the Executive may not assign any of the Executive’s rights hereunder without the written consent of the Company. 

13. APPLICABLE LAW. This Agreement shall be deemed to have been entered into and shall be
construed and enforced in accordance with the laws of the State of Illinois as applied to contracts made and to be performed entirely within Illinois. 

14. SEVERABILITY. If a court or arbitrator of competent jurisdiction determines that any term or provision
of this Agreement is invalid or unenforceable, in whole or in part, the remaining terms and provisions hereof shall be unimpaired. Such court or arbitrator will have the authority to modify or replace the invalid or unenforceable term or provision
with a valid and enforceable term or provision that most accurately represents the parties’ intention with respect to the invalid or unenforceable term or provision. 

15. MODIFICATION; WAIVER; INTERPRETATION. This Agreement may not be modified or
amended except in a writing signed by both the Executive and the Chief Executive Officer of the Company. The failure to enforce any breach of this Agreement shall not be deemed to be a waiver of any other or subsequent breach. For purposes of
construing this Agreement, any ambiguities shall not be construed against either party as the drafter. 
 16.
INDEMNIFICATION. The Executive will indemnify and save harmless the Company from any loss incurred directly or indirectly by reason of the falsity or inaccuracy of any representation made herein. 

17. SECTION HEADINGS. The section and paragraph headings contained in this Agreement are
for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 18.
COUNTERPARTS; SIGNATURES. This Agreement may be executed in two counterparts, each of which shall be deemed an original, all of which together shall constitute one and the same instrument. A photocopy of
this executed Agreement shall be as valid, binding, and effective as the original Agreement. This Agreement may be delivered and executed via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN
Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and shall be deemed to have been duly and validly delivered and executed and be valid and effective for all purposes. 

 IN WITNESS WHEREOF, the
parties have executed this Executive Employment and Transition Agreement as of the date first written above. 
  

			
	 COMPANY:

	
	 HORIZON THERAPEUTICS
PLC

	 HORIZON THERAPEUTICS USA,
INC.

		
	By:	 	 /s/ Timothy P. Walbert

		 	 Timothy P. Walbert

		 	 President and Chief Executive Officer

	
	 EXECUTIVE:

	
	 /s/ Paul W. Hoelscher

	 Paul W. Hoelscher

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