Document:

exhibit101

    Exhibit
      10.1

    

    DESCRIPTION
      OF DIRECTORS AND 

    NAMED
      EXECUTIVE OFFICERS COMPENSATION

    

        In
      accordance
      with the “Frequently Asked Questions” bulletin posted by the staff of the
      Division of Corporation Finance of the Securities and Exchange Commission on
      November 23, 2004 on the Securities and Exchange Commission’s website, we are
      disclosing the following information that the Securities and Exchange Commission
      may deem to be material definitive agreements with our directors and executive
      officers.

    

        Bancorp
      does
      not compensate its directors. Each director of Bancorp is also a director of
      the
      Bank. Meetings of the directors of Bancorp are held immediately before or after
      meetings of the directors of the Bank. In 2007, outside directors of the Bank
      will receive $2,200 per meeting of the Board of Directors attended in 2007.
      Additionally, each non-employee member of a committee of the Board of Directors
      of the Bank will receive a fee ranging from $300 to $850 per committee meeting.
      

     

        We
      have not
      entered into employment agreements with any of the executive officers, who
      are
      employed on an at-will basis. In 2007, the Bank’s executive officers will earn
      the annual base salaries set forth opposite their names below and will be
      entitled to a bonus, if any, as determined by the Compensation
      Committee:

     

    
      	
              Name

            	
              Title

            	
              2007
                Salary

               

            
	
              Alan
                J. Hyatt

               

            	
              President
                and Chief Executive Officer

               

            	
              $278,000

               

            
	
              Melvin
                E. Meekins, Jr.

               

            	
              Executive
                Vice President 

               

            	
              $330,000

               

            
	
              S.
                Scott Kirkley

               

            	
              Executive
                Vice President, Secretary and Treasurer

               

            	
              $236,000

               

            
	
              Thomas
                G. Bevivino

               

            	
              Executive
                Vice President and Chief Financial Officer

               

            	
              $167,000

               

            

    

    

    The
      executive officers are entitled to participate in the Bank’s 401(k) Plan and in
      an Employee Stock Ownership Plan. The Bank makes a matching contribution of
      50%
      of each executive officer’s 401(k) Plan contribution up to 6% of such executive
      officer’s salary, and an additional non-matching contribution at the discretion
      of the Board of Directors.Exhibit 10.3.5
                                 

FOURTH AMENDMENT TO
DISTRIBUTION AGREEMENT  

        This
Fourth Amendment to Distribution Agreement (this “Amendment”), dated as of
February 1, 2005, is by and between Par Pharmaceutical, Inc., a Delaware corporation
(successor by merger to Par Pharmaceutical, Inc., a New Jersey corporation)
(“Par”), and Bradley Pharmaceuticals, Inc., a Delaware corporation
(“Bradley”). 

        WHEREAS,
Par and Bioglan Pharma, Inc. (now known as BPI Corp.), a Delaware corporation
(“Bioglan”), have entered into that certain Distribution Agreement, dated as of
December 27, 2000 (the “Original Agreement”), relating to the supply and
distribution of doxycycline monohydrate tablets and capsules; 

        WHEREAS,
Par, Bioglan and Quintiles Ireland Limited, a company incorporated in the Republic of
Ireland (“Quintiles”), have entered into that certain Assignment of Distribution
Agreement (the “Assignment”), pursuant to which, among other matters, (i)
Bioglan assigned all of its right, title and interest in and to the Original Agreement to
Quintiles, (ii) Quintiles assumed certain obligations of Bioglan under the Original
Agreement, (iii) Par consented to the foregoing assignment and assumption and (iv) the
parties amended certain provisions of the Original Agreement, all as set forth therein; 

        WHEREAS,
Par and Quintiles have entered into that certain Second Amendment to Distribution
Agreement and First Amendment to Assignment of Distribution Agreement, dated as of
September 11, 2003, pursuant to which Par and Quintiles amended the Assignment and further
amended the Original Agreement, as amended, all as set forth therein; 

        WHEREAS,
Par and Quintiles have entered into that certain Third Amendment to Distribution
Agreement, dated as of April 13, 2004, pursuant to which Par and Quintiles further amended
the Original Agreement, as amended, all as set forth therein; and 

        WHEREAS,
pursuant to that certain Consent and Agreement, dated as of July 9, 2004, Quintiles
assigned all of its right, title and interest in and to the Original Agreement, as
amended, to Bradley (the Original Agreement, as amended by the Assignment, the Second
Amendment, the Third Amendment and the Consent and Agreement, and as may hereafter be
amended from time to time, is hereinafter referred to as the “Amended
Agreement”); 

        WHEREAS,
Par and Bradley now desire to amend further certain terms of the Amended Agreement, all as
set forth herein. 

        NOW,
THEREFORE, in consideration of the mutual covenants contained herein, Par and Bradley
hereby agree as follows: 

1. Amendment of the
Agreement.  

        (a)
          Par and Bradley hereby amend Section 5.1(a) of the Amended Agreement by
deleting           the first sentence of Section 5.1(a) in its entirety and
replacing it with           the following:  

	  	
“The
purchase price payable by Bradley for the Tablets supplied to it by Par shall be $13.00
per bottle of 100 tablets (50 mg dosage), $12.50 per  

 
	 	 
	 

	  	bottle of 50 tablets (100 mg
dosage), $62.50 per bottle of 250 tablets (100 mg dosage), $115.00 per 1000 tablets (50
mg dosage) in bulk orders in containers of 20,000 tablets and $235.00 per 1000 tablets
(100 mg dosage) in bulk orders in containers of 20,000 tablets.” 

        (b)
          Par and Bradley hereby amend Section 5.1(a) of the Amended Agreement by
deleting           the third sentence of Section 5.1(a) in its entirety and
replacing it with           the following:  

	  	
“The
purchase price payable by Bradley for the Additional Tablets supplied to it by Par shall
be $11.25 per bottle of 50 tablets (75 mg dosage), $22.50 per bottle of 100 tablets (75
mg dosage), $112.50 per bottle of 500 tablets (75 mg dosage) and $222.00 per 1000 tablets
(75 mg dosage) in bulk orders in containers of 20,000 tablets.  

        (c)
          Par and Bradley hereby amend Article 3 of the Amended Agreement by adding after
          Section 3.3 the following Section 3.4:  

	  	
“3.4
Product Warranty and Additional Obligations of Bradley: 

	  	
Bradley
hereby warrants to Par that all Product supplied to Bradley hereunder shall be stored,
handled, marked and distributed in accordance with all applicable rules, regulations and
requirements of the FDA and the Act. With respect to Product supplied to Bradley in bulk
finished drug product hereunder, Bradley shall undertake marketing and distribution of
such Product in compliance with all applicable rules, regulations and requirements of the
FDA and the Act, including, without limitation, provisions relating to packaging,
labeling, expiration dating, stability testing and CGMP. As between Par and Bradley,
Bradley shall be responsible for any acts or omissions attributable to its third-party
packaging or labeling of the Product.” 

        (d)
          Except as expressly modified hereby, the Amended Agreement remains in full
force           and effect.  

2.    Noncontravention.
Each party hereto severally represents and warrants           that the execution and
delivery by it of this Amendment and the performance by           it of its obligations
under the Amended Agreement, as amended hereby, do not and           will not (with or
without the giving of notice or the passage of time)           (a) contravene or
conflict with or constitute a violation of any provision           of law applicable to
it or its properties, assets or activities, (b) result           in the creation or
imposition of any lien upon any of its properties or assets           or (c) constitute
a default or breach under or a violation of, or give rise           to any right of
termination, cancellation or acceleration of, any material           contract or
agreement to which it is a party or is otherwise bound.  

3.    Governing
Law/Counterparts. This Amendment shall be deemed to have been           made under,
and shall be governed by, the laws of the State of New York. This           Amendment may
be executed in  

 
	 	
2	 

counterparts, each of which shall be
deemed an           original and all of which shall constitute a single agreement.  

        IN
WITNESS WHEREOF, this Amendment has been executed as of the date set forth above by a duly
authorized representative of the parties hereto. 

	        	PAR PHARMACEUTICAL, INC.
	 	 	 	 
	 	By: 	/s/ Michael Graves
      

    
	 	 	Name:	Michael Graves
	 	 	Title:	Senior Vice President 

      Strategic Planning & Corporate Development
	 	 	 	 
	 	BRADLEY PHARMACEUTICALS, INC.
	 	 	 	 
	 	By:	/s/ Ralph N. Landau
      

    
	 	 	Name:	Ralph N. Landau
	 	 	Title:	Chief Scientific Officer  

 

 
	 	
3Exhibit 10.3.6
                                 

FIFTH AMENDMENT TO
DISTRIBUTION AGREEMENT 

        This
Fifth Amendment to Distribution Agreement (this “Amendment”), dated as of June
22, 2006, is made by Par Pharmaceutical, Inc., a Delaware corporation (successor
by merger to Par Pharmaceutical, Inc., a New Jersey corporation) (“Par”), and Bradley
Pharmaceuticals, Inc., a Delaware corporation (“Bradley”).  

        WHEREAS,
Par and Bioglan Pharma, Inc. (now known as BPI Corp.), a Delaware corporation
(“Bioglan”), entered into that certain Distribution
Agreement, dated as of December 27, 2000 (the “Original
Agreement”), relating to the supply and distribution of doxycycline
monohydrate tablets and capsules; 

        WHEREAS,
Par, Bioglan and Quintiles Ireland Limited, a company incorporated in the Republic of
Ireland (“Quintiles”), entered into that certain Assignment
of Distribution Agreement (the “Assignment”), pursuant to
which, among other matters, (i) Bioglan assigned all of its right, title and interest in
and to the Original Agreement to Quintiles, (ii) Quintiles assumed certain obligations of
Bioglan under the Original Agreement, (iii) Par consented to the foregoing assignment and
assumption and (iv) the parties amended certain provisions of the Original Agreement, all
as set forth therein; 

        WHEREAS,
Par and Quintiles entered into that certain Second Amendment to Distribution Agreement and
First Amendment to Assignment of Distribution Agreement, dated as of September 11, 2003
(the “Second Amendment”), pursuant to which Par and
Quintiles amended the Assignment and further amended the Original Agreement, all as set
forth therein; 

        WHEREAS,
Par and Quintiles have entered into that certain Third Amendment to Distribution
Agreement, dated as of April 13, 2004 (the “Third
Amendment”), pursuant to which Par and Quintiles further amended the
Original Agreement, all as set forth therein; 

        WHEREAS,
pursuant to that certain Consent and Agreement, dated as of July 9, 2004 (the
“Consent and Agreement”), Quintiles assigned all of its
right, title and interest in and to the Original Agreement, as amended, to Bradley, and
Bradley assumed all of the obligations of Quintiles under the Original Agreement, as
amended; 

        WHEREAS,
Par and Bradley have entered into that certain Fourth Amendment to Distribution Agreement,
dated as of February 1, 2005 (the “Fourth Amendment”),
pursuant to which Par and Bradley further amended the Original Agreement, all as set forth
therein (the Original Agreement, as amended by the Assignment, the Second Amendment, the
Third Amendment, the Consent and Agreement and the Fourth Amendment, and as may hereafter
be amended from time to time, is hereinafter referred to as (the “Amended
Agreement”); and 

        WHEREAS,
Par and Bradley now desire to amend further the Amended Agreement, all as set forth
herein. 

        NOW,
THEREFORE, in consideration of the mutual covenants contained herein, Par and Bradley
hereby agree as follows: 

 
	 	 
	 

1. Amendment of the
Agreement. 

        (a)
          Par and Bradley hereby amend the Agreement by inserting, after Section 2.5
          thereof, the following new Section 2.6:  

	  	
2.6
Development of 125 mg Tablets: 

	 	(a)  	  	Par
shall use commercially reasonable efforts to (i) develop doxycycline
                    mono tablets in the dosage amount of 125 mg (the “125
mg                     Tablets”) for sale in the Territory and (ii) submit
to                     the FDA on or before February 1, 2007 an ANDA to obtain final
and                     unconditional approval enabling Par to sell the 125 mg Tablets in
the Territory                     (“125 mg Tablets Approval”);
provided, however, that, if Par is required by the FDA to perform any
pivotal                     biostudies for the 125 mg Tablets, Par, prior to initiating
such biostudies,                     shall so notify Bradley in writing (the “Biostudies
Notice”),                     and Bradley shall promptly reimburse Par for Par’s
out-of-pocket expenses                     incurred in connection with such pivotal
biostudies, unless Bradley notifies Par                     in writing within thirty (30)
days of its receipt of the Biostudies Notice                     to discontinue
development of the 125 mg Tablets (the “Notice to
                    Discontinue Development”), effective from the
date of                     Par’s receipt of such Notice; provided, further,
that nothing                     herein contained shall constitute a guarantee or
warranty by Par that 125 mg                     Tablets Approval will be obtained.
Subject to the foregoing, if Par shall fail                     to submit the ANDA
described in clause (ii) of this Section 2.6(a)                     within
ninety (90) days following February 1, 2007, then Bradley may
                    deliver a written Notice to Discontinue Development within ten (10)
days                     following such 90-day period, effective from the date of Par’s
receipt of                     such notice. Delivery of a Notice to Discontinue
Development as provided under                     this Section 2.6(a) shall mean
that Section 2.6(b) hereof shall cease                     to have effect, Bradley
shall have no obligation to pay the amount set forth in                     Section 2.6(c)(ii)
hereof, and Par shall have no further obligation to                     Bradley with
respect to the amount payable to it pursuant to                     Section 2.6(c)(i)
hereof; provided, the remaining provisions of this                     Agreement,
including Section 2.6(c)(i) hereof, shall remain in full force
                    and effect.  

	 	(b)  	  	Subject
to receipt of 125 mg Tablets Approval and to the provisions of this
                    Agreement, Par hereby appoints Bradley, for the period commencing
upon receipt                     of 125 mg Tablets Approval and ending on December 31,
2016 (the                     “125 mg Tablets Distribution
                    Period”), as its sole and exclusive distributor
of the 125                     mg Tablets in the Territory, and Bradley accepts such
appointment and agrees to                     act as such sole and exclusive distributor
upon such terms and conditions of,                     and the  

 
	 	
2	 

	 	  	  	125
mg Tablets shall be included in the definition of                     “Products” as
used in, this Agreement. If Bradley is not in default                     under this
Agreement, upon the expiration of the 125 mg Tablets Distribution
                    Period, Bradley shall have the right to purchase the ANDA for the 125
mg Tablets                     from Par for the purchase price of ten dollars ($10). Par
shall have the right                     to sell the 125 mg Tablets outside the Territory
at any and all times.  

	 	(c)  	  	In
consideration for the provisions of this Section 2.6, Bradley shall pay
                    to Par, by wire transfer of immediately available funds to an account
previously                     designated in writing by Par, the sum of $400,000 (the
“125 mg                     Tablets Fee”), as follows:
Bradley shall pay                     (i) one-half (1/2) of the 125 mg Tablets Fee
upon the execution of this                     Amendment and (ii) one-half (1/2) of
the 125 mg Tablets Fee within                     five (5) business days of its
receipt from Par of written confirmation of                     the 125 mg Tablets
Approval.  

        (b)
          Par and Bradley hereby amend Section 5.1(a) of the Agreement by inserting,
          between the seventh and eighth sentences thereof, the following:  

	  	
“The
purchase price payable by Bradley for the 125 mg Tablets supplied to it by Par shall be
$305.00 per 1,000 tablets in bulk order in containers of 20,000 tablets.  

        (c)
          Par and Bradley hereby amend Section 5.1(c) of the Agreement by deleting the
          third sentence of Section 5.1(c) in its entirety and replacing it with the
          following sentence:  

	  	
“Thereafter,
the price for Product to be used by Bradley as samples, including Additional Tablets,
Additional Capsules, 150 mg Tablets, 150 mg Capsulesand 125 mg Tablets to be
used as samples, shall equal the sum of Par’s aggregate direct costs, out-of-pocket
costs and documented raw material costs for such Product.” 

        (d)
          Par and Bradley hereby amend Section 5.3 of the Agreement by deleting Section
          5.3 in its entirety and replacing it with the following:  

	  	
“As
additional consideration for the Tablets, Bradley shall pay to Par five percent (5%), and
as additional consideration for the Additional Tablets, the 150 mg Tablets, the 150 mg
Capsules, the 125 mg Tablets and the Additional Capsules, Bradley shall pay to Par seven
and one-half percent (7.5%), of the net sales (gross sales less returns and allowances
other than allowances for bad debts or doubtful accounts) by Bradley and its affiliates
of Tablets, Additional Tablets, 150 mg Tablets, 150 mg Capsules, the 125 mg Tablets, and
Additional Capsules, as the case may be, to unrelated third-party customers, which
additional consideration shall be paid to Par as part of the purchase price for the
Tablets, Additional Tablets, 150 mg Tablets, 150 mg Capsules, the 125 mg  

 
	 	
3	 

	  	
Tablets
and Additional Capsules sold and shall not be treated as a royalty or similar payment.” 

        (e)
          Par and Bradley hereby amend Section 8.1 of the Agreement by deleting Section
          8.1 in its entirety and replacing it with the following:  

	  	
8.1 Term: The
term of this agreement shall commence on January 1, 2001 and shall terminate on (i) December 31,
2010 with respect to the Tablets, Capsules, Additional Tablets and Additional Capsules
only; (ii) December 31, 2015 with respect to the 150 mg Capsules and 150 mg
Tablets only; and (iii) December 31, 2016 with respect to the 125 mg Tablets
only; unless earlier terminated in accordance with the provisions of this agreement.  

        (f)
          Except as expressly modified hereby, the Agreement remains in full force and
          effect.  

2.    Noncontravention.
Each party hereto severally represents and warrants           that the execution and
delivery by it of this Amendment and the performance by           it of its obligations
under the Amended Agreement, as amended hereby, do not and           will not (with or
without the giving of notice or the passage of time)           (a) contravene or
conflict with or constitute a violation of any provision           of law applicable to
it or its properties, assets or activities, (b) result           in the creation or
imposition of any lien upon any of its properties or assets           or (c) constitute
a default or breach under or a violation of, or give rise           to any right of
termination, cancellation or acceleration of, any of its           organizational
documents or any material contract or agreement to which it is a           party or is
otherwise bound.  

3.    Governing
Law/Counterparts. This Amendment shall be deemed to have been           made under,
and shall be governed by, the laws of the State of New York. This           Amendment may
be executed in counterparts, each of which shall be deemed an           original and both
of which shall constitute a single agreement.  

        IN
WITNESS WHEREOF, this Amendment has been executed as of the date set forth above by a duly
authorized representative of the parties hereto. 

	        	PAR PHARMACEUTICAL, INC.
	 	 	 	 
	 	By: 	
      /s/ Michael Graves

      

    
	 	 	Name:	Michael Graves
	 	 	Title:	President, Generic Product Division
	 	 	 	 
	 	BRADLEY PHARMACEUTICALS, INC.
	 	 	 	 
	 	By:	
      /s/ Ralph N. Landau

      

    
	 	 	Name:	Ralph N. Landau
	 	 	Title:	Vice President & Chief Scientific Officer 

 
	 	
4

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