Document:

Severance Agreement dated March 19, 2009

 Exhibit 10.1 
 SEVERANCE AGREEMENT 
 THIS SEVERANCE AGREEMENT (“Agreement”) dated as
of March 19, 2009 (the “Effective Date”) is entered by and between Timothy S. Nelson (“Executive”) and MAP Pharmaceuticals, Inc., a Delaware corporation (the “Company”). 
 WITNESSETH: 
 WHEREAS, Executive is a
senior executive of the Company and has made and is expected to continue to make major contributions to the short and long term profitability, growth and financial strength of the Company; 
 WHEREAS, the Company desires to assure itself of both present and future continuity of management; and 
 WHEREAS, the Company desires to provide additional inducement for Executive to continue to remain in the employ of the Company. 
 NOW, THEREFORE, in exchange for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and Executive
agree as follows: 
 1. Certain Defined Terms. In addition to terms defined elsewhere herein, the following terms have the
following meanings when used in this Agreement with initial capital letters: 
 (a) “Board” shall mean
the Board of Directors of the Company. 
 (b) “Cause” shall mean any one of the following events:
(i) the Executive’s violation, provided the Executive has received written notice from the Company and been given thirty (30) days in which to cure such failure (if curable), of any material provision of this Agreement or the
Employment Agreement by and between the Company and the Executive dated March 20, 2005, (as amended from time to time, the “Employment Agreement”), including, without limitation, the Executive’s continuing failure (after
reasonable notice) to follow the reasonable written instructions of the Board or a committee thereof; (ii) any intentional or grossly negligent act or omission by the Executive that is reasonably likely to lead to the material injury of the
Company or its business, employees, customers or vendors, provided the Executive has received written notice from the Company and been given thirty (30) days in which to cure such act or omission (provided that such act or omission is curable);
(iii) the Executive’s material violation of any federal, state or local law applicable to the Company or its business, as initially determined by a court (for avoidance of doubt, a conviction of a material violation of any federal, state
or local law applicable to the Company or its business which is subsequently overturned by an appellate court shall remain Cause for termination); (iv) the Executive’s plea of guilty or nolo contendere to, or conviction of, a felony or of
a misdemeanor involving moral turpitude; or (v) the Executive’s failure to comply in any material respect with, provided the Executive has received written notice from the Company and been given thirty (30) days in which to cure such
failure (if curable), the written employee policies and procedures of the Company. 

 (c) “Change in Control Agreement” means the Change of Control
Agreement, by and between Executive and the Company dated September 18, 2007, as amended from time to time. 
 (d)
“Good Reason” shall mean the Executive’s voluntary termination, following (i) a reduction by the Company of Executive’s Base Salary except to the extent the annual base salary of all other executives of the Company
are similarly reduced; (ii) the taking of any action by the Company that would adversely affect Executive’s participation in, or reduce Executive’s benefits under, the Company’s benefit plans (including under any equity
compensation plan), except to the extent the benefits of all other executives of the Company are similarly reduced; (iii) a breach by the Company of any material provision of the Employment Agreement, which breach remains uncured following 60
days after the Executive provides the Company with written notice of the breach; (iv) the assignment to Executive of any duties or responsibilities that results in any diminution or adverse change of Executive’s position, status,
circumstances of employment or scope of responsibilities; provided, however, that if following a change in control, the Company becomes a division of, or a business unit of another corporation or other business entity and the Executive
remains the most senior executive in charge of the division or business unit comprised of the Company, such changes of the Executive’s responsibilities of employment which would reflect these circumstances shall not be deemed to be a material
diminution which would give rise, in and of itself, to Good Reason; or (v) Executive’s refusal to relocate to a location more than twenty-five (25) miles from the Company’s location at the Effective Date. 
 2. Terminations Not In Connection With A Change In Control. Notwithstanding any provision to the contrary in any employment agreement,
equity compensation plan, equity award agreement or Company severance plan, if Executive’s employment shall terminate involuntarily without Cause or for Good Reason at any time and at such time Executive is not entitled to receive benefits
under the Change in Control Agreement, the Company shall: 
 (a)
Severance Payments: Pay to Executive an amount equal to the sum of: (i) twelve (12) months then current base salary (for the avoidance of doubt, if Executive experiences a reduction in base salary giving rise to Good Reason pursuant
to Section 1(d)(i), severance shall be calculated using Executive’s base salary as in effect immediately prior to such reduction); and (ii) the target bonus otherwise payable to Executive pursuant to the Company’s
performance-based compensation bonus plan with respect to the fiscal year in which termination occurs, payable in a lump sum as soon as reasonably practicable, but in any event no later than two and one-half (2 1/2) months following the date of termination of employment. 
 (b) Continued Benefits. If Executive elects to continue his health insurance coverage under the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”) following such termination, then the Company shall pay Executive’s monthly COBRA premium for continued health insurance coverage for Executive and Executive’s eligible
dependents until the earlier of (i) twelve (12) months following the termination date, or (ii) the date upon which Executive and his eligible dependents become eligible for comparable coverage under a group health insurance plan
maintained by subsequent employer. 
 (c) Equity Awards. The vesting and/or exercisability of each of
Executive’s outstanding equity awards then held by Executive (including, without limitation, stock options, stock appreciation rights, phantom shares, restricted stock or similar awards) shall be 

  

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automatically accelerated on the date of termination as to the number of shares subject to such equity awards that would vest over the twelve (12) month
period following the date of termination had Executive remained continuously employed by the Company during such period. In all other respects, such awards will continue to be subject to the terms and conditions of the plans, if any, under which
they were granted and any applicable agreements between the Company and Executive. 
 3. Conditions to Receipt of Severance.

 (a) Separation Agreement and Release of Claims. The receipt of any severance pursuant to Section 2 will
be subject to Executive signing within 90 days following the date of termination of employment, and not subsequently revoking, a separation agreement and release of claims in a form acceptable to the Company. No severance pursuant to Section 2
will be paid or provided until the separation agreement and release of claims becomes effective. 
 (b)
Section 409A. Notwithstanding the forgoing, however, to the extent required to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), if Executive is deemed to be a “specified
employee” for purposes of Section 409A(a)(2)(B) of the Code, Executive agrees that the payments due to Executive under Section 2 of this Agreement in connection with a termination of your employment that would otherwise have been
payable at any time during the six-month period immediately following such termination of employment shall not be paid prior to, and shall instead be payable in a lump sum as soon as practicable following, the expiration of such six-month period. In
the event of death during such six-month period, upon provision to the Company of a signed general release of all claims against the Company and its affiliates in a form acceptable to the Company, Executive’s estate will receive the severance
benefits described in this paragraph. 
 4. Successors and Binding Agreement. 
 (a) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or
otherwise, including, without limitation, any successor due to a Change in Control) to the business or assets of the Company, by agreement in form and substance reasonably satisfactory to Executive, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place. This Agreement will be binding upon and inure to the benefit of the Company and any successor to the Company,
including, without limitation, any persons directly or indirectly acquiring the business or assets of the Company in a transaction constituting a Change in Control (and such successor shall thereafter be deemed the “Company” for the
purpose of this Agreement), but will not otherwise be assignable, transferable or delegable by the Company. 
 (b) This
Agreement will inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees and legatees. 
 (c) This Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign,
transfer or delegate this Agreement or any rights or obligations hereunder except as expressly provided in Sections 4(a) and 4(b). Without limiting the generality or effect of the foregoing, Executive’s right to receive payments hereunder will
not 

  

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be assignable, transferable or delegable, whether by pledge, creation of a security interest, or otherwise, other than by a transfer by Executive’s will
or by the laws of descent and distribution and, in the event of any attempted assignment or transfer contrary to this Section 4(c), the Company shall have no liability to pay any amount so attempted to be assigned, transferred or delegated.

 5. Amendment or Termination of Agreement. This Agreement may be changed or terminated only upon the mutual written consent
of the Company and Executive. The written consent of the Company to a change or termination of this Agreement must be signed by an executive officer of the Company after such change or termination has been approved by the Board. 
 6. Entire Agreement. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and
supersedes all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties with respect to severance and benefits payable to Executive following a termination of his
employment not in connection with a Change in Control. No provisions of the Employment Agreement or the Change in Control Agreement, are superseded by this Agreement, and the Employment Agreement and Change in Control Agreement shall otherwise
remain in full force and effect. 
 7. Notices. For all purposes of this Agreement, all communications, including without
limitation notices, consents, requests or approvals, required or permitted to be given hereunder will be in writing and will be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission (with receipt
thereof orally confirmed), or five business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid, or three business days after having been sent by a nationally recognized overnight
courier service such as FedEx, UPS, or DHL, addressed to the Company (to the attention of the Secretary of the Company) at its principal executive office and to Executive at his principal residence, or to such other address as any party may have
furnished to the other in writing and in accordance herewith, except that notices of changes of address shall be effective only upon receipt. 
 8. Validity. If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application
of such provision to any other person or circumstances will not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal will be reformed to the extent (and only to the extent) necessary to make it enforceable, valid
or legal. 
 9. Governing Law; Jurisdiction. The laws of the state of California shall govern the interpretation, validity and
performance of the terms of this Agreement, regardless of the law that might be applied under principles of conflicts of law. Any suit, action or proceeding against Executive, with respect to this Agreement, or any judgment entered by any court in
respect of any of such, may be brought in any court of competent jurisdiction in the State of California, and Executive hereby submits to the jurisdiction of such courts for the purpose of any such suit, action, proceeding or judgment. 

 

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 10. Miscellaneous. No provision of this Agreement may be modified, waived or discharged
unless such waiver, modification or discharge is agreed to in writing signed by Executive and the Company. No waiver by either party hereto at any time of any breach by the other party hereto or compliance with any condition or provision of this
Agreement to be performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement constitutes the entire agreement of the parties with respect to
the subject matter hereof and supersedes any and all prior agreements of the parties with respect to such subject matter. No agreements or representations, oral or otherwise, expressed or implied with respect to the subject matter hereof have been
made by either party which are not set forth expressly in this Agreement. References to Sections are to references to Sections of this Agreement. 
 11. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same agreement. 
 12. Section 409.A. The parties acknowledge and agree that, to the extent applicable, this Agreement shall be interpreted in accordance
with, and the parties agree to use their best efforts to achieve timely compliance with, Section 409A of the Code, and the Department of Treasury Regulations and other interpretive guidance issued thereunder, including, without limitation, any
such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision of this Agreement to the contrary, in the event that the Company determines that any amounts payable hereunder would otherwise be taxable
to Executive under Section 409A, the Company may adopt such limited amendments to this Agreement and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Company reasonably determines are
necessary or appropriate to comply with the requirements of Section 409A and thereby avoid the application of penalty taxes under such Section. 
 [signature page follows] 
  

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 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the
date first above written. 
  

			
	MAP PHARMACEUTICALS, INC.
		
	By:	 	/s/ Charlene A. Friedman
		 	Charlene A. Friedman
	Title: VP, General Counsel and Secretary
	
	/s/ Timothy S. Nelson
	Timothy S. NelsonForm of Amended and Restated Class A Distribution

 EXHIBIT 10.1 
 FORM OF AMENDED AND RESTATED CLASS A DISTRIBUTION PLAN 
 [TRUST], 
 on behalf of [FUND] 
 Preamble to
Amended and Restated Distribution Plan 
 The following Amended and
Restated Distribution Plan (the “Amended Plan”) has been adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “Act”), by [TRUST] (the “Trust”) for the use of the Class A
shares of its series, [FUND] (the “Fund”), which amends and restates the prior Distribution Plan (which, together with the Amended Plan are referred to as the “Plan”) which took effect on the date the Class A shares
of the Fund were first offered for sale (the “Effective Date of the Plan”).1 The Plan has been approved by a majority of the Board of
Trustees of the Trust (the “Board”), including a majority of the trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related to the
Plan (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on the Plan. 
 In
reviewing the Plan, the Board considered the schedule and nature of payments and terms of the Investment Management Agreement between the Trust, on behalf of the Fund, and [ADVISER] (the “Manager”) and the terms of the Distribution
Agreement between the Trust, on behalf of the Fund, and Franklin/Templeton Distributors, Inc. (“Distributors”). The Board concluded that the compensation of the Manager, under the Investment Management Agreement, and of Distributors, under
the Distribution Agreement, was fair and not excessive; however, the Board also recognized that uncertainty may exist from time to time with respect to whether payments to be made by the Fund to the Manager, Distributors, or others or by the Manager
or Distributors to others may be deemed to constitute distribution expenses of the Fund. Accordingly, the Board determined that the Plan should provide for such payments and that adoption of the Plan would be prudent and in the best interests of the
Fund and its shareholders. Such approval included a determination that in the exercise of their reasonable business judgment and in light of their fiduciary duties, there is a reasonable likelihood that the Plan will benefit the Fund and its
shareholders. 
 AMENDED AND RESTATED DISTRIBUTION PLAN 
  
  

	1	 This language will read as follows for Franklin Mutual Recovery Fund to reflect its status as an closed-end fund operating as an interval fund pursuant to
exemptive relief from the Securities and Exchange Commission: “The following Amended and Restated Distribution Plan (the “Amended Plan”) has been adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the
“Act”), by Franklin Mutual Recovery Fund (the “Trust”) as if Rule 12b-1 applied to the Trust, a closed-end management investment company, in compliance with the conditions imposed in an Order of Exemption from certain provisions
of the 1940 Act, granted on October 21, 2003, by the U.S. Securities and Exchange Commission (the “Order”), for the use of the Class A shares of the Trust. This Amended Plan amends and restates the prior Distribution Plan (which,
together with the Amended Plan are referred to as the “Plan”) which took effect on the date the Class A shares of the Trust were first offered for sale (the “Effective Date of the Plan”). Under the Order, the Trust
may offer and sell shares of different classes of the Trust with varying distribution related charges in compliance with Rules 12b-1, 18f-3 and 6c-10 under the 1940 Act and other conditions of the Order, as if the Trust were an open-end management
investment company.” Other similar conforming changes will be made as needed to the Amended Plan for Franklin Mutual Recovery Fund. 

 1. The Trust, on behalf of the Fund, shall reimburse Distributors or others for all expenses (subject to
the limitations described below) incurred by Distributors or others in the promotion and distribution of the Class A shares of the Fund, as well as for shareholder services provided for existing shareholders of the Fund. Distribution expenses
may include, but are not limited to, the printing of prospectuses and reports used for sales purposes, preparing and distributing sales literature (and any related expenses), advertisements, and other distribution-related expenses; certain
promotional distribution charges paid to broker-dealer firms or others, or for participation in certain distribution channels (otherwise referred to as marketing support), including business planning assistance, advertising, educating dealer
personnel about the Fund and shareholder financial planning needs, placement on dealers’ lists of offered funds, access to sales meetings, sales representatives and management representatives of dealers, participation in and/or presentation at
conferences or seminars, sales or training programs for invited registered representatives and other employees, client and investor events and other dealer sponsored events, and ticket charges; or payment of dealer commissions and wholesaler
compensation in connection with sales of the Fund’s Class A Shares exceeding $1 million (for which the Fund imposes no sales charge). Shareholder service expenses may include, but are not limited to, the expenses of assisting in the
establishment and maintenance of customer accounts and records, assisting with purchase and redemption requests, arranging for bank wires, monitoring dividend payments from the Fund on behalf of customers, forwarding certain shareholder
communications from the Fund to customers, receiving and answering correspondence, and aiding in the maintenance of investments of their respective customers in the Fund. These expenses may also include any distribution or service fees paid to
securities dealers or their firms or others. Agreements for the payment of distribution and service fees to securities dealers or their firms or others shall be in a form which has been approved from time to time by the Board, including the
Independent Trustees. 
 2. The maximum amount which may be reimbursed by the Trust, on behalf of the Fund, to Distributors or others
pursuant to Paragraph 1 herein shall be [    ]% per annum of the average daily net assets of the Fund. Said reimbursement shall be made quarterly by the Fund to Distributors or others. 
 3. In addition to the payments which the Trust, on behalf of the Fund, is authorized to make pursuant to paragraphs 1 and 2 hereof, to the extent that
the Trust, on behalf of the Fund, the Manager, Distributors or other parties on behalf of the Fund, the Manager or Distributors make payments that are deemed to be payments by the Fund for the financing of any activity primarily intended to result
in the sale of shares issued by the Fund within the context of Rule 12b-1 under the Act, then such payments shall be deemed to have been made pursuant to the Plan. 
 In no event shall the aggregate asset-based sales charges which include payments specified in paragraphs 1 and 2, plus any other payments deemed to be made pursuant to the Plan under this
paragraph, exceed the amount permitted to be paid pursuant to the Rule 2830(d) of the Conduct Rules of the National Association of Securities Dealers, Inc. or any successor thereto. 
 4. Distributors shall furnish to the Board, for its review, on a quarterly basis, a written report of the monies reimbursed to it and to others under the Plan, including the purposes thereof, and
shall furnish the Board with such other information as the Board may reasonably request in connection with the payments made under the Plan in order to enable the Board to make an informed determination of whether the Plan should be continued.

 5. The Plan, and any agreements related to this Plan, shall continue in effect for a period of more than
one year only so long as such continuance is specifically approved at least annually by a vote of the Board, and of the Independent Trustees, cast in person at a meeting called for the purpose of voting on the Plan and any related agreements.

 6. The Plan may be terminated at any time by vote of a majority of the Independent Trustees or by vote a majority of the outstanding
voting securities of the Fund, as and to the extent required by the Act and the rules thereunder, including Rule 18f-3(a)(3). 
 7. Any
agreement related to this Plan: 
  

	 	(a)	 may be terminated at any time, without the payment of any penalty, by vote of a majority of the Independent Trustees or by vote a majority of the outstanding
voting securities of the Fund on not more than sixty (60) days’ written notice to any other party to the agreement; and 

  

	 	(b)	 will automatically terminate in the event of its assignment (as defined in the Act). 

 8. The Plan may not be amended to increase materially the amount to be spent for distribution pursuant to Paragraph 2 hereof without approval by a majority of the Fund’s outstanding voting
securities (as and to the extent required by the Act and the rules thereunder, including Rule 18f-3(a)(3)). 
 9. All material amendments to
the Plan shall be approved by a vote of the Board, and of the Independent Trustees, cast in person at a meeting called for the purpose of voting on the Plan. 
 10. So long as the Plan is in effect, the Board shall satisfy the fund governance standards as defined in Rule 0-1(a)(7) under the Act, including that the selection and nomination of the Trust’s Independent
Trustees shall be committed to the discretion of such incumbent Independent Trustees. 
 This Amended Plan and the terms and provisions
thereof are hereby accepted and agreed to by the Trust and Distributors as evidenced by their execution hereof. 

			
	 [TRUST]

	 on behalf of [FUND]

		
	 By:
	 	  

	 Title:
	 	  

	
	 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.

		
	 By:
	 	  

	 Title:
	 	  

		
	 Dated:

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