Document:

EX-10.1

 Exhibit 10.1 

TRANSITION AND SEPARATION AGREEMENT 

This Transition and Separation Agreement (the “Agreement”) is made by and between Thomas E. Daley
(“Executive”) and Raptor Pharmaceutical Corp., a Delaware corporation (the “Company”) (collectively referred to as the “Parties” or individually referred to as a “Party”), effective
eight (8) days after Executive’s signature hereto (the “Effective Date”), unless Executive revokes Executive’s acceptance of this Agreement as provided in Section 6(c) below, with reference to the following
facts: 
 A. Executive was involved in the founding of Convivia, Inc. (“Convivia”), and became employed by the Company
following the Company’s acquisition of Convivia. 
 B. Executive’s employment with the Company and each of its affiliates will end
effective upon the Termination Date (as defined below). 
 C. Executive and the Company want to end their relationship amicably and also to
establish the obligations of the parties including, without limitation, all amounts due and owing to Executive. 
 D. The Company wishes to
receive Executive’s continued cooperation and services through and following the Termination Date, and Executive is willing to provide such services on the terms set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties agree as follows: 

1. Termination Date. Executive acknowledges and agrees that his status as an officer and employee of the Company and as
an officer and employee of the Company’s subsidiaries will end effective as of September 30, 2015 unless earlier terminated by the Company for Cause, as such term is defined in Section 11 below (the “Termination
Date”). 
 2. Continued Employment. 

(a) Employment Period. From the Effective Date through the Termination Date (the “Employment Period”),
Executive shall remain employed by the Company as Chief Business Officer reporting to the Chief Executive Officer of the Company, and shall provide transition services in Executive’s areas of expertise and work experience and responsibility,
and such other duties as shall be assigned by the Chief Executive Officer or any other officer of the Company designated by the Chief Executive Officer (“Transition Duties”). Executive shall devote such time as shall be necessary to
perform the Transition Duties, provided, that it is the intention of the parties that such Transition Duties shall generally require one hundred percent (100%) of Executive’s business time. 

(b) Convivia Assets. The Company will consider in good faith any commercially reasonable proposal Executive provides to
the Company in regards to the purchase or other disposition of the Convivia assets previously acquired by the Company. 
 (c)
Salary and Benefits Continuation. During the Employment Period, Executive will continue to be paid base salary at the rate in effect on the date of this 

  
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Agreement, accrue paid vacation and be eligible for all employee benefit plans available to senior executives of the Company through the Termination Date. All payments made to Executive during
the Employment Period will be subject to required withholding taxes and authorized deductions. 
 (d) Protection of
Information. Executive agrees that, during the Employment Period and thereafter, Executive will not, except for the purposes of performing the Transition Duties, seek to obtain any confidential or proprietary information or materials of the
Company. 
 3. Final Paycheck; Payment of Accrued Wages and Expenses. 

(a) Final Paycheck. As soon as administratively practicable on or after the Termination Date, but not more than three
business days following the Termination Date, the Company will pay Executive in a single cash lump sum (i) all accrued but unpaid base salary earned through the Termination Date; (ii) all accrued and unused vacation earned through the
Termination Date; and (iii) $33,694, which constitutes a retroactive payment to Executives as consideration for the additional responsibilities undertaken by Executive beginning in fiscal year 2014, such payment to be subject to standard
payroll deductions and withholdings. 
 (b) Business Expenses. The Company shall reimburse Executive for all
outstanding expenses incurred prior to the Termination Date which are consistent with the Company’s policies in effect from time to time with respect to travel and other business expenses, subject to the Company’s requirements with respect
to reporting and documenting such expenses. 
 (c) The Company agrees to reimburse Executive the amount of $2,500 to
partially offset attorneys’ fees incurred by Executive related to negotiations of this Agreement. 
 Executive is entitled to the
payments set forth under this Section 3(a) and 3(b) regardless of whether Executive executes this Agreement or a Release of Claims (as defined below). 

4. Separation Payments and Benefits. Without admission of any liability, fact or claim, the Company hereby agrees,
subject to Executive delivering to the Company a General Release of Claims substantially in the form attached hereto as Exhibit A (the “Release of Claims”) within twenty-three (23) days following the Termination Date and
Executive not revoking the Release of Claims within the seven (7)-day period following his execution of such agreement (the “Revocation Period”) and Executive’s performance of his continuing obligations pursuant to this
Agreement and that certain Employee Invention and Confidentiality Agreement entered into between Executive and the Company, as of September 7, 2007 attached here to as Exhibit B (the “Confidentiality Agreement”) to
provide Executive the severance benefits set forth below. Specifically, the Company and Executive agree as follows: 
 (a)
Severance. For the twelve (12) month period commencing on the Termination Date (the “Severance Period”), the Company shall pay to Executive his base salary in effect as of the Termination Date (the aggregate amount for
such twelve (12)-month period, $314,675), subject to continuing compliance by Executive with the terms hereof, the Confidentiality Agreement and the Release of Claims; such payments shall be made in substantially equal installments on a periodic
basis in accordance with the 

  
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Company’s normal payroll practices; provided, however, that the first payment under this Section 4(a) shall be made on the first payroll date following the expiration of the Revocation
Period without Executive having revoked the Release of Claims and with the first such payment to include any installments not made prior to the expiration of the Revocation Period. 

(b) Annual Bonus. The Company shall pay Executive an annual bonus for fiscal year 2015, based on actual performance for
fiscal year 2015, as determined in the sole discretion of the Board of Directors of the Company, prorated from January 1, 2015 until the Termination Date, payable in a single cash lump sum on the regularly scheduled payment date under the
applicable Company bonus plan or program. 
 (c) Equity Awards. Executive currently has outstanding options to
purchase shares of the Company’s common stock as shown on Exhibit C-1 hereto (the “Options”) and outstanding restricted stock units of the Company as shown on Exhibit C-2 hereto (the “RSUs”). The
Options and RSUs shall continue to vest through the last date of the Consulting Period as defined in Section 4(d) below, and all unvested Options and RSUs, as set forth on Exhibit C-1 and Exhibit C-2, respectively, shall be
cancelled as of the first day following the Consulting Period. The Options, to the extent vested as of the last day of the Consulting Period, shall be deemed amended to the extent necessary to provide that the vested portion thereof shall remain
exercisable until the earlier of (i) twelve (12) months from the Termination Date, and (ii) the original expiration date of each Option. Executive acknowledges that to the extent the Options constitute “incentive stock
options” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), they shall be deemed modified for the purposes of Section 424 of the Code and, to the extent the exercise price
thereof is lower than the fair market value of the Company’s common stock as of the date Executive signs this Agreement, such Option shall no longer qualify as incentive stock options and Executive will lose the potentially favorable tax
treatment associated with such Options. 
 (d) Consulting Period. From the Termination Date through December 31,
2015 (the “Consulting Period”), Executive will serve the Company as an independent contractor and will provide services to the Company on an as-requested basis in writing at an hourly rate of $250. 

(e) Healthcare Continuation Coverage. If Executive elects to receive continued healthcare coverage pursuant to the
provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall directly pay, or reimburse Executive for, that portion of the premium for Executive and Executive’s covered
dependents necessary such that Executive contributes the same amount to COBRA coverage as Executive contributed to medical, dental and vision coverage prior to the date of this Agreement, such payment or reimbursement to continue until the earliest
of: (i) the end of the Severance Period, (ii) the date Executive becomes eligible for comparable coverage under another employer’s plans or (iii) the date Executive is no longer eligible for COBRA coverage, provided that
Executive submits documentation to the Company substantiating his payments for COBRA coverage. Any such reimbursement payments, if applicable, shall be made to Executive no later than twenty (20) days after Executive’s submission of
documentation to the Company substantiating his payments for COBRA coverage. After the Company ceases to pay premiums pursuant to the preceding sentence, Executive may, if eligible, elect to continue healthcare coverage at Executive’s expense
in accordance with the provisions of COBRA. 

  
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 (f) Taxes. Executive understands and agrees that all payments under this
Agreement will be subject to appropriate tax withholding and other deductions. To the extent any taxes may be payable by Executive for the benefits provided to him by this Agreement beyond those withheld by the Company, Executive agrees to pay them
himself and to indemnify and hold the Company and the other entities released herein harmless for any tax claims or penalties, and associated attorneys’ fees and costs, resulting from any failure by him to make required payments. To the extent
that any reimbursements payable pursuant to this Agreement are subject to the provisions of Section 409A of the Code, such reimbursements shall be paid to Executive no later than
December 31st of the year following the year in which the expense was incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any
subsequent year, and Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 

(g) Benefits. Subject to Executive’s right to continue his health insurance under COBRA as provided herein,
Executive’s participation in all benefits and incidents of employment shall cease as of the Termination Date. 
 (h)
Sole Separation Benefit. Executive agrees that the payments and benefits provided by this Section 4 are not required under the Company’s normal policies and procedures and are provided as a severance solely in connection with this
Agreement and the Release of Claims. Executive acknowledges and agrees that the payments and benefits referenced in this Section 4 constitute adequate and valuable consideration, in and of themselves, for the promises contained in this
Agreement and the Release of Claims. 
 5. Full Payment. Executive acknowledges that the payment and arrangements set
forth in this Agreement shall constitute full and complete satisfaction of any and all amounts properly due and owing to Executive as a result of his employment with the Company and the termination thereof. Executive further acknowledges that, other
than the Confidentiality Agreement and the agreements evidencing the Options and RSUs (the “Equity Agreements”), this Agreement shall supersede each agreement entered into between Executive and the Company regarding Executive’s
employment, including, without limitation, any offer letter, employment agreement, severance and/or change in control agreement, and each such agreement other than the Equity Agreements and the Confidentiality Agreement shall be deemed terminated
and of no further effect as of the Termination Date. Notwithstanding the foregoing, no part of this Agreement shall supersede, nullify or otherwise amend that certain Asset Purchase Agreement entered into among the Company, Convivia, Executive and
the other parties named therein as of October 17, 2007 (the “Asset Purchase Agreement”). 
 6.
Executive’s Release of the Company. Executive agrees that the consideration set forth in this Agreement represents settlement in full of all outstanding obligations owed to Executive by the Company and its current and former officers,
directors, employees, agents, investors, attorneys, affiliates, divisions, and subsidiaries, and predecessor and successor corporations and assigns (collectively, the “Releasees”). 

(a) Executive, on his own behalf and on behalf of his family members, heirs, executors, administrators, agents, and assigns,
hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, or cause of action relating to any matters of any kind, whether
presently known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the Effective Date of this Agreement,
including, without limitation: 

  
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 (i) any and all claims relating to or arising from Executive’s employment
relationship with Company and the termination of that relationship; 
 (ii) any and all claims for wrongful discharge of
employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent
or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander;
negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits; 

(iii) any and all claims for violation of any federal, state, or municipal statute, including, but not limited to,
Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act, except as prohibited by law; the Fair Credit
Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act,
except as prohibited by law; the Sarbanes-Oxley Act of 2002, except as prohibited by law; the Uniformed Services Employment and Reemployment Rights Act; the California Family Rights Act; the California Labor Code, except as prohibited by law; the
California Workers’ Compensation Act, except as prohibited by law; and the California Fair Employment and Housing Act; 

(iv) any and all claims for violation of the federal or any state constitution; 

(v) any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; 

(vi) any claim for any loss, cost, damage, or expense arising out of any dispute over the non-withholding or other tax
treatment of any of the proceeds received by Executive as a result of this Agreement; and 
 (vii) any and all claims for
attorneys’ fees and costs. 
 (b) Executive agrees that the release set forth in this Section 6 shall be and remain
in effect in all respects as a complete general release as to the matters released. This release does not extend to any obligations incurred under this Agreement or the Equity Agreements (as amended by this Agreement). This release does not release
claims or rights that cannot be released as a matter of law, including, but not limited to, (i) claims for indemnity under California Labor Code Section 2802; and (ii) Executive’s right to communicate with, cooperate with, or
provide information to, any federal, state or local government regulator, including but not limited to the Equal Employment Opportunity Commission, California Department of Fair Employment, Securities and Exchange

  
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Commission, Commodity Futures Trading Commission, or the Department of Justice; provided, however, that to the extent permitted by law Executive does release his right to secure damages or other
monetary compensation from the Company for any alleged discrimination, harassment, retaliation or interference with his alleged rights under applicable law and regulation; . 

(c) Executive acknowledges that he is waiving and releasing any rights he may have under the Age Discrimination in Employment
Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Executive acknowledges that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of
this Agreement. Executive acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Executive was already entitled. Executive further acknowledges that he has been advised by this writing
that: (a) he should consult with an attorney prior to executing this Agreement; (b) he has twenty-one (21) days within which to consider this Agreement; (c) he has seven (7) days following his execution of this Agreement to
revoke this Agreement; (d) this Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this Release prevents or precludes Executive from challenging or seeking a determination in good faith of
the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Executive signs this Release and returns it to the Justin Ford,
Vice President Global Human Resources in less than the 21-day period identified above, Executive hereby acknowledges that he has freely and voluntarily chosen to waive the time period allotted for considering this Agreement. To revoke his acceptance
of this Agreement, Executive must contact Justin Ford, Vice President Global Human Resources, by email at jford@raptorpharma.com no later than 5 p.m. on the 7th day following
Executive’s signature of this Release. 
 (d) Executive acknowledges that he has been advised to consult with legal
counsel and is familiar with the provisions of California Civil Code Section 1542, a statute that otherwise prohibits release of unknown claims, which provides as follows: 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING
THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
 Executive, being aware of
said code section, agrees to expressly waive any rights he may have thereunder, as well as under any other statute or common law principles of similar effect. 

7. Non-Disparagement, Transition and Transfer of Company Property. Executive further agrees that: 

(a) Mutual Non-Disparagement. Executive agrees that he shall not disparage, criticize or defame the Company, its
subsidiaries or their respective affiliates, directors, officers, agents, partners, stockholders, employees, products, services, technology or business, either publicly or privately. The Company hereby agrees that it shall not, and it shall instruct
its officers and members of its Board of Directors to not 

  
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disparage, criticize or defame Executive, either publicly or privately. Nothing in this Section 7(a) shall have application to any evidence or testimony required by any court, arbitrator or
government agency. 
 (b) Transition. Each of the Company and Executive shall use their respective reasonable efforts
to cooperate with each other in good faith to facilitate a smooth transition of Executive’s duties to other executive(s) of the Company. 

(c) Transfer of Company Property. On or before the Termination Date, Executive shall turn over to the Company all files,
memoranda, records, and other documents, and any other physical or personal property which are the property of the Company and which he has in his possession, custody or control at the time Executive signed this Agreement. 

8. Executive Representations. Executive warrants and represents that (a) he has not filed or authorized the filing
of any complaints, charges or lawsuits against the Company or any affiliate of the Company with any governmental agency or court, and that if, unbeknownst to Executive, such a complaint, charge or lawsuit has been filed on his behalf, he will
immediately cause it to be withdrawn and dismissed, (b) he has reported all hours worked as of the date of this Agreement and has been paid all compensation, wages, bonuses, commissions, and/or benefits to which he may be entitled and no other
compensation, wages, bonuses, commissions and/or benefits are due to him, except as provided in this Agreement, (c) he has no known workplace injuries or occupational diseases and has been provided and/or has not been denied any leave requested
under the Family and Medical Leave Act or any similar state law, (d) the execution, delivery and performance of this Agreement by Executive does not and will not conflict with, breach, violate or cause a default under any agreement, contract or
instrument to which Executive is a party or any judgment, order or decree to which Executive is subject, and (e) upon the execution and delivery of this Agreement by the Company and Executive, this Agreement will be a valid and binding
obligation of Executive, enforceable in accordance with its terms. 
 9. No Assignment by Executive. Executive
warrants and represents that no portion of any of the matters released herein, and no portion of any recovery or settlement to which Executive might be entitled, has been assigned or transferred to any other person, firm or corporation not a party
to this Agreement, in any manner, including by way of subrogation or operation of law or otherwise. If any claim, action, demand or suit should be made or instituted against the Company or any other Releasee because of any actual assignment,
subrogation or transfer by Executive, Executive agrees to indemnify and hold harmless the Company and all other Releasees against such claim, action, suit or demand, including necessary expenses of investigation, attorneys’ fees and costs. 

10. Non-Solicitation. Without limiting the Confidentiality Agreement, Executive hereby agrees that Executive shall not,
at any time within the one (1) year period immediately following the Termination Date, directly or indirectly, either for himself or on behalf of any other person, recruit or otherwise solicit or induce any employee or consultant of the Company
to terminate his, her or its employment or arrangement with the Company, or otherwise change his, her or its relationship with the Company. Notwithstanding the foregoing, nothing herein shall prevent Executive from directly or indirectly hiring any
individual who submits a resume or otherwise applies for a position in response to a publicly posted job announcement or otherwise applies for employment with any person with whom Executive may be associated absent any violation of Executive’s
obligations pursuant to the preceding sentence. 

  
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 11. Termination for Cause. The Company may at any time prior to the
Termination Date terminate the employment or services of Executive for Cause. For purposes of this Agreement, “Cause” shall mean (i) any material violation or breach of this Agreement, the Release of Claims or the Confidentiality
Agreement by Executive; (ii) any willful acts or acts of dishonesty undertaken by Executive and intended to result in substantial gain or personal enrichment of Executive at the expense of the Company; (iii) Executive’s commission or
conviction of, or plea of no contest for, fraud, misappropriation or embezzlement, or a felony or crime of moral turpitude; or (iv) Executive’s failure to substantially perform or gross neglect of Executive’s duties. Notwithstanding
the foregoing, no act, or failure to act, by Executive shall be considered “willful” if done, or omitted to be done, by him in good faith and in the reasonable belief that his act or omission was in the best interest of the Company and not
in violation of applicable law and/or required by applicable law. 
 12. Governing Law. This Agreement shall be
construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of California or, where applicable, United States federal law, in each case, without regard to any conflicts of laws provisions or
those of any state other than the State of California. 
 13. Arbitration. The Parties agree that any and all disputes
arising out of the terms of this Agreement, their interpretation, and any of the matters released herein or under the Release of Claims, shall be subject to arbitration in San Francisco, California, before the Judicial Arbitration and Mediation
Service (“JAMS”), pursuant to its Employment Arbitration Rules & Procedures (“JAMS Rules”). The arbitrator may grant injunctions and other relief in such disputes. The arbitrator shall administer and
conduct any arbitration in accordance with California law, including the California Code of Civil Procedure, and the arbitrator shall apply substantive and procedural California law to any dispute or claim, without reference to any conflict-of-law
provisions of any jurisdiction. To the extent that the JAMS rules conflict with California law, California law shall take precedence. The decision of the arbitrator shall be final, conclusive and binding on the Parties. The Parties agree that the
prevailing Party in any arbitration shall be entitled to injunctive relief in any court of competent jurisdiction to enforce the arbitration award. The arbitrator shall award attorneys’ fees and costs to the prevailing Party, except as
prohibited by law. The Parties hereby agree to waive their right to have any dispute between them resolved in a court of law by a judge or jury. Notwithstanding the foregoing, this section will not prevent either Party from seeking injunctive relief
(or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of their dispute relating to this agreement and the agreements incorporated herein by reference. 

14. Miscellaneous. This Agreement, collectively with the Confidentiality Agreement, the Equity Agreements (as amended by
this Agreement) and the form of General Release of Claims attached as Exhibit A hereto comprise the entire agreement between the parties with regard to the subject matter hereof and supersedes, in their entirety, any other agreements between
Executive and the Company with regard to the subject matter hereof. For the avoidance of doubt, no part of this Agreement shall supersede, nullify or otherwise amend the Asset Purchase Agreement. The Company and Executive acknowledge that the
termination of Executive’s employment with the Company is intended to constitute an involuntary separation from service for the purposes of Section 409A of the Code, and the related Department of Treasury regulations. Executive
acknowledges that there are no other agreements, written, oral or implied, and that he may not rely on any prior negotiations, discussions, representations or agreements. This Agreement may be modified only in writing, and such writing must be
signed by both Parties and recited that it is intended to modify this Agreement. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same
agreement. 

  
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 15. Company Assignment and Successors. The Company shall assign its rights
and obligations under this Agreement to any successor to all or substantially all of the business or the assets of the Company (by merger or otherwise). This Agreement shall be binding upon and inure to the benefit of the Company and its successors,
assigns, personnel and legal representatives. 
 16. Maintaining Confidential Information. Executive reaffirms his
obligations under the Confidentiality Agreement. Executive acknowledges and agrees that the payments and benefits provided in Section 4 above shall be subject to Executive’s continued compliance with Executive’s obligations under the
Confidentiality Agreement. 
 17. Executive’s Cooperation. After the Termination Date, Executive shall
cooperate with the Company and its affiliates, upon the Company’s reasonable request, with respect to any internal investigation or administrative, regulatory or judicial proceeding involving matters within the scope of Executive’s duties
and responsibilities to the Company or its affiliates during his employment with the Company (including, without limitation, Executive being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the
Company’s reasonable request to give testimony without requiring service of a subpoena or other legal process, and turning over to the Company all relevant Company documents which are or may have come into Executive’s possession during his
employment); provided, however, that any such request by the Company shall not be unduly burdensome or interfere with Executive’s personal schedule or ability to engage in gainful employment.

(Signature page(s) follow) 

  
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 IN WITNESS WHEREOF, the undersigned have caused this Transition and Separation Agreement to be
duly executed and delivered as of the date indicated next to their respective signatures below. 
  

							
	DATED: July 15, 2015	 		 		 	
		 		 	 /s/ Thomas E. Daley

		 		 	Thomas E. Daley
			
		 		 	RAPTOR PHARMACEUTICAL CORP.
				
	DATED: July 15, 2015	 		 	By:	 	 /s/ Julie Anne Smith

		 		 		 	Name:  Julie Anne Smith
		 		 		 	Title:    President and Chief Executive Officer

 (Signature Page to Transition and Separation Agreement) 

 EXHIBIT A 

GENERAL RELEASE OF CLAIMS 

This General Release of Claims (“Release”) is entered into as of
[                    ] 2015, between Thomas E. Daley (“Executive”) and Raptor Pharmaceutical Corp., a Delaware corporation (the
“Company”) (collectively referred to herein as the “Parties”), effective eight (8) days after Executive’s signature hereto (the “Effective Date”), unless Executive revokes his acceptance
of this Release as provided in Paragraph 1(c), below. 
 1. Executive’s Release of the Company. 

(a) Executive, on his own behalf and on behalf of his family members, heirs, executors, administrators, agents, and assigns,
hereby and forever releases the Company and its current and former officers, directors, employees, agents, investors, attorneys, affiliates, divisions, and subsidiaries, and predecessor and successor corporations and assigns (the
“Releasees”) from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, or cause of action relating to any matters of any kind, whether presently
known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the date Executive signs this Release, including,
without limitation: 
 (i) any and all claims relating to or arising from Executive’s employment relationship with
Company and the termination of that relationship; 
 (ii) any and all claims for wrongful discharge of employment;
termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or
intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander;
negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits; 

(iii) any and all claims for violation of any federal, state, or municipal statute, including, but not limited to,
Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act, except as prohibited by law; the Fair Credit
Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act,
except as prohibited by law; the Sarbanes-Oxley Act of 2002, except as prohibited by law; the Uniformed Services Employment and Reemployment Rights Act; the California Family Rights Act; the California Labor Code, except as prohibited by law; the
California Workers’ Compensation Act, except as prohibited by law; and the California Fair Employment and Housing Act; 

(iv) any and all claims for violation of the federal or any state constitution; 

  
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 (v) any and all claims arising out of any other laws and regulations relating to
employment or employment discrimination; 
 (vi) any claim for any loss, cost, damage, or expense arising out of any dispute
over the non-withholding or other tax treatment of any of the proceeds received by Executive as a result of the Transition and Separation Agreement entered into between the Parties as of July 15, 2015 (the “Transition and Separation
Agreement”); and 
 (vii) any and all claims for attorneys’ fees and costs. 

(b) Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a complete
general release as to the matters released. This release does not extend to any obligations incurred under the Transition and Separation Agreement or the Equity Agreements (as defined and amended by the Transition and Separation Agreement). This
release does not release claims or rights that cannot be released as a matter of law, including, but not limited to, (i) claims for indemnity under California Labor Code Section 2802; and (ii) Executive’s right to communicate
with, cooperate with, or provide information to, any federal, state or local government regulator, including but not limited to the Equal Employment Opportunity Commission, California Department of Fair Employment, Securities and Exchange
Commission, Commodity Futures Trading Commission, or the Department of Justice; provided, however, that to the extent permitted by law Executive does release his right to secure damages or other monetary compensation from the Company for any alleged
discrimination, harassment, retaliation or interference with his alleged rights under applicable law and regulation. 
 (c)
Acknowledgment of Waiver of Claims under ADEA. Executive acknowledges that he is waiving and releasing any rights he may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release
is knowing and voluntary. Executive acknowledges that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Release. Executive acknowledges that the consideration given for this
waiver and release is in addition to anything of value to which Executive was already entitled. Executive further acknowledges that he has been advised by this writing that: (a) he should consult with an attorney prior to executing this
Release; (b) he has twenty-one (21) days within which to consider this Release; (c) he has seven (7) days following his execution of this Release to revoke this Release; (d) this Release shall not be effective until after
the revocation period has expired; and (e) nothing in this Release prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition
precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Executive signs this Release and returns it to the Vice President Global Human Resources in less than the 21-day period identified above,
Executive hereby acknowledges that he has freely and voluntarily chosen to waive the time period allotted for considering this Release. To revoke his acceptance of this Release, Executive must contact the Vice President Global Human Resources by
facsimile at 415-382-8002 no later than 5 p.m. on the 7th day following Executive’s signature of this Release. 

(d) California Civil Code Section 1542. Executive acknowledges that he has been advised to consult with legal
counsel and is familiar with the provisions of California Civil Code Section 1542, a statute that otherwise prohibits release of unknown claims, which provides as follows: 

  
 A-2 

 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST
IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 

Executive, being aware of said code section, agrees to expressly waive any rights he may have thereunder, as well as under any other statute or
common law principles of similar effect. 
 2. Executive Representations. Executive represents and warrants that: 

(a) Executive has returned to the Company all Company property in Executive’s possession; 

(b) Executive is not owed wages, commissions, bonuses or other compensation, other than wages through the Termination Date (as
defined in the Transition and Separation Agreement) and any accrued, unused vacation earned through such date, and any payments that become due under Section 4 of the Transition and Separation Agreement; 

(c) During the course of Executive’s employment Executive did not sustain any injuries for which Executive might be
entitled to compensation pursuant to any worker’s compensation law or Executive has disclosed any injuries of which he is currently, reasonably aware for which he might be entitled to compensation pursuant to any worker’s compensation law;

 (d) From the date Executive executed the Transition and Separation Agreement through the date Executive executes this
Release, Executive has not made any disparaging comments about the Company, nor will Executive do so in the future; and 

(e) Executive has not initiated any adversarial proceedings of any kind against the Company or against any other person or
entity released herein, nor will Executive do so in the future, except as specifically allowed by this Release. 
 3.
Maintaining Confidential Information. Executive reaffirms his obligations under that certain Employee Invention Assignment and Confidentiality Agreement entered into between Executive and the Company, as of September 7, 2007 (the
“Confidentiality Agreement”). Executive acknowledges and agrees that the payments and benefits provided in Section 4 of the Transition and Separation Agreement shall be subject to Executive’s continued compliance with
Executive’s obligations under the Confidentiality Agreement. 
 4. Non-Solicitation. Executive reaffirms his
obligations pursuant to Section 10 of the Transition and Separation Agreement. 
 5. Cooperation with the
Company. Executive reaffirms his obligations to cooperate with the Company pursuant to Section 15 of the Transition and Separation Agreement. 

6. Severability. The provisions of this Release are severable. If any provision is held to be invalid or unenforceable,
it shall not affect the validity or enforceability of any other provision. 

  
 A-3 

 7. Choice of Law. This Release shall in all respects be governed and
construed in accordance with the laws of the State of California, including all matters of construction, validity and performance, without regard to conflicts of law principles. 

8. Integration Clause. This Release and the Transition and Separation Agreement contains the Parties’ entire
agreement with regard to the transition and separation of Executive’s employment, and supersede and replace any prior agreements as to those matters, whether oral or written. For the avoidance of doubt, this Agreement shall not supersede,
nullify or otherwise amend the Asset Purchase Agreement. This Release may not be changed or modified, in whole or in part, except by an instrument in writing signed by Executive and the Chief Executive Officer of the Company. 

9. Execution in Counterparts. This Release may be executed in counterparts with the same force and effectiveness as
though executed in a single document. Facsimile signatures shall have the same force and effectiveness as original signatures. 

10. Intent to be Bound. The Parties have carefully read this Release in its entirety; fully understand and agree to its
terms and provisions; and intend and agree that it is final and binding on all Parties. 
 (Signature page(s) follow) 

  
 A-4 

 IN WITNESS WHEREOF, and intending to be legally bound, the Parties have executed the foregoing on
the dates shown below. 
  

							
	DATED:                     , 2015	 	  

		 	Thomas E. Daley
		
	DATED:                     , 2015	 	RAPTOR PHARMACEUTICAL CORP.
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 (Signature Page to General Release of Claims) |EX-10.20

 Exhibit 10.20 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of this
30th day of May, 2015, (“Effective Date”) by and between SBEHG Las Vegas I, LLC (“Employer”) and Michael Morgan (“Employee”) (the
aforementioned collectively (individually “Party”, and collectively the “Parties”). 
 RECITALS

 WHEREAS, Employer is a limited liability company duly organized and existing under the laws of the State of Nevada,
maintains its principal place of business at 2535 Las Vegas Boulevard, South, Las Vegas, Nevada 89109 and with the Owner and its Affiliates (as defined in Schedule I - Definitions attached hereto) is engaged in the business of developing, owning and
operating a casino resort at such place of business; 
 WHEREAS, SB Gaming, LLC (“Gaming Operator”) is a
limited liability company duly organized and existing under the laws of the State of Nevada, maintains its principal place of business at 2535 Las Vegas Boulevard South, Las Vegas, Nevada 89109 and is engaged in the business of conducting Gaming
Operations as defined in the Casino License Agreement between Stockbridge/SBE Holdings, LLC (“Owner”) and Gaming Operator, dated June 16, 2014, as it may be amended or restated from time to time; 

WHEREAS, Employer and Gaming Operator operate the hotel and casino resort located at 2535 Las Vegas Boulevard South, Las Vegas, Nevada
89109, commonly known as the SLS Las Vegas Hotel and Casino (the “SLS Las Vegas”); 
 WHEREAS, pursuant to the
Employee Lease Agreement between Employer and Gaming Operator dated June 16, 2014, as it may be amended and/or restated from time to time, Employer agrees to furnish to Gaming Operator, and Gaming Operator agrees to lease, certain employees,
including Employee, as may be necessary to conduct all Gaming Operations at the SLS Las Vegas; and 
 WHEREAS, in furtherance of its
business, Employer shall employ Employee as Chief Financial Officer of SLS Las Vegas; 
 NOW, THEREFORE, for and in
consideration of the foregoing recitals and in consideration of the mutual covenants, agreements, understandings, undertakings, representations, warranties and promises hereinafter set forth, with the Parties intending to be legally bound thereby,
Employer and Employee do hereby covenant and agree as follows: 
 1. EMPLOYMENT POSITION AND DUTIES. 

1.1 Employee will be employed by Employer as Chief Financial Officer of SLS Las Vegas. Employee shall report to the Employer’s
President and Chief Operating Officer or his/her designee. Employee shall, in a professional and businesslike manner, perform such duties assigned by Employer as are generally associated with the duties of a Chief Financial Officer in an integrated
resort hotel and casino on the Las Vegas Strip for Employer, as well as such similar duties that are consistent with the foregoing as may be assigned to Employee by Employer. Employee agrees to, at all times during the Term of this Agreement and in
all 

  
 Page 1 of 13 

 
material respects, adhere to any and all material internal instructions, polices and/or procedures applicable to Employer’s business and its employees as established or modified from time to
time. Employee shall devote Employee’s best efforts to the performance of duties hereunder and shall not engage in any other business or employment which would prevent Employee from fully and satisfactorily performing services required by
Employer or which would result in a conflict of interest. 
 1.2 Employee acknowledges and agrees that Employee’s duties and
obligations include making timely application and securing and maintaining qualification under any suitability or licensing requirement to which Employee may be subject by reason of his position with Employer and its Affiliates, whether under the
laws of Nevada or as otherwise applicable. Until such time as Employee secures the necessary suitability finding and/or gaming license(s), Employee agrees that he will only perform such duties as are in accordance with applicable laws and
regulations. 
 2. TERM 
 2.1
The term of Employee’s employment by Employer pursuant to this Agreement shall commence no later than July 20, 2015 (“Commencement Date”) and continue through and including July 20, 2018 (“Term”),
subject to earlier termination by either party or extension as hereinafter provided. 
 2.2 The Term will thereafter automatically
extend in one (1) year increments (“Extended Term”) unless ninety (90) calendar days’ written notice to terminate is given by either party prior to the end of the then-current Term or Extended Term. Except as
otherwise specified in this Agreement, the terms and conditions of this Agreement shall cease upon expiration of the Term, Extended Term, or earlier termination pursuant to Section 4.1 of this Agreement. 

3. COMPENSATION; FRINGE BENEFITS 

3.1 Base Salary. Except as otherwise detailed in Section 4, the Employer shall pay Employee a Base Salary during the
Term of this Agreement, at the rate of Two Hundred Seventy-Five Thousand Dollars ($275,000.00) per annum (“Base Salary”), subject to usual and customary deductions for withholding taxes and similar charges, and customary
contributions to health and benefit programs in which Employee is enrolled. Base Salary shall be paid in accordance with the Employer’s payroll practices as established from time to time. 

3.2 Incentive Compensation. 

3.2.1 In addition to the Base Salary set forth in Subsection 3.1 above, Employee shall be eligible to participate in Employer’s
discretionary bonus program and earn an annual performance bonus (“Annual Performance Bonus”) of up to forty percent (40%) of Employee’s Base Salary, which is based on the overall financial performance of SLS Las Vegas and
the satisfactory achievement of Employer-established goals and objectives for Employee. The Annual Performance Bonus will be paid, if at all, in accordance with Employer’s bonus program, which may be amended or modified by Employer at any time
and in its sole discretion. 
 3.2.2 Employee shall be entitled to a one time signing bonus (“Signing Bonus”) of
Twenty-Five Thousand Dollars ($25,000), to be paid within thirty (30) calendar days of the Commencement Date; provided that Employee must return a pro rata portion of the Signing Bonus if Employee voluntarily resigns from employment with
Employer or Employer terminates Employee’s employment for “Cause” prior to completing 12 months of employment. The Employer shall have the right to offset any repayment amount due from Employee to Employer against any other amounts
owed by Employer to Employee on a prorated basis. Employer will also provide hotel accommodations at SLS Las Vegas for up to thirty (30) days upon arrival. 

3.3 Other Employee Benefits. Employee is entitled to all the usual benefits offered to Employees at Employee’s level,
including paid vacation in accordance with the Company’s vacation policy. Employee will receive 3 weeks’ vacation in year 1 and then transition to Company’s vacation policy in year 2. Any portion of unused vacation at the end of year
1 will be forfeited. Employee is entitled to participation in the Company’s sponsored medical, dental and insurance programs, as well as the ability to participate in any Company retirement savings plan (the “Benefit Plans”), subject
to the limitations imposed by the terms of such plans. To the extent permitted by the terms of each Benefit Plan, Employee shall be eligible to participate in each Benefit Plan in accordance with the terms and conditions of such plan. 

  
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 4. SPECIAL TERMINATION PROVISIONS. 

4.1 This Agreement shall terminate upon the occurrence of any of the following events: 

4.1.1 By mutual agreement; 

4.1.2 By the Employer if Employee dies or becomes physically or mentally disabled (the term “disabled” as used herein
shall mean any mental or physical illness or incapacity that renders Employee unable to perform the essential functions of his position hereunder, after reasonable accommodation by the Employer, or in accordance with any short-term or long-term
disability plan provided by the Employer); 
 4.1.3 By the Employer, for “Cause” which shall be defined as any of
the following: (i) Employee has committed any material act of dishonesty, fraud or willful misrepresentation or any similar act involving moral turpitude; (ii) by reason of Employee’s conviction or plea of nolo contendere of any crime
involving dishonestly, breach of trust, or physical or emotional harm to any person; (iii) Employee is determined by the Employer in its reasonable discretion to have breached a material representation of Employee contained in this Agreement;
(iv) Employee’s material breach of any rule, policy or directive of Employer, including, but not limited to, Employer’s policy against sexual and other illegal harassment, Employer’s policy against illegal discrimination, or the
Employer’s Code of Conduct; (v) Employee’s use, possession and/or sale of illegal drugs at any time (whether on or off duty) and in any location (whether on or off Employer’s premises); (vi) Employee’s failure to make
timely application and qualify (or having so qualified being thereafter suspended, disqualified or revoked) under any suitability or licensing requirement to which Employee may be subject by reason of Employee’s position with Employer and its
Affiliates, whether under the laws of Nevada or as otherwise applicable; (vii) Employee’s commission of a material act, or failure to complete a material act, that causes the Employer in its reasonable discretion to believe that the

  
 Page 3 of 13 

 
Employer has suffered or will suffer material damages as a direct result thereof; (viii) Employer’s reasonable determination that Employee’s continued employment may materially
adversely affect the status of the Employer with any regulatory agency; (ix) Employer’s reasonable determination that Employee has failed to satisfactorily and completely perform his duties under this Agreement; or (x) Employer’s
determination, in its reasonable discretion, that Employee has a drug or alcohol dependency, or Employee’s abuse of alcohol, including, but not limited to, reporting to or engaging in work under the influence of alcohol. 

4.1.4 By the Employer, for any reason other than those set forth in Subsections 4.1.1, 4.1.2, 4.1.3 or 4.1.6, or for no reason, at any
time during the Term of this Agreement. 
 4.1.5 By the Employee, upon sixty (60) days prior written notice pursuant to
Section 8 to the Employer. 
 4.1.6 Upon expiration of the Term or Extended Term. 

4.2 Effect of Termination 

4.2.1 In the event of any termination under Subsection 4.1 of this Agreement, Employee (or, in the event of Employee’s death, his
estate) shall be entitled to receive compensation accrued and payable to him as of the date of termination or death. 
 4.2.2 If
Employee’s employment is terminated pursuant to Subsection 4.1.4, Employer shall cause to be paid to Employee a severance amount equal to the lesser of (i) six (6) months of Employee’s Base Salary as of the date of such
termination or (ii) Employee’s Base Salary that otherwise would have been payable through the remainder of the Term. Subject to Subsection 4.2.5, severance payments by Employer to or on behalf of Employee shall be made on Employer’s
regularly scheduled paydays over such period and be subject to withholding for income tax, social security and any other applicable federal or state employment taxes. This severance pay obligation is expressly conditional upon Employee executing a
separation agreement and release of claims in a form satisfactory to the Employer. Employee acknowledges that this severance pay obligation shall serve as good and sufficient consideration to support the restrictive covenants contained in
Section 6. If Employee accepts other full-time employment, whether as an employee or independent contractor, during the period that severance payments are due hereunder, all such severance payments shall cease. 

4.2.3 No termination of Employee’s employment or this Agreement shall affect any obligation of a party hereunder which, by its
terms, expressly survives such termination including, without limitation, Employee’s obligations under Sections 5 and 6 hereof. 

4.2.4 The Employer, at its option, may elect to satisfy its obligations under this Section 4 by a lump sum payment to Employee.

 4.2.5 The Employer’s obligations under this Agreement, if any, shall immediately terminate in the event of a violation by
Employee of Employee’s obligations under Section 6 hereof. In the event that Employee violates Employee’s obligations under Section 6, Employee shall reimburse Employer for all severance payments made by Employer. 

  
 Page 4 of 13 

 5. CONFIDENTIALITY. 

5.1 Employee hereby warrants, covenants and agrees that Employee shall not directly or indirectly use or disclose any confidential
information, trade secrets, or works for hire, whether in written, verbal, electronic or model form, at any time or in any manner, except as required in the conduct of Employer’s or its Affiliate’s business or as expressly authorized by
Employer in writing. There is no requirement that confidential information be marked with any legend or notation confirming its confidential status to be afforded protection under this paragraph. Whenever confidential information is incorporated
into a new document, electronic file, notes or other tangible media, such media shall become and be construed to be confidential information, subject to all of the terms and conditions set forth in this Agreement. Employee shall take all necessary
and available precautions to protect against the unauthorized disclosure of confidential information, trade secrets, or works for hire. Employee acknowledges and agrees that such confidential information, trade secrets, or works for hire are the
sole and exclusive property of Employer or its Affiliates. 
 5.2 Employee shall not remove from Employer’s premises any
confidential information, trade secrets, works for hire or any other documents, in whatever media, pertaining to Employer’s or its Affiliates’ businesses, except in the normal course of Employee’s conduct of his duties detailed in
Section 1 or unless expressly authorized in writing by Employer. Furthermore, Employee specifically covenants and agrees not to make any duplicates, copies, or reconstructions of such materials and that, if any such duplicates, copies, or
reconstructions are made, they shall become the property of Employer upon their creation. 
 5.3 Upon termination of Employee’s
employment with Employer for any reason, Employee shall turn over to Employer the originals and all copies of any and all papers, documents and things, including information stored for use in or with computers and software, all files, index cards,
phone books, notes, price lists, customer contacts, bids, customer lists, notebooks, books, memoranda, drawings, computer disks or drives, or other documents: (i) made, compiled by, or delivered to Employee concerning any customer served by
Employer or its Affiliate or any product, apparatus, or process manufactured, used, developed or investigated by Employer or its Affiliates; (ii) containing any confidential information, trade secret or work for hire; or (iii) otherwise
relating to Employee’s performance of duties under this Agreement. Employee further acknowledges and agrees that all such documents are the sole and exclusive property of Employer or its Affiliates. 

5.4 Employee hereby warrants, covenants and agrees that Employee shall not disclose to Employer or any Affiliate, officer, director,
employee or agent of Employer or its Affiliate, any proprietary or confidential information or property, including but not limited to any trade secret, formula, pattern, compilation, program, device, method, technique or process, which Employee is
prohibited by contract, or otherwise, to disclose to Employer (the “Restricted Information”). In the event Employer or its Affiliate requests Restricted Information from Employee, Employee shall advise Employer or its Affiliate that
the information requested is Restricted Information and may not be disclosed by Employee. 
 5.5 The obligations of this
Section 5 are continuing and shall survive the termination of Employee’s employment with Employer for any reason. Nothing herein shall prevent Employee from consulting with accountants and attorneys or from disclosing information that is
public. 

  
 Page 5 of 13 

 6. RESTRICTIVE COVENANTS. 

6.1 Non-Compete. Employee agrees that, while Employee is employed by the Employer and during the Restricted Period and in the
Restricted Area (as defined below), Employee shall not, without the Employer’s prior written consent, directly or indirectly, as a principal, employee, consultant, partner, or stockholder of, or in any other capacity with, any business
enterprise (other than in Employee’s capacity as a holder of not more than one percent (1%) of the combined voting power of the outstanding stock of a publicly held company), engage in direct or indirect competition with the Business of
the Employer or any of its Affiliates. For purposes of this Subsection 6.1, the Employer’s “Business” shall mean (i) gaming establishments, (ii) lodging establishments, (iii) restaurants and other food and/or
beverage establishments, and (iv) nightlife establishments. 
 6.1.1 Restricted Period. For the purposes of this
Subsection 6.1, Employee and Employer agree that the “Restricted Period” means at any time during the Term or any Extended Term, and a period of six (6) months after a termination pursuant to Subsection 4.1.2, 4.1.3 or 4.1.5.
In no event shall Employee’s breach of any obligations created by this Agreement, including the notice provision set forth in Subsection 4.1.5, be deemed a waiver or modification of the Restricted Period. 

6.1.2 Restricted Area. For the purposes of this Subsection 6.1, the Employee and Employer agree that “Restricted
Area” means Clark County, Nevada. The Employee and Employer expressly acknowledge as reasonable and agree that the Restricted Area is appropriate considering, among other compelling factors, the nature and scope of the Employer’s
Business, the scope of Employer’s venues, revenue sources and audience, the limited number of competitive entities and the extremely narrow definition of the Business. 

6.2 Confidential Information. Employee acknowledges that Employer will provide and expose Employee to certain confidential
information, trade secrets, inventions, works of authorship, business relationships and customer relationships possessed by and/or developed by or for Employer or its Affiliates at a considerable investment of time and expense, such that Employer
and/or its Affiliates would be irreparably harmed if the Employee were to improperly use and/or disclose such knowledge with respect to competitors, potential competitors, customers and other parties. Further, Employee acknowledges that maintaining
strong customer relationships is essential to Employer’s and Affiliates’ businesses and that such client relationships are special and unique and required considerable investment of time and funds to develop. Given Employee’s senior
position with Employer and relationship with Affiliates, Employee understands that Employee will be identified in the mind of customers with the products and services offered by Employer and/or its Affiliates and will have established personal
relationships with customers and accumulated important information about them, such that there is a substantial risk of Employee appropriating Employer’s and/or its Affiliates’ customer goodwill and/or otherwise compromising customer
relations, resulting in irreparable harm to Employer and/or its Affiliates. Confidential information may exist in electronic, written, visual, verbal or audio form, or some combination thereof, and its form does not affect whether the information is
within the scope of the definition of confidential information set forth in this paragraph. There is no requirement that Employer’s confidential information be marked with any legend or notation confirming its confidential status to be afforded
protection under this paragraph. Whenever confidential information is incorporated into a new document, electronic file, notes or other tangible media, such media shall become and be construed to be confidential information, subject to all of the
terms and conditions set forth in this Agreement. 

  
 Page 6 of 13 

 6.3 Non-Solicitation of Employees. Employee hereby further covenants and agrees
that, for one (1) year following Employee’s cessation of employment with Employer, for whatever reason, Employee shall not, directly or indirectly, induce or attempt to induce or solicit or attempt to solicit the employment, hiring or
engagement of any employee of Employer or its Affiliates, or actually employ, hire or engage any such employee for Employee’s own purposes or on behalf of any other person or business entity in competition in any manner whatsoever with the
principal business activities of Employer and/or its Affiliates. 
 6.4 Non-Solicitation of Clients; Non-Interference.
Employee also covenants and agrees that, for one (1) year following Employee’s cessation of any continued employment with Employer, Employee shall not, directly or indirectly: (i) induce or attempt to induce or solicit or attempt to
solicit any customer of Employer or Affiliate to cease doing business with Employer and/or its Affiliates or otherwise move their business elsewhere; or (ii) interfere or attempt to interfere with the business relationships between any customer
and Employer and/or its Affiliates, either for Employee’s own purposes or on behalf of any other person or business entity in competition in any manner whatsoever with the principal business activities of Employer and/or its Affiliates, in or
about any market in which Employer and/or its Affiliates. Employee and Employer also agree that the fact that any particular customer does not exclusively utilize the services or products of the Employer and/or Affiliate, i.e., the customer
contracts with third parties for the provision of the same services or products offered by the Employer and/or its Affiliates, shall have no bearing on the enforcement of this subsection. 

6.5 Non-Disparagement. 

6.5.1 Employee acknowledges and agrees that Employer, Owner and their Affiliates have a reputation for offering high quality services
to the public, and that Employer, Owner and their Affiliates desire to maintain their reputation and receive positive publicity. Accordingly, Employee agrees that he will not directly or indirectly make any oral, written or recorded private or
public statement or comment that is disparaging or defamatory of Employer, Owner and their Affiliates or any of their respective owners, officers, directors, shareholders, employees and/or agents. Disparaging statements include, without limitation,
any and all statements or implications which cast Employer, Owner and their Affiliates or any of their respective owners, officers, directors, shareholders or employees in a negative light. 

6.5.2 Employer, Owner and their Affiliates agree that they, and any of their respective owners, officers, directors, or shareholders,
will not directly or indirectly make any oral, written or recorded private or public statement or comment that is disparaging, or defamatory of Employee. Disparaging statements include, without limitation, any and all statements or implications
which cast Employee in a negative light. 
 6.5.3 Notwithstanding the provisions of Subsections 6.5.1 and 6.5.2 above, Employee,
Employer, Owner, and their Affiliates and any of their respective owners, officers, directors and shareholders are permitted to respond truthfully and fairly in any court, government, regulatory, legal or administrative proceeding, or in response to
any request or inquiry by his employer, including but not limited to requests arising under that company’s ethical guidelines, compliance committee, code of conduct or reporting requirements of the public stock exchange on which the
company’s publically traded stock is traded and the rules and regulations of any governmental entity including the Securities and Exchange Commission, and any gaming regulatory body. 

6.5.4 The obligations of the Parties regarding disparaging remarks shall automatically terminate five (5) years from any
termination of Employee’s employment. 

  
 Page 7 of 13 

 6.6 Employee hereby acknowledges that all duties performed hereunder, were specifically
ordered or commissioned by Employer (“Works”); that the Works shall constitute a work-made-for-hire as defined in the United States Copyright Act of 1976, United States Code, Title 17, §101, et seq; that Employer is and shall be the
author of said work-made-for-hire and the owner of all rights in and to the Works throughout the universe, in perpetuity and in all languages, for all now known or hereafter existing uses, media and forms, including, without limitation, the
copyrights therein and thereto throughout the universe for the Term; and that Employer shall have the right to make such changes therein and such uses thereof as it may deem necessary or desirable. Works shall include, but not be limited to, all
material and information created by Employee in the course of or as a result of Employee’s employment with Employer which is fixed in a tangible medium of expressions, including, but not limited to, notes, drawings, memoranda, correspondence,
documents, records, notebooks, flow charts, and source and object codes, regardless of the medium in which they are fixed. To the extent that the Works are not recognized as a work-made-for-hire, Employee hereby assigns transfers and conveys to
Employer, without reservation, all of Employee’s right, title and interest throughout the universe in perpetuity in the Works, including, without limitation, all rights of copyright and copyright renewal in said Works or any part thereof.
Employee will take whatever steps and do whatever acts Employer requests, including, but not limited to, placement of Employer’s proper copyright notice on such Works to secure or aid in securing copyright protection and will cooperate with
Employer’s, or its nominees’, efforts in filing applications to register claims of copyright in such Works. Employee will not reproduce, distribute, display publicly, or perform publicly, alone or in combination with any data processing or
network system, any Works of Employer without the written permission from Employer. 
 6.7 Employee hereby further covenants and
agrees that the restrictive covenants contained in this Section 6 are reasonable as to duration, terms and geographical area and that they protect the legitimate interests of Employer, Owner and/or their Affiliates, impose no undue hardship on
Employee, and are not injurious to the public. Employee further agrees that the duration (time period) associated with the restrictive covenants in this Section 6 will be tolled during any period of noncompliance. Therefore, should the Employer
be compelled to seek injunctive relief, the Parties envision the court’s order for compliance to provide for a complete period of time, whichever is applicable to the given dispute, and not merely the remaining portion of the applicable time
period. Further, in the event that any of the restrictions and limitations contained in this Section 6 are deemed to exceed the time, geographic or other limitations permitted by Nevada law, the Parties agree that a court of competent
jurisdiction shall revise or otherwise “blue-pencil” any offending provisions so as to bring this Section 6 within the maximum time, geographical or other limitations permitted by Nevada law. 

7. REMEDIES. 
 Employee acknowledges that Employer
and/or its Affiliates have and will continue to deliver, provide and expose Employee to certain knowledge, information, practices, and procedures possessed or developed by or for Employer or its Affiliates at a considerable investment of time

  
 Page 8 of 13 

 
and expense, which are protected as confidential and which are essential for carrying out Employer’s or its Affiliate’s business in a highly competitive market. Employee also
acknowledges that Employee will be exposed to confidential information, trade secrets, inventions and business relationships possessed or developed by or for Employer or its Affiliates, and that Employer or its Affiliates would be irreparably harmed
if Employee were to improperly use or disclose such items to competitors, potential competitors or other parties. Employee further acknowledges that the protection of Employer’s and its Affiliates’ customers and businesses is essential,
and understands and agrees that Employer’s and its Affiliates’ relationships with its customers and its employees are special and unique and have required a considerable investment of time and funds to develop, and that any loss of or
damage to any such relationship will result in irreparable harm. Consequently, Employee covenants and agrees that any violation by Employee of Sections 5 or 6 shall entitle Employer and/or its Affiliates to immediate injunctive relief in a court of
competent jurisdiction and to pursue all other remedies available by law, including financial damages. Employee further agrees that no cause of action for recovery of materials or for breach of any of Employee’s representations, warranties or
covenants shall accrue until Employer or its Affiliate has actual notice of such breach. 
 8. NOTICES. 

Any and all notices required under this Agreement shall be in writing and shall be either hand-delivered or mailed, certified mail, return receipt requested,
addressed to (as may later be modified): 
  

			
	TO EMPLOYER:		SBEHG Las Vegas I, LLC d/b/a SLS Las Vegas
			Attn: General Counsel
			2535 Las Vegas Boulevard South
			Las Vegas, NV 89109
		
	TO EMPLOYEE:		Michael Morgan
			105 Coral Manor Bayroc, West Bay Street
			Nassau, Bahamas

 All notices hand-delivered shall be deemed delivered as of the date actually delivered. All notices mailed shall be deemed
delivered as of three (3) business days after the date postmarked. Any changes in any of the addresses listed herein shall be made by notice as provided in this Section 8. 

9. MANDATORY ARBITRATION 
 9.1
Except for violations of Section 5 and 6 in which a Party may concurrently pursue injunctive relief pursuant to Section 7, any controversy, dispute or claim arising from this Agreement that cannot be resolved by the Employer and
Employee in good faith shall be settled by arbitration before a sole neutral arbitrator in accordance with the then-applicable employment dispute resolution rules of the American Arbitration Association or any
successor thereto. The arbitration shall be held in Las Vegas, Nevada. If the Employer and the Employee shall not have agreed on a mutually satisfactory arbitrator within ten (10) business days of the request of either Party for arbitration
hereunder, the Employer and the Employee shall request of list of five (5) arbitrators from the American Arbitration Association. The list shall contain the educational and 

  
 Page 9 of 13 

 
professional biographies of each arbitrator who shall be a member of the National Academy of Arbitrators. The cost of this list and filing fee will be paid by the Employer. The arbitrator shall
be selected by the Parties by alternately striking names from the list. The moving Party shall strike the first name. This process shall be completed within thirty (30) calendar days of the date the written dispute was served on the opposing
Party and/or the subsequent date arbitration is ordered by a court, whichever is sooner. The arbitrator may grant injunctions or other relief in such dispute, but may not award punitive or exemplary damages unless such limitation is prohibited by
law. The decision of the arbitrator shall be final, conclusive and binding on the Parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction, and the Parties hereby irrevocably consent to
the jurisdiction of the Nevada District Court in and for the County of Clark for this purpose. 
 9.2 Each Party shall be responsible
for his or its own attorneys’ fees and costs, in connection with any arbitration held pursuant to this Section 9. Employee acknowledges that such costs may be greater than litigation in a court of law. 

9.3 All documents submitted as part of any arbitration that contain or refer to any confidential information as detailed in
Section 5, including without limitation this Agreement, shall be treated as though filed under seal in a court of law. Accordingly such documents shall be (i) submitted confidentially, (ii) kept confidential by the Parties hereto and
the arbitrator, and (iii) returned to the submitting Party promptly after the arbitration award becomes final. 
 9.4 In
accordance with NRS 597.995, Employee affirmatively authorizes that any dispute arising between the Parties be submitted to arbitration other than violations of Sections 5 and 6 in which a Party may concurrently pursue injunctive relief pursuant to
Section 7. Employee expressly acknowledges that by voluntarily agreeing to this Arbitration provision Employee is waiving important rights, including the right to a jury trial. 

9.5 Employee understands that by agreeing to this binding arbitration provision Employee voluntarily, and expressly intends to waive and
surrender his protected rights to civil litigation and a trial by jury and any associated rights of appeal. Employee’s signature herein confirms his voluntary agreement to this provision and further confirms that Employee has read and
understood the contents of this agreement. 
  

							
	  
						Date:                    , 2015
	Employee’s signature						

  
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 10. GENERAL PROVISIONS. 

10.1 Assignment. Employee shall not have any right to delegate or transfer any duty or obligation to be performed by him
hereunder to any third party, or to assign or transfer the right, if any, to receive payments hereunder, except that Employee’s estate shall be entitled to any payments hereunder in the event of Employee’s death. In consideration of the
compensation and benefits received by Employee pursuant to this Agreement, five percent (5%) of which amounts are being paid specifically to support Employer’s right of assignment hereunder, but such allocation is not intended to be
construed as a measure of the value of said right, Employee expressly agrees that the Employer’s rights and Employee’s employment hereunder may be assigned by the Employer to any successor to the business of the Employer on the condition
that the assignee agree in writing to assume all of the obligations of the Employer hereunder. 
 10.2
Amendments; Waivers. This Agreement may be amended only by agreement in writing of both Parties. No waiver of any provision nor consent to any exception to the terms of this Agreement shall be effective unless in writing and signed by
the Party entitled to the benefit of such provision to be waived or excepted and then only to the specific purpose, extent and instance so provided. Neither the failure nor any delay on the part of any Party to exercise any right, remedy, power or
privilege under this Agreement shall operate as a waiver (express or implied) of that right, remedy, power or privilege. 
 10.3
Entire Agreement. This Agreement constitutes the entire agreement among the Parties pertaining to the subject matter hereof and supersedes all prior agreements and understandings of the Parties in connection therewith, including any
understanding or agreement, whether formal or informal, between Employee and the Employer or any employees, directors, agents, managers or representatives thereof referenced in the recitals hereto. Notwithstanding the foregoing, the Parties agree
that any other non-solicitation, non-disclosure or confidentiality agreements between the parties shall remain in full force and effect during and after the termination of this Agreement. 

10.4 Governing Law. This Agreement and the legal relations between the Parties shall be governed by and construed in accordance
with the laws of the State of Nevada applicable to contracts made and performed in such state, without reference to any conflict of laws provisions. Only in the event any dispute, difference, controversy or claim is not within the arbitration
provisions of Section 9, including disputes detailed in Subsection 9.4 arising under Section 6, do the Parties agree to the exclusive jurisdiction of the courts of Clark County, State of Nevada. The Parties hereto waive any other venue to
which they may be entitled by virtue of domicile, residence, or other reason. 
 10.5 Construction. The terms and conditions
of this Agreement shall be construed as a whole according to their fair meaning and not strictly for or against any Party. The Parties acknowledge that any rule of construction to the effect that ambiguities are to be resolved against the drafting
Party shall not apply in the interpretation of this Agreement. The provisions of this Agreement shall be interpreted in a reasonable manner to give effect to the purpose of the Parties. 

10.6 Severability. While the provisions contained in this Agreement are considered by the Parties to be reasonable in all
circumstances, it is recognized that provisions of the nature in question may fail for technical reasons and, accordingly, it is hereby agreed and declared that if any one or more of such provisions shall, either by itself or themselves or taken
with others, be adjudged to be invalid as exceeding what is reasonable in all circumstances for the protection of 

  
 Page 11 of 13 

 
the interests of the Parties, but would be valid if any particular restriction or provisions were deleted or restricted or limited in a particular manner, then the said provisions shall apply
with such deletion, restriction, limitation, reduction, curtailment, or modification as may be necessary to make them valid and effective. If any one or more provisions, clauses, paragraphs, sections, subclauses or subparagraphs contained in this
Agreement shall for any reason be held to be invalid, illegal, void or unenforceable, the same shall not affect any other provision, clause, paragraph, section, subclause or subparagraph of this Agreement, but this Agreement shall be construed as if
such invalid, illegal, void or unenforceable provision, clause, paragraph, section, subclause or subparagraph had never been contained herein. 
 11.
REVIEW BY PARTIES AND THEIR LEGAL COUNSEL. 
 11.1 The Parties represent that they have read this Agreement and
acknowledge that they have discussed its contents with their respective legal counsel or have been afforded the opportunity to avail themselves of the opportunity to the extent they each wished to do so. 

11.2 Employee has been advised by the Employer that Employee should consider seeking the advice of counsel in connection with the
execution of this Agreement, and Employee has had an opportunity to do so. Employee has read and understands this Agreement and has sought the advice of counsel to the extent Employee has determined appropriate. 

11.3 Each person executing this Agreement in a representative capacity represents and warrants that he or she has full power and
authority to execute this Agreement on such entities’ behalf and that this Agreement is binding and enforceable against such entity. 
 12. EMPLOYEE
REPRESENTATION AND ACCEPTANCE. By signing this Agreement, Employee hereby represents that Employee is not currently under any contractual obligation to work for another employer and that Employee is not restricted by any agreement or arrangement
from entering into this Agreement and performing Employee’s duties hereunder. 
 IN WITNESS WHEREOF AND INTENDING TO BE LEGALLY BOUND THEREBY,
the Parties hereto have executed and delivered this Agreement as of the year and date first above written. 
  

									
	“EMPLOYER”				“EMPLOYEE”
				
	SBEHG LAS VEGAS I, LLC				By:		  

	a Nevada limited liability company				Name:		Michael Morgan
				
	By:		  
				Stockbridge/SBE Holdings, LLC
	Name:		Scott Kreeger				a Delaware limited liability company
	Title:		President & COO						
			SLS Las Vegas Hotel & Casino				By:		  

				
	Acknowledged by:				Name:		  

				
	“OWNER”						

  
 Page 12 of 13 

 Schedule 1 - Definitions 

 

	 	(a)	“Affiliate” - means with respect to a specified Person, (i) any other Person who or which is: directly or indirectly controlling, controlled by or under common control with the specified Person; or
(ii) any member or manager of the specified Person, that is not an individual. For purposes of this definition only, “control,” “controlling” and “controlled” mean the right to exercise, directly or indirectly,
more than fifty percent (50%) of the voting power of the stockholders, members or owners and, with respect to any partnership, trust or other entity or association, the possession, directly or indirectly, of the power to direct or cause the
direction of, or whose consent is required for, the management or policies of the controlled entity. For the purposes of this Agreement, “Person” shall mean an individual, partnership, corporation, limited liability company, trust,
unincorporated association or joint venture. 

  
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