Document:

EX-10.1

 Exhibit 10.1 

Salix Pharmaceuticals, Inc. 
 8510
Colonnade Center Drive 
 Raleigh, NC 27615 

November 5, 2014 
 Mr. Adam C.
Derbyshire 
 [Address on file with Registrant] 
 Dear Adam:

 This letter agreement (this “Agreement”) sets forth our mutual understanding and agreement regarding your
resignation of your employment with Salix Pharmaceuticals, Inc. (“Salix” and, collectively with its subsidiaries and affiliates and their respective successors and assigns, the “Company”) and your position as an
officer of Salix Pharmaceuticals, Ltd. (“Parent”). 
 Accordingly, in reliance on the promises made in this
Agreement, you, Parent and Salix agree as of the date set forth above as follows: 
 1. Resignation. You hereby resign,
effective immediately, your employment with Salix, and all other positions you hold as a director, officer or employee of the Company, including, without limitation, Parent. You agree that, as requested by the Company, you will execute and deliver
such other documents as may be reasonably necessary to evidence such resignations. 
 2. Provision of Services.
Effective immediately and continuing through August 23, 2018 (the “Services Period”), you agree to serve as a consultant to Parent and to provide, upon reasonable notice and at reasonable times, such consulting services
regarding the Company’s business as may be reasonably requested by Parent (the “Services”). In providing the Services, you will be acting as an independent contractor of Parent and not as an employee of Parent, and you will
report only to, and take requests only from, the Chief Executive Officer of Parent. Unless otherwise agreed by you and Parent, all Services will be provided telephonically. Notwithstanding anything in this Section 2 to the contrary, in
no event will you be required to devote more than five (5) hours per calendar month to the provision of the Services. For the avoidance of doubt, and subject to your full compliance with your obligations set forth in Section 11 of
this Agreement, Parent acknowledges and agrees that you will be permitted to seek and/or obtain new employment during the Services Period. During the Services Period, Parent will reimburse you, upon presentment of appropriate receipts, for the
reasonable and necessary out-of-pocket expenses incurred by you directly as a result of your provision of the Services in accordance with this Section 2. All receipts for such expenses must be presented to Parent for reimbursement within
forty-five (45) days after such expenses are incurred. For the avoidance of doubt, your obligations set forth in Section 3 of this Agreement will not constitute Services and such obligations will not be limited or modified in any
way by the provisions of this Section 2. 

 3. Cooperation. From and after the date hereof, you agree that you will
(a) cooperate with the Company in connection with any potential or actual judicial, administrative or other proceeding of any kind (including, without limitation, any arbitration), or any investigation (including, without limitation, any
internal investigation), in any case by or involving or relating, directly or indirectly, to the Company (collectively, “Proceedings or Investigations”); (b) assist and cooperate with the Company in the preparation and review
of documents and in meetings with attorneys for, and other representatives of, the Company in connection with any potential or actual Proceedings or Investigations; and (c) provide truthful testimony or statements as a witness or a declarant in
connection with any potential or actual Proceedings or Investigations. For the avoidance of doubt, your obligations under this Section 3 do not, and will not, require you to disclose to the Company any information that is subject to the
attorney-client privilege or any work product protections that exists between you and your personal attorneys. Parent will reimburse you, upon presentment of appropriate receipts, for the reasonable and necessary out-of-pocket expenses incurred by
you in connection with such cooperation and assistance. All receipts for such expenses must be presented for reimbursement within forty-five (45) days after such expenses are incurred. Should you be served with a subpoena in any judicial,
administrative or other proceeding of any kind involving or relating, directly or indirectly, to the Company, you agree to promptly notify Parent of such subpoena and, to the extent legally permissible, provide Parent with a copy thereof.

 4. Employment Agreement Payments. On November 11, 2014, Salix will pay you $130,484.60, representing
(a) all unpaid Base Salary (as such term is defined in the Amended and Restated Employment Agreement, dated as of April 29, 2014, by and between Salix and you (the “Employment Agreement”)) accrued through the date hereof
pursuant to Section 3.1 of the Employment Agreement; and (b) all unused PTO (as such term is defined in the Employment Agreement) earned and accrued through the date hereof pursuant to Paragraph C of Appendix A of the Employment
Agreement. 
 5. Termination of Other Agreements. You and Salix agree that, effective as of the date hereof, each
of (a) the Employment Agreement; and (b) the Employment, Confidential Information, Invention Assignment, and Arbitration Agreement, dated as of July 10, 2006, by and between Salix and you (the “Invention Agreement”),
is hereby terminated and is of no further force or effect; provided, however, that Section 3 of the Invention Agreement (and any provision of the Invention Agreement necessary for the interpretation thereof) shall not be
terminated and shall remain in full force and effect in accordance with its terms. 
 6. Acknowledgment of
Payment. You acknowledge and agree that, effective as of the date hereof, (a) except as expressly set forth in this Agreement, you will not be eligible for, and will not receive, any fees, wages, payments, compensation or benefits of
any kind from the Company; and (b) this Agreement sets forth the total consideration to be paid to you by the Company and is in lieu of any and all payment for services and/or other consideration of any kind which at any time has been the
subject of any prior discussion, representations, inducements or promises, oral or written, direct or indirect, contingent or otherwise. You further acknowledge and agree that you have been paid in full for all services provided by you to the
Company and have received all fees, wages, payments, compensation and benefits of any kind owed to you,  

  
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including, but not limited to, pursuant to the Employment Agreement, except for the payments set forth in Section 4 of this Agreement, which will be paid to you in accordance
therewith. Without limiting the generality of the foregoing, you acknowledge and agree that you are not entitled to receive any severance pay or separation benefits in connection with, or as a result of, your resignation pursuant to this Agreement.

 7. Treatment of Outstanding Equity-Based Awards. Subject to Section 8 of this Agreement, Parent hereby
agrees that the outstanding equity-based awards held by you as of the date hereof, which awards are set forth on Exhibit A hereto, will remain outstanding during the Services Period and continue to vest (and, as applicable, remain
exercisable) in accordance with the terms of the applicable Stock Plan (as defined below) and award agreement. Parent and you hereby agree that the last day of the Services Period will be the date that your status as a consultant terminates for
purposes of the applicable Stock Plan. Parent agrees that, to the extent necessary to effectuate this Section 7, (a) the Salix Pharmaceuticals, Ltd. 2005 Stock Plan, as amended (the “2005 Stock Plan”), and any award
agreements issued to you thereunder; and (b) the Salix Pharmaceuticals, Ltd. 2014 Stock Incentive Plan, as amended (the “2014 Stock Plan” and, together with the 2005 Stock Plan, the “Stock Plans”), and any
award agreements issued thereunder, in each case will remain in full force and effect, and will not be terminated, during the Services Period.  

8. Clawback. In addition to all other remedies available to Parent and Salix at law or equity (including, without limitation,
injunctive relief), you herby agree that if (a) you (x) breach Section 17 of this Agreement or any of your agreements or obligations under the Release (as defined below) or (y) breach, in any material respect, any of your
agreements or obligations set forth in Section 3, Section 6, Section 10, Section 11, Section 12, Section 13, Section 22 or Section 24 of this Agreement;
(b) you breach, in any material respect, any of your other material obligations set forth in this Agreement; (c) the Board of Directors of Parent, acting in good faith, determines that, at any time during the period in which you were
employed by Salix or served as a director, officer or employee of the Company, including, without limitation, Parent, you intentionally engaged in wrongdoing that has resulted, or would reasonably be expected to result, in material harm to Parent or
any of its subsidiaries or affiliates, or to the business or reputation of Parent or any of its subsidiaries or affiliates; or (d) you are found to have committed a violation of law by the U.S. Securities and Exchange Commission or any other
regulatory or governmental agency or court of law, in each case (i) your service as a consultant to Parent pursuant to Section 2 of this Agreement will immediately terminate without notice, (ii) your status as a consultant to
Parent under the applicable Stock Plan will, without notice, be deemed to have immediately terminated other than by reason of your death or Disability (as defined under the applicable Stock Plan), and (iii) any outstanding equity-based awards
then held by you that are then unvested or that otherwise then remain subject to restriction will, without notice, immediately terminate and you will not receive any shares of stock or any payment or other consideration therefor. In addition to and
not in limitation of the foregoing, you hereby agree that if any of the actions or events set forth in clauses (a), (b) or (d) of this Section 8 occurs, (x) Parent may recover, and you agree to turn over to Parent promptly
upon demand, any equity-based award then held by you to the extent that such equity-based awards vested or otherwise became free of restriction after the date hereof, and (y) Parent may recover, and you

  
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agree to pay over to Parent promptly on demand, the net after-tax proceeds received by you from any sale or other disposition of any equity-based award that vested or otherwise became free of
restriction after the date hereof. You acknowledge that the amounts paid to you by the Company, including, without limitation, amounts payable pursuant to this Agreement, may be subject to recoupment or clawback pursuant to the Sarbanes-Oxley Act of
2002, the Dodd–Frank Wall Street Reform and Consumer Protection Act or other applicable law, and you agree to repay such amounts to the extent legally required thereunder. Parent will, within five (5) days after the occurrence of the
events set forth in clauses (i), (ii) and (iii) of this Section 8, provide you written notice thereof. 
 9.
Health and Medical Coverage. 
 (a) Subject to your eligibility for, and timely election of, continuation coverage under
the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), for the period commencing on the date hereof and continuing to the earlier of (i) the date on which the applicable continuation period under COBRA expires and
(ii) the date on which you become eligible to receive reasonably comparable or increased health and medical coverage from a subsequent employer (the “COBRA Period”), Salix will provide continued health and medical coverage
pursuant to COBRA for you and such of your current dependents who participated in the Company’s group health insurance plans immediately prior to the date hereof (collectively, your “Dependents”). Salix will provide such
coverage at Salix’s expense and under Salix’s group health insurance plans in which you and your Dependents participated immediately prior to the date hereof. The monthly premium for such coverage (the “Cobra Monthly
Premium”) will be paid to the applicable benefit carrier by Salix. If Salix cannot provide the foregoing benefits in a manner that is exempt from Section 409A of the Internal Revenue Code of 1986, as amended (“Section
409A”), or that is otherwise compliant with applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will instead pay to you a taxable monthly payment for the COBRA Coverage Period
equal to the COBRA Monthly Premium then in effect, such payment to be made on a tax grossed-up basis such that the net amount received by you in respect of each monthly payment, after deduction of all federal, state and local income taxes,
employment-related taxes (including Social Security and Medicare taxes), will be equal to the amount of the COBRA Monthly Premium. In such case, you will be solely responsible for all matters relating to your continuation of coverage pursuant to
COBRA, including, without limitation, your election of such coverage and your timely payment of all premiums therefor. 
 (b) In
consideration for your continuing compliance with your agreements and obligations set forth in this Agreement, upon the expiration of the COBRA Period other than pursuant to clause (ii) of Section 9(a) of this Agreement, for the
period commencing on the day immediately following the last day of the COBRA Period and continuing through the earlier of (i) the last day of the Services Period and (ii) the date on which you become eligible to receive reasonably
comparable or increased health and medical coverage from a subsequent employer, Salix will arrange to reimburse you for the amount of the monthly premiums for health and medical coverage secured by you and reasonably comparable to that provided to
you and your Dependents under Salix’s group health insurance plans immediately prior to the end of the 

  
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COBRA Period (“Comparable Personal Coverage”). You will provide all information reasonably requested by Salix in connection with such reimbursement payments for Comparable
Personal Coverage. Salix will make such reimbursement payments to you on the first payroll date of Salix occurring in each month following the end of the COBRA Period, and, to the extent that such reimbursement payments are taxable to you, will make
such reimbursement payments on a tax grossed-up basis such that the net amount received by you in respect of each reimbursement payment, after deduction of all federal, state and local income taxes, employment-related taxes (including Social
Security and Medicare taxes), will be equal to the amount of the monthly premium for such Comparable Personal Coverage. Notwithstanding the foregoing, in no event will Salix be required to reimburse you for monthly premiums for Comparable Personal
Coverage that are in excess of 150% of the COBRA Monthly Premium in effect on the last day of the COBRA Period.  
 (c) In the event
of your death prior to your becoming eligible to receive reasonably comparable or increased health and medical coverage as set forth in Section 9(a)(ii) of this Agreement, and provided that you were, at the time of your death, in
compliance with your agreements and obligations set forth in the Release and in Section 3, Section 6, Section 10, Section 11, Section 12, Section 13, Section 17,
Section 22 and Section 24 of this Agreement, Salix will continue to provide to your Dependents the continued health and medical coverage set forth in Section 9(a) of this Agreement at Salix’s expense (for so
long as your Dependents are eligible for COBRA) and, thereafter, to make to your Dependents the reimbursement payments set forth in Section 9(b) of this Agreement, in the amounts, at the times and in the manner set forth therein. 

10. Non-Disclosure of Confidential Information.  

(a) You acknowledge that (i) the Company is engaged in a highly competitive business, (ii) you have served Parent and Salix in an
executive capacity, (iii) you have had access to and have gained knowledge of substantial trade secrets and Confidential Information (as defined below) and (iv) the restrictions, covenants and agreements set forth in this Agreement are
reasonably necessary to protect the legitimate interests of the Company. 
 (b) For purposes of this Agreement, “Confidential
Information” means any and all of the Company’s trade secrets, confidential and proprietary information and all other non-public information and data of or about the Company and its business, including, but not limited to, confidential
business methods and processes, research and development information, business plans and strategies, marketing plans and strategies, information pertaining to customers, pricing information, cost information, financial information, personnel
information, contract information, data compilations, information received from third parties that the Company is obligated to keep confidential, information with respect to contemplated strategic transactions, and information about prospective
products, whether or not reduced to writing or other tangible medium of expression, including, without limitation, work product created by you in rendering services to Parent and Salix. 

  
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 (c) You acknowledge that the Confidential Information is a valuable, special and unique asset of
the Company. At all times on and following the date hereof, you will not, except as may be authorized in writing by Parent, use or disclose to others any of the Confidential Information. You agree that the Company owns the Confidential Information
and you have no rights, title or interest in any of the Confidential Information. Except as otherwise agreed by Parent in writing, on the date hereof, you will deliver to Parent any and all materials (including all copies and electronically stored
data) containing any Confidential Information in your possession or subject to your custody or control. Your obligations set forth in this Section 10 shall continue as long as the Confidential Information remains confidential, and shall
not apply to any information which you are required by law or judicial process to disclose or which becomes generally publicly available through no fault or action of your own or others who were under confidentiality obligations with respect to such
information. 
 11. Non-Competition. During the Services Period, you will not work for any entity listed in Exhibit C to
this Agreement (each, a “Restricted Company”) or with any affiliate or division of such Restricted Company where (a) you will have, or would reasonably be expected to have, duties, or will perform, or would reasonably be
expected to perform, services that are the same as or substantially similar to those duties or services actually performed by you for the Company within the twelve (12) month period immediately preceding the date hereof; or (b) you will
use or disclose, or would reasonably be expected to use or disclose, any Confidential Information of the Company. For purposes of clarification, it shall not be a violation of this Section 11 for you to work in an affiliate or division
of a Restricted Company if: (i) the affiliate or division of the Restricted Company does not compete with the Company, (ii) such work would not result in the use or disclosure of the Confidential Information and (iii) you obtain the
prior written consent of Parent, which consent shall not be unreasonably withheld. You acknowledge that the foregoing restrictions set forth in this Section 11 are reasonable given (x) the position in which you have been employed
with the Company, (y) that the Company’s business is national in scope and (z) you, for or on behalf of a Restricted Company, could compete effectively with the Company from any location in the United States. 

12. Non-Solicitation. During the Services Period, you shall not (a) solicit, recruit or attempt to hire or employ any
person who is an employee of the Company; (b) assist any person or entity in the recruitment or hiring of any person who is an employee of the Company; (c) urge, induce or seek to induce any person to terminate his or her employment with
the Company; or (d) advise, suggest to or recommend to any person or entity that it employ or solicit for employment any person who is an employee of the Company. During the Services Period, you will not urge, induce or seek to induce any of
the Company’s customers, independent contractors, subcontractors, consultants, business partners, licensors, licensees, vendors, suppliers or others with whom the Company has a business relationship to terminate their relationship with the
Company, or to cancel, withdraw, reduce, limit or in any manner modify any such person’s or entity’s business with the Company. 

13. Non-Disparagement. From and after the date hereof, you shall not make or publish any statements or comments that
disparage or injure the reputation or goodwill of the Company, or any of its or their respective officers or directors, or otherwise make any oral or written statements that a reasonable person would expect at the time such statement is made to
likely have the effect of diminishing or injuring the reputation or goodwill of the Company or  

  
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any of its or their respective officers or directors; provided, however, that nothing in this Section 13 shall prevent you from (a) making truthful statements in
good faith in response to any governmental or regulatory inquiry or in any judicial, administrative or other governmental proceeding or investigation; or (b) providing any information that may be required by law. 

14. Acknowledgement of Prohibition on Engaging in Certain Activities. You acknowledge and agree that the covenants set
forth in Section 10, Section 11, Section 12, and Section 13 of this Agreement prohibit you from engaging in certain activities on your own behalf or on behalf of or in conjunction with any person or
entity, regardless of whether you are acting as an employee, owner, independent contractor, consultant or advisor and regardless whether you are acting directly or indirectly. 

15. Severability. If any provision of this Agreement, or the application of any provision of this Agreement to any person
or circumstance, is, for any reason and to any extent, held invalid or unenforceable, such invalidity and unenforceability will not affect the remaining provisions of this Agreement or its application to other persons or circumstances, all of which
will be enforced to the greatest extent permitted by law; and you, Parent and Salix each agree that any invalid or unenforceable provision may and will be reformed and applied to the extent needed to avoid that invalidity or unenforceability and in
a manner that is as similar as possible to the intent of yourself and the Company (as described in this Agreement) and preserves the essential economic substance and effect of this Agreement.  

16. Remedies. You agree that the restrictions, covenants and agreements set forth in this Agreement are reasonable
protections to the immediate, proper and legitimate interests of the Company. You further agree (a) that any breach of this Agreement by you would cause substantial and irreparable injury to the Company and that money damages would not be a
sufficient remedy for an actual or threatened breach of this Agreement because of the difficulty of ascertaining the amount of damage that would be suffered by the Company in the event that this Agreement is breached; (b) that, in addition to
all other remedies available at law or equity, Parent shall be entitled to equitable relief, including injunction and specific performance, as a remedy for any such breach or threatened breach, without proof of actual damages; and (c) to waive
any requirement for the securing or posting of any bond in connection with such remedy. In the event of litigation relating to this Agreement, if a court of competent jurisdiction determines, in a final, non-appealable judgment, that you have
breached this Agreement, you shall be liable for and pay to Parent the reasonable legal fees and expenses incurred by the Company in connection with such litigation, including any appeal therefrom. 

17. Release. You shall execute irrevocably and deliver to each of Parent and Salix a release of claims in the form attached
hereto as Exhibit B (the “Release”) prior to the 55th day after the date hereof. 
 18. Rights Not
Affected. Nothing in this Agreement or the Release will affect (a) your rights under the Indemnity Agreement, dated as of January 7, 2014, by and between Salix and you (the “Indemnity Agreement”); (b) your
rights to indemnification set forth in the Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws of Parent; or (c) your vested right, if any, under the Salix 401(k) retirement savings plan. 

  
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 19. Entire Agreement. This Agreement constitutes the entire agreement
between the parties hereto pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings and representations, whether oral or written, of the parties in connection herewith. No covenant or condition
or representation not expressed in this Agreement shall affect or be effective to interpret, change or restrict this Agreement. No prior drafts of this Agreement and no words or phrases from any such prior drafts shall be admissible into evidence in
any action, suit or other proceeding involving this Agreement or the transactions contemplated hereby. 
 20.
Waiver. No provision of this Agreement can be amended or waived except by a separate writing signed, executed and delivered by you, Parent and Salix expressly amending or waiving such provision. The rights and remedies of the parties
to this Agreement are cumulative and not alternative. Neither the failure nor any delay by any party hereto in exercising any right, power or privilege under this Agreement will operate as a waiver of such right, power or privilege, and no single or
partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or privilege. To the maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement can be
discharged by any one party, in whole or in part, by a waiver or renunciation of the claim or right, unless in writing signed by the other parties hereto; (b) no waiver that may be given by any party hereto will be applicable except in the
specific instance for which it is given; and (c) no notice to or demand on any party will be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice or demand to take further action without notice
or demand as provided in this Agreement. 
 21. GOVERNING LAW; WAIVER OF JURY TRIAL. 

(a) THE VALIDITY, INTERPRETATION, PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF DELAWARE WITHOUT REGARD TO THE DELAWARE CHOICE OF LAW RULES. 
 (b) EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY CLAIM, ACTION, SUIT OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. EACH PARTY
(A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY CLAIM, ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 21(b). 

  
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 22. Consent to Jurisdiction. Each party to this Agreement irrevocably and
unconditionally submits to the exclusive jurisdiction and venue of the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware lacks jurisdiction, then in the applicable Delaware state court), or if under
applicable law exclusive jurisdiction of any claim, action, suit or proceeding arising out of this Agreement or any transaction contemplated hereby is vested in the federal courts, then the United States District Court for the District of Delaware,
for purposes of any claim, action, suit or proceeding arising out of this Agreement or any transaction contemplated hereby. Each party to this Agreement hereby waives, and agrees not to assert in any such claim, action, suit or proceeding, to the
fullest extent permitted by applicable law, any claim that (a) such party is not personally subject to the jurisdiction of such courts; (b) such party and such party’s property is immune from any legal process issued by such courts;
or (c) any claim, action, suit or proceeding commenced in such courts is brought in an inconvenient forum. Each party to this Agreement further agrees that (i) service of any process by United States registered mail (or any substantially
similar form of mail) to such Party’s address set forth in Section 23 hereof shall be effective service of process for any claim, action, suit or proceeding with respect to any matters to which it has submitted to jurisdiction in
this Section 22 or otherwise and (ii) nothing herein shall affect the right to effect service of process in any other manner permitted by law. 

23. Notices. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the
other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
 If to you: 

To the most recent address on file with the Company 

with a copy to: 
 BuckleySandler
LLP 
 1250 24th Street NW 

Suite 700 
 Washington, DC 20037

 Attention: Andrew L. Sandler, Esq. 

If to Parent, Salix, or the Company: 

Salix Pharmaceuticals, Ltd. 

8510 Colannade Center Drive 

Raleigh, NC 27615 
 Attention:
General Counsel 
 with a copy to: 

Cadwalader, Wickersham & Taft LLP 

One World Financial Center 
 New
York, NY 10281 
 Attention: Christopher Cox, Esq. 

  
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 or to such other address as either party shall have furnished to the other in writing in accordance herewith.
Notice and communications shall be effective when actually received by the addressee. 
 24. Non-Public Information. You
hereby acknowledge that you are aware that the securities laws of the United States generally prohibit any person who has material non-public information about a company from, among other things, (a) purchasing or selling securities of such
company or securities convertible into such securities on the basis of such information; or (b) communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person may purchase or sell
such securities or securities convertible into such securities. Accordingly, you agree that you will not make any purchase or sale of, or otherwise consummate any transactions involving, Parent securities or securities convertible into Parent
securities while in possession of material non-public information regarding the Company, nor will you communicate such information in a manner that violates the securities laws of the United States (regardless of whether such communication would be
permitted elsewhere in this Agreement.) If you consummate a transaction involving Parent securities (or securities convertible into Parent securities), you will file (or cause to be filed) any and all reports or notifications that may be
required under Section 16 of the Securities and Exchange Act of 1934, as amended. 
 25. Miscellaneous. 

(a) This Agreement will be binding upon and will inure to the benefit of (i) you and your personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees, legatees and assigns and (ii) Parent, Salix and their respective successors and assigns. 

(b) The headings in this Agreement are inserted for convenience of reference only and will not be a part of or control or affect the meaning of
any provision of the Agreement. 
 (c) It is intended that the provisions of this Agreement comply with Section 409A, and all provisions
of this Agreement shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A. Neither you nor any of your creditors or beneficiaries shall have the right to subject any
deferred compensation (within the meaning of Section 409A) payable under this Agreement to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A,
any deferred compensation (within the meaning of Section 409A) payable to you or for your benefit under this Agreement may not be reduced by, or offset against, any amount owing by you to the Company. If, at the time of your separation from
service (within the meaning of Section 409A), (i) you are a “specified employee” (within the meaning of Section 409A and using the identification methodology selected by the Company from time to time) and (ii) the
Company shall make a good faith determination that an amount payable under this agreement constitutes deferred compensation (within the meaning of Section 409A) the payment of which is required to be delayed pursuant to the six-month delay rule
set forth in Section 409A in order to avoid taxes or penalties under Section 409A, then the Company shall not pay such amount on the otherwise scheduled payment date, but shall instead 

  
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accumulate such amount and pay it, without interest, on the first business day after such six-month period. For purposes of Section 409A, each payment hereunder will be deemed to be a
separate payment as permitted under Treasury Regulation Section 1.409A-2(b)(2)(iii). Except as specifically permitted by Section 409A, the benefits and reimbursements provided to you under this Agreement during any calendar year shall not
affect the benefits and reimbursements to be provided to you under the relevant Section of this Agreement in any other calendar year, and the right to such benefits and reimbursements cannot be liquidated or exchanged for any other benefit.
Further, reimbursement payments shall be made to you as soon as practicable following the date that the applicable expense is incurred, but in no event later than the last day of the calendar year following the calendar year in which the underlying
expense is incurred. 
 (d) All payments made to you or on your behalf under this Agreement will be reduced by any amount that the Company is
required by law to withhold in advance payment of your federal, state and local income, wage and employment tax liability. 
 (e) This
Agreement may be executed in counterparts (including by facsimile or by PDF), and by the parties hereto in separate counterparts, each of which shall be deemed to be an original, and all of which taken together shall constitute one and the same
agreement (and all signatures need not appear on any one counterpart), and this Agreement shall become effective when one or more counterparts has been signed and delivered by each of the parties hereto. 

[Remainder of page intentionally left blank.] 

  
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 If the foregoing accurately reflects our agreement, please sign and return to us the enclosed
duplicate copy of this letter. 
  

					
	SALIX PHARMACEUTICALS, INC.
		
	By:	 	 /s/ William C. Bertrand

		 	Name:	 	William C. Bertrand
		 	Title:	 	General Counsel
	
	SALIX PHARMACEUTICALS, LTD.
		
	By:	 	 /s/ William C. Bertrand

		 	Name:	 	William C. Bertrand
		 	Title:	 	General Counsel

 Accepted and Agreed 
 as of
the date first written above: 
  

	
	 /s/Adam C. Derbyshire

	Adam C. Derbyshire

  
 S-1EX 10.15 FormofRSUAgreement

Exhibit 10.15

RESTRICTED STOCK UNIT AGREEMENT
PURSUANT TO THE
JASON INDUSTRIES, INC. 2014 OMNIBUS INCENTIVE PLAN

*  *  *  *  *

Participant:                            

Grant Date:                            

Number of Restricted Stock Units Granted:                              

Number of “Time-Vesting RSUs” Granted:                          

Number of “Stock Price-Vesting RSUs” Granted:                       

Number of “EBITDA-Vesting RSUs” Granted:           (         at Maximum)    

*  *  *  *  *

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and between Jason Industries, Inc. (f/k/a/ Quinpario Acquisition Corp.), a corporation organized in the State of Delaware (the “Company”), and the Participant specified above, pursuant to the Jason Industries, Inc. 2014 Omnibus Incentive Plan, as in effect and as amended from time to time (the “Plan”), which is administered by the Committee; and

WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant the Restricted Stock Units (“RSUs”) provided herein to the Participant.

NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:
1.Incorporation By Reference; Plan Document Receipt.  This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the Award provided hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein.  Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan.  The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content.  In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control.

	
			
	 
	 
	 

2.    Grant of Restricted Stock Unit Award.  The Company hereby grants to the Participant, as of the Grant Date specified above, the number of Time-Vesting RSUs, Stock Price-Vesting RSUs and EBITDA-Vesting RSUs, respectively, specified above.  Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of the shares of Common Stock underlying the RSUs, except as otherwise specifically provided for in the Plan or this Agreement.
3.    Vesting.
(a)    Time Vesting.  The Time-Vesting RSUs shall vest in equal one-third (1/3) installments on each of the first three (3) anniversaries following the Grant Date, provided that the Participant has not incurred a Termination of Employment prior to the applicable vesting date.  There shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting shall occur only on the appropriate vesting date, subject to the Participant’s continued employment with the Company or any of its Subsidiaries on each applicable vesting date.  The foregoing provisions of this Section 3(a) are subject to the provisions of Sections 3(d) through 3(j) hereof.
(b)    Stock Price Vesting.  The Stock Price-Vesting RSUs shall become vested as follows, provided that the Participant has not incurred a Termination of Employment prior to the applicable vesting date.  If on any date between the Grant Date and the third anniversary of the Grant Date, the Fair Market Value of the Common Stock:
		
	(i)
	equals or exceeds $[           ] in any twenty (20) trading days within a thirty (30) trading day period, then [           ] of the Stock Price-Vesting RSUs shall vest;

		
	(ii)
	equals or exceeds $[           ] in any twenty (20) trading days within a thirty (30) trading day period, then an additional [           ] of the Stock Price-Vesting RSUs shall vest (a total of [           ] of the Stock Price-Vesting RSUs vested); 

		
	(iii)
	equals or exceeds $[           ] in any twenty (20) trading days within a thirty (30) trading day period, then an additional [           ]    of the Stock Price-Vesting RSUs shall vest (a total of  [           ] of the Stock Price-Vesting RSUs vested); and 

		
	(iv)
	equals or exceeds $[           ] in any twenty (20) trading days within a thirty (30) trading day period, then an additional [           ] of the Stock Price-Vesting RSUs shall vest (a total of [           ] of the Stock Price-Vesting RSUs vested).

Any portion of the Stock Price-Vesting RSUs that have not become fully vested on the date immediately following the third anniversary of the Grant Date shall be cancelled and forfeited for 

	
			
	 
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no consideration. There shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting shall occur only on the appropriate vesting date, subject to the Participant’s continued employment with the Company or any of its Subsidiaries on each applicable vesting date.  The foregoing provisions of this Section 3(b) are subject to the provisions of Sections 3(d) through 3(j) hereof.
(c)    EBITDA Less CapEx Vesting.  The EBITDA-Vesting RSUs shall become vested on the last day of the Measurement Period based upon the Company’s achievement of Cumulative EBITDA Less CapEx relative to the Target Cumulative EBITDA Less CapEx for the period beginning on July 1, 2014 and ending on June 30, 2017 (the “Measurement Period”), as follows, provided that the Participant has not incurred a Termination of Employment prior to the last day of the Measurement Period:
	
		
	Achievement of Cumulative EBITDA Less CapEx Goals
	Number of EBITDA-Vesting RSUs Becoming Vested

	Less than 80%
	[           ] RSUs

	80% (Threshold)
	[           ] RSUs

	100% (Target)
	[           ] RSUs

	120% and above (Maximum)
	[           ] RSUs

If the actual Cumulative EBITDA Less CapEx amount achieved is between Threshold and Target or between Target and Maximum in the table above, the number of EBITDA-Vesting RSUs that vest shall be determined using straightline interpolation between the two such vesting achievement goal amounts (e.g., if the actual amount of Cumulative EBITDA Less CapEx achieved is equal to 90% of the Target Cumulative EBITDA Less CapEx) then [           ] EBITDA-Vesting RSUs shall vest. There shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting shall occur only on the appropriate vesting date, subject to the Participant’s continued employment with the Company or any of its Subsidiaries on the applicable vesting date. For purposes of this Section 3(c), the following terms shall have the following meanings:
“Cumulative EBITDA” shall mean the aggregate of the Company’s quarterly consolidated earnings before interest, taxes, depreciation and amortization, as set forth in the Company’s unaudited financial statements for the Measurement Period, as calculated in good faith by the Committee in consultation with the Company’s independent auditors, all as determined in accordance with prior Company practices consistently applied during the Measurement Period.  In connection with any Cumulative EBITDA determination required hereunder, the Committee shall exclude, or adjust to reflect, the impact of any event or occurrence that the Committee determines in its good-faith discretion, in consultation with the Company’s independent auditors, should be appropriately excluded or adjusted, including (i) restructurings, discontinued operations, extraordinary items or events (including acquisitions and divestitures), and other unusual or non-recurring charges (including expenses incurred with acquisitions and divestitures, and expenses associated with compensatory equity grants), (ii) an event either not directly related to the operations of the Company or not within the reasonable control of the Company’s management, (iii) losses incurred as a result 

	
			
	 
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of any goodwill impairment, or (iv) a change in tax law or accounting standards required by U.S. generally accepted accounting principles (“Extraordinary Events”).
“Target Cumulative EBITDA Less CapEx” shall mean $[           ], subject to adjustment hereafter for any Extraordinary Events.

“Cumulative EBITDA Less CapEx” shall mean the actual Cumulative EBITDA excluding therefrom the sum of capital expenditures as set forth in the Company’s unaudited financial statements for the Measurement Period, subject to adjustment for any Extraordinary Events.

The foregoing provisions of this Section 3(c) are subject to the provisions of Sections 3(d) through 3(j) hereof.

(d)    Committee Discretion to Accelerate Vesting.  Notwithstanding any other provision herein to the contrary, the Committee may, in its sole discretion, provide for accelerated vesting of the RSUs at any time and for any reason.
(e)    Change in Control.  In the event of the consummation of a Change in Control prior to the third anniversary of the Grant Date, provided that the Participant has not incurred a Termination of Employment prior to such date (other than a Termination provided at Section 3(j)), (i) all unvested Time-Vesting RSUs shall become immediately vested, (ii) all unvested Stock Price-Vesting RSUs shall become immediately vested, and (iii) one hundred percent (100%) of the EBITDA-Vesting RSUs shall become immediately vested.
(f)    Involuntary Termination Without Cause; Voluntary Resignation For Good Reason.  If the Participant incurs a Termination of Employment by the Company without Cause or there is a voluntary Termination of Employment by the Participant with Good Reason, then (i) a portion of the Time-Vesting RSUs that would have become vested on the next anniversary of the Grant Date immediately following the date of such Termination of Employment had the Participant’s Termination not occurred shall become vested as of the date of such Termination; (ii) the Stock Price-Vesting RSUs shall remain outstanding and be eligible to vest for the shorter of (x) a period of one (1) year following the date of Termination and (y) the third anniversary of the Grant Date, in accordance with the achievement of the vesting conditions set forth in Section 3(b) hereof; and (iii) a pro-rated portion of the EBITDA-Vesting RSUs (determined by multiplying the number of such EBITDA-Vesting RSUs by a fraction, the numerator of which is the number of days during the period beginning on the Grant Date and ending on the date of Termination and the denominator of which is 1,095) shall continue to be eligible to vest in accordance with the achievement of the vesting conditions set forth in Section 3(c) hereof. For purposes of this Agreement, “Good Reason” means, with respect to a Participant’s Termination of Employment:  (a) in the case where there is no employment agreement or similar agreement in effect between the Company or an Affiliate and the Participant on the Grant Date hereof (or where there is such an agreement but it does not provide for a voluntary termination of employment for “good reason” or “constructive termination” (or words or a concept of like import)), a voluntary termination due to good reason, as the Committee, in its sole discretion, decides to treat as a Good Reason termination; or (b) in the case where there is an employment agreement or similar agreement in effect between the Company or an Affiliate 

	
			
	 
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and the Participant on the Grant Date that defines “good reason” (or words or a concept of like import, such as “Constructive Termination”), a termination due to good reason (or words or a concept of like import), as defined in such agreement.
(g)    Termination by Death or Disability.  If the Participant’s Termination of Employment is due to the Participant’s death or Disability, then (i) the Time-Vesting RSUs shall become fully vested as of the date of such Termination; (ii) the Stock Price-Vesting RSUs shall remain outstanding and be eligible to vest for the shorter of (x) a period of one (1) year following the date of Termination and (y) the third anniversary of the Grant Date, in accordance with the achievement of the vesting conditions set forth in Section 3(b) hereof; and (iii) a pro-rated portion of the EBITDA-Vesting RSUs (determined by multiplying the number of such EBITDA-Vesting RSUs by a fraction, the numerator of which is the number of days during the period beginning on the Grant Date and ending on the date of Termination and the denominator of which is 1,095) shall continue to be eligible to vest in accordance with the achievement of the vesting conditions set forth in Section 3(c) hereof.
(h)    Voluntary Resignation.  If the Participant’s Termination of Employment is voluntary other than with Good Reason, all RSUs that are held by such Participant that are unvested shall terminate and expire as of the date of such Participant’s Termination.
(i)    Termination for Cause.  If the Participant’s Termination (i) is for Cause or (ii) is a voluntary Termination (as provided in Section 3(h)) after the occurrence of an event that is then grounds for a Termination for Cause, all RSUs, whether vested or not vested, that are held by such Participant shall thereupon be forfeited and cancelled for no value without any consideration as of the date of such Termination. 
(j)    Termination in Connection with a Change in Control.  In the event of the Participant’s Participant’s Termination of Employment (i) by the Company without Cause, (ii) by voluntary resignation by the Participant with Good Reason, or (iii) due to the Participant’s death or Disability, in each case, on or during the ninety (90) day period preceding the date of consummation of a Change in Control that occurs on or prior to the third anniversary of the Grant Date, then any unvested RSUs that would have been forfeited on the date of the Participant’s Termination shall be treated in accordance with Section 3(e) hereof upon the date of the Change in Control.
(k)    Termination of Unvested RSUs; Forfeiture.  Any portion of the RSUs that does not become vested in accordance with the provisions of this Section 3 shall be automatically forfeited and cancelled for no value without any consideration being paid therefor and otherwise without any further action of the Company whatsoever.  For the avoidance of doubt, any portion of the RSUs that do not become vested on or prior to the third anniversary of the Grant Date shall be automatically forfeited and cancelled as of such date for no value without any consideration being paid therefor and otherwise without any further action of the Company whatsoever.
4.    Delivery of Shares; Holding Requirement. 
(a)    Delivery of Shares.  Within thirty (30) days following the date of vesting of RSUs, the Company shall issue to the Participant the number of shares of Common Stock, free and 

	
			
	 
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clear of all restrictions (other than as may apply under Section 4(b) or Section 9) that correspond to the number of RSUs that have become so vested on the applicable vesting date.
(b)    Holding Requirement.  In the event that any Stock Price-Vesting RSUs become vested prior to the first anniversary of the Grant Date, the Participant shall not, on or prior to such first anniversary of the Grant Date, sell, assign, transfer, encumber, hypothecate or pledge any such shares so delivered in respect of such vested RSUs pursuant to Section 4(a).
5.    Dividends; Rights as Stockholder.  Cash dividends on shares of Common Stock issuable hereunder shall be credited to a dividend book entry account on behalf of the Participant with respect to each RSU granted to the Participant, provided that such cash dividends shall not be deemed to be reinvested in shares of Common Stock and shall be held uninvested and without interest and paid in cash at the same time that the shares of Common Stock underlying the RSUs are delivered to the Participant in accordance with the provisions hereof.  Stock dividends on shares of Common Stock shall be credited to a dividend book entry account on behalf of the Participant with respect to each RSU granted to the Participant, provided that such stock dividends shall be paid in shares of Common Stock at the same time that the shares of Common Stock underlying the RSUs are delivered to the Participant in accordance with the provisions hereof.  For the sake of clarity, in the event any portion of the unvested RSUs is forfeited and cancelled in accordance with this agreement or the Plan, any accrued dividends on shares of Common Stock underlying such forfeited RSUs shall be automatically forfeited for no value without any consideration being paid therefor and otherwise without any further action of the Company whatsoever.  Except as otherwise provided herein, the Participant shall have no rights as a stockholder with respect to any shares of Common Stock covered by any RSU unless and until the Participant has become the holder of record of such shares.
6.    Non-Transferability.  No portion of the RSUs may be sold, assigned, transferred, encumbered, hypothecated or pledged by the Participant, other than to the Company as a result of forfeiture of the RSUs as provided herein, unless and until payment is made in respect of vested RSUs in accordance with the provisions hereof and the Participant has become the holder of record of the vested shares of Common Stock issuable hereunder
7.    Governing Law.  All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles thereof.
8.    Withholding of Tax.  The Company shall have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the RSUs and, if the Participant fails to do so, the Company may otherwise refuse to issue or transfer any shares of Common Stock otherwise required to be issued pursuant to this Agreement.  The foregoing provisions of this Section 8 to the contrary notwithstanding, the Participant may direct the Company to satisfy any such required withholding obligation with regard to the Participant by reducing the amount of cash or shares of Common Stock, having an aggregate 

	
			
	 
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Fair Market Value equal to the statutory minimum withholding obligation, otherwise deliverable to the Participant pursuant to Section 4(a).
9.    Legend.  The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on all certificates representing shares of Common Stock issued pursuant to this Agreement, consistent with issuances to holders of shares of Common Stock other than pursuant to this Agreement.  The Participant shall, at the request of the Company, promptly present to the Company any and all certificates representing shares of Common Stock acquired pursuant to this Agreement in the possession of the Participant in order to carry out the provisions of this Section 9.
10.    Securities Representations.  This Agreement is being entered into by the Company in reliance upon the following express representations and warranties of the Participant.  The Participant hereby acknowledges, represents and warrants that:
(a)    The Participant has been advised that the Participant may be an “affiliate” within the meaning of Rule 144 under the Securities Act and in this connection the Company is relying in part on the Participant’s representations set forth in this Section 10.
(b)    If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the shares of Common Stock issuable hereunder must be held indefinitely unless an exemption from any applicable resale restrictions is available or the Company files an additional registration statement (or a “re-offer prospectus”) with regard to such shares of Common Stock and the Company is under no obligation to register such shares of Common Stock (or to file a “re-offer prospectus”).
(c)    If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the Participant understands that (i) the exemption from registration under Rule 144 will not be available unless (A) a public trading market then exists for the Common Stock of the Company, (B) adequate information concerning the Company is then available to the public, and (C) other terms and conditions of Rule 144 or any exemption therefrom are complied with, and (ii) any sale of the shares of Common Stock issuable hereunder may be made only in limited amounts in accordance with the terms and conditions of Rule 144 or any exemption therefrom.
11.    Entire Agreement; Amendment.  This Agreement, together with the Plan, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter.  The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time to the extent permitted, without the Participant’s consent thereto, under the Plan.  This Agreement may also be modified or amended by a writing signed by both the Company and the Participant.  The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.
12.    Notices.  Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the 

	
			
	 
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General Counsel of the Company.  Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address as the Participant may have on the payroll files with the Company.
13.    No Right to Employment.  Any questions as to whether and when there has been a Termination and the cause of such Termination shall be determined in the sole discretion of the Committee.  Nothing in this Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries or its Affiliates to terminate the Participant’s employment or service at any time, for any reason and with or without Cause.
14.    Transfer of Personal Data.  The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the RSUs awarded under this Agreement for legitimate business purposes (including, without limitation, the administration of the Plan).  This authorization and consent is freely given by the Participant.
15.    Compliance with Laws.  The grant of RSUs and the issuance of shares of Common Stock hereunder shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law, rule regulation or exchange requirement applicable thereto.  The Company shall not be obligated to issue the RSUs or any shares of Common Stock pursuant to this Agreement if any such issuance would violate any such requirements; provided, in such event as the Company is prohibited from issuing shares of Common Stock, the Company shall pay to the Participant (unless otherwise prohibited by law), within thirty (30) days following the date of vesting of RSUs, cash in an amount equal to the aggregate Fair Market Value of shares of Common Stock represented by such vested RSUs.  As a condition to the settlement of the RSUs, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation.
16.    Binding Agreement; Assignment.  This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns and the Participant and the Participant’s heirs, executors, administrators, legal representatives and permitted assigns.  The Participant shall not assign (except in accordance with Section 6 hereof) any part of this Agreement without the prior express written consent of the Company.
17.    Headings.  The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.
18.    Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.
19.    Further Assurances.  Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other 

	
			
	 
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agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.
20.    Severability.  The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.
21.    Acquired Rights.  The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at any time in accordance with the terms thereof as in effect on the Grant Date and not inconsistent with the provisions of Section 11 hereof; (b) the Award of RSUs made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without limitation, the RSUs awarded hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be considered as part of such salary in the event of severance, redundancy or resignation.
*  *  *  *  *

	
			
	 
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

JASON INDUSTRIES, INC.

By:                        

Name:                        

Title:                        

PARTICIPANT

    

Name:      

	
			
	 
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