EMPLOYMENT AGREEMENT (this “Agreement”), dated as of February 10, 2006 and effective as
of March 16, 2006, by and between Par Pharmaceutical Companies, Inc., a Delaware corporation (“Par” or
“Employer”), and Gerard Martino (“Executive”).
A. WHEREAS, Employer wishes to employ Executive in the capacity of Executive Vice President and
Chief Financial Officer of Par, and Executive desires to provide services to Par in this capacity; and
B. WHEREAS, Employer and Executive desire to formalize the terms and conditions of Executive’s
employment with Par.
In consideration of the mutual promises herein contained, the parties hereto hereby agree as follows:
1. Employment .
1.1. General . Par hereby employs Executive effective March 16, 2006 (the “Effective Date”), in the
capacity of Executive Vice President and Chief Financial Officer of Par at the compensation rate and benefits set
forth in Section 2 hereof for the Employment Term (as defined in Section 3.1 hereof). Executive hereby accepts
such employment, subject to the terms and conditions herein contained. In all such capacity, Executive shall
perform and carry out such duties and responsibilities as may be assigned to him from time to time by the Board
and by the Chief Executive Officer of Par reasonably consistent with Executive’s position and this Agreement,
and shall report to Scott Tarriff, President and Chief Executive Officer of Par.
1.2. Time Devoted to Position . Executive, during the Employment Term, shall devote substantially all
of his business time, attention and skills to the business and affairs of Employer.
1.3. Certifications . Whenever the Chief Executive Officer of Par is required by law, rule or regulation
or requested by any governmental authority or by Par’s auditors to provide certifications with respect to Par’s
financial statements or filings with the Securities and Exc