SEC Contract Filing

Filing Date: 2015-02-27

Document Content:
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<TYPE>EX-10.76
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<FILENAME>d843160dex1076.htm
<DESCRIPTION>EX-10.76
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<TITLE>EX-10.76</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.76 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>H<SMALL>ORIZON</SMALL> P<SMALL>HARMA</SMALL> P<SMALL>UBLIC</SMALL> L<SMALL>IMITED</SMALL>
C<SMALL>OMPANY</SMALL> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>C<SMALL>ASH</SMALL> L<SMALL>ONG</SMALL> T<SMALL>ERM</SMALL> I<SMALL>NCENTIVE</SMALL> P<SMALL>ROGRAM</SMALL>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>E<SMALL>FFECTIVE</SMALL> D<SMALL>ATE</SMALL>: N<SMALL>OVEMBER</SMALL>&nbsp;5, 2014 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1. Purpose.</B> The Horizon Pharma Public Limited Company Cash Long Term Incentive Program (the &#147;<B><I>Program</I></B>&#148;) is for
purposes of providing cash incentive compensation to individuals who make a significant contribution to the performance of Horizon Pharma Public Limited Company (the &#147;<B><I>Company</I></B>&#148;) and its Affiliates and who are selected for
participation in the Program (the &#147;<B><I>Designated Participants</I></B>&#148;). The Program objectives are to: (a)&nbsp;provide additional motivation to the Designated Participants to focus on our long-term corporate performance,
(b)&nbsp;provide an additional retention incentive for Designated Participants, and (c)&nbsp;further align the interests of the Designated Participants with those of our shareholders. Defined terms not explicitly defined in this Program document
including its attached <B>A<SMALL>PPENDIX</SMALL> A</B> but defined in the Equity Incentive Plan will have the same definitions as in the Equity Incentive Plan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2. How Awards Are Earned Under the Program. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a) </B><B><I>General Program Description.</I></B> The Program provides the opportunity for the Designated Participants to
earn a cash bonus based on the Company&#146;s level of attainment of performance goals as specified below in Section&nbsp;2(d) (the &#147;<B><I>Performance Goals</I></B>&#148;) during the period of time that begins on November&nbsp;5, 2014 and ends
on November&nbsp;4, 2017 (the &#147;<B><I>Performance Period</I></B>&#148;). If the Performance Goals are not achieved during the Performance Period, the Designated Participants will not earn any cash bonus under the Program. To the maximum extent
possible, payments made under the Program are intended to qualify as &#147;<B><I>Performance Cash Awards</I></B>&#148; under the Equity Incentive Plan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b) </B><B><I>Maximum Award; Actual Award</I></B>. The maximum cash bonus that a Designated Participant is eligible to earn
under the Program will in no event exceed his or her maximum award amount specified on the attached<B> A<SMALL>PPENDIX</SMALL> B </B>under the &#147;TSR Level 60%&#148; column next to the name of such Designated Participant (the<B><I> &#147;Maximum
Award&#148;</I></B>). The Actual Award earned by and payable to each Participant under the Program will be determined by the Committee in accordance with the terms of this Program. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c) </B><B><I>Designated Participants.</I></B> The Program&#146;s Designated Participants were approved by the Committee on
November&nbsp;5, 2014 and are as specified on <B>A<SMALL>PPENDIX</SMALL> B</B>. Except as provided in this Program, no Employee has any right (i)&nbsp;to be a Designated Participant in the Program, (ii)&nbsp;to continue as a Designated Participant,
or (iii)&nbsp;to be granted a potential Maximum Award or to earn an Actual Award under the Program. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(d)
</B><B><I>Performance Goals and Performance Period</I></B>. Actual Award amounts will be calculated based upon the Committee&#146;s determination of the Company&#146;s level of attainment of the Performance Goals during the Performance Period
pursuant to the following criteria: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(i) </B>The Actual Award amount will be calculated based on the TSR from
November&nbsp;5, 2014 to May&nbsp;6, 2015 (the &#147;<B><I>Measurement Period</I></B>&#148;). VWAP will be used to calculate the TSR. In order for any Actual Award to be earned under the Program, the TSR during the Measurement Period must be greater
than or equal to 15% (the &#147;<B><I>Measurement Period Threshold Goal</I></B>&#148;) or a Change in Control must occur prior to expiration of the Measurement Period. The VWAP on November&nbsp;5, 2014 was $12.08, so the minimum VWAP that is
required on May&nbsp;6, 2015 for the Measurement Period Threshold Goal to be attained is $12.95 (assuming no dividends or distributions are made or declared in respect of the Company&#146;s ordinary shares during the Measurement Period). If the VWAP
on May&nbsp;6, 2015 i