May 1, 2005 Craig Chambliss 3260 Whipple Road Union City, California 94587 RE: Change-in-Control Dear Craig:Letter Agreement • March 30th, 2006 • Questcor Pharmaceuticals Inc • Pharmaceutical preparations • California
This letter agreement (this “Agreement”) is entered into pursuant to that certain offer letter (the “Offer Letter”) dated March 31, 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.
SEVERANCE AGREEMENTSeverance Agreement • March 30th, 2006 • Questcor Pharmaceuticals Inc • Pharmaceutical preparations • California
This Severance Agreement (the “Agreement”) is made and entered into by and between Questcor Pharmaceuticals, Inc. (the “Company”) and David Medeiros (“Medeiros”) (collectively referred to as the “Parties”). The Agreement is effective as of July 10, 2003.
May 4, 2005 Craig Chambliss 3260 Whipple Road Union City, California 94587 RE: Severance Agreement Dear Craig:Questcor Pharmaceuticals Inc • March 30th, 2006 • 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 March 31, 2005, and Change-in-Control Agreement dated May 1, 2005, which are incorporated herein, the Company agrees to provide you severance in the event that the following conditions are met.
