SEPARATION AND RELEASE AGREEMENT
This Separation and Release Agreement (“Agreement”) is made by and between PAR
PHARMACEUTICAL COMPANIES, INC., and PAR PHARMACEUTICAL, INC . (collectively
referred to as “THE COMPANY”), and SHANKAR HARIHARAN (“EMPLOYEE”), a specified employee
of THE COMPANY. The Effective Date of this Agreement shall be as set forth in Section 9 herein.
A. For purposes of this Agreement, “THE COMPANY” means PAR PHARMACEUTICAL
COMPANIES, INC., and PAR PHARMACEUTICAL, INC., and each and any of their parent and subsidiary
corporations, affiliates, departments, divisions, and/or joint ventures.
B. EMPLOYEE has been employed by THE COMPANY as Executive Vice President and Chief Scientific
C. As a result of EMPLOYEE’s separation from THE COMPANY, and to fully and finally resolve all issues
concerning EMPLOYEE’s employment relationship with THE COMPANY, THE COMPANY and
EMPLOYEE have decided to enter into this Agreement.
For and in consideration of the mutual promises and covenants in this Agreement, the parties agree as
1. Separation of Employment. THE COMPANY and EMPLOYEE agree that EMPLOYEE shall
separate from THE COMPANY effective at the end of business on November 22, 2006 (“Separation Date”),
such separation of employment with THE COMPANY occurring pursuant to Section 3.2.5 of that certain
Employment Agreement dated as of May 28, 2004 by and between the parties (“Employment Agreement”). All
capitalized terms used herein without definition will have the same respective meanings as provided in the
2. Pay, Benefits and Stock Options Upon Separation.
(a) Separation Pay. In accordance with Section 3.3.2 of the Employment Agreement, EMPLOYEE is,
on account of his separation from THE COMPANY, entitled to severance in the amount of eight hundred forty-
two thousand dollars ($842,000.00), which severance shall be payable in