EMPLOYMENT AGREEMENT (this “Agreement”), dated as of November 10, 2006, by and
between PAR PHARMACEUTICAL COMPANIES, INC., and PAR PHARMACEUTICAL, INC .,
each a Delaware corporation (collectively, “Par” or “Employer”), and PATRICK LePORE (“Executive”).
A. WHEREAS, Employer wishes to employ Executive in the capacity of President and Chief Executive
Officer of Par Pharmaceutical Companies, Inc., and as President and Chief Executive Officer of Par
Pharmaceutical, Inc., and Executive desires to provide services in these capacities; and
B. WHEREAS, Employer and Executive desire to formalize the terms and conditions of Executive’s
employment with Employer.
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 September 27, 2006 (the “Effective Date”), in the
capacity of Chief Executive Officer and President 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 capacities, Executive shall perform
and carry out such duties and responsibilities as may be assigned to him from time to time by the Board of
Directors (the “Board”) reasonably consistent with Executive’s position and this Agreement, and shall report to
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 and/or Chief Financial Officer of Employer are
required by law, rule or regulation, or requested by any governmental authority or by Par’s auditors, to provide
certifications with respect to Pa