Document:

EX-10.10

 Exhibit 10.10 
 MALLINCKRODT PHARMACEUTICALS STOCK AND INCENTIVE PLAN 
 EFFECTIVE AS OF
JULY 1, 2013 
 This document constitutes part of a prospectus covering securities that have 

been registered under the United States Securities Act of 1933, as amended. 

 MALLINCKRODT PHARMACEUTICALS STOCK AND INCENTIVE PLAN 

EFFECTIVE AS OF JULY 1, 2013 
 ARTICLE I 
 PURPOSE 

1.1. Purpose. The purposes of this Mallinckrodt Pharmaceuticals Stock and Incentive Plan as amended and restated (the
“Plan”) are to promote the interests of Mallinckrodt public limited company (and any successor thereto) by (i) aiding in the recruitment and retention of Directors and Employees, (ii) providing incentives to Directors and
Employees by means of performance-related incentives to achieve short-term and long-term performance goals, (iii) providing Directors and Employees with an opportunity to participate in the growth and financial success of the Company, and
(iv) promoting the growth and success of the Company’s business by aligning the financial interests of Directors and Employees with that of the other shareholders of the Company. Toward these objectives, the Plan provides for the grant of
Stock Options, Stock Appreciation Rights, Annual Performance Bonuses, Long-Term Performance Awards and Other Stock-Based Awards. 
 1.2. Effective Date; Shareholder Approval. The Plan is effective as of the date of the Separation, as defined below. The Plan was approved by the Board of Directors of Mallinckrodt public limited
company on [May 22–23], 2013 and by the Company’s shareholders on [—], 2013. 
 ARTICLE II 
 DEFINITIONS 

For purposes of the Plan, the following terms have the following meanings, unless another definition is clearly indicated by particular
usage and context: 
 “Acquired Company” means any business, corporation or other entity
acquired by the Company or any Subsidiary. 
 “Acquired Grantee” means the grantee of a
stock-based award of an Acquired Company and may include a current or former Director of an Acquired Company. 

“Annual Performance Bonus” means an Award of cash or Shares granted under Section 4.4 of the Plan
that is paid solely on account of the attainment of a specified performance target in relation to one or more Performance Measures. 
 “Award” means any form of incentive or performance award granted under the Plan, whether singly or in combination, to a Participant by the Committee pursuant to any terms and conditions
that the Committee may establish and set forth in the applicable Award Certificate. Awards granted under the Plan may consist of: 
  

	 	(a)	“Stock Options” awarded pursuant to Section 4.3; 

  

	 	(b)	“Stock Appreciation Rights” awarded pursuant to Section 4.3; 

 

	 	(c)	“Annual Performance Bonuses” awarded pursuant to Section 4.4; 

 

	 	(d)	“Long-Term Performance Awards” awarded pursuant to Section 4.5; 

 

	 	(e)	“Other Stock-Based Awards” awarded pursuant to Section 4.6; 

 

	 	(f)	“Director Awards” awarded pursuant to Section 4.7; and 

 

	 	(g)	“Substitute Awards” awarded pursuant to Section 4.8. 

“Award Certificate” means the document issued, either in writing or an electronic medium, by the
Committee or its designee to a Participant evidencing the grant of an Award and which contains, in the same or accompanying document, the terms and conditions applicable to such Award. 

 “Board” means the Board of Directors of the Company.

 “Cause” means, as to any Employee who is a party to an employment agreement with the Company
or any Subsidiary which contains a definition of “cause,” as set forth in such employment agreement and, if there is no applicable employment agreements, means an Employee’s or Director’s (i) substantial failure or refusal
to perform duties and responsibilities of his or her job as required by the Company or Subsidiary, (ii) violation of any fiduciary duty owed to the Company or Subsidiary, (iii) conviction of a misdemeanor (other than a traffic offense) or
felony, (iv) dishonesty, (v) theft, (vi) violation of Company or Subsidiary rules or policy, or (vii) other egregious conduct, that has or could have a serious and detrimental impact on the Company or Subsidiary and its
employees. The Committee (or the Nominating Committee solely with respect to Director Awards), in its sole and absolute discretion, shall determine Cause. 
 “Change in Control” means the first to occur of any of the following events: 
  

	 	(a)	any “person” (as defined in Section 13(d) and 14(d) of the Exchange Act, excluding for this purpose, (i) the Company or any Subsidiary or
(ii) any employee benefit plan of the Company or any Subsidiary (or any person or entity organized, appointed or established by the Company for or pursuant to the terms of any such plan that acquires beneficial ownership of voting securities of
the Company), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly of securities of the Company representing more than 30 percent of the combined voting power of the Company’s
then outstanding securities; provided, however, that no Change in Control will be deemed to have occurred as a result of a change in ownership percentage resulting solely from an acquisition of securities by the Company; or 

 

	 	(b)	persons who, as of the Effective Date constitute the Board (the “Incumbent Directors”) cease for any reason (including without limitation, as a result of a
tender offer, proxy contest, merger or similar transaction) to constitute at least a majority thereof, provided that any person becoming a Director of the Company subsequent to the Effective Date shall be considered an Incumbent Director if such
person’s election or nomination for election was approved by a vote of at least 50 percent of the Incumbent Directors; but provided further, that any such person whose initial assumption of office is in connection with an actual or threatened
proxy contest relating to the election of members of the Board or other actual or threatened solicitation of proxies or consents by or on behalf of a “person” (as defined in Section 13(d) and 14(d) of the Exchange Act) other than the
Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director; or 

 

	 	(c)	consummation of a reorganization, merger or consolidation or sale or other disposition of at least 80 percent by value of the assets of the Company (a “Business
Combination”), in each case, unless, following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners of outstanding voting securities of the Company immediately prior to such Business
Combination beneficially own directly or indirectly more than 50 percent of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, of the company resulting from such Business
Combination (including, without limitation, a company which, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries) in substantially the same
proportions as their ownership, immediately prior to such Business Combination, of the outstanding voting securities of the Company; or 

  

	 	(d)	approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 

“Change in Control Termination” means a Participant’s involuntary termination of employment that
occurs during the twelve (12) month period immediately following a Change in Control. For this purpose, subject to Section 7.11(b)(ii), a Participant’s involuntary termination of employment includes only the following: 

 

	 	(a)	termination of the Participant’s employment by the Company for any reason other than for Cause, Disability or death; 

  
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	 	(b)	termination of the Participant’s employment by the Participant after one of the following events, provided that the Participant’s termination of employment
occurs within sixty (60) days after the occurrence of any such event: 

  

	 	(i)	the Company (1) assigns or causes to be assigned to the Participant duties inconsistent in any material respect with his or her position as in effect immediately
prior to the Change in Control; (2) makes or causes to be made any material adverse change in the Participant’s position (including titles and reporting relationships and level), authority, duties or responsibilities; or (3) takes or
causes to be taken any other action which, in the reasonable judgment of the Participant, would cause him or her to violate his or her ethical or professional obligations, or which results in a significant diminution in such position, authority,
duties or responsibilities; or 

  

	 	(ii)	the Company, without the Participant’s consent, (1) requires the Participant to relocate to a principal place of employment more than fifty (50) miles
from his or her existing place of employment and which increases the Participant’s commute from his or her principal residence by more than fifty (50) miles; or (2) reduces the Participant’s base salary, annual bonus, or
retirement, welfare, share incentive, perquisite (if any) and other benefits taken as a whole; 

 provided,
however, that an event described in (i) or (ii) above shall permit a Participant’s termination of employment to be deemed a Change in Control Termination only if written notice of such event has been provided by the Participant to the
Company and the Company failed to cure such action within a fifteen (15) day period following receipt of such notice. 
 “Code” means the United States Internal Revenue Code of 1986, as amended. 
 “Committee” means the Compensation and Human Resources Committee of the Board or any successor committee or other committee to which the Compensation and Human Resources Committee
delegates its authority under this Plan. The Compensation and Human Resources Committee shall be comprised solely of “non-employee directors” within the meaning of Rule 16b-3(b)(3) under the Exchange Act and two or more persons who are
outside directors within the meaning of Section 162(m)(4)(C)(i) of the Code and the applicable regulations. 

“Company” means Mallinckrodt public limited company, a company incorporated in Ireland under registered
number 522227, or any successor thereto. 
 “Deferred Stock Unit” means a Unit granted under
Section 4.6 or 4.7 to acquire Shares upon Termination of Directorship or Termination of Employment, subject to any restrictions that the Committee, in its discretion, may determine. 

“Director” means a member of the Board. 

“Disabled” or “Disability” means, subject to Section 7.11(b)(iii), that the
Employee has a permanent and total incapacity from engaging in any employment for the Company or Subsidiary for physical or mental reasons. A “Disability” shall be deemed to exist if the Employee is designated with an inactive employment
status at the end of a disability or medical leave or if the Employee meets the requirements for disability benefits under (i) the Company’s or Subsidiary’s long-term disability plan or (ii) the Social Security law then in
effect, for Employees who are on the payroll of any United States Subsidiary. 
 “Dividend
Equivalent” means an amount equal to the cash dividend or the fair market value of the share dividend that would be paid on each Share underlying an Award if the Share were duly issued and outstanding on the date on which the dividend is
payable. 
 “Effective Date” means July 1, 2013, unless otherwise provided herein.

 “Employee” means any individual who performs services as an officer or employee of the
Company or a Subsidiary. 
 “Exchange Act” means the United States Securities Exchange Act of
1934, as amended. 

  
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 “Exercise Price” means the price of a Share, as fixed by
the Committee, which may be purchased under a Stock Option or with respect to which the amount of any payment pursuant to a Stock Appreciation Right is determined. 

“Fair Market Value” of a Share means the closing sales price on the New York Stock Exchange of a Share on
the trading day of the grant or on the date as of which the determination of Fair Market Value is being made or, if no sale is reported for such day, on the next preceding day on which a sale of Shares is reported. Notwithstanding anything to the
contrary herein, the Fair Market Value of a Share will in no event be determined to be less than par value. 

“GAAP” means United States generally accepted accounting principles. 

“Incentive Stock Option” means a Stock Option granted under Section 4.3 of the Plan that is intended
to meet the requirements of Section 422 of the Code and any related regulations and is designated in the Award Certificate as intended to be an Incentive Stock Option. 

“Covered Employee” means an Employee who is a “covered employee” within the meaning of
Section 162(m)(3) of the Code or who is reasonably expected to be a “covered employee” at the time the Company would be entitled to claim a tax deduction in respect of an Award but for Section 162(m) of the Code. 

“Long-Term Performance Award” means an Award granted under Section 4.5 of the Plan that is paid
solely on account of the attainment of a specified performance target in relation to one or more Performance Measures or other performance criteria as selected in the sole discretion of the Committee. 

“Nominating Committee” means the Nominating and Governance Committee the Board. 

“Nonqualified Stock Option” means any Stock Option granted under Section 4.3 of the Plan that is not
an Incentive Stock Option. 
 “Normal Retirement” means Termination of Employment on or after a
Participant has attained age 60, provided that the sum of the Participant’s age and years of service with the Company or a Subsidiary is 70 or higher. 
 “Ordinary Shares” means the ordinary shares of the Company, $0.20 (U.S.) par value, and such other securities or property as may become subject to Awards pursuant to an adjustment made
under Section 5.3 of the Plan. 
 “Other Stock-Based Award” means an Award granted under
Section 4.6 of the Plan and denominated in Shares. 
 “Participant” means a Director,
Employee or Acquired Grantee who has been granted an Award under the Plan. 
 “Performance Cycle”
means, with respect to any Award that vests based on Performance Measures, the period of 12 months or longer over which the level of performance will be assessed. The first Performance Cycle under the Plan will begin on such date as is set by
the Committee, in its sole discretion. 
 “Performance Measure” means, with respect to any
Annual Performance Bonus or Long-Term Performance Award, the business criteria selected by the Committee to measure the level of performance of the Company during a Performance Cycle. The Committee may select as the Performance Measure any operating
and maintenance expense targets or financial goals as interpreted by the Committee, either individually, alternatively or in any combination, applied to either the Company as a whole or to a business unit or Subsidiary, either individually,
alternatively or in any combination, and that are absolute or relative to the performance of one or more comparable companies or an index of comparable companies, and are measured during the Performance Cycle provided that (i) as to an Annual
Performance Bonus or Long-Term Performance Award granted to a Key Employee, Performance Measures shall be limited to the following criteria and (ii) as to an Annual Performance Bonus or Long-Term Performance Award granted to a Participant who
is not a Covered Employee, Performance Measures may include, but not be limited to, the following criteria: (a) cash flow, (b) earnings per share, (c) earnings before interest, taxes and amortization, (d) return on equity,
(e) total shareholder return, (f) share price performance, (g) return on capital, (h) return on assets or net assets, (i) revenue, (j) income or net income, (k) operating income or net operating income,
(l) operating profit or net operating profit, (m) operating margin or profit margin, (n) return on operating revenue, (o) return on invested capital, (p) market segment share, (q) product release schedules, (r) new
product innovation, (s) product cost reduction through advanced technology, (t) brand recognition/acceptance, (u) product ship targets, or (v) customer satisfaction. 

  
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 “Performance Unit” means a Long-Term Performance Award
denominated in Units. 
 “Plan” means this Mallinckrodt Pharmaceuticals Stock and Incentive
Plan, as it may be amended from time to time. 
 “Premium-Priced Stock Option” means a Stock
Option the Exercise Price of which is fixed by the Committee at a price that exceeds the Fair Market Value of a Share on the date of grant. 
 “Reporting Person” means a Director or an Employee who is subject to the reporting requirements of Section 16(a) of the Exchange Act. 

“Restricted Stock” means Shares issued pursuant to Section 4.6 that are subject to any restrictions
that the Committee, in its discretion, may impose. 
 “Restricted Unit” means a Unit granted
under Section 4.5 or Section 4.6 to acquire Shares or an equivalent amount in cash, which Unit is subject to any restrictions that the Committee, in its discretion, may impose. 

“Securities Act” means the United States Securities Act of 1933, as amended. 

“Separation” means the separation of Covidien plc’s Pharmaceuticals business (a/k/a Mallinckrodt
Pharmaceuticals) from Covidien plc in a transaction described in a Form 10 initially filed with the U.S. Securities and Exchange Commission on February 1, 2013, whereby the public shareholders of Covidien plc are issued a stock dividend of
Mallinckrodt plc ordinary shares. 
 “Share” means an Ordinary Share of the Company, and
“Shares” shall be construed accordingly. 
 “Stock Appreciation Right” means a
right granted under Section 4.3 of the Plan of an amount in cash or Shares equal to any excess of the Fair Market Value of a Share as of the date on which the right is exercised over the Exercise Price. 

“Stock Option” means a right granted under Section 4.3 of the Plan to purchase from the Company a
stated number of Shares at a specified price. Stock Options awarded under the Plan may be in the form of Incentive Stock Options or Nonqualified Stock Options. 
 “Subsidiary” means (i) a subsidiary company (wherever incorporated) of the Company, as defined by Section 155 of the Companies Act 1963 of Ireland; (ii) any separately
organized business unit, whether or not incorporated, of the Company; (iii) any employer that is required to be aggregated with the Company pursuant to Code Section 414 and the regulations promulgated thereunder; and (iv) any service
recipient or employer that is within a controlled group of corporations as defined in Code Sections 1563(a)(1), (2) and (3) which includes the Company, where the phrase “at least 50%” is substituted in each place “at least
80%” appears, and any service recipient or employer within trades or businesses under common control as defined in Code Section 414(c) and Treas. Reg. § 1.414(c)-2, which includes the Company, where the phrase “at least 50%”
is substituted in each place “at least 80%” appears, provided, however, that when the relevant determination is to be based upon legitimate business criteria (as described in Treas. Reg. § 1.409A-1(b)(5)(iii)(E) and §
1.409A-1(h)(3)), the phrase “at least 20%” shall be substituted in each place “at least 80%” appears as described above with respect to both a controlled group of corporations and trades or business under common control.

 “Target Amount” means the amount of Performance Units that will be paid if the applicable
Performance Measure is fully (100%) attained, as determined in the sole discretion of the Committee. 

“Target Bonus” means the target Annual Performance Bonus applicable to a Reporting Person in respect of a
particular year, as established by the Committee or its delegate. 

  
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 “Target Vesting Percentage” means the percentage of
performance-based Restricted Units or Shares of Restricted Stock that will vest if the applicable Performance Measure is fully (100%) attained, as determined in the sole discretion of by the Committee. 

“Termination of Directorship” means the date of cessation of a Director’s membership on the Board
for any reason, with or without Cause, as determined in the sole discretion of the Nominating Committee, provided however that if the Director is a member of the Nominating Committee, such determination shall be made by the full Board (excluding
such Director). 
 “Termination of Employment” means the date of cessation of an Employee’s
employment relationship with the Company or a Subsidiary for any reason, with or without Cause, as determined in the sole discretion of the Company. 
 “Unit” means, for purposes of Performance Units, the potential right to an Award equal to a specified amount denominated in such form as is deemed appropriate in the discretion of the
Committee and, for purposes of Restricted Units or Deferred Stock Units, the potential right to acquire one Share. 
 ARTICLE
III 
 ADMINISTRATION 
 3.1. Committee. The Plan will be administered by the Committee, except as otherwise provided in Section 4.7. 
 3.2. Authority of the Committee. The Committee or, to the extent required by applicable law, the Board will have the authority, in its sole and absolute discretion and subject to the terms of the
Plan, to: 
  

	 	(a)	Interpret and administer the Plan and any instrument or agreement relating to the Plan; 

 

	 	(b)	Prescribe the rules and regulations that it deems necessary for the proper operation and administration of the Plan, and amend or rescind any existing rules or
regulations relating to the Plan; 

  

	 	(c)	Select Employees to receive Awards under the Plan; 

  

	 	(d)	Determine the form of an Award, the number of Shares subject to each Award, all the terms and conditions of an Award, including, without limitation, the conditions on
exercise or vesting, the designation of Stock Options as Incentive Stock Options or Nonqualified Stock Options, and the circumstances under which an Award may be settled in cash or Shares or may be cancelled, forfeited or suspended, and the terms of
each Award Certificate; 

  

	 	(e)	Determine whether Awards will be granted singly, in combination or in tandem; 

 

	 	(f)	Establish and interpret Performance Measures (or, as applicable, other performance criteria) in connection with Annual Performance Bonuses and Long-Term Performance
Awards, evaluate the level of performance over a Performance Cycle and certify the level of performance attained with respect to Performance Measures (or other performance criteria, as applicable); 

 

	 	(g)	Subject to Sections 6.1 and 7.12, waive or amend any terms, conditions, restriction or limitation on an Award, except that the prohibition on the repricing of Stock
Options and Stock Appreciation Rights, as described in Section 4.3(g), may not be waived; 

  

	 	(h)	Make any adjustments to the Plan (including but not limited to adjustment of the number of Shares available under the Plan or any Award) and any Award granted under the
Plan as shall be appropriate pursuant to Section 5.3; 

  

	 	(i)	Determine and set forth in the applicable Award Certificate the circumstances under which Awards may be deferred and the extent to which a deferral will be credited
with Dividend Equivalents and interest thereon; 

  

	 	(j)	Determine and set forth in the applicable Award Certificate whether a Nonqualified Stock Option or Restricted Share may be transferable to family members, a family
trust or a family partnership; 

  
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	 	(k)	Establish any subplans and make any modifications to the Plan, without amending the Plan, or to Awards made hereunder (including the establishment of terms and
conditions in the Award Certificate not otherwise inconsistent with the terms of the Plan) that the Committee may determine to be necessary or advisable for grants made in countries outside the United States to comply with, or to achieve favorable
tax treatment under, applicable foreign laws or regulations or tax policies or customs; 

  

	 	(l)	Appoint such agents as it shall deem appropriate for the proper administration of the Plan; and 

 

	 	(m)	Take any and all other actions it deems necessary or advisable for the proper operation or administration of the Plan. 

3.3. Effect of Determinations. All determinations of the Committee will be final, binding and conclusive on all persons having an
interest in the Plan. 
 3.4. Delegation of Authority. The Board or, if permitted under applicable corporate law, the
Committee, in its discretion and consistent with applicable law and regulations, may delegate to a committee or an officer or group of officers, as it deems to be advisable, the authority to select Employees to receive an Award and to determine the
number of Shares under any such Award, subject to any terms and conditions that the Board or the Committee may establish. When the Board or the Committee delegates authority pursuant to the foregoing sentence, it will limit, in its discretion, the
number or value of Shares that may be subject to Awards that the delegate may grant. Only the Committee has the authority to grant and administer Awards to Covered Employees and other Reporting Persons or to delegates of the Committee, and to
establish and certify Performance Measures. 
 3.5. Employment of Advisors. The Committee may employ attorneys,
consultants, accountants and other advisors, the fees and other expenses of which shall be paid by the Company, and the Committee, the Company and the officers and directors of the Company may rely upon the advice, opinions or valuations of the
advisors employed. 
 3.6. No Liability. No member of the Committee or any person acting as a delegate of the Committee
with respect to the Plan will be liable for any losses resulting from any action, interpretation or construction made in good faith with respect to the Plan or any Award granted under the Plan. 

ARTICLE IV 

AWARDS 

4.1. Eligibility. All Participants and Employees are eligible to be designated to receive Awards granted under the Plan, except as
otherwise provided in this Article IV. 
 4.2. Form of Awards. Awards will be in the form determined by the Committee, in
its discretion, and will be evidenced by an Award Certificate. Awards may be granted singly or in combination or in tandem with other Awards. 
 4.3. Stock Options and Stock Appreciation Rights. The Committee may grant Stock Options and Stock Appreciation Rights under the Plan to those Employees whom the Committee may from time to time
select, in the amounts and pursuant to the other terms and conditions that the Committee, in its discretion, may determine and set forth in the Award Certificate, subject to the provisions below: 

 

	 	(a)	Form. Stock Options granted under the Plan will, at the discretion of the Committee and as set forth in the Award Certificate, be in the form of Incentive Stock
Options, Nonqualified Stock Options or a combination of the two. If an Incentive Stock Option and a Nonqualified Stock Option are granted to the same Participant under the Plan at the same time, the form of each will be clearly identified, and they
will be deemed to have been granted in separate grants. In no event will the exercise of one Stock Option affect the right to exercise the other Stock Option. Stock Appreciation Rights may be granted either alone or concurrently with Nonqualified
Stock Options and the amount of Shares attributable to each Stock Appreciation Right shall be set forth in the applicable Award Certificate on or before the grant date. 

 

	 	(b)	 Exercise Price. The Committee will set the Exercise Price of Stock Options (other than Premium-Priced Stock Options or certain Incentive Stock
Options as described below) or Stock Appreciation Rights granted 

  
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under the Plan at a price that is equal to the Fair Market Value of a Share on the date of grant, subject to adjustment as provided in Section 5.3. The Exercise Price of Incentive Stock
Options will be equal to or greater than 110 percent of the Fair Market Value of a Share as of the date of grant if the Participant receiving the Incentive Stock Options owns shares possessing more than 10 percent of the total combined voting power
of all classes of shares of the Company or any subsidiary or parent corporation of the Company, as defined in Section 424 of the Code. The Exercise Price of a Stock Appreciation Right granted in tandem with a Stock Option will equal the
Exercise Price of the related Stock Option. The Committee will set forth the Exercise Price of a Stock Option or Stock Appreciation Right in the Award Certificate or accompanying documentation. 

 

	 	(c)	Term and Timing of Exercise. Each Stock Option or Stock Appreciation Right granted under the Plan will be exercisable in whole or in part, subject to the
following conditions, unless determined otherwise by the Committee: 

  

	 	(i)	The term of each Stock Option shall be determined by the Committee and set forth in the applicable Award Certificate, but in no event shall the term of a Stock Option
exceed ten (10) years from the date of its grant. 

  

	 	(ii)	A Stock Option or Stock Appreciation Right will become exercisable at such times and in such manner as determined by the Committee and set forth in the applicable Award
Certificate. 

  

	 	(iii)	Unless the applicable Award Certificate provides otherwise, upon the death, Disability, Normal Retirement or a Change in Control Termination of a Participant who has
outstanding Stock Options or Stock Appreciation Rights, the unvested Stock Options or Stock Appreciation Rights will fully vest. Unless the applicable Award Certificate or the remainder of this Section 4.3(c) provides otherwise, the
Participant’s Stock Options and Stock Appreciation Rights will lapse, and will not thereafter be exercisable, upon the earlier of (A) their original expiration date or (B) the date that is three (3) years after the date on which
the Participant dies, incurs a Disability or retires due to Normal Retirement. 

  

	 	(iv)	Unless the applicable Award Certificate provides otherwise, upon the Termination of Employment of a Participant for any reason other than the Participant’s death,
Disability, Normal Retirement or a Change in Control Termination, if the Participant has attained age 55 and the sum of the Participant’s age and years of service with the Company or a Subsidiary is 60 or higher, a pro rata portion of the
Participant’s Stock Options and Stock Appreciation Rights will vest so that the total number of vested Stock Options or Stock Appreciation Rights held by the Participant at Termination of Employment (including those that have already vested as
of such date) will be equal to the total number of Stock Options or Stock Appreciation Rights originally granted to the Participant under the applicable Award multiplied by a fraction, the numerator of which is the period of time (in whole months)
that have elapsed since the date of grant, and the denominator of which is the number of months set forth in the applicable Award Certificate that is required to attain full vesting. Unless the Award Certificate provides otherwise, such
Participant’s Stock Options and Stock Appreciation Rights will lapse, and will not thereafter be exercisable, upon the earlier of (A) their original expiration date or (B) the date that is three (3) years after the date of
Termination of Employment. 

  

	 	(v)	Unless the applicable Award Certificate provides otherwise, upon the Termination of Employment of a Participant that does not meet the requirements of paragraphs
(iii) or (iv) above, any unvested Stock Options or Stock Appreciation Rights will be forfeited. Unless the applicable Award Certificate provides otherwise, any Stock Options or Stock Appreciation Rights that are vested as of such
Termination of Employment will lapse, and will not thereafter be exercisable, upon the earlier of (A) their original expiration date or (B) the date that is ninety (90) days after the date of such Termination of Employment.

  

	 	(vi)	 Stock Options and Stock Appreciation Rights of a deceased Participant may be exercised only by the estate of the Participant or by the person given
authority to exercise the Stock Options or Stock Appreciation Rights by the Participant’s will or by operation of law. If a Stock Option or Stock Appreciation Right is exercised by the executor or administrator of a deceased Participant, or by
the person or persons to whom the Stock Option or Stock Appreciation Right has been transferred by the Participant’s will or the applicable laws of descent and distribution, the Company will be under no

  
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obligation to deliver Shares or cash until the Company is satisfied that the person exercising the Stock Option or Stock Appreciation Right is the duly appointed executor or administrator of the
deceased Participant or the person to whom the Stock Option or Stock Appreciation Right has been transferred by the Participant’s will or by applicable laws of descent and distribution. 

 

	 	(vii)	A Stock Appreciation Right granted in tandem with a Stock Option is subject to the same terms and conditions as the related Stock Option and will be exercisable only to
the extent that the related Stock Option is exercisable. When either a Stock Option or a Stock Appreciation Right granted in tandem with each other is exercised, the tandem Stock Option or Stock Appreciation Right, as applicable, shall expire.

  

	 	(d)	Payment of Exercise Price. The Exercise Price of a Stock Option must be paid in full when the Stock Option is exercised. Shares will be issued and delivered only
upon receipt of payment. Payment of the Exercise Price may be made in cash or by certified check, bank draft, wire transfer, or postal or express money order, provided that the format is approved by the Company or a designated third-party
administrator. The Committee, in its discretion may also allow payment to be made by any of the following methods, as set forth in the applicable Award Certificate: 

 

	 	(i)	Delivering a properly executed exercise notice to the Company or its agent, together with irrevocable instructions to a broker to deliver to the Company, within the
typical settlement cycle for the sale of equity securities on the relevant trading market (or otherwise in accordance with the provisions of Regulation T issued by the Federal Reserve Board), the amount of sale proceeds with respect to the portion
of the Shares to be acquired having a Fair Market Value on the date of exercise equal to the sum of the applicable portion of the Exercise Price being so paid; 

 

	 	(ii)	Subject to any requirements of applicable law and regulations, tendering (actually or by attestation) to the Company or its agent previously acquired Shares that have a
Fair Market Value on the day prior to the date of exercise equal to the applicable portion of the Exercise Price being so paid; or 

  

	 	(iii)	Subject to any requirements of applicable law and regulations, instructing the Company to reduce the number of Shares that would otherwise be issued by such number of
Shares as have in the aggregate a Fair Market Value on the date of exercise equal to the applicable portion of the Exercise Price being so paid. 

  

	 	(e)	Incentive Stock Options. Incentive Stock Options granted under the Plan will be subject to the following additional conditions, limitations and restrictions:

  

	 	(i)	Eligibility. Incentive Stock Options may be granted only to Employees of the Company or a Subsidiary that is a subsidiary or parent corporation of the Company
within the meaning of Code Section 424. 

  

	 	(ii)	Timing of Grant. No Incentive Stock Option will be granted under the Plan after the 10-year anniversary of the date on which the Plan is adopted by the Board or,
if earlier, the date on which the Plan was approved by shareholders. 

  

	 	(iii)	Amount of Award. Subject to Section 5.3 of the Plan, no more than 10 million Shares may be available for grant in the form of Incentive Stock Options.
The aggregate Fair Market Value (as of the date of grant) of the Shares with respect to which the Incentive Stock Options awarded to any Employee first become exercisable during any calendar year may not exceed $100,000 (U.S.). For purposes of this
$100,000 (U.S.) limit, the Employee’s Incentive Stock Options under this Plan and all other plans maintained by the Company and its Subsidiaries will be aggregated. To the extent any Incentive Stock Option would exceed the $100,000 (U.S.)
limit, the Incentive Stock Option will afterwards be treated as a Nonqualified Stock Option to the extent required by the Code and underlying regulations and rulings. 

 

	 	(iv)	 Timing of Exercise. If the Committee exercises its discretion in the Award Certificate to permit an Incentive Stock Option to be exercised by a
Participant more than three months after the Participant has ceased being an Employee (or more than 12 months if the Participant is permanently and totally disabled, within the meaning of Code Section 22(e)), the Incentive Stock Option will
afterwards be treated as a Nonqualified Stock Option to the extent required by the Code and underlying regulations and rulings. For 

  
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purposes of this paragraph (iv), an Employee’s employment relationship will be treated as continuing intact while the Employee is on military leave, sick leave or another approved leave of
absence if the period of leave does not exceed 90 days, or a longer period to the extent that the Employee’s right to reemployment with the Company or a Subsidiary is guaranteed by statute or by contract. If the period of leave exceeds 90 days
and the Employee’s right to reemployment is not guaranteed by statute or contract, the employment relationship will be deemed to have ceased on the 91st day of the leave. 

 

	 	(v)	Transfer Restrictions. In no event will the Committee permit an Incentive Stock Option to be transferred by an Employee other than by will or the laws of descent
and distribution, and any Incentive Stock Option awarded under this Plan will be exercisable only by the Employee during the Employee’s lifetime. 

  

	 	(f)	Exercise of Stock Appreciation Rights. Upon exercise of a Participant’s Stock Appreciation Rights, the Company will pay cash or Shares or a combination of
cash and Shares, in the discretion of the Committee and as described in the Award Certificate. Cash payments will be equal to the excess of the Fair Market Value of a Share on the date of exercise over the Exercise Price, for each Share for which a
Stock Appreciation Right was exercised. If Shares are paid for the Stock Appreciation Right, the Participant will receive a number of whole Shares equal to the quotient of the cash payment amount divided by the Fair Market Value of a Share on the
date of exercise. 

  

	 	(g)	No Repricing. Except as otherwise provided in Section 5.3, in no event will the Committee decrease the Exercise Price of a Stock Option or Stock
Appreciation Right after the date of grant or cancel outstanding Stock Options or Stock Appreciation Rights and issue cash in exchange for such cancellation or grant replacement Stock Options or Stock Appreciation Rights with a lower Exercise Price
than that of the replaced Stock Options or Stock Appreciation Rights or other Awards without first obtaining the approval of the holders of a majority of the Shares who are present in person or by proxy at a meeting of the Company’s
shareholders and entitled to vote. 

 4.4. Annual Performance Bonuses. The Committee may grant Annual
Performance Bonuses under the Plan in the form of cash or Shares to the Reporting Persons that the Committee may from time to time select, in the amounts and pursuant to the terms and conditions that the Committee may determine and set forth in the
Award Certificate, subject to the provisions below: 
  

	 	(a)	Performance Cycles. Annual Performance Bonuses will be awarded in connection with a twelve (12) month Performance Cycle, which will be the fiscal year of
the Company. 

  

	 	(b)	Eligible Participants. Within ninety (90) days after the commencement of a Performance Cycle, the Committee will determine the Reporting Persons who will be
eligible to receive an Annual Performance Bonus under the Plan. If an individual becomes a Reporting Person after this ninety (90) day period, the Committee may determine that such Reporting Person is eligible to receive a pro rata Annual
Performance Bonus under the Plan. 

  

	 	(c)	Performance Measures; Targets; Award Criteria. 

  

	 	(i)	Within ninety (90) days after the commencement of the service period to which a Performance Cycle relates, the Committee will fix and establish in writing
(A) the Performance Measures that will apply to that Performance Cycle; (B) the Target Bonus which may be earned by each Participant; and (C) subject to subsection (d) below, the criteria for computing the amount that will be
paid with respect to each level of attained performance. The Committee will also set forth the minimum level of performance, based on the applicable Performance Measures, that must be attained during the Performance Cycle before any Annual
Performance Bonus will be paid and the percentage of the Target Bonus that will become payable upon attainment of various levels of performance that equal or exceed the minimum required level. 

 

	 	(ii)	The Committee, in its discretion, may, on a case-by-case basis, reduce, but not increase, the amount otherwise payable to any Covered Employee with respect to any given
Performance Cycle, provided, however, that no reduction will result in an increase in the amount payable under any Annual Performance Bonus of another Covered Employee. 

  
 - 10 -

	 	(d)	Payment, Certification. No Annual Performance Bonus will be paid to any Reporting Person until the Committee certifies in writing the level of performance
attained for the Performance Cycle in relation to the applicable Performance Measures. In applying Performance Measures, the Committee (i) shall make adjustments for events listed in Section 5.3 in accordance therewith and (ii) may,
in its discretion, exclude the effect of unusual or infrequently occurring items, the cumulative effect of changes in the law, regulations or accounting rules, and other items, all determined in accordance with GAAP (to the extent applicable) and
identified in financial statements, notes to the financial statements or discussion and analysis of management; provided that the determination by the Committee that Performance Measures shall be adjusted for items in accordance with this clause
(ii) shall be made no later than ninety (90) days after the commencement of any applicable Performance Cycle in respect of Annual Performance Bonuses awarded to Covered Employees. 

 

	 	(e)	Form of Payment. Annual Performance Bonuses will be paid in cash or Shares. All such Performance Bonuses shall be paid no later than the 15th day of the third
month following the end of the calendar year (or, if later, following the end of the Company’s fiscal year) in which such Performance Bonuses are no longer subject to a substantial risk of forfeiture (as determined for purposes of
Section 409A of the Code), except to the extent that a Participant has elected to defer payment under the terms of a duly authorized deferred compensation arrangement, in which case the terms of such arrangement shall govern.

  

	 	(f)	Section 162(m) of the Code. It is the intent of the Company that Annual Performance Bonuses made to Covered Employees be “performance-based
compensation” for purposes of Section 162(m) of the Code, that this Section 4.4 be interpreted in a manner that satisfies the applicable requirements of Section 162(m)(4)(C) of the Code and related regulations, and that the Plan
be operated so that the Company may take a full tax deduction for Annual Performance Bonuses. If any provision of this Plan or any Annual Performance Bonus would otherwise frustrate or conflict with this intent, the provision will be interpreted and
deemed amended so as to avoid this conflict. 

  

	 	(g)	Acceleration. Each Participant who is eligible to receive an Annual Performance Bonus with respect to a Performance Cycle during which a Change of Control occurs
will, except as otherwise provided below, be deemed to have achieved a level of performance, as of the date of Change in Control, that would cause all (100%) of the Participant’s Target Bonus to become payable at such times and in such
manner as determined in the sole discretion of the Committee. Notwithstanding the previous sentence, if (i) a surviving entity maintains the Performance Cycle in which a Change in Control occurs, or otherwise provides for the payment of an
Annual Performance Bonus based on the level of performance attained for such Performance Cycle in relation to the Performance Measures established for such Performance Cycle (including Performance Measures that were adjusted or modified as a result
of the Change in Control) and (ii) the Annual Performance Bonus based on the level of performance attained for such Performance Cycle exceeds all (100%) of the Participant’s Target Bonus, then each Participant who is eligible to
receive an Annual Performance Bonus with respect to such Performance Cycle shall receive an Annual Performance Bonus based on the level of performance attained for such Performance Cycle at such times and in such manner as determined in the sole
discretion of the Committee, or successor to the Committee. Notwithstanding the above, the time and manner of any payments made pursuant to this Section 4.4(g) shall comply with Section 4.4(e) above. 

4.5. Long-Term Performance Awards. The Committee may grant Long-Term Performance Awards under the Plan in the form of Performance
Units, Restricted Units or Restricted Stock to any Employee who the Committee may from time to time select, in the amounts and pursuant to the terms and conditions that the Committee may determine and set forth in the Award Certificate, subject to
the provisions below: 
  

	 	(a)	Performance Cycles. Long-Term Performance Awards will be awarded in connection with a Performance Cycle, as determined by the Committee in its discretion,
provided, however, that a Performance Cycle may be no shorter than twelve (12) months. 

  
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	 	(b)	Eligible Participants. Within ninety (90) days after the commencement of a Performance Cycle, the Committee will determine the Employees who will be
eligible to receive a Long-Term Performance Award for the Performance Cycle, provided that the Committee may determine the eligibility of any Employee other than a Covered Employee after the expiration of this ninety (90) day period.

  

	 	(c)	Performance Measures; Targets; Award Criteria. 

  

	 	(i)	Within ninety (90) days after the commencement of the service period to which a Performance Cycle relates, the Committee will fix and establish in writing
(A) the Performance Measures that will apply to that Performance Cycle; (B) with respect to Performance Units, the Target Amount payable to each Participant; (C) with respect to Restricted Units and Restricted Stock, the Target
Vesting Percentage for each Participant; and (D) subject to subsection (d) below, the criteria for computing the amount that will be paid or will vest with respect to each level of attained performance. The Committee will also set forth
the minimum level of performance, based on the applicable Performance Measures, that must be attained during the Performance Cycle before any Long-Term Performance Award will be paid or vest, and the percentage of Performance Units that will become
payable and the percentage of performance-based Restricted Units or Shares of Restricted Stock that will vest upon attainment of various levels of performance that equal or exceed the minimum required level. 

 

	 	(ii)	The Committee, in its discretion, may, on a case-by-case basis, reduce, but not increase, the amount of Long-Term Performance Awards otherwise payable to any Covered
Employee with respect to any given Performance Cycle, provided, however, that no reduction will result in an increase in the dollar amount or number of Shares payable under any Long-Term Performance Award of another Covered Employee.

  

	 	(d)	Payment, Certification. Long-Term Performance Awards shall vest and be paid within the sixty (60) day period following the end of the applicable Performance
Cycle, and shall only be paid if, within such sixty (60) day period, the Committee certifies in writing the level of performance attained for the Performance Cycle in relation to the applicable Performance Measures. Long-Term Performance Awards
awarded to Participants who are not Covered Employees will be based on the Performance Measures, or other applicable performance criteria, and payment formulas that the Committee, in its discretion, may establish for these purposes. These
Performance Measures, or other performance criteria, and formulas may be the same as or different than the Performance Measures and formulas that apply to Covered Employees. In applying Performance Measures, the Committee (i) shall make
adjustments for events listed in Section 5.3 in accordance therewith and (ii) may, in its discretion, exclude the effect of unusual or infrequently occurring items, the cumulative effect of changes in the law, regulations or accounting
rules, and other items, all determined in accordance with GAAP (to the extent applicable) and identified in financial statements, notes to the financial statements or discussion and analysis of management; provided that the determination by the
Committee that Performance Measures shall be adjusted for items in accordance with this clause (ii) shall be made no later than ninety (90) days after the commencement of any applicable Performance Cycle in respect of Long-Term Performance
Awards awarded to Covered Employees. 

  

	 	(e)	Form of Payment. Long-Term Performance Awards in the form of Performance Units may be paid in cash or full Shares, in the discretion of the Committee, and as set
forth in the applicable Award Certificate. Performance-based Restricted Units and Restricted Stock will be paid in full Shares. Payment with respect to any fractional Share will be in cash in an amount based on the Fair Market Value of the Share as
of the date the Performance Unit becomes payable. All Long-Term Performance Awards shall be paid no later than the 15th day of the third month following the end of the calendar year (or, if later, following the end of the Company’s fiscal year)
in which such Long-Term Performance Awards are no longer subject to a substantial risk of forfeiture (within the meaning of Code Section 409A), except to the extent that a Participant has elected to defer payment under the terms of a duly
authorized deferred compensation arrangement, in which case the terms of such arrangement shall govern, or as otherwise provided in Section 4.5(g) below. 

 

	 	(f)	 Section 162(m) of the Code. It is the intent of the Company that Long-Term Performance Awards made to Covered Employees be
“performance-based compensation” for purposes of Section 162(m) of the Code, that this Section 4.5 be interpreted in a manner that satisfies the applicable requirements of Section 162(m)(4)(C) of the Code and related
regulations with respect to Long-Term Performance awards made to Covered Employees, and that the Plan be operated so that the Company may take a full tax deduction for Long-Term

  
 - 12 -

	 	
Performance Awards. If any provision of this Plan or any Long-Term Performance Award would otherwise frustrate or conflict with this intent, the provision will be interpreted and deemed amended
so as to avoid this conflict. 

  

	 	(g)	Special Vesting Provisions. Unless the applicable Award Certificate provides otherwise, upon the death, Disability, Normal Retirement or a Change in Control
Termination of a Participant who has an outstanding Long-Term Performance Award, the unvested Long-Term Performance Award will fully vest and be paid as if the Participant had continued in active employment with the Company through the date such
Long-Term Performance Award would have vested and been paid in the absence of such event. Unless the applicable Award Certificate provides otherwise, upon the Termination of Employment of a Participant for any reason other than the
Participant’s death, Disability, Normal Retirement or a Change in Control Termination, the unvested Long-Term Performance Award will be forfeited unless the Participant has attained age 55 and the sum of the Participant’s age and years of
service with the Company or a Subsidiary is 60 or higher, in which case a pro rata portion of the Participant’s Long-Term Performance Awards will vest and be paid as if the Participant had continued in active employment with the Company through
the date such Long-Term Performance Award would have vested and been paid in the absence of such event; provided that the number of Long-Term Performance Awards held by the Participant which shall vest under those circumstances shall equal the total
number of Long-Term Performance Awards in which such Participant would have vested multiplied by a fraction, the numerator of which is the period of time (in whole months) that have elapsed since the date of grant, and the denominator of which is
the number of total months set forth in the applicable Award Certificate for such Performance Period. 

 4.6.
Other Stock-Based Awards. The Committee may, from time to time, grant Awards (other than Stock Options, Stock Appreciation Rights, Annual Performance Bonuses or Long-Term Performance Awards) to any Employee who the Committee may from time to
time select, which Awards consist of, or are denominated in, payable in, valued in whole or in part by reference to, or otherwise related to, Shares. These Awards may include, among other forms, Restricted Stock, Restricted Units, or Deferred Stock
Units. The Committee will determine, in its discretion, the terms and conditions that will apply to Awards granted pursuant to this Section 4.6, which terms and conditions will be set forth in the applicable Award Certificate. 

 

	 	(a)	Vesting. Restrictions on Other Stock-Based Awards granted under this Section 4.6 will lapse at such times and in such manner as determined by the Committee
and set forth in the applicable Award Certificate. Unless the applicable Award Certificate provides otherwise, if the restrictions on Other Stock-Based Awards have not lapsed or been satisfied as of the Participant’s Termination of Employment,
the Shares will be forfeited by the Participant if the termination is for any reason other than the Normal Retirement, death or Disability of the Participant or a Change in Control Termination, except that the Award will vest pro rata with respect
to the portion of the vesting term set forth in the applicable Award Certificate that the Participant has completed if the Participant has attained age 55 and the sum of the Participant’s age and years of service with the Company is 60 or
higher. All restrictions on Other Stock-Based Awards granted pursuant to this Section 4.6 will lapse upon the Normal Retirement, death or Disability of the Participant or a Change in Control Termination. 

 

	 	(b)	Grant of Restricted Stock. The Committee may grant Restricted Stock to any Employee, which Shares will be registered in the name of the Participant and held for
the Participant by the Company. The Participant will have all rights of a shareholder with respect to the Shares, including the right to vote and to receive dividends or other distributions (subject to Section 4.6(e)), except that the Shares
may be subject to a vesting schedule and will be forfeited if the Participant attempts to sell, transfer, assign, pledge or otherwise encumber or dispose of the Shares before the restrictions are satisfied or lapse. 

 

	 	(c)	Grant of Restricted Units. The Committee may grant Restricted Units to any Employee, which Units will be paid in cash or whole Shares or a combination of cash
and Shares, in the discretion of the Committee, when the restrictions on the Units lapse and any other conditions set forth in the Award Certificate have been satisfied. For each Restricted Unit that vests, one Share will be paid or an amount in
cash equal to the Fair Market Value of a Share as of the date on which the Restricted Unit vests. 

  

	 	(d)	Grant of Deferred Stock Units. The Committee may grant Deferred Stock Units to any Employee, which Units will be paid in whole Shares upon the Employee’s
Termination of Employment if the restrictions on the Units have lapsed. One Share will be paid for each Deferred Stock Unit that becomes payable. 

  
 - 13 -

	 	(e)	Dividends and Dividend Equivalents. At the discretion of the Committee and as set forth in the applicable Award Certificate, dividends paid on Shares may be paid
immediately or withheld and deferred in the Participant’s account. In the event of a payment of dividends on the Ordinary Shares, the Committee may credit Restricted Units with Dividend Equivalents in accordance with terms and conditions
established in the discretion of the Committee. Dividend Equivalents will be subject to such vesting terms as is determined by the Committee and may be distributed immediately or withheld and deferred in the Participant’s account as determined
by the Committee and set forth in the applicable Award Certificate. Deferred Stock Units may, in the discretion of the Committee and as set forth in the Award Certificate, be credited with Dividend Equivalents or additional Deferred Stock Units. The
number of any Deferred Stock Units credited to a Participant’s account upon the payment of a dividend will be equal to the quotient produced by dividing the cash value of the dividend by the Fair Market Value of one Share as of the date the
dividend is paid. The Committee will determine any terms and conditions on deferral of a dividend or Dividend Equivalent, including the rate of interest to be credited on deferral and whether interest will be compounded. 

4.7. Director Awards. 
  

	 	(a)	Notwithstanding anything herein to the contrary, the Nominating Committee shall have the exclusive authority to issue awards to Directors who are not also employees of
the Company or any Subsidiary (Director Awards), which may consist of, but not be limited to, Stock Options, Stock Appreciation Rights, or Other Stock-Based Awards. Each Director Award shall be governed by an Award Certificate approved by the
Nominating Committee. 

  

	 	(b)	The Nominating Committee shall have the exclusive authority to administer Director Awards, and shall have the authority set forth in Section 3.2 and the
indemnification set forth in Section 7.7, solely as such provisions apply to the Director Awards. All determinations made by the Nominating Committee hereunder shall be final, binding and conclusive. 

4.8. Substitute Awards. The Committee may make Awards under the Plan to Acquired Grantees through the assumption of, or in
substitution for, outstanding stock-based awards previously granted to such Acquired Grantees. Such assumed or substituted Awards will be subject to the terms and conditions of the original awards made by the Acquired Company, with such adjustments
therein as the Committee considers appropriate to give effect to the relevant provisions of any agreement for the acquisition of the Acquired Company. Any grant of Incentive Stock Options pursuant to this Section 4.8 will be made in accordance
with Section 424 of the Code and any final regulations published thereunder. 
 4.9. Limit on Individual Grants.
Subject to Sections 5.1 and 5.3, no Employee may be granted more than six (6) million Shares over any calendar year pursuant to Awards of Stock Options, Stock Appreciation Rights and performance-based Restricted Stock and Restricted Units,
except that an incentive Award of no more than ten (10) million Shares may be made pursuant to Stock Options, Stock Appreciation Rights and performance-based Restricted Stock and Restricted Units to any person who has been hired within the
calendar year as a Covered Employee. The maximum amount that may be paid in cash or Shares pursuant to Annual Performance Bonuses or Long-Term Performance Awards paid in Performance Units to any one Employee is $15 million (U.S.) for any Performance
Cycle of twelve (12) months. For any longer Performance Cycle, this maximum will be adjusted proportionally. 
 4.10.
Termination for Cause. Notwithstanding anything to the contrary herein and unless the applicable Award Certificate provides otherwise, if a Participant incurs a Termination of Directorship or Termination of Employment for Cause, then all
Stock Options, Stock Appreciation Rights, Annual Performance Bonuses, Long-Term Performance Awards, Restricted Units, Restricted Stock and Other Stock-Based Awards will immediately be cancelled. The exercise of any Stock Option or Stock Appreciation
Right or the payment of any Award may be delayed, in the Committee’s discretion, in the event that a potential termination for Cause is pending. Unless the applicable Award Certificate provides otherwise, if a Participant incurs a Termination
of Directorship or Termination of Employment for Cause, then the Participant will be required to deliver to the Company (i) Shares (or, in the discretion of the Committee, cash) equal in value to the amount of any profit the Participant
realized upon the exercise of an Option or Stock Appreciation Right during the twelve (12) month period occurring immediately prior to the Participant’s Termination of Directorship or Termination of Employment for Cause; and (ii) the
number of Shares (or, in the discretion of the Committee, the cash value of Shares) the Participant received for Other Stock Based Awards (including Restricted Stock, Restricted Units and Deferred Stock Units) that vested during the period specified
in (i) above. Unless the applicable award certificate provides otherwise, if, after a Participant’s 

  
 - 14 -

 
Termination of Directorship or Termination of Employment, the Committee determines in its sole discretion that while the Participant was a Company or Subsidiary employee or a Director, such
Participant engaged in activity that would have been grounds for a Termination of Directorship or Termination of Employment for Cause, then the Company will immediately cancel all Stock Options, Stock Appreciation Rights, Annual Performance Bonuses,
Long-Term Performance Awards, Restricted Units, Restricted Stock and Other Stock-Based Awards and the Participant will be required to deliver to the Company (A) Shares (or, in the discretion of the Committee, cash) equal in value to the amount
of any profit the Participant realized upon the exercise of an Option or Stock Appreciate Right during the period that begins twelve (12) months immediately prior to the Participant’s Termination of Directorship or Termination of
Employment and ends on the date of the Committee’s determination that the Participant’s conduct would have constituted grounds for a Termination of Directorship or Termination of Employment for Cause; and (B) the number of Shares (or,
in the discretion of the Committee, the cash value of said shares) the Participant received for Other Stock Based Awards (including Restricted Stock, Restricted Units and Deferred Stock Units) that vested during the period specified in
(A) above. 
 ARTICLE V 
 SHARES SUBJECT TO THE PLAN; ADJUSTMENTS 
 5.1. Shares Available. 

  

	 	(a)	The Shares issuable under the Plan will be authorized but unissued Shares, and, to the extent permissible under applicable law, Shares acquired by the Company, any
Subsidiary or any other person or entity designated by the Company and held as treasury shares. 

  

	 	(b)	Subject to the counting rules set forth in Section 5.2 and adjustment in accordance with Section 5.3, the total number of Shares with respect to which Awards
may be issued under the Plan shall equal ten percent (10%) of the Shares outstanding as of the Effective Date. 

  

	 	(c)	Incentive Stock Options may be granted under the Plan in respect of no more than 10 million Shares. 

5.2. Counting Rules.  
  

	 	(a)	The total number of Shares with respect to which Awards may be issued under the Plan, as described in Section 5.1(b), shall be reduced by 2.2 Shares per each Share
subject to an Award of Restricted Stock, Restricted Units, Deferred Stock Units, Performance Units or Other Stock-Based Awards, or as payment of an Annual Performance Bonus. 

 

	 	(b)	The following Shares related to Awards under the Plan will again be available for issuance under the Plan: 

 

	 	(i)	Shares related to Awards paid in cash; 

  

	 	(ii)	Shares related to Awards that expire, are forfeited or cancelled or terminate for any other reason without issuance of Shares and any Shares of Restricted Stock that
are returned to the Company upon a Participant’s Termination of Employment or, if applicable, a Director’s Termination of Directorship (including, for clarity, at a rate of 2.2 Shares per each Share related to such an Award in the form of
Restricted Stock, Restricted Units, Deferred Stock Units, Performance Units or Other Stock-Based Awards, or as payment of an Annual Performance Bonus); and 

 

	 	(iii)	Any Shares issued in connection with Awards that are assumed, converted or substituted as a result of the acquisition of an Acquired Company by the Company or a
combination of the Company with another company. Shares available under a stockholder approved plan of an Acquired Company (as appropriately adjusted to reflect the transaction) may be used for Awards under the Plan to individuals who were not
employees or directors of the Company or a subsidiary prior to the transaction (subject to the stock exchange’s listing requirements) 

 5.3. Adjustments. In the event of a change in the outstanding Shares by reason of a share split, reverse share split, dividend or other distribution (whether in the form of cash, Shares, other
securities or other property), extraordinary cash dividend, recapitalization, merger, consolidation, split-up, spin-off, reorganization, combination, repurchase or exchange of Shares or other securities or similar corporate transaction or event, the
Committee shall make an appropriate adjustment to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. Any adjustment made by the Committee under this Section 5.3 will be conclusive
and binding for all purposes under the Plan. 

  
 - 15 -

 5.4. Change in Control. 

 

	 	(a)	Acceleration. Unless the applicable Award Certificate provides otherwise, (i) all outstanding Stock Options and Stock Appreciation Rights will become
exercisable as of the effective date of a Participant’s Change in Control Termination if the Awards are not otherwise vested, and all conditions will be waived with respect to outstanding Restricted Stock and Restricted Units (other than
Long-Term Performance Awards) and Deferred Stock Units and (ii) each Participant who has been granted a Long-Term Performance Award that is outstanding as of the date of such Participant’s Change in Control Termination will be deemed to
have achieved a level of performance, as of the Change in Control Termination, that would cause all (100%) of the Participant’s Target Amounts to become payable and all restrictions on the Participant’s performance-based Restricted
Units and Shares of Restricted Stock to lapse. Unless the Committee determines otherwise in its discretion (either when an Award is granted or any time thereafter), in the event that Awards outstanding as of the date of a Change in Control that are
payable in Ordinary Shares of the Company will not be substituted with comparable awards payable or redeemable in shares of publicly-traded stock after the Change in Control, each such outstanding Award (A) will become fully vested (at target,
where applicable) immediately prior to the Change in Control and (B) each such Award that is a Stock Option will be settled in cash, without the Participant’s consent, for an amount equal to the amount that could have been attained upon
the exercise of such Award immediately prior to the Change in Control had such Award been exercisable or payable at such time. 

  

	 	(b)	Permissive Actions. In addition to the actions described in Section 5.4(a)(A) and (B), in the event of a Change in Control, the Committee may take any one
or more of the following actions with respect to any or all outstanding Awards, without the consent of Participants: (i) the Committee may determine that outstanding Stock Options and Stock Appreciation Rights shall be fully vested and
exercisable and restrictions on Restricted Stock, Restricted Units, Deferred Stock Units and Other Stock-Based Awards shall lapse as of the date of the Change in Control or such other time (prior to a Participant’s Change in Control
Termination) as the Committee determines; (ii) the Committee may require that a Participant surrender his or her outstanding Stock Options and Stock Appreciation Rights in exchange for one or more payments by the Company, in cash or Ordinary
Shares, as determined by the Committee, in an amount equal to the amount by which the then Fair Market Value of the Shares subject to the Participant’s unexercised Stock Options and Stock Appreciation Rights exceeds the Exercise Price, if any,
and on such terms as the Committee determines; (iii) after giving Participants an opportunity to exercise any outstanding Stock Options and Stock Appreciation Rights, the Committee may terminate any or all unexercised Stock Options and Stock
Appreciation Rights at such time as the Committee deems appropriate; (iv) the Committee may determine that Annual Performance Bonuses and/or Long-Term Performance Awards will be paid out at their target level, in cash or Ordinary Shares as
determined by the Committee; or (v) the Committee may determine that Awards that remain outstanding after the Change in Control shall be converted to similar grants of, or assumed by, the surviving corporation (or a parent or subsidiary of the
surviving corporation or successor). Such acceleration, surrender, termination, settlement, payment or conversion shall take place as of the date of the Change in Control or such other date as the Committee determines. The Committee may specify how
an Award will be treated in the event of a Change in Control either when the Award is granted or at any time thereafter. 

 5.5. Fractional Shares. No fractional Shares will be issued under the Plan. Except as otherwise provided in Section 4.5(e) and unless otherwise provided by the Committee, if a Participant
acquires the right to receive a fractional Share under the Plan, the Participant will receive, in lieu of the fractional Share, a cash payment equal to the Fair Market Value of such fractional share on the date of settlement of the related Award.

 ARTICLE VI 
 AMENDMENT AND TERMINATION 
 6.1. Amendment. The Plan may be amended
at any time and from time to time by the Board or authorized Board committee without the approval of shareholders of the Company, except that no material revision to the terms of the Plan will be effective until the amendment is approved by the
shareholders of the Company. A revision is “material” for this purpose if it materially increases the number of Shares that may be issued under the Plan (other than an increase pursuant to

  
 - 16 -

 
Section 5.3 of the Plan), expands the types of Awards available under the Plan, materially expands the class of persons eligible to receive Awards under the Plan, materially extends the term
of the Plan, reduces the Exercise Price at which Stock Options or Stock Appreciation Rights may be granted, reduces the Exercise Price of outstanding Stock Options or Stock Appreciation Rights, results in the replacement of outstanding Stock Options
or Stock Appreciation Rights with cash, new Stock Options or Stock Appreciation Rights that have an Exercise Price that is lower than the Exercise Price of the replaced Stock Options or Stock Appreciation Rights, or other Awards, or is otherwise an
amendment requiring shareholder approval pursuant to any law or the rules of any exchange on which the Company’s Ordinary Shares are listed for trading. No amendment of the Plan or any outstanding Award Certificate made without the
Participant’s written consent may adversely affect any right of a Participant with respect to an outstanding Award. 
 6.2.
Termination. The Plan will terminate upon the earlier of the following dates or events to occur: 
  

	 	(a)	The adoption of a resolution of the Board terminating the Plan; or 

  

	 	(b)	 The day before the tenth (10th) anniversary of the adoption of the Plan by the Company’s shareholders as described in Section 1.2.

 No Awards will be granted under this Plan after it has terminated. The termination of the Plan, however, will not alter or
impair any of the rights or obligations of any person under any Award previously granted under the Plan without such person’s consent. After the termination of the Plan, any previously granted Awards will remain in effect and will continue to
be governed by the terms of the Plan and the applicable Award Certificate. 
 ARTICLE VII 

GENERAL PROVISIONS 
 7.1. Nontransferability of Awards. No Award under the Plan will be subject in any manner to alienation, anticipation, sale, assignment, pledge, encumbrance or transfer, and no other persons will
otherwise acquire any rights therein, except as provided below. 
  

	 	(a)	Any Award may be transferred by will or by the laws of descent or distribution. 

 

	 	(b)	Unless the applicable Award Certificate provides otherwise, all or any part of a Nonqualified Stock Option or Shares of Restricted Stock may be transferred to a family
member without consideration. For purposes of this subsection (b), “family member” includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law of the Participant, including adoptive relationships, any person sharing the Participant’s household (other than a tenant or employee), a trust in which these persons have more than
fifty percent (50%) of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more than fifty percent
(50%) of the voting interests. 

 Any transferred Award will be subject to all of the same terms and
conditions as provided in the Plan and the applicable Award Certificate. The Participant or the Participant’s estate will remain liable for any withholding tax that may be imposed by any federal, state or local tax authority. The Company may,
in its sole discretion, disallow all or a part of any transfer of an Award pursuant to this Subsection 7.1(b) unless and until the Participant makes arrangements satisfactory to the Company for the payment of any withholding tax. The Participant
must immediately notify the Company, in the form and manner required by the applicable Award Certificate or as otherwise required by the Company, of any proposed transfer of an Award pursuant to this Subsection 7.1(b). No transfer will be effective
until the Company consents to the transfer. 
  

	 	(c)	Unless the applicable Award Certificate provides otherwise, any Nonqualified Stock Option transferred by a Participant pursuant to subsection (b) may be exercised
by the transferee only to the extent that the Award would have been exercisable by the Participant had no transfer occurred. The transfer of Shares upon exercise of the Award will be conditioned on the payment of any withholding tax.

  
 - 17 -

	 	(d)	Restricted Stock may be freely transferred after the restrictions lapse or are satisfied and the Shares are delivered, provided, however, that Restricted Stock awarded
to an affiliate of the Company may be transferred only pursuant to Rule 144 under the Securities Act, or pursuant to an effective registration for resale under the Securities Act. For purposes of this subsection (d), “affiliate” will have
the meaning assigned to that term under Rule 144. 

  

	 	(e)	In no event may a Participant transfer an Incentive Stock Option other than by will or the laws of descent and distribution. 

7.2. Withholding of Taxes. The Committee, in its discretion, may require the satisfaction of a Participant’s tax withholding
obligations by any of the following methods or any method as it determines to be in accordance with the laws of the jurisdiction in which the Participant resides, has domicile or performs services. 

 

	 	(a)	Stock Options and Stock Appreciation Rights. As a condition to the delivery of Shares pursuant to the exercise of a Stock Option or Stock Appreciation Right, the
Committee may require that the Participant, at the time of exercise, pay to the Company by cash, certified check, bank draft, wire transfer or postal or express money order an amount sufficient to satisfy any applicable tax withholding obligations.
The Committee may also, in its discretion, accept payment of tax withholding obligations through any of the Exercise Price payment methods described in Section 4.3(d). 

 

	 	(b)	Other Awards Payable in Shares. The Participant shall satisfy the Participant’s tax withholding obligations arising in connection with the release of
restrictions on Restricted Units, Restricted Stock and Other Stock-Based Awards by payment to the Company in cash or by certified check, bank draft, wire transfer or postal or express money order, provided that the format is approved by the Company
or a designated third-party administrator. However, subject to any requirements of applicable law, the Company may also satisfy the Participant’s tax withholding obligations by other methods, including selling or withholding Shares that would
otherwise be available for delivery. 

  

	 	(c)	Cash Awards. The Company may satisfy a Participant’s tax withholding obligation arising in connection with the payment of any Award in cash by withholding
cash from such payment. 

 7.3. No Implied Rights. The establishment and operation of the Plan, including
the eligibility of a Participant to participate in the Plan, will not be construed as conferring any legal or other right upon any Director for any continuation of directorship or any Employee for the continuation of employment through the end of
any Performance Cycle or other period. The Company expressly reserves the right, which may be exercised at any time and in the Company’s sole discretion, to discharge any individual or treat him or her without regard to the effect that
discharge might have upon him or her as a Participant in the Plan. 
 7.4. No Obligation to Exercise Awards. The grant of
a Stock Option or Stock Appreciation Right will impose no obligation upon the Participant to exercise the Award. 
 7.5. No
Rights as Shareholders. A Participant who is granted an Award under the Plan will have no rights as a shareholder of the Company with respect to the Award unless and until certificates for the Shares underlying the Award are registered in the
Participant’s name and (other than in the case of Restricted Stock) delivered to the Participant. The right of any Participant to receive an Award by virtue of participation in the Plan will be no greater than the right of any unsecured general
creditor of the Company. 
 7.6. Indemnification of Committee. The Company will indemnify, to the fullest extent
permitted by law, each person made or threatened to be made a party to any civil or criminal action or proceeding by reason of the fact that the person, or the executor or administrator of the person’s estate, is or was a member of the
Committee or an authorized delegate of the Committee including, for purposes of Director Awards, the Nominating Committee. 

7.7. No Required Segregation of Assets. Neither the Company nor any Subsidiary will be required to segregate any assets that may
at any time be represented by Awards granted pursuant to the Plan. 

  
 - 18 -

 7.8. Nature of Payments. All Awards made pursuant to the Plan are in consideration of
services for the Company or a Subsidiary. Any gain realized pursuant to Awards under the Plan constitutes a special incentive payment to the Participant and will not be taken into account as compensation for purposes of any other employee benefit
plan of the Company or a Subsidiary, except as the Committee otherwise provides. The adoption of the Plan will have no effect on Awards made or to be made under any other benefit plan covering an employee of the Company or a Subsidiary or any
predecessor or successor of the Company or a Subsidiary. 
 7.9. Securities Law Compliance. Awards under the Plan are
intended to satisfy the requirements of Rule 16b-3 under the Exchange Act. If any provision of this Plan or any grant of an Award would otherwise frustrate or conflict with this intent, that provision will be interpreted and deemed amended so as to
avoid conflict. No Participant will be entitled to a grant, exercise, transfer or payment of any Award if the grant, exercise, transfer or payment would violate the provisions of the Sarbanes-Oxley Act of 2002 or any other applicable law.

 7.10. Coordination with Other Plans. If this Plan provides a level of benefits with respect to Awards that differs
from the level of benefits provided under the Mallinckrodt Pharmaceuticals Severance Plan for U.S. Officers and Executives, the Mallinckrodt Pharmaceuticals Change in Control Severance Plan for Certain U.S. Officers and Executives or the
Mallinckrodt Pharmaceuticals Severance Plan for U.S. Employees, then the terms of the plan that provides for the more favorable benefit to the Participant shall govern 
 7.11. Section 409A Compliance. Notwithstanding any other provision of this Plan or an applicable Award Certificate to the contrary, the provisions of this Section 7.11 shall apply to all
Awards that were issued or became vested on or after January 1, 2005 and that are subject to Code Section 409A, but only with respect to the portion of such Award that is subject to Code Section 409A. 

 

	 	(a)	General. To the extent the Committee (or Nominating Committee with respect to Director Awards) determines that any Award granted under the Plan is subject to
Code Section 409A, the Award Certificate evidencing such Award will incorporate the terms and conditions required by Code Section 409A. To the extent applicable, the Plan and the Award Certificate will be interpreted in accordance with
Code Section 409A and the applicable regulations and rulings thereunder. Notwithstanding any other provision of the Plan to the contrary, in the event that the Committee (or Nominating Committee with respect to Director Awards) determines that
any Award may be subject to Code Section 409A, the Committee may adopt such amendments to the Plan and/or the applicable Award Certificate or adopt policies and procedures or take any other action or actions, including an action or amendment
with retroactive effect, that the Committee (or Nominating Committee with respect to Director Awards) determines is necessary or appropriate to (i) exempt the Award from the application of Code Section 409A or (ii) comply with the
requirements of Code Section 409A. 

  

	 	(b)	Modifications to Defined Terms. The following modifications to Plan provisions (and, if necessary, applicable Award Certificate provisions) shall apply.

  

	 	(i)	Any payment of deferred compensation subject to Code Section 409A that is to be made under an Award other than an Annual Performance Bonus upon the occurrence of a
Change in Control or any change in the timing and/or form of such payment as a direct result of a Change in Control (including payments made upon a specified date or event occurring after a Change in Control) shall not be made, or such change in
timing and/or form shall not occur, unless such Change in Control is also a “change in ownership or effective control” of the Company within the meaning of Code Section 409A(a)(2)(A)(v) and applicable regulations and rulings
thereunder and such payment, or such change in timing and/or form, occurs no later than two (2) years after the date of such change in ownership or effective control of the Company, in each case to the extent required to avoid the recipient of
such Award from incurring tax penalties under Code Section 409A in respect of such Award. Notwithstanding the foregoing, if the Committee takes an action pursuant to Section 5.4(b) to accelerate the payment of deferred compensation upon a
Change in Control, then any accelerated payment shall occur on a date specified in the applicable Award Certificate, which date shall be no later than ninety (90) days after a “change in ownership or effective control” of the Company.
The payment of an Annual Performance Bonus that is to be accelerated pursuant to Subsection 4.4(g) shall occur within thirty (30) days after a “change in ownership or effective control” of the Company within the meaning of Code
Section 409A(a)(2)(A)(v). 

  
 - 19 -

	 	(ii)	The definition of “Change in Control Termination” in subsection (b) of that definition shall be deleted in its entirety and replaced with the following:

  

	 	“(b)	termination of the Participant’s employment by the Participant after one of the following events: 

 

	 	(i)	the Company (1) assigns or causes to be assigned to the Participant duties inconsistent in any material respect with his or her position as in effect immediately
prior to the Change in Control; (2) makes or causes to be made any material adverse change in the Participant’s position (including titles and reporting relationships and level), authority, duties or responsibilities, or the budget over
which the Participant retains authority; or (3) takes or causes to be taken any other action which results in a material diminution in such position, authority, duties or responsibilities or the budget over which the Participant retains
authority; or 

  

	 	(ii)	the Company, without the Participant’s consent, (1) requires the Participant to relocate to a principal place of employment more than fifty (50) miles
from his or her existing place of employment, which increases the Participant’s commute from his or her principal residence by more than fifty (50) miles; or (2) materially reduces the Participant’s base salary, annual bonus, or
retirement, welfare, share incentive, perquisite (if any) and other benefits taken as a whole; 

 provided that an
event described in (i) or (ii) above shall permit a Participant’s termination of employment to be deemed a Change in Control Termination only if (x) the Participant provides written notice to the Company specifying in reasonable
detail the event upon which the Participant is basing his termination within ninety (90) days after the occurrence of such event, (y) the Company fails to cure such event within thirty (30) days after its receipt of such notice, and
(z) the Participant terminates his employment within sixty (60) days after the expiration of such cure period.” 
  

	 	(iii)	The definition of ““Disabled” or “Disability”” shall be deleted in its entirety and replaced with the following: 

““Disabled” or “Disability” means that the Employee is receiving income replacement benefits for a period of not
less than three (3) months under a Company or Subsidiary accident and health plan covering the Employee by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for
a continuous period of not less than twelve (12) months.” 
  

	 	(iv)	A Termination of Directorship or Termination of Employment shall only occur where such Termination of Directorship or Termination of Employment is a “separation
from service” within the meaning of Code Section 409A(a)(2)(A)(i) and the applicable regulations and rulings thereunder. For purposes of determining whether a Termination of Directorship has occurred under this Subsection 7.12(b)(iii),
services provided in the capacity of an employee or otherwise shall be excluded. 

  

	 	(c)	Modifications to or Adjustments of Awards. Any modifications to an Award pursuant to Subsection 3.2(g) or adjustments of an Award pursuant to Subsections 4.8 or
5.3 shall comply with the requirements of Section 409A. 

  

	 	(d)	Specified Employees. Payments to any Participant who is a “specified employee” of deferred compensation that is subject to Code Section 409A(a)(2)
and that becomes payable upon, or that is accelerated upon, such Participant’s Termination of Employment (as modified by Subsection 7.12(b)(iv)), shall not be made on or before the date which is six (6) months following such
Participant’s Termination of Employment (or, if earlier, such Participant’s death). A specified employee for this purpose shall be determined by the Committee or its delegate in accordance with the provisions of Code Section 409A and
the regulations and rulings thereunder. 

  
 - 20 -

 7.12. Section 457A Compliance. To the extent the Committee (or Nominating
Committee with respect to Director Awards) determines that any Award granted under the Plan is subject to Code Section 457A, the Award Certificate evidencing such Award will incorporate the terms and conditions required by Code
Section 457A in order to avoid accelerated taxation or tax penalties to the holder thereof in respect of such Award. To the extent applicable, the Plan and the Award Certificate will be interpreted in accordance with Code Section 457A and
applicable guidance issued thereunder. Notwithstanding any other provision of the Plan to the contrary, in the event that the Committee (or Nominating Committee with respect to Director Awards) determines that any Award may be subject to Code
Section 457A, the Committee may adopt such amendments to the Plan and/or the applicable Award Certificate or adopt policies and procedures or take any other action or actions, including an action or amendment with retroactive effect, that the
Committee (or Nominating Committee with respect to Director Awards) determines is necessary or appropriate to (i) exempt the Award from the application of Code Section 457A or (ii) comply with the requirements of Code
Section 457A. 
 7.13. Governing Law, Severability. The Plan and all determinations made and actions taken under the
Plan will be governed by the law of Ireland and construed accordingly. If any provision of the Plan is held unlawful or otherwise invalid or unenforceable in whole or in part, the unlawfulness, invalidity or unenforceability will not affect any
other parts of the Plan, which parts will remain in full force and effect. 

  
 - 21 -EX-10.11

 Exhibit 10.11 
 MALLINCKRODT PHARMACEUTICALS EMPLOYEE 
 STOCK PURCHASE PLAN EFFECTIVE AS
OF JULY 1, 2013 

 

 ARTICLE 1 
 PURPOSE 
 This Mallinckrodt Pharmaceuticals Employee Stock Purchase Plan (the “Plan”) is
created for the purpose of encouraging share ownership by officers and employees of Mallinckrodt public limited company (the “Company”) and its subsidiaries so that they may share in growth of the Company by acquiring or increasing their
proprietary interest in the Company. 
 ARTICLE 2 
 ADMINISTRATION OF THE PLAN 
 The Plan is administered by the Compensation and Human Resources
Committee, a committee of the Board of Directors of the Company (the “Committee”). The Committee may delegate its authority and responsibility for plan administration to a committee or an officer or group of officers, as it deems
advisable. The interpretation and construction by the Committee, or its delegate, of any provision of the Plan shall be final and binding on all parties. The Committee, or its delegate, may adopt, from time to time, such rules and regulations, as it
deems appropriate for carrying out the Plan. No member of the Board of Directors or the Committee, or its delegate, shall be liable for any action or determination made in good faith with respect to the Plan. 

ARTICLE 3 

ELIGIBLE EMPLOYEES 
 The Company
will, from time to time, determine which of its employees (including employees of its subsidiaries and divisions) will be eligible to participate in the Plan. All officers who are employees of the Company will be eligible to participate in the Plan.
Eligible employees who elect to participate in the Plan shall hereinafter be referred to as “Participants.” 

ARTICLE 4 

SHARES TO BE PURCHASED 
 The
shares subject to purchase under the Plan is 5,000,000 shares (subject to adjustment in the event of share splits, share dividends, recapitalization, or similar adjustment in the Company’s share capital) of the ordinary share capital of the
Company (the “Shares”) which will be purchased in accordance with Article 8. 
 ARTICLE 5 

PAYROLL DEDUCTIONS 

Participants, upon entering the Plan, shall authorize payroll deductions to be made for the purchase of Shares. The maximum deduction shall not, on a per
pay period basis, exceed a Participant’s base salary or commission (in the case of an employee who receives commission and no base salary) and deductions shall be exclusive of overtime and net withholding and other deductions. The Participant
may authorize

 
increases or decreases in the amount of payroll deductions at any time. In order to effect such a change in the amount of the payroll deductions, the Company must receive notice of such change in
the manner specified by the Company and changes will take effect as soon as administratively practicable. The Company will accumulate and hold for the Participant’s account the amounts deducted from his/her pay. No interest shall be paid on
such amounts. Notwithstanding the foregoing, the Committee may, in its sole discretion, authorize a special bonus payment be made to a Participant and such bonus be designated as an employee contribution. The Company will match such employee
contribution, subject to the limit described in the next Article. The bonus may exceed the contribution limits otherwise imposed on the Participant. 
 ARTICLE 6 
 EMPLOYER CONTRIBUTION 

The Company will match a part of the employee contribution by contributing to the Plan an additional percentage of the Participant’s payroll
deduction. The Committee, from time to time, may increase or decrease the percentage of the Company’s contribution to the Participant’s payroll deduction if the interests of the Company so require. The Company shall not match any part of a
Participant’s contribution that exceeds twenty-five thousand dollars (US) ($25,000.00) during a single calendar year. The matching contributions hereunder are not intended to be entitlement or part of the regular compensation of any
Participant. The Company will pay all commissions relating to the purchase of the Shares under the Plan, and the Company will pay all administrative costs associated with the implementation and operation of the Plan. 

ARTICLE 7 

AUTHORIZATION FOR ENTERING THE PLAN 
 An eligible employee may enter the Plan by enrolling in the Plan and specifying his/her contribution amount in the manner authorized by the Company. Such authorization will take effect as of the next
practicable payroll period. Unless a Participant authorizes changes to his/her payroll deductions in accordance with Article 5 or withdraws from the Plan, his/her deductions under the latest authorization on file with the Company shall continue from
one payment period to the succeeding payment period as long as the Plan remains in effect. 
 ARTICLE 8 

PURCHASE OF SHARES 
 All Shares
purchased under the Plan shall be purchased on the open market by a broker designated, from time to time, by the Committee. On a monthly basis, as soon as practicable following the month end, the Company shall remit the total of contributions to the
broker for the purchase of the Shares. The broker will then execute the purchase order and the Plan Administrator shall allocate Shares (or fraction thereof) to each participant’s individual recordkeeping account. In the event the purchase of
Shares takes place over a number of days and at different prices, then each participant’s allocation shall be adjusted on the basis of the average price per Share over such period.

 

 ARTICLE 9 
 ISSUANCE OF SHARES 
 The Shares purchased under the Plan shall be held by the Plan Administrator
or its nominee. Participants shall receive periodic statements that will evidence all activity in the accounts that have been established on their behalf. Such statements will be issued by the Plan Administrator or its nominee. 

ARTICLE 10 

DIVIDEND REINVESTMENT 
 Any
dividends paid to a Participant for Shares purchased under the Plan shall be paid in cash except where the Participant voluntarily elects to reinvest such dividends in Shares of the Company in accordance with such rules or procedures as may be
established by the Company from time to time. 
 ARTICLE 11 

SALE OF SHARES PURCHASED 
 UNDER THE PLAN 
 Each Participant may sell at any time all or any portion of the Shares acquired
under the Plan and held by the Plan Administrator for at least three months by notifying the Plan Administrator, who will direct the broker to execute the sale on behalf of the Participant. The Participant shall pay the broker’s commission and
any other expenses incurred with regard to the sale of the Shares. All such sales of the Shares will be subject to compliance with any applicable federal or state securities, tax, or other laws. Each participant assumes the risk of any fluctuations
in the market price of the Shares. 
 ARTICLE 12 
 WITHDRAWAL FROM THE PLAN 
 A Participant may cease making contributions to the Plan at any time by
changing his/her payroll deduction to zero as described in Article 5. In order to execute a sale of all or part of the Shares purchased under the Plan and held by the Plan Administrator for at least three months, the Participant must contact the
Plan Administrator directly. If the Participant desires to withdraw from the Plan by liquidating all or part of his/her shareholder interest, he/she shall receive the proceeds from the sale thereof, minus the commission and other expenses on such
sale. 
 ARTICLE 13 
 NO TRANSFER OR ASSIGNMENT 
 A Participant’s right to purchase Shares under the Plan through
payroll deduction is his/hers alone and may not be transferred or assigned to, or availed of, by any other person.

 ARTICLE 14 
 TERMINATION OF EMPLOYEE RIGHTS 
 All of the employee’s rights under the Plan will terminate
when he/she ceases to be an eligible employee due to retirement, resignation, death, termination, or any other reason. A notice of withdrawal will be deemed to have been received from a Participant on the day of his/her final payroll deduction. If a
Participant’s payroll deductions are interrupted by any legal process, a withdrawal notice will be deemed as having been received on the day the interruption occurs. 
 ARTICLE 15 
 TERMINATION AND AMENDMENT TO THE PLAN 

The Plan may be terminated at any time by the Company’s Board of Directors. Upon such termination, or any other termination of the Plan, all payroll
deductions not used to purchase Shares will be refunded. The Board of Directors also reserves the right to amend the Plan, from time to time, in any respect and authorizes the Committee to approve amendments to the Plan on its behalf. 

ARTICLE 16 

LOCAL TAX LAWS 
 If the
provisions of the Plan contradict local tax laws, the local tax laws shall prevail. 
 ARTICLE 17 

GOVERNING LAW 
 This Plan shall
be governed by, and construed in accordance with, the laws of Ireland. 
 ARTICLE 18 

SEVERABILITY 
 If any provision
of this Plan is held unlawful or otherwise invalid or unenforceable in whole or in part, the unlawfulness, invalidity or unenforceability will not affect any other parts of the Plan, which parts will remain in force and effect.

 

 MALLINCKRODT PHARMACEUTICALS EMPLOYEE STOCK PURCHASE PLAN PROSPECTUS 

This summary of the Mallinckrodt Pharmaceuticals Employee Stock Purchase Plan effective as of July 1, 2013 (the “Plan”) provides
information about the Plan and your ability to purchase ordinary shares of Mallinckrodt public limited company (the “Shares”) under the Plan. Mallinckrodt public limited company, incorporated in Ireland, together with its subsidiaries, is
called “Mallinckrodt”. The Plan has been and continues to be introduced into certain countries in which Mallinckrodt employees are located, as determined by Mallinckrodt, to encourage Share ownership by you and other Mallinckrodt
employees. 
 Shares Available under the Plan 
 The number of Shares currently approved for purchase under the Plan is 5,000,000. If Mallinckrodt’s capital structure changes because of a share dividend, a reorganization or similar event, the
number of Shares that may be purchased under the Plan will be adjusted appropriately. Ordinary shares will be purchased on the open market by a securities firm designated on behalf of eligible employees who have authorized payroll deductions.
Mallinckrodt will pay all commissions related to such purchases. The board of directors may increase the number of Shares available for purchase under the Plan in the future. 
 Material Features of the Plan 
 Administration. The Mallinckrodt Board’s
Compensation and Human Resources Committee, or its delegate (the “Committee”) oversees the Plan and has the power to interpret and construe any provision of the Plan and to adopt rules and regulations for carrying out the Plan. The
Committee’s interpretations and decisions are final and binding on all persons, including Mallinckrodt and you. The Plan may be amended or terminated at any time by the Committee or the Mallinckrodt Board. If the Plan is terminated, any of your
payroll deductions not used to purchase Shares as of the date of Plan termination will be refunded to you. 
 The Committee has appointed a Plan
Administrator who handles the day-to-day administration of the Plan. 
 Participation. No employee has an absolute right to
participate in the Plan. Mallinckrodt determines which employees are eligible to participate. If you are an eligible employee, you may join the Plan by authorizing payroll deductions in the manner specified by Mallinckrodt. Your contributions will
begin as soon as administratively practicable. 
 The maximum contribution that may be deducted from your compensation cannot exceed your base
salary or, for employees paid on a commission-only basis, your commission during a payroll period (exclusive of overtime and bonuses, and net of withholding and other deductions). Mallinckrodt will match a portion of your contribution by
contributing to the Plan an additional percentage of your contribution. The matching amount is currently [TBD] of the amount you contribute, but Mallinckrodt has the authority to change this amount. Mallinckrodt will not match portions of your
contribution that exceed twenty five thousand dollars (US) ($25,000.00) during a single calendar year. You will receive quarterly account statements from the designated Plan Administrator that will show all activity in your account. 

Any dividends paid on Shares purchased under the Plan are automatically paid in cash. However, United States employees may voluntarily elect to reinvest
such dividends in additional Shares, in which case such additional Shares shall be allocated to the respective Plan account. 
 Sale or
Transfer of Shares. Subject to the short-term trading rule described below, you may sell or transfer the Shares held in your Plan account at any time. Contact the Plan Administrator directly to make arrangements for the sale of Shares or the
transfer of Shares to another securities account. When you sell Shares, your sale order will be combined with all other sale orders from Plan participants placed on the date you gave the Plan Administrator your instructions to sell Shares. There may
be situations where the Plan Administrator will sell Shares over a number of days. In these situations, your sale price is the average price for all Shares sold. You are responsible for any commission and fees on the sale of Shares. Under
Mallinckrodt’s short-term trading rules, you will be prohibited from selling or transferring Shares within twelve (12) months of the date you purchased the Shares. 
 Miscellaneous. You cannot assign or transfer your interest under the Plan. You can, however, have a joint account with someone else. The Plan is not subject to any provisions of the United
States Employee Retirement Income Security Act of 1974, as amended, and is not qualified under Section 401(a) of the United States Internal Revenue Code of 1986, as amended (the “Code”). 

End of Participation. You are an active participant in the Plan until you stop making contributions to the Plan. You can stop all
contributions by notifying Mallinckrodt through the appropriate procedures that you want to stop 

 
contributing to the Plan. Contributions will be stopped as soon as administratively practicable after receipt of the notice. Your contributions will automatically cease if you go on unpaid leave
or when you are no longer an employee of Mallinckrodt. You will no longer be a Plan participant (active or inactive) once all Shares are sold or transferred from your Plan account. 
 Tax Consequences 
 The following is intended only as a general summary of the federal income
tax consequences to United States participants in the Plan. It does not address all of the tax consequences that may be relevant to you in light of your particular tax circumstances. The summary is based on provisions of the Code and regulations,
administrative rulings and judicial decisions now in effect, all of which are subject to change at any time (possibly with retroactive effect) or different interpretations. This summary does not address tax consequences under the laws of any state,
locality or foreign jurisdiction and the tax treatment of each participant in the Plan will depend in part upon such participant’s particular tax situation. Accordingly, you are urged to consult your own tax advisor as to the specific tax
consequences of your participation in the Plan under federal, state, local and other applicable laws. 
 You will have taxable income equal to
the amount of the matching contributions Mallinckrodt makes to the Plan on your behalf. This taxable income will be subject to both federal and state income tax withholding and FICA withholding. Mallinckrodt is entitled to a deduction for federal
income tax purposes for its contributions and expenses in connection with the Plan. Any dividends earned by Shares, and any gain or loss realized by you upon the sale of Shares credited to your account, are taxable to you at the applicable tax rate.

 If you elect to have shares issued in your name jointly with another, you may incur federal gift taxes. You should speak with your personal
tax advisor before establishing a joint account. 
 Information about Mallinckrodt 

Additional information about the Plan and its administrators may be obtained by contacting the Human Resources Department, Mallinckrodt Pharmaceuticals,
675 James S. McDonnell Blvd., Hazelwood, MO 63042 or via e-mail at EquityAdmin@Mallinckrodt.com. 
 The following documents are incorporated by
reference and shall be deemed to be part of this prospectus. 
 1. All reports filed pursuant to Section 13(a) or 15(d) of the United
States Securities Exchange Act of 1934, as amended (the “Exchange Act”); 
 2. The description of Mallinckrodt’s ordinary shares
contained in Mallinckrodt’s most recent registration statement under the Exchange Act, including any amendment thereto of report filed for the purposes of updating such description; and 
 3. All documents filed by Mallinckrodt pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this document and prior to the filing of a post-effective amendment
which indicates that all securities offered herein have been sold or which deregisters all securities then remaining unsold. 
 This summary
incorporates documents by reference that are not presented herein or delivered herewith. These documents and other documents distributed to eligible employees are available, without charge, upon written or oral request from Mallinckrodt
Pharmaceuticals, 675 James S. McDonnell Blvd., Hazelwood, MO 63042 Attn: Equity Plan Administration or via e-mail at EquityAdmin@Mallinckrodt.com. 
 This document constitutes part of a prospectus covering securities that have been registered under the United States Securities Act of 1933.

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