SEC Contract Filing

Filing Date: 2024-02-02

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm244999d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.3</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MALLINCKRODT PHARMACEUTICALS 2024 STOCK AND
INCENTIVE PLAN</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Effective February&nbsp;2, 2024</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article&nbsp;I</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
PURPOSE</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Purpose.
</I>The purposes of this Plan are to promote the interests of the Company by (i)&nbsp;aiding in the recruitment and retention of Directors,
Employees and Consultants, (ii)&nbsp;providing incentives to Directors, Employees and Consultants by means of performance&#45;related
incentives to achieve short&#45;term and long&#45;term performance goals, (iii)&nbsp;providing Directors, Employees and Consultants with
an opportunity to participate in the growth and financial success of the Company, and (iv)&nbsp;promoting the growth and success of the
Company&#8217;s business by aligning the financial interests of Directors, Employees and Consultants with that of the other shareholders
of the Company. Toward these objectives, the Plan provides for the grant of Stock Options, Stock Appreciation Rights, Long&#45;Term Performance
Awards and Other Stock&#45;Based Awards.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Effective
Date</I>. The Plan&#8217;s effective date (the &#8220;<I>Effective Date</I>&#8221;) is the date on which it is adopted by the Board. No
Awards shall be granted under the Plan after the completion of ten years from the earlier of (i)&nbsp;the date on which the Plan was adopted
by the Board or (ii)&nbsp;the date the Plan was approved by the Company&#8217;s stockholders, but Awards previously granted may extend
beyond that date in accordance with the terms of the Plan.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article&nbsp;II</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
DEFINITIONS</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of the Plan, the following terms have
the following meanings, unless another definition is clearly indicated by particular usage and context:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8220;<I>Acquired Company</I>&#8221; means any
business, corporation or other entity acquired by the Company or any Subsidiary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8220;<I>Acquired Grantee</I>&#8221; means the
grantee of a stock&#45;based award of an Acquired Company and may include a current or former Director of an Acquired Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8220;<I>Award</I>&#8221; 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:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&#8220;<I>Stock
Options</I>&#8221; awarded pursuant to Section&nbsp;4.3;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&#8220;<I>Stock
Appreciation Rights</I>&#8221; awarded pursuant to Section&nbsp;4.3;</FONT></P>

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