September 28, 2005 George Stuart 3260 Whipple Road Union City, California 94587 RE: Change-in-Control Dear George:Letter Agreement • September 30th, 2005 • Questcor Pharmaceuticals Inc • Pharmaceutical preparations • California
This letter agreement (this “Agreement”) is entered into pursuant to that certain offer letter (the “Offer Letter”) dated September 27, 2005, between you and Questcor Pharmaceuticals, Inc., a California corporation (“Questcor”). Questcor considers it essential to the best interests of its stockholders to foster the continuous employment of key management personnel. In connection with this, Questcor’s Board of Directors (the “Board”) recognizes that, as is the case with many publicly held corporations, the possibility of a change in control of Questcor may exist and that the uncertainty and questions that it may raise among management could result in the departure or distraction of management personnel to the detriment of Questcor and its stockholders.
September 28, 2005 George Stuart 3260 Whipple Road Union City, California 94587 RE: Severance Agreement Dear George:Questcor Pharmaceuticals Inc • September 30th, 2005 • Pharmaceutical preparations
In addition to the terms and conditions of your employment with Questcor Pharmaceuticals, Inc. (the “Company”) which are set forth in your Offer Letter dated September 27, 2005, and Change-in-Control Agreement dated September 28, 2005, which are incorporated herein, the Company agrees to provide you severance in the event that the following conditions are met.
