Common use of Equity Grant Clause in Contracts

Equity Grant. (a) As soon as reasonably practicable following the Effective Date, the Executive shall be granted a one-time equity award (the “Initial Grant”) under Mallinckrodt’s 2022 Stock and Incentive Plan (the “MIP”) covering 150,182 ordinary shares of Mallinckrodt. 50% of the Initial Grant shall consist of restricted stock units (“RSUs”) that will vest ratably on each of the first three (3) anniversaries of the Effective Date and the remaining 50% of the Initial Grant shall consist of performance stock units (“PSUs”) that xxxx xxxxx vest following the performance period which ends on December 27, 2024 as outlined in the applicable award agreement (the “Performance Period”) based on Mallinckrodt’s attainment of (1) total shareholder return (“TSR”) during the Performance Period relative to the TSR generated by the Xxxxxxx 2000 Biotechnology Subsector Index (or another peer group of pharmaceutical companies selected by the Committee), and (2) adjusted operating cash flow during the Performance Period. The terms and conditions applicable to the Initial Grant shall be consistent with those applicable to RSUs and PSUs issued under the MIP, except as otherwise set forth herein. Notwithstanding anything set forth in the MIP, “Cause”, “Change in Control Termination”, “Disability”, “Good Reason”, “Early Retirement” and “Normal Retirement” shall have the meanings set forth herein, to the extent they differ from the definitions set forth in the MIP, with respect to the Initial Grant and any other awards that may be granted to Executive under the MIP.

Equity Grant. (a) As soon as reasonably practicable following the Effective Date, the Executive shall be granted a one-time equity award (the “Initial Grant”) under Mallinckrodt’s 2022 Stock and Incentive Plan (the “MIP”) covering 150,182 75,091 ordinary shares of Mallinckrodt. 50% of the Initial Grant shall consist of restricted stock units (“RSUs”) that will vest ratably on each of the first three (3) anniversaries of the Effective Date and the remaining 50% of the Initial Grant shall consist of performance stock units (“PSUs”) that xxxx xxxxx vest following the performance period which ends on December 27, 2024 as outlined in the applicable award agreement (the “Performance Period”) based on Mallinckrodt’s attainment of (1) total shareholder return (“TSR”) during the Performance Period relative to the TSR generated by the Xxxxxxx 2000 Biotechnology Subsector Index (or another peer group of pharmaceutical companies selected by the Committee), and (2) adjusted operating cash flow during the Performance Period. The terms and conditions applicable to the Initial Grant shall be consistent with those applicable to RSUs and PSUs issued under the MIP, except as otherwise set forth herein. Notwithstanding anything set forth in the MIP, “Cause”, “Change in Control Termination”, “Disability”, “Good Reason”, “Early Retirement” and “Normal Retirement” shall have the meanings set forth herein, to the extent they differ from the definitions set forth in the MIP, with respect to the Initial Grant and any other awards that may be granted to Executive under the MIP.

Equity Grant. (a) As soon as reasonably practicable following the Effective Date, the Mallinckrodt shall grant Executive shall be granted a one-time equity award (the “Initial Grant”) under Mallinckrodt’s 2022 Stock and Incentive Plan (covering 1.2% of the “MIP”) covering 150,182 fully diluted ordinary shares of Mallinckrodt, excluding the Opioid CVRs which would dilute all shareholders equally. 50% One-third of the Initial Grant shall consist of restricted stock units (“RSUs”) that will vest ratably on each of the first three (3) anniversaries of the Effective Date January 1, 2024 and the remaining 50% two-thirds of the Initial Grant shall consist of performance stock units (“PSUs”) that xxxx wxxx xxxxx vest following the performance period which began on December 30, 2023 and ends on December 2725, 2024 2026 as outlined in the applicable award agreement (the “Performance Period”) ), with 50% vesting based on Mallinckrodt’s attainment of (1) total shareholder return (“TSR”) during the Performance Period relative to the TSR generated by the Xxxxxxx 2000 Biotechnology Subsector Index (or another peer group certain realized value targets and 50% vesting based on Mallinckrodt’s attainment of pharmaceutical companies selected by the Committee), and (2) aggregate adjusted operating cash flow targets during the Performance Period. The terms and conditions applicable to the Initial Grant shall be consistent with those applicable to RSUs and PSUs issued under Mallinckrodt’s 2024 Stock and Incentive Plan to be adopted by the Board, in substantially the form attached hereto as Exhibit B (the “MIP”), except as otherwise set forth herein. Notwithstanding anything set forth in the MIP, “Cause”, “Change in Control Termination”, “Disability”, and “Good Reason”, “Early Retirement” and “Normal Retirement” shall have the meanings set forth herein, to the extent they differ from the definitions set forth in the MIP, herein with respect to the Initial Grant and any other awards that may be granted to Executive under the MIPMIP shall have such definitions.

Equity Grant. (a) As soon as reasonably practicable On or within 30 calendar days following the Effective Start Date, the Executive shall be granted a one-time equity award (the “Initial Grant”) under Mallinckrodt’s 2022 Stock and Incentive Plan (the “MIP”) covering 150,182 450,545 ordinary shares of Mallinckrodtthe Company. 50% of the Initial Grant shall consist of restricted stock units (“RSUs”) that will vest ratably on each of the first three (3) anniversaries of the Effective Start Date and the remaining 50% of the Initial Grant shall consist of performance stock units (“PSUs”) that xxxx xxxxx vest following at the end of a performance period which ends beginning on the effective date of the Company’s emergence from Chapter 11 restructuring and ending in December 27, 2024 as outlined in the applicable award agreement (the “Performance Period”) based on Mallinckrodtthe Company’s attainment of (1) total shareholder return (“TSR”) during the Performance Period relative to the TSR generated by the Xxxxxxx 2000 Biotechnology Subsector NYSE Arca Pharmaceutical Index (or another peer group of pharmaceutical companies selected by the Committee), and (2Committee in good faith consultation with the Executive) adjusted operating cash flow during the Performance Period. The terms and conditions applicable to the Initial Grant shall be consistent with those applicable to RSUs and PSUs issued under the Company’s Management Incentive Plan (the “MIP”), except as otherwise set forth herein. Notwithstanding anything set forth in the MIP, “Cause”, “Change in Control Termination”, “Disability”, and “Good Reason”, “Early Retirement” and “Normal Retirement” shall have the meanings set forth herein, to the extent they differ from the definitions set forth in the MIP, herein with respect to the Initial Grant and any other awards that may be granted to Executive under the MIP.

Equity Grant. (a) As soon as reasonably practicable following the Effective Date, the Executive shall be granted a one-time equity award (the “Initial Grant” or “Initial Award”) under Mallinckrodt’s 2022 2024 Stock and Incentive Plan to be adopted by the Board (the “MIP”) covering 150,182 ordinary [ ]% of the fully-diluted shares of Mallinckrodt, excluding the Opioid CVRs which would dilute all shareholders equally. 50% One-third of the Initial Grant shall consist of restricted stock units (“RSUs”) that will vest ratably on each of the first three (3) anniversaries of the Effective Date January 1, 2024 and the remaining 50% two-thirds of the Initial Grant shall consist of performance stock units (“PSUs”) that xxxx xxxxx vest following the performance period which began on December 30, 2023 and ends on December 2725, 2024 2026 as outlined in the applicable award agreement (the “Performance Period”) ), with 50% vesting based on Mallinckrodt’s attainment of (1) total shareholder return (“TSR”) during the Performance Period relative to the TSR generated by the Xxxxxxx 2000 Biotechnology Subsector Index (or another peer group certain realized value targets and 50% vesting based on Mallinckrodt’s attainment of pharmaceutical companies selected by the Committee), and (2) aggregate adjusted operating cash flow targets during the Performance Period. The terms and conditions applicable to the Initial Grant shall be consistent with those applicable to RSUs and PSUs issued under the MIP, except as otherwise set forth herein. Notwithstanding anything set forth in the MIP, “Cause”, “Change in Control Termination”, “Disability”, “Good Reason”, “Early Retirement” and “Normal Retirement” shall have the meanings set forth herein, to the extent they differ from the definitions set forth in the MIP, with respect to the Initial Grant and any other awards that may be granted to Executive under the MIP.

Equity Grant. (a) As soon as reasonably practicable following the Effective Date, the Executive shall be granted a one-time equity award (the “Initial Grant”) under Mallinckrodt’s 2022 Stock and Incentive Plan (the “MIP”) covering 150,182 450,545 ordinary shares of Mallinckrodt. 50% of the Initial Grant shall consist of restricted stock units (“RSUs”) that will vest ratably on each of the first three (3) anniversaries of the Effective Date and the remaining 50% of the Initial Grant shall consist of performance stock units (“PSUs”) that xxxx xxxxx vest following the performance period which ends on December 27, 2024 as outlined in the applicable award agreement (the “Performance Period”) based on Mallinckrodt’s attainment of (1) total shareholder return (“TSR”) during the Performance Period relative to the TSR generated by the Xxxxxxx 2000 Biotechnology Subsector Index (or another peer group of pharmaceutical companies selected by the Committee), and (2) adjusted operating cash flow during the Performance Period. The terms and conditions applicable to the Initial Grant shall be consistent with those applicable to RSUs and PSUs issued under Mallinckrodt’s 2022 Stock and Incentive Plan (the “MIP”), except as otherwise set forth herein. Notwithstanding anything set forth in the MIP, “Cause”, “Change in Control Termination”, “Disability”, and “Good Reason”, “Early Retirement” and “Normal Retirement” shall have the meanings set forth herein, to the extent they differ from the definitions set forth in the MIP, herein with respect to the Initial Grant and any other awards that may be granted to Executive under the MIP.

Equity Grant. (a) As soon as reasonably practicable following the Effective Date, the Executive shall be granted a one-time equity award (the “Initial Grant”) under Mallinckrodt’s 2022 Stock and Incentive Plan (the “MIP”) covering 150,182 225,273 ordinary shares of Mallinckrodt. 50% of the Initial Grant shall consist of restricted stock units (“RSUs”) that will vest ratably on each of the first three (3) anniversaries of the Effective Date and the remaining 50% of the Initial Grant shall consist of performance stock units (“PSUs”) that xxxx xxxxx vest following the performance period which ends on December 27, 2024 as outlined in the applicable award agreement (the “Performance Period”) based on Mallinckrodt’s attainment of (1) total shareholder return (“TSR”) during the Performance Period relative to the TSR generated by the Xxxxxxx 2000 Biotechnology Subsector Index (or another peer group of pharmaceutical companies selected by the Committee), and (2) adjusted operating cash flow during the Performance Period. The terms and conditions applicable to the Initial Grant shall be consistent with those applicable to RSUs and PSUs issued under the MIP, except as otherwise set forth herein. Notwithstanding anything set forth in the MIP, “Cause”, “Change in Control Termination”, “Disability”, “Good Reason”, “Early Retirement” and “Normal Retirement” shall have the meanings set forth herein, to the extent they differ from the definitions set forth in the MIP, with respect to the Initial Grant and any other awards that may be granted to Executive under the MIP.