EMPLOYMENT AGREEMENT (this "Agreement"), dated as of November 24, 2003, by and between
Pharmaceutical Resources, Inc., a Delaware corporation ("Resources"), and Thomas Haughey ("Executive").
R E C I T A L S :
A. WHEREAS, Executive desires to provide services to Resources and Resources's wholly-owned subsidiary,
Par Pharmaceutical, Inc. ("Par" and, together with Resources, "Employer"); and
B. WHEREAS, Resources and Executive desire to formalize the terms and conditions of Executive's employment
with the Company.
In consideration of the mutual promises herein contained, the parties hereto hereby agree as follows:
(a) Resources hereby employs Executive, effective as of the Effective Date (as defined in Section 3.1 hereof), in
the capacities of Vice President, General Counsel and Secretary of Resources and Vice President, General
Counsel and Secretary 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, effective as of
the Effective Date, subject to the terms and conditions herein contained. In all such capacities, Executive shall be
responsible for all aspects of the legal affairs of Employer, including, without limitation, compliance with
applicable laws and regulations, and shall perform and carry out such duties and responsibilities that are
reasonably consistent with Executive's positions and responsibilities and this Agreement as may be assigned to
him by the Executive Chairman of the Board of Directors of Resources (the "Board"), who will be authorized by
a Board resolution as the authorized person for such purpose, the President and the Chief Executive Officer of
Resources and, with respect to certain special projects, such person(s) as may be designated by the Executive
Chairman of the Board. Executive shall report to the Executive Chairman of the Board.
(b) In connection with Executive's