Document:

EX-10.13

 Exhibit 10.13 

AXCAN HOLDINGS INC. 

MANAGEMENT EQUITY INCENTIVE PLAN 2008 
  

 
 Appendix:
French Sub-Plan 
 This Appendix applies to any Grants that are made to Eligible Employees (other than those referred to in article 1(a)
and (b) below) who are residents of France and who are or may become subject to French tax (i.e., income tax and/or social security tax) as a result of Grants being awarded pursuant to Section 4 of the Axcan Holdings Inc. Management Equity
Incentive Plan 2008 (the “Plan”). 
 The purpose of this present Appendix is to bring the Grants into compliance
with French tax, social and commercial rules, in order to allow the Eligible Employees mentioned above to benefit from the favorable tax and social regime set out in Article 200A-6 paragraph 1 of the French Tax Code and article L.242-1 paragraph 2
of the French Social Security Code with respect to Options granted under the Plan, provided, however, that, notwithstanding the provisions of Section 4.12 of the Plan, nothing in this Appendix shall be construed as a guarantee or an undertaking
by Axcan or any of its Affiliates that such regime will effectively apply. 
 This Appendix shall be read in conjunction with the Plan and
the Axcan Holdings Inc. Management Stockholder’s Agreement. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Plan. In the event of conflict between the Plan, the Axcan Holdings Inc. Management
Stockholder’s Agreement and the French Sub-Plan (defined below), the provisions of the French Sub-Plan shall prevail. 
 The Plan, as
amended by the provisions of this Appendix, so as to comply with the provisions of Articles L. 225-177 to L. 225-185 of the French Commercial Code and French employment law, shall be referred to as the
“French Sub-Plan”. This Appendix shall be construed and operated with that intention. The provisions of the Plan that are not amended by this Appendix form an integral part of the French Sub-Plan. 

 

	1.	Beneficiaries –Limitations on Transfer. 

 Notwithstanding any other provision
of the Plan: 
  

	(a)	Options granted to Eligible Employees who are directors, service providers or consultants or as a rule to any other persons who do not have an employment relationship with the Company or an entity controlled by the
Company on the Grant Date shall not be deemed to have been granted pursuant to the French Sub-Plan and shall be governed by the Plan. 

  
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	(b)	Options granted to a Participant who is holding shares representing 10% or more of the Company on the Grant Date shall not be deemed to have been granted pursuant to the French Sub-Plan and shall be governed by the
Plan. 

  

	(c)	Transfer of Options granted pursuant to the French Sub-Plan other than upon the Participant’s death shall not be permitted. The definition of “Permitted Transferee” set out in Section 4.6 of the Plan
shall be amended accordingly for purposes of the French Sub-Plan. Upon the death of the Participant, each of his or her heirs shall be subject to all the restrictions, obligations, and responsibilities as apply to the Participant under the French
Sub-Plan and the relevant Stock Option Grant Agreement and shall be entitled to all the rights of the Participant under the French Sub-Plan, subject to the provisions of article 7 below. 

 

	2.	Option Price. 

 The Exercise Price of any Option granted under the French Sub-Plan
shall be set out in Section 4 of the relevant Stock Option Grant Agreement. 
  

	3.	Adjustment of the Options. 

 The Board may in its sole discretion decide not to
apply the provisions of Section 4.13 of the Plan to Options granted under the French Sub-Plan or to apply to such Options different measures than those applied to the other Options granted pursuant to the Plan, in each case in order to comply
with the provisions of article L 225-181 of the French Commercial Code. 
  

	4.	Premium Options granted to Participants. 

 The definition and the terms of the
Premium Options granted to Participants under the French Sub-Plan shall be amended as follows: 
  

	(a)	Notwithstanding any other provision of the Plan, the Exercise Price of any Premium Option granted to Participants under the French Sub-Plan shall be equal to the price mentioned in Section 4 of the Stock Option
Grant Agreement (as adjusted from time to time in accordance with Section 4 of the Plan, as amended by article 3 above, as applicable) and NOT to the Accreting Exercise Price. 

 

	(b)	Notwithstanding any other provision of the Plan, the percentage of any Premium Option that the Participant will be entitled to exercise at any given point in time shall be determined as follows: 

 

			
	P =	 	A(B – C)
	 	   B – D

 provided however that P shall be equal to zero if C is higher than B and in no event may P be greater than A.

  
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 For the purpose of such formula: 

- “P” refers to the percentage of the Premium Option vested and exercisable under the French Sub-Plan at that time; 

- “A” refers to the percentage of the Premium Option that would have been vested and exercisable at that time pursuant to the Plan
(in accordance with the provisions of the definition of “Premium Option” set forth in the Section 2 of the Plan and the provisions of Section 4 of the Plan) in the absence of the provisions of article 4 of this Appendix; 

- “B” shall mean the Fair Market Value per share of Common Stock as of the Exercise Date of the Premium Option; 

- “C” shall mean the Accreting Exercise Price as defined in the Plan and as adjusted in accordance with the provisions thereof, as
applicable; 
 - “D” shall mean the Exercise Price as mentioned in Section 4 of the Stock Option Grant Agreement, as adjusted
from time to time in accordance with Section 4 of the Plan, as amended by article 3 above, as applicable. 
 An example is attached as
Exhibit hereto. 
  

	5.	Exercise. 

 Options granted under the French Sub-Plan will not benefit from the
cashless exercise right set out in Section 4.10 of the Plan. 
  

	6.	Holding period. 

  

	(a)	In order for the Participant to benefit from the French tax and social favorable regime mentioned hereinabove, the sale of any shares of Common Stock acquired as a result of the Exercise of Options must not occur before
the end of a four-year period following the Grant Date (the “Holding Period”) and during that period the shares must be kept in registered form or in an individualized account in the name of each Participant. 

 

	(b)	All shares of Common Stock obtained pursuant to any Option granted under the French Sub-Plan may not be transferred except as provided in the Management Stockholders’ Agreement. 

 

	(c)	In the case of a sale of any shares of Common Stock acquired as a result of the Exercise of Options during the Holding Period in accordance with the provisions of the Management Stockholder’s Agreement, the
Participant will not be entitled to benefit from the favorable French tax and social regime, unless he or she can avail himself or herself of any of the exceptions set forth in article 91-ter of Annex II of the French Tax Code. 

 

	(d)	The occurrence of certain other events, including without limitation the application of the provisions of paragraphs 4.13(c)(B) or 4.13(e) of the Plan, would also deprive the Participant from the benefit from the
favorable French tax and social regime. 

  
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	7.	Death of the Participant. 

 In the event that a Participant’s Employment
terminates due to death, his or her heirs shall have the right to exercise all or any portion of his or her Options exercisable as of the date of death, during a six-month period from the date of the Participant’s death. 

Notwithstanding any other provision of the Plan, and notably Section 4.6, the transfer of the Options to the heirs of the Participant and
the exercise of all or any portion of the Options by the heirs shall not be subject to the prior approval of the Board. 
  

	8.	Data Privacy. 

 As provided by French Law no.78-17 dated January 6, 1978 and
amended by Law no.2004-801 dated August 6, 2004, the Participant (a) is entitled to object, on legitimate grounds, to the processing of personal data relating to him or her and (b) is also entitled to request that the personal data
relating to him or her be corrected. Furthermore, the Participant agrees that his/her personal data may be transferred to the Company or to third party service providers (such as stock brokerage services) for the purpose of the administration of the
Plan, including but not limited to the receipt of shares of Common Stock and the payment of dividends in accordance with applicable regulations. 

  
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 Example of calculation of the percentage of Premium Option vested and exercisable on the
Exercise Date: 
 Assumptions: 
  

	 	•	 	An Eligible Employee has been granted an Option to purchase 1,000 shares of Common Stock pursuant to the provisions of the French Sub-Plan. 

 

	 	•	 	25% of such Option is a Premium Option (i.e., with respect to 250 shares of Common Stock) 

  

	 	•	 	The Exercise Price of the Premium Option under the French Sub-Plan: $10.00 per share of Common Stock (“D”) 

  

	 	•	 	The Exercise Date: the date of the second anniversary of the Grant Date. 

  

	 	•	 	The Fair Market Value of per share of Common Stock on the Exercise Date: $15.00 (“B”) 

  

	 	•	 	The Accreting Exercise Price under the Plan on the Exercise Date (as applicable to the Premium Options other than those governed by the French Sub-Plan): $12.10 (“C”) 

 

	 	•	 	Percentage of the Premium Option that is exercisable under the Plan on the Exercise Date (as applicable to the Premium Options other than those governed by the French Sub-Plan): 40% (“A”) 

 

	 	•	 	No adjustment of the Exercise Price between the Grant Date and the Exercise Date 

 Calculation of the
percentage of Premium Option vested and exercisable on the Exercise Date: 
  

					
	P	 	=	 	A(B – C)
	 	 	   B – D
			
		 	=	 	40%(15-12.1)
		 	 	    15-10
			
		 	=	 	23.2%

 The Eligible Employee may acquire 23.2% of 250 shares of Common Stock, i.e. 58 shares of Common Stock at $10.00
per share. The excess of the Fair Market Value on the Exercise Date over the Exercise Price would be equal to (15-10) × 58 = $290.00

As a matter of comparison, if he or she had been granted a “standard” Premium Option under the Plan, the Eligible Employee would have
had the right to acquire 40% of 250 shares of Common Stock, i.e. 100 shares of Common Stock at $12.10 per share. The excess of the Fair Market Value on the Exercise Date over the Exercise Price would have been equal to
(15-12.1) × 100 = $290.00. 

  
 5EX-10.14

 Exhibit 10.14 

Amended and Restated 
 APTALIS
HOLDINGS INC. EMPLOYEE LONG TERM INCENTIVE PLAN 
 1. Purpose. 

The purpose of this Aptalis Holdings Inc. Employee Long Term Incentive Plan (the “Plan”) is to aid the Company (as defined
herein) in providing a financial incentive to those Employees (as defined herein) serving in the job level designated on Appendix A hereto, aligning the interests and motivations of such Employees with the economic goals of the Company and its
subsidiaries. This Plan was originally adopted on June 3, 2008 (the “Effective Date”), and was amended and restated, effective February 11, 2011. 

2. Definitions. 
 As used in this Plan,
the following capitalized terms shall have the following meanings: 
 (a) “Affiliate” shall mean, with respect to any
entity, any other corporation, organization, association, partnership, sole proprietorship or other type of entity, whether incorporated or unincorporated, directly or indirectly controlling or controlled by or under direct or indirect common
control with such entity. 
 (b) “Aptalis” shall mean Aptalis Pharma Inc., a wholly owned subsidiary of the Company, and
its subsidiaries. 
 (c) “Board” shall mean the Board of Directors of the Company. 

(d) “Calculation Date” shall have the meaning set forth in Section 4(a). 

(e) “Cause” shall mean, when used in connection with the termination of a Participant’s Employment, the termination of
the Participant’s Employment with the Company and all Affiliates on account of (i) gross negligence or willful misconduct of the Participant in connection with the performance of his or her duties; (ii) the Participant’s
conviction of (or pleading guilty or pleading no contest or nolo contendere to) a felony or comparable crime in any jurisdiction that does not classify crimes using “felony,” other than minor traffic offenses and other minor
offenses that are not inconsistent with the Company’s reasonable expectations of a person occupying the Participant’s position; (iii) the Participant’s unauthorized removal, use or disclosure of the Company’s or any
Affiliate’s Confidential Information that could reasonably be expected to cause harm to the Company; provided, that the Participant shall, to the extent an unauthorized removal is reasonably susceptible to cure, be given a reasonable
opportunity, not to exceed thirty (30) days, after written notice by the Company to the Participant to cure such removal of Confidential Information; (iv) the performance by the Participant of any act or acts of dishonesty in connection
with or relating to the Company’s or its Affiliates’ business or the misappropriation (or attempted misappropriation) of any of the Company’s or any of its Affiliates’ funds or property; (v) a material breach of any of the
Participant’s obligations under any agreement entered into between 

 
the Participant and the Company or any of its Affiliates that is material to the employment relationship between the Company or any of its Affiliates and the Participant or the relationship
between the Company and the Participant as investor or prospective investor in the Company; provided, that the Participant shall, to the extent a breach is reasonably susceptible to cure, be given a reasonable opportunity, not to exceed
thirty (30) days, after written notice by the Company to the Participant to cure such breach; or (vi) a breach of the Company’s policies or procedures, which breach causes or could reasonably be expected to cause harm to the Company
or its business reputation; provided, that the Participant shall, to the extent a breach is reasonably susceptible to cure, be given a reasonable opportunity, not to exceed thirty (30) days, after written notice by the Company to the
Participant to cure such breach. 
 (f) “Closing Date” shall mean February 25, 2008. 

(g) “Code” shall mean the Internal Revenue Code of 1986, including the regulations promulgated thereunder and any guidance
issued by the U.S. Treasury Department with respect thereto, as amended. 
 (h) “Committee” shall mean the Compensation
Committee of the Board of Directors of the Company or any committee the Board of Directors may designate from among its members to administer this Plan. In the event the Company does not have a Compensation Committee and the Board has not designated
any other committee, references in the Plan to “Committee” shall be deemed to be references to the Board. 
 (i) “Common
Stock” shall mean the common stock of the Company, par value US$0.01 per share. 
 (j) “Company” shall mean
Aptalis Holdings Inc. 
 (k) “Confidential Information” shall have the meaning set forth in Section 6. 

(l) “Date of Issue” shall mean, for each fiscal year in which an Eligible Employee is designated as a Participant entitled to
a Grant, in accordance with the terms hereof, the first business day of such fiscal year or, if later, the date such Eligible Employee commences Employment. 

(m) “EBITDA” shall mean, with respect to a particular fiscal year, earnings before interest, taxes, depreciation and
amortization, as determined by the Company. 
 (n) “Eligible Employee” shall mean any full-time Employee hired prior to the
first day of the third quarter of the fiscal year in which the Date of Issue occurs serving in a job level that is listed on Appendix A, subject to the Committee’s right, in its sole discretion, to determine that one or more individuals in a
specified job level, or that one or more job levels, is not eligible to participate in the Plan for one or more years. 
 (o)
“Employment” shall mean employment with Aptalis or any Affiliate. “Employee” and “Employed” shall have correlative meanings. 

  
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 (p) “Exercise Date” shall have the meaning set forth in Section 5(a). 

(q) “Exercise Price” shall mean the Fair Market Value of a share of Common Stock on the Calculation Date. 

(r) “Fair Market Value” shall mean (i) prior to the existence of a Public Market, the fair value per share of Common
Stock determined by the Board in good faith and based upon a reasonable and appropriate valuation method, taking into account any relevant factors determinative of value; or (ii) following the occurrence of a Public Market, (A) the closing
price on such day of a share of Common Stock as reported on the principal securities exchange on which shares of Common Stock are then listed or admitted to trading or (B) if not so reported, the average of the closing bid and ask prices on
such day as reported on the National Association of Securities Dealers Automated Quotation System or (C) if not so reported, as furnished by any member of the National Association of Securities Dealers, Inc. (“NASD”) selected
by the Board. The Fair Market Value of a share of Common Stock as of any such date on which the applicable exchange or inter-dealer quotation system through which trading in the Common Stock regularly occurs is closed shall be the Fair Market Value
determined pursuant to the preceding sentence as of the immediately preceding date on which the Common Stock is traded, a bid and ask price is reported or a trading price is reported by any member of NASD selected by the Board. In the event that the
price of a share of Common Stock shall not be so reported or furnished, the Fair Market Value shall be determined by the Board in good faith to reflect the fair market value of a share of Common Stock. 

(s) “Grant” shall mean a grant of a right to receive Options with respect to each fiscal year in which the Participant is an
Eligible Employee. The value of a Grant shall be based upon the Participant’s Target Award, adjusted based upon the Company’s achievement of EBITDA in each fiscal year relative to the Target EBITDA and subject to vesting as set forth
herein. Grants shall automatically be made on the Date of Issue to Eligible Employees. The Committee may require that a Grant be conditioned upon the Eligible Employee executing a Grant Agreement and returning the executed Grant Agreement to the
Company. 
 (t) “Grant Agreement” shall mean the agreement evidencing a Grant and acknowledging a
Participant’s obligations under the Plan, in such form as the Committee may determine from time to time. 
 (u) “Initial
Majority Stockholder Shares” shall mean the shares of the Company’s Common Stock issued to the Majority Stockholders on or about the Closing Date, and shall include any stock, securities or other property or interests received by the
Majority Stockholders in respect of such shares in connection with any stock dividend or other similar distribution, stock split or combination of shares, recapitalization, conversion, reorganization, consolidation, split-up, spin-off, combination,
repurchase, merger, exchange of stock or other transaction or event that affects the Company’s capital stock occurring after the date of issuance. Initial Majority Stockholder Shares sold by the Majority Stockholder to employees, consultants or
directors of the Company or its subsidiaries within the first six months following the Closing Date shall not be counted for purposes of determining whether a Liquidity Event has occurred, and, once sold, shall not be deemed Initial Majority
Stockholder Shares for purposes of this Plan. 

  
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 (v) “Liquid Securities” shall mean securities as to which the issuer of such
securities has a “public float value”, within the meaning of Rule 100, equal to at least two times the “public float value” of Aptalis based upon the average number of shares outstanding during its 2006 fiscal year and the
closing price reported on the Nasdaq Global Select Market, as quoted on such exchange or system on March 15, 2007, as reported in The Wall Street Journal. 

(w) “Liquidity Event” shall mean a transaction, which when aggregated, if applicable, with any other prior transaction
(whether or not related) results in the payment to the Majority Stockholder of at least half of the Sponsor Price in cash with respect to the Initial Majority Stockholder Shares, whether as the result of sale consideration, dividends, distributions,
redemption proceeds or any other basis, as determined by the Board in good faith; and (ii) any other transaction or series of transactions (whether or not related) determined by the Board, in its sole discretion, to constitute a “Liquidity
Event.” Initial Majority Stockholder Shares sold by the Majority Stockholder to employees, consultants or directors of the Company or its subsidiaries within the first six months following the Closing Date shall not be counted for purposes of
determining whether a Liquidity Event has occurred and, once sold, shall not be deemed Initial Majority Stockholder Shares for purposes of the Plan. 

(x) “Majority Stockholder” shall mean, collectively or individually as the context requires, TPG Partners V, L.P., TPG FOF
V-A, L.P., TPG FOF V-B, L.P., TPG Biotechnology Partners II, L.P., and their respective affiliates. 
 (y) “Management
Stockholders’ Agreement” shall mean a management stockholders’ agreement substantially in the form attached as Exhibit A hereto. 

(z) “MoM” shall mean, following the occurrence of a Liquidity Event, a number equal to the quotient obtained by dividing
(i) the amount of cash or Liquid Securities received, directly or indirectly, by the Majority Stockholder (valued at fair market value at the time of receipt, using the principles described in respect of the term “Fair Market Value”
described above) in exchange for, or in respect of, Initial Majority Stockholder Shares, whether as a result of or at any time prior to the occurrence of such Liquidity Event and whether as the result of sale consideration, dividends, distributions,
redemption proceeds or any other basis, as determined by the Board in good faith, by (ii) the Sponsor Price, it being understood that the mere existence of a Public Market for the Common Stock shall not mean that any amount has been received in
exchange for or in respect of the Initial Majority Stockholder Shares. Initial Majority Stockholder Shares sold by the Majority Stockholder to employees, consultants or directors of the Company or its subsidiaries within the first six months
following the Closing shall not be counted for purposes of determining whether the required MoM has been achieved. 
 (aa)
“Option” shall mean an option to purchase a number of shares of Common Stock equal to (i) the Exercise Price divided by (ii) the Fair Market Value of a share of Common Stock on the Exercise Date, subject to the terms and
conditions provided herein. 
 (bb) “Participant” shall mean an Eligible Employee who has received a Grant in a given
fiscal year with respect to such fiscal year, until such time as the Employee ceases to be Employed and to have any rights with respect to a Grant. 

  
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 (cc) “Public Market” shall be deemed to exist for purposes of the Plan if the
Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act and trading regularly occurs in such Common Stock in, on or through the facilities of securities exchanges and/or inter-dealer quotation systems in the United States
(within the meaning of Section 902(n) of the Securities Act) or any designated offshore securities market (within the meaning of Rule 902(a) of the Securities Act). 

(dd) “Sponsor Price” shall mean $335,000,000. 

(ee) “Target Award” shall mean, with respect to a Participant in a given year, 100% of the product of (i) the percentage
applicable to the Participant’s base salary range on the Date of Issue, and (ii) the midpoint of such range, in each case based upon the Participant’s job level at Aptalis on the Date of Issue and as set forth on Appendix A. 

(ff) “Target EBITDA” shall have the meaning set forth in Section 4(a). 

3. Administration of the Plan. 
 (a) In
General. This Plan shall be administered by the Committee, which shall have full discretion to administer this Plan, including but not limited to discretion (A) to determine all questions related to a Participant’s entitlement to
receive the Grant, (B) to interpret and construe any provision of this Plan, and (C) to adopt, amend, or rescind any rules and regulations for the operation and administration of this Plan. Decisions of the Committee shall be final and
binding for all purposes. None of the Company, the Committee, nor any member of the Committee, shall be liable to any party for any action, omission, or determination relating to this Plan. This Plan shall be administered at the expense of the
Company. 
 (b) Indemnification of the Board. No member of the Board or the Committee shall be liable for any action or determination
made in good faith with respect to the Plan or any Grant. To the full extent permitted by law, the Company shall indemnify and hold harmless each person made or threatened to be made a party to any civil or criminal action or proceeding by reason of
the fact that such person, or such person’s testator or intestate, is or was a member of the Board or the Committee to the extent such criminal or civil action or proceeding relates to the Plan. 

(c) Duration of the Plan. Except as otherwise determined by the Board in its sole discretion, the Plan shall terminate and no further
Grants shall be made (i) with respect to any Participant who ceases to be Employed, after termination of the Participant’s Employment, and otherwise (ii) after the first occurrence of a Liquidity Event. 

  
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 4. Grants. 

(a) Company Performance Targets. The number of Options issued under a Grant is dependent upon the Company’s EBITDA achieved with
respect to a particular fiscal year, based upon a Target EBITDA to be determined by the Committee on or before October 31 of the fiscal year to which the Grant relates (the “Target EBITDA”). Within the 90 day period immediately
following the end of each fiscal year, the Company shall calculate the EBITDA achieved with respect to such fiscal year (the date upon which the Committee approves the calculation and the allocation of Options with respect to such fiscal year as set
forth below, the “Calculation Date”) and award the Participant a number of Options as set forth below: 

(i) If the Target EBITDA is achieved at 100% for the fiscal year to which the Grant relates, the number of Options credited to
the Participant for such fiscal year shall equal the Target Award with respect to such fiscal year, divided by the Exercise Price, subject to the satisfaction of the vesting criteria set forth in Section 4(b). 

(ii) If less than 90.1% of the Target EBITDA is achieved in the fiscal year to which the Grant relates, the number of Options
credited to the Participant with respect to such fiscal year shall equal zero (0). 
 (iii) If between 90.1% and 100% of the
Target EBITDA is achieved in the fiscal year to which the Grant relates, the number of Options credited to the Participant with respect to such fiscal year shall equal the Target Award with respect to such fiscal year, divided by the Exercise Price,
multiplied by a percentage, which percentage shall be equal to the product of (A) the excess of (1) the percentage of the Target EBITDA achieved over (2) 90%, and (B) 10, subject to the satisfaction of the vesting criteria set
forth in Section 4(b). 
 (iv) If the Target EBITDA is exceeded in any fiscal year, the number of Options credited to
the Participant with respect to such fiscal year shall equal the Target Award with respect to such fiscal year, divided by the Exercise Price, multiplied by a percentage, which percentage shall be equal to the lesser of (A) the percentage of
the Target EBITDA achieved and (B) 120%, subject to the satisfaction of the vesting criteria set forth in Section 4(b). 

(v) Notwithstanding the foregoing, the Committee may adopt guidelines pursuant to which the Committee or any individual or
group of individuals may reallocate the Options to be allocated to Participants in a given fiscal year to Eligible Employees (including other Participants) in such fiscal year, provided, that the aggregate number of Options shall not be
increased. 
 (b) Vesting. One-half (50%) of the Options shall immediately vest upon a Liquidity Event in which the Majority
Stockholder realizes a MoM equal to at least 2.25 and the remainder shall immediately vest upon a Liquidity Event in which the Majority Stockholder realizes an MoM equal to at least 2.75. 

(c) Effect of Termination of Employment. 

(i) Termination of Employment. In the event that the Participant’s Employment terminates for any reason, except as
provided in Section 4(c)(ii), all of the Participant’s Options shall be forfeited and the Participant shall cease to have any rights with respect thereto. 

(ii) Termination of Employment Without Cause. In the event that a Participant’s Employment is terminated by the
Company without Cause, and such termination constitutes a “separation from service” within the meaning of U.S. Treasury 

  
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Regulations Section 1.409A-1(h), the Committee may determine, in its sole and unfettered discretion, that some or all of the Participant’s Options shall become vested and may be
exercised in accordance with Section 5 hereof. Without limiting the sole and unfettered discretion of the Committee in making a determination pursuant to this Section 4(c)(ii), and in no event obligating the Committee to consider the
factors listed herein, or to exclude from consideration factors not listed herein, the Committee shall consider such factors as it deems relevant, including the duration of a Participant’s Employment prior to such termination of Employment and
the circumstances of the termination of Employment. Any such determination shall occur on or before the 60th day following the occurrence of a “separation from service”, and in the
absence of a determination to the contrary, Section 4(c)(i) shall apply to the Participant’s Options. 
 (d) Premium Award.
If the MoM realized by the Majority Stockholder upon a Liquidity Event equals or exceeds 3.25, the number of Options awarded to a Participant shall be increased by 120%. 

5. Exercise of Options. 
 (a)
Exercise. Conditioned upon the Participant executing the Management Stockholders’ Agreement (so long as no Initial Public Offering, as such term is defined in the Management Stockholders’ Agreement, has occurred), the Options, to
the extent vested, shall automatically be exercised on the earlier to occur of (i) a determination by the Committee that the Participant may exercise his Options, to the extent vested, following the termination of such Participant’s
Employment, in accordance with Section 4(c)(ii); and (ii) the occurrence of a Liquidity Event (in either case, the “Exercise Date”). As soon as practicable, and in no event later than the tenth day, following the Exercise
Date, the Participant shall receive, without payment of consideration by the Participant, a number of shares of Common Stock equal to, for each Option credited to the Participant (as may be adjusted pursuant to Section 4(d)), the number of
shares of Common Stock underlying such Option. The number of shares of Common Stock delivered upon exercise shall be rounded down to the nearest whole number. 

(b) Surrender of Options. Notwithstanding Section 5(a), a Participant may, within the five day period prior to or following the
Exercise Date, provide notice to the Company of his or her election to surrender his or her vested Options and to receive, for each such Option, in lieu of shares of Common Stock, a cash payment equal to the product of (i) the Fair Market Value
of a share of Common Stock on the Exercise Date and (ii) the number of shares the Participant would have received absent such election. 

(c) Tax Withholding. The Company and the local employer of a Participant shall have the right to deduct or withhold, or require a
Participant to remit to the Company or such employer, any federal, state and local employment taxes, withholdings or social charges in accordance with applicable law. 

6. Restrictive Covenants. The Grants and payment thereof are conditioned upon the Participant complying with the obligations of this Section 6.
Participants shall hold in strict confidence any proprietary or Confidential Information related to the Company and its Affiliates. For purposes of this Agreement, the term “Confidential Information” shall mean all

  
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information of the Company or any of its Affiliates (in whatever form) which is not generally known to the public, including without limitation any inventions, processes, methods of distribution,
customer lists or customers’ or trade secrets. Confidential Information does not include any information that: 
 (a) is or becomes
generally available to the public other than as a result of disclosure directly or indirectly by the Participant in breach of his or her obligations; 

(b) is or becomes available to the Participant on a non-confidential basis from a source other than the Participant unless the Participant
knows after due inquiry that such source is prohibited from disclosing the information to the Participant by a contractual, fiduciary or other legal obligation to the Company or any of its Affiliates; or 

(c) is or was independently acquired or developed by the Participant after the termination of his or her Employment without violating the
Participant’s obligations under this Agreement or any other obligation of confidentiality the Participant may have to the Company or any of its affiliates. 

7. General Provisions. 
 (a) No Right
to Continued Employment. Nothing contained in this Plan shall confer upon the Participant any right with respect to the continuation of his or her Employment with the Company or any of its Affiliates, or interfere in any way with the right of
the Company or any of its Affiliates at any time to terminate such Employment or to increase or decrease the compensation of the Participant. No person other than the Participants shall have any claim or right to participate in this Plan. Any grant
by the Company to any Participant of a Grant shall neither require the Company to make any additional grant to such Participant or any other Participant or other person at any time nor preclude the Company from making subsequent grants to such
Participant or any other Participant or other person at any time. 
 (b) Participation in Other Plans. Nothing in this Plan shall be
deemed to entitle a Participant to participate in, nor prohibit nor restrict any Participant’s participation in, any other plan, program, or arrangement maintained by the Company or its Affiliates. 

(c) Amendment; Termination. This Plan may be amended, modified or terminated by the Committee at any time; provided that the
Plan shall not be amended in any manner adverse to any Participant’s Options awarded to date without such Participant’s consent, except to the extent required to comply with any applicable law or regulation, including Section 409A of
the Code and the regulations promulgated thereunder; provided, further, that the Board may determine in its sole discretion at any time to accelerate the Exercise Date, in which case the MoM achieved as of such accelerated Exercise
Date shall be deemed to be 3.0. Notwithstanding the foregoing, the Board shall be entitled to review, amend, increase or decrease, at its sole and entire discretion, any Target EBITDA to the extent the Board deems appropriate to reflect a change in
circumstances following establishment of the Target EBITDA. 
 (d) Section 409A. This Plan is intended to be exempt from the
requirements of Section 409A of the Code. Notwithstanding the foregoing, the Committee may, 

  
 8 

 
in its sole discretion, amend the terms of this Plan in order to comply with applicable law, including, without limitation, in order to avoid being or becoming subject to, or any adverse tax
treatment to any Participant under, Section 409A of the Code. 
 (e) Unfunded Status of Plan. This Plan is not subject to the
Employee Retirement Income Security Act of 1974, as amended, and is not qualified under Section 401(a) of the Code. The rights of the Participant to payment under the Plan are those of a general unsecured creditor and subject to the claims of
the general creditors of the Company and its Affiliates. For tax purposes, the Plan is an unfunded deferred compensation arrangement. 
 (f)
Governing Provisions. The provisions of this Plan shall govern in all respects the allocation, distribution, and nature of the Grants, and shall supersede all prior written agreements and negotiations and oral understandings regarding such
Grants, if any. 
 (g) Severability. In the event that any one or more of the provisions, subdivisions, words, clauses, phrases or
sentences contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision, subdivision, word, clause, phrase
or sentence in every other respect and of the remaining provisions, subdivisions, words, clauses, phrases or sentences hereof shall not in any way be impaired, it being intended that all rights, powers and privileges of the Company and Participants
shall be enforceable to the fullest extent permitted by law. 
 (h) Governing Law. This Plan and the rights of all persons under this
Plan shall be construed and administered in accordance with the laws of the State of New York, without regard to its conflict of law principles. 

  
 9 

 APPENDIX A 

Eligible Employee Job Levels 
 Employees in the following
job levels who do not participate in the Management Equity Incentive Plan (MEIP) are eligible to participate in the LTIP. 
 EX5 

EX4 
 EX3cso 

EX3cfo 
 EX3 

EX2 
 EX1 

DL3 
 DL2 

DL1 
 MM5 

MM4 
 MM3 

MM2 
 MM1 

SM4 
 SM3 

SM2 
 SM1 

MC5 
 MC4 

MC3 
 MC2 

MC1 
 PDT 

ZT 
 SA3 

SA2 
 SA1 

  
 10

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