1989 EMPLOYEE STOCK PURCHASE PROGRAM
PAR PHARMACEUTICAL COMPANIES, INC.
AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2008
Purpose and effect of the Program .
The purpose of the Par Pharmaceutical Companies, Inc. Employee Stock Purchase Program (“ Stock
Purchase Program ” or “ Program ”) is to secure for Par Pharmaceutical Companies, Inc., a Delaware
corporation (the “ Company ”), and its stockholders the benefits of the incentives inherent in the ownership of the
Company’s capital stock by present and future employees of the Company and its subsidiaries. The Stock
Purchase Program is intended to comply with the provisions of Sections 421, 423 and 425 of the Internal
Revenue Code of 1986, as amended (the “ Code ”), and the Program shall be administered, interpreted and
construed in accordance with such provisions. The Program was originally approved by the stockholders
September 28, 1990 (“ Effective Date ”). The Program, as amended and restated herein, has been approved
by the Board of Directors to be effective as of January 1, 2008 (“ Restated Effective Date ”).
Shares reserved for the Program .
There shall be reserved for issuance and purchase by employees under the Stock Purchase Program an
aggregate of 1,000,000 shares of Common Stock, par value $.01 per share, of the Company (“ Common Stock
”), subject to adjustment as provided in Section 12. Shares subject to the Program may be shares now or
hereafter authorized but unissued, or shares that were once issued and subsequently reacquired by the Company.
If and to the extent that any right to purchase reserved shares shall not be exercised by any employee for any
reason or if such right to purchase shall terminate as provided herein, such shares which have not been so
purchased hereunder shall again become available for the purposes of the Program (subject to adjustment as
provided in Section 12).
Administration of the Program .
Subject to the general control of, and su