Document:

EX-10.5

 Exhibit 10.5 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of December 16, 2017, by and among Amneal
Pharmaceuticals LLC (“Amneal”), Atlas Holdings, Inc. (“Holdings”) and Robert A. Stewart (the “Executive” and, collectively with Amneal and Holdings, the “Parties”). 

WITNESSETH: 
 WHEREAS,
Amneal has entered into that certain Business Combination Agreement (the “Business Combination Agreement”), dated as of October 17, 2017, with, among others, Impax Laboratories, Inc. (“Impax”) and Holdings
which contemplates transactions (the “Combination”) pursuant to which Impax, following its conversion into a limited liability company, will become a wholly owned subsidiary of Amneal and Holdings, which will become a publicly
traded company and renamed Amneal Pharmaceuticals, Inc. in connection with the Combination. For purposes of this Agreement, the term the “Company” shall refer to (i) Amneal and its subsidiaries prior to the consummation of the
Combination and (ii) Holdings and its subsidiaries on and after the consummation of the Combination, in each case, inclusive of any successors and assigns permitted by this Agreement. 

WHEREAS, the Executive possesses unique personal knowledge, experience and expertise; 

WHEREAS, effective as of January 25, 2018 (the “Effective Date”), the Company desires to employ the Executive, and the
Executive desires to be employed by the Company, upon the terms and subject to the conditions set forth in this Agreement; 
 WHEREAS,
effective as of immediately following the consummation of the Combination (the “Closing”), the unitholders of the Amneal will hold the majority of the voting power of the Company’s common stock; 

WHEREAS, prior to the Closing, the Executive shall serve as Company’s President and on and following the Closing the Executive shall
serve as the Company’s President and Chief Executive Officer; and 
 WHEREAS, the Company and the Executive desire to enter into this
Agreement as to the terms and conditions of the Executive’s employment with the Company effective as of the Effective Date. 
 NOW,
THEREFORE, in consideration of the covenants and agreements hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

 

	1.	EMPLOYMENT AND DUTIES 

 1.1 Term of Employment. Subject to Section 8.2 below,
the Executive’s initial term of employment under this Agreement shall commence on the Effective Date and shall continue until the third anniversary of the Effective Date (the “Initial Term”), unless further extended or

 
earlier terminated as provided in this Agreement. This Agreement will automatically be renewed for single one-year periods unless written notice of non-renewal (a “Non-Renewal Notice”) is provided by any party at least 90 days prior to the end of the Initial Term or the successive one-year period then in effect or unless earlier terminated as provided in this Agreement. Neither non-renewal of this Agreement for additional periods after the third
anniversary of the Effective Date, nor expiration of this Agreement as a result of such non-renewal, shall, by itself, result in termination of the Executive’s employment. The period of time between the
Effective Date and the termination of the Executive’s employment under this Agreement shall be referred to herein as the “Term.” 

1.2 General. 
 1.2.1
Subject to the terms set forth herein, as of the Effective Date, the Executive shall serve as the President of the Company and shall perform such duties as are customarily associated with the position of President and such other duties as assigned
to Executive by the managing member of the Company. Subject to the terms set forth herein, effective as of the Closing, the Executive shall serve as the President and Chief Executive Officer of the Company, and he shall (i) have general
supervision of all of the departments and businesses of the Company and its subsidiaries, (ii) prescribe the duties of all other officers and employees of the Company and its subsidiaries, (iii) have substantial input into the pre-integration planning for the combined companies involved in the Combination, and (iv) have such other authorities, duties and responsibilities as are prescribed by the Company’s bylaws and as may from
time to time be delegated to him by the Board (as defined below). During the Term, the Executive shall report solely and directly to the Board. For purposes of this Agreement, the term “Board” shall mean the board of managers of the
Company in respect of any action taken prior to the Closing the board of directors of the Company in respect of any action taken on and following the Closing. 

1.2.2 On, or as promptly as practicable following, the Closing, but no later than 30 days following the Closing, the Executive shall be
appointed to the Board. Thereafter, during the Term, at each applicable annual meeting of the Company’s stockholders, the Board, subject to its fiduciary duties, shall nominate and recommend the election of the Executive by the Company’s
stockholders as a director. Upon termination of the Executive’s employment for any reason under this Agreement or upon the expiration of the Term, the Executive shall resign immediately upon request of the Board from all officer and director
positions held by him with the Company and its subsidiaries. 
 1.2.3 The Executive shall faithfully and diligently discharge his duties
hereunder and use his best efforts to implement the policies established from time to time by the Board. The Executive shall devote substantially all of his business time, attention, knowledge and skills faithfully, diligently and to the best of his
ability, in furtherance of the business and activities of the Company; provided, however, that nothing in this Agreement shall preclude the Executive from devoting reasonable periods of time required for: 

(i) serving as a director or member of a committee, in each case, in a non-lead, non-chair role, of up to two (2) publicly traded corporations and up to one (1) private organization or corporation, in each case, that does not, in the good faith determination of the Board, compete with
the Company or otherwise create, or could create, in the good faith determination of the Board a conflict of interest with the business of the Company; 

  
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 (ii) delivering lectures, fulfilling speaking engagements, and any writing or publication
relating to his area of expertise; provided, however, that any fees, royalties or honorariums received therefrom shall be promptly turned over to the Company; 

(iii) engaging in professional organization and program activities; 

(iv) managing his personal passive investments and affairs; and 

(v) participating in charitable or community affairs; 

provided that such activities do not, either individually or in the aggregate, materially interfere with the performance of his duties and responsibilities
under this Agreement or create a conflict of interest with the business of the Company as determined in good faith by the Board. 
 1.2.4 In
the event the Business Combination Agreement is terminated without the consummation of the Combination, then the Parties agree to confer in good faith to reach mutual agreement on the Executive’s continued role with the Company and shall amend
this Agreement to the extent necessary to reflect such role, provided, however, that the termination of the Business Combination Agreement without the consummation of the Combination shall constitute Good Reason to the extent provided under
Section 4.1.3. 
 1.3 Reimbursement of Expenses. The Company shall promptly reimburse the Executive for all reasonable,
documented, out-of-pocket travel and other business expenses incurred by the Executive in the performance of the Executive’s duties to the Company in accordance
with the Company’s applicable expense reimbursement policies and procedures as are in effect from time to time. To the extent any such reimbursements (and any other reimbursements of costs and expenses provided for herein) are includable in the
Executive’s gross income for Federal income tax purposes, all such reimbursements shall be made no later than March 15 of the calendar year next following the calendar year in which the expenses to be reimbursed are incurred. 

 

	2.	COMPENSATION 

 2.1 Base Salary. During the Term, the Executive shall be entitled
to receive a base salary at the annual rate of $1,000,000 (the “Base Salary”). The Base Salary shall be subject to increase but not decrease in the sole discretion of the Board, provided however, that any increase in Base Salary
shall become the Base Salary under this Agreement and shall not be decreased from such increased amount. The Base Salary shall be paid in accordance with the payroll practices of the Company, but not less than monthly. 

2.2 Incentive Bonuses. During the Term, the Executive shall be eligible to receive an annual bonus targeted at 100% of the
Executive’s Base Salary (the “Incentive Bonus”) under the annual incentive program adopted by the Board, as may be amended from time to time. The amount of Incentive Bonus payable for any year shall be based on the achievement
of performance objectives established by the Board, as determined in its discretion, and, based on 

  
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achievement, may be between zero and 150% of the Executive’s Base Salary. The Incentive Bonus will be prorated for the Executive’s initial year of employment. The Executive must be
employed by the Company through the date of payment of any Incentive Bonus in order to remain eligible for such Incentive Bonus. The target amount of the Incentive Bonus shall be subject to increase but not decrease in the sole discretion of the
Board. 
 2.3 Equity Awards. 

2.3.1 Sign-On Restricted Stock Units. In consideration of the Executive’s commencement of
employment with the Company, on, or as promptly as practicable following, the Closing, but no later than 30 days immediately following the Closing, the Company shall grant to the Executive an award of restricted stock units (the “Sign-On RSUs”) having a grant date fair value equal to $2,500,000. The Sign-On RSUs will vest in respect of 25% of the total number of
Sign-On RSUs on each of the first four anniversaries of the Closing, subject to the Executive’s continuous services to the Company through the applicable vesting date. The
Sign-On RSUs shall otherwise be subject to the terms of the plan pursuant to which they are granted and an award agreement to be entered into between the Executive and the Company and Section 4.4.2(iii)
or 4.4.3(iii) (as applicable) below. 
 2.3.2 Stock Option Grant. On, or as promptly as practicable following, the Closing, but no
later than 30 days immediately following the Closing, the Company shall grant to the Executive an option to purchase (the “Initial Option”) that number of shares of the Company common stock necessary for the Initial Option to have a
grant date fair value of $5,000,000. The per share exercise price of the Initial Option shall be equal to the per share fair market value of the Company’s common stock on the date of grant. The Initial Option shall vest and become exercisable
with respect to 25% of the total number of shares subject to the Initial Option on each of the first four anniversaries of the Closing, subject to the Executive’s continuous service to the Company through the applicable vesting date. The
Initial Option shall otherwise be subject to the terms of the plan pursuant to which they are granted and an award agreement to be entered into between the Executive and the Company and Section 4.4.2(iii) or 4.4.3(iii) (as applicable) below.

 2.3.3 Additional Restricted Stock Units. On, or as promptly as practicable following, the Closing, but no later than 30 days
immediately following the Closing, the Company shall grant to the Executive an additional award of restricted stock units (the “Additional RSUs”) having a grant date fair value equal to $2,500,000. The Additional RSUs will vest in
respect of 25% of the total number of Additional RSUs on each of the first four anniversaries of the Closing, subject to the Executive’s continuous services to the Company through the applicable vesting date. The Additional RSUs shall otherwise
be subject to the terms of the plan pursuant to which they are granted and an award agreement to be entered into between the Executive and the Company and Section 4.4.2(iii) or 4.4.3(iii) (as applicable) below. 

2.3.4 Future Equity Awards. Following the Closing, the Executive will be eligible to receive stock options, restricted stock units and
other equity incentive grants as determined by the Board in its sole discretion. 

  
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 2.5 Additional Compensation. During the Term, in addition to the foregoing, the Executive
shall be eligible to receive such other compensation as may from time to time be awarded him by the Board or the Compensation Committee of the Board. 
  

	3.	EMPLOYEE BENEFITS 

 (a) During the Term, the Executive shall be entitled to participate
in and have the benefit of all group life, disability, hospital, surgical and major medical insurance plans and programs and other employee benefit plans and programs as generally are made available to executive personnel of the Company, as such
benefit plans or programs may be amended or terminated in the sole discretion of the Board or the Compensation Committee of the Board, from time to time. 

(b) The Executive shall be entitled to at least 20 paid vacation days per calendar year in accordance with the Company’s vacation
policy in effect from time to time, provided that any unused vacation days in any calendar year shall be carried over to the next calendar year subject to any accrual caps under the Company’s vacation policy. 

 

	4.	TERMINATION OF EMPLOYMENT 

 4.1 General. The Executive’s employment under
this Agreement may be terminated without any breach of this Agreement only on the following circumstances: 
 4.1.1 Death. The
Executive’s employment under this Agreement shall terminate upon his death. 
 4.1.2 Disability. If the Executive suffers a
Disability (as defined below), the Board may terminate the Executive’s employment under this Agreement upon 30 days prior written notice; provided that the Executive has not returned to full time performance of his duties during such 30-day period. For purposes of this Agreement, “Disability” shall mean the Executive’s inability to perform his duties and responsibilities hereunder, with or without reasonable accommodation,
due to any physical or mental illness or incapacity, which condition either (i) has continued for a period of 180 consecutive days (including weekends and holidays) in any 365-day period, or (ii) is
projected by the Board in good faith after consulting with a licensed physician mutually selected by the Board and the Executive (or, in the event of the Executive’s incapacity, his legal representative), that the condition is likely to
continue for a period of at least six consecutive months from its commencement. 
 4.1.3 Good Reason. The Executive may terminate his
employment under this Agreement for Good Reason (as defined below). For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following events without the Executive’s consent: 

(i) any action or inaction by the Company constituting a material breach of the Agreement by the Company; 

(ii) a material diminution of the titles, authorities, duties, or responsibilities of the Executive set forth in Section 1.2 above
(other than temporarily while the Executive is physically or mentally incapacitated and unable to properly perform such duties, as 

  
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determined by the Board in good faith), or the assignment to the Executive of titles, authorities, duties, or responsibilities that are inconsistent with his position of President of the Company
prior to the Closing and President and Chief Executive Officer of the Company on or following the Closing; 
 (iii) the loss of any of the
titles of the Executive with the Company set forth in Section 1.2 above; 
 (iv) a material reduction by the Company in the Base
Salary or in any of the percentages of the Base Salary payable as an Incentive Bonus; 
 (v) an actual relocation of the Executive’s
principal office more than 35 miles from Bridgewater, New Jersey; 
 (vi) the delivery by the Board to the Executive of a Non-Renewal Notice in accordance with Section 1.1; 
 (vii) the termination of the Business
Combination Agreement without the consummation of the Combination or the failure of the Combination to close by December 31, 2018 (a “No-Closing Event”), provided, however, that Good
Reason shall not exist if the Company grants to the Executive one or more Company equity awards (“Substitute Equity Awards”) providing for an aggregate economic opportunity of not less than $10,000,000, based on reasonable
assumptions regarding Company performance, such grant to be made within 15 days following such No-Closing Event; or 

(viii) a material change in the reporting structure set forth in Section 1.2.1 hereof. 

Notwithstanding the foregoing, the Executive may not terminate his employment for Good Reason under this Section 4.1.3 unless
(i) the Executive provides written notice to the Board of the occurrence of an event constituting Good Reason within 30 days of its initial occurrence and (ii) if curable, the Board shall fail to cure such event constituting Good Reason
within 30 days following its receipt of such written notice. The Date of Termination shall be the date the Board receives the Executive’s Notice of Termination if the event constituting Good Reason is uncurable and 30 days after the date the
Board receives the Executive’s Notice of Termination if the event constituting Good Reason is curable and remains uncured 30 days after the Board receives the Executive’s notice of Termination. 

4.1.4 Without Good Reason. The Executive may voluntarily terminate his employment under this Agreement without Good Reason upon written
notice by the Executive to the Board at least 60 days prior to the effective date of such termination (which termination the Board may, in its sole discretion, make effective earlier than the date set forth in the Notice of Termination (as defined
below)). 
 4.1.5 Cause. The Board may terminate the Executive’s employment under this Agreement at any time for Cause (as
defined below). For purposes of this Agreement, termination for “Cause” shall mean any of the following as determined in good faith by the Board: 

  
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 (i) the willful and continued failure by the Executive to substantially perform his obligations
under this Agreement (other than any such failure resulting from the Executive’s incapacity due to a Disability); provided, however, that the Board shall have provided the Executive with a Notice of Termination specifying such
failure and the Executive shall have been afforded at least 15 business days within which to cure same; 
 (ii) the Executive’s
conviction of or plea of guilty or nolo contendere to a felony or a misdemeanor involving moral turpitude or dishonesty; 
 (iii)
the Executive’s willful misconduct in the performance of his duties hereunder (including theft, fraud, embezzlement, and securities law violations) that results in material economic or reputational harm to the Company; 

(iv) the Executive’s violation of the Company’s Code of Conduct or other written policies that results in material economic or
reputational harm to the Company; provided, however, that the Board shall have provided the Executive with a Notice of Termination specifying such failure and the Executive shall have been afforded at least 15 business days within
which to cure same; or 
 For purposes of this Section 4.1.5, no act or failure to act on the part of the Executive shall be considered
“willful,” unless done, or omitted to be done, in good faith or without reasonable belief that his action or omission was in, or not opposed to, the best interest of the Company (including their reputation). 

Prior to any termination for Cause, the Board shall provide the Executive with a Notice of Termination specifying the event constituting Cause and shall give
the Executive the opportunity to appear before the Board, with or without counsel, to present his views on the Cause event. If, after such hearing, at least two-thirds of the full Board (excluding the
Executive) does not support such termination, the Notice of Termination shall be rescinded. After providing the notice in the foregoing sentence, the Board may suspend the Executive with full pay and benefits until a final determination pursuant to
this Section has been made. 
 4.1.6 Without Cause. The Board may terminate the Executive’s employment under this Agreement
without Cause immediately upon written notice by the Board to the Executive, other than for death or Disability. 
 4.1.7 Definition of
Change in Control. For purposes of this Agreement, a “Change in Control” shall be deemed to occur upon any of the following events that occurs after the Closing, provided that such an event constitutes a “change in control
event” within the meaning of Section 409A of the Code (as defined below): (a) any “person” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of the equity securities of the Company), becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of equity securities of the
Company representing more than 50% of the combined voting power of the Company’s then outstanding equity 

  
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securities; (b) during any period of 12 consecutive months, the individuals who, at the beginning of such period, constitute the Board, and any new director whose election by the Board or
nomination for election by the Company’s equityholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the 12-month period (or the Closing if later than such date) or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the Board; (c) a
merger or consolidation of the Company with any other corporation or other entity, other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto (and held by persons that are not
affiliates of the acquirer) continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the Company or such
surviving entity outstanding immediately after such merger or consolidation; provided, however, that a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no person (other
than those covered by the exceptions in clause (a) of this Section 4.1.7) acquires more than 50% of the combined voting power of the Company’s then outstanding securities shall not constitute a Change in Control; or (d) the
consummation of a sale or other disposition by the Company of all or substantially all of the Company’s assets, including a liquidation, other than the sale or other disposition of all or substantially all of the assets of the Company to a
person or persons who beneficially own, directly or indirectly, more than 50% of the combined voting power of the outstanding voting securities of the Company immediately prior to the time of the sale or other disposition. For the avoidance of
doubt, the Combination shall not constitute a Change in Control under this Agreement. 
 4.2 Notice of Termination. Any termination
of the Executive’s employment by the Board or by the Executive (other than termination by reason of the Executive’s death) shall be communicated by written Notice of Termination to the other party of this Agreement. For purposes of this
Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and, other than with respect to a termination pursuant to Section 4.1.6
hereof, shall set forth in reasonable detail the facts and circumstances claimed to provide the basis for such termination. 
 4.3 Date
of Termination. The “Date of Termination” shall mean (a) if the termination is the result of the Executive’s death, the date of his death, (b) if the termination is pursuant to Section 4.1.2 hereof, 30 days
after the Notice of Termination is given (provided that the Executive shall not have returned to the performance of his duties on a full-time basis during such 30-day period), (c) if the termination is
pursuant to Section 4.1.3 or Section 4.1.5 hereof, the date specified in the Notice of Termination after the expiration of any applicable cure period, (d) if the termination is pursuant to Section 4.1.4 hereof, the date specified
in the Notice of Termination which shall be at least 60 days after the Notice of Termination is given, or such earlier date as the Board shall determine in its sole discretion, and (e) if the termination is pursuant to Section 4.1.6
hereof, the date on which the Notice of Termination is given. 
 4.4 Compensation Upon Termination. 

4.4.1 Termination for Cause or without Good Reason. If the Executive’s employment shall be terminated by the Board for Cause or by
the Executive without Good 

  
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Reason, the Executive shall receive from the Company: (a) any earned but unpaid Base Salary through the Date of Termination, paid in accordance with the Company’s standard payroll
practices; (b) reimbursement for any unreimbursed expenses properly incurred and paid in accordance with Section 1.3 hereof through the Date of Termination; (c) payment for any accrued but unused vacation time in accordance with the
Company’s policy; (d) all equity awards previously granted to the Executive that have vested in accordance with the terms of such grants; and (e) such vested accrued benefits, and other payments, if any, as to which the Executive (and
his eligible dependents) may be entitled under, and in accordance with the terms and conditions of, the employee benefit arrangements, plans and programs of the Company as of the Date of Termination, other than any severance pay plan (such amounts
and benefits set forth in clauses (a) though (e) being referred to hereinafter as the “Amounts and Benefits”), and the Company shall have no further obligation with respect to this Agreement other than as provided in Sections
5, 6.5 and 7 hereof. Any equity awards previously granted to the Executive that have not vested in accordance with the terms of their grants as of the Date of Termination shall be forfeited as of the Date of Termination. 

4.4.2 Termination Apart from a Change in Control. If, at any time prior to the expiration of the Term and other than during a Change in
Control Period (as defined below), the Executive resigns from his employment hereunder for Good Reason, or the Board terminates the Executive’s employment hereunder without Cause, then the Company shall pay or provide the Executive the Amounts
and Benefits and, subject to Section 4.4.5, a severance payment and equity vesting as follows: 
 (i) an amount equal to two times the
Base Salary as then in effect (without taking into account any reduction therein that constitutes a basis for Good Reason), with the aggregate amount due paid in equal installments on the Company’s normal payroll dates for a period of 24 months
from the Date of Termination in accordance with the normal payroll practices of the Company, with each such payment deemed to be a separate payment for the purposes of Section 409A of the Code; 

(ii) a pro-rated portion of the Incentive Bonus for the year during which the Date of Termination
occurs based on the number of days the Executive serves the Company during such year and actual performance of the corporate goals for such Incentive Bonus, inclusive of any adjustments made by the Board that are applied to all other executive
participants in the annual incentive program, such pro-rated Incentive Bonus to be paid in a lump sum at the same time related bonuses are paid to executives who continue to be employed by the Company and, in
any event, in the calendar year following the year during which the Date of Termination occurs; 
 (iii) the vesting, and if applicable,
exercisability of each outstanding equity award granted to the Executive by the Company shall accelerate in respect of that number of shares of Company common stock (or other equity securities) that would have vested had the Executive’s
employment with the Company continued through the first anniversary of the Date of Termination, provided, however, that if the Date of Termination occurs prior to the Sign-On RSUs, Initial Option and Initial
RSUs being granted by the Company and if the Substitute Equity Awards have not been granted as of the Date of Termination, then in lieu of such vesting acceleration, the Company shall pay to the Executive $2,500,000, less withholding taxes, in a
lump sum on the first payroll date on or following the 60th day after the Date of Termination; 

  
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 (iv) During the period commencing on the Date of Termination and ending as of the second
anniversary of the Date of Termination, or, if earlier, the date on which the Executive becomes eligible for comparable replacement coverage under a subsequent employer’s group health plan (in any case, the “COBRA Period”),
subject to the Executive’s valid election to continue healthcare coverage under Section 4980B of the Code and the regulations thereunder, the Company shall, in its sole discretion, either (A) continue to provide to the Executive and
the Executive’s dependents, at the Company’s sole expense, or (B) reimburse the Executive and the Executive’s dependents for coverage under its group health plan (if any) at the same levels in effect on the Date of Termination;
provided, however, that if (1) any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the continuation coverage period to be, exempt from the application of Section 409A under Treasury
Regulation Section 1.409A-1(a)(5), (2) the Company is otherwise unable to continue to cover the Executive or the Executive’s dependents under its group health plans, or (3) the Company cannot
provide the benefit without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then, in any such case, an amount equal to each remaining subsidy shall thereafter be paid to the Executive in
substantially equal monthly installments over the COBRA Period (or remaining portion thereof); and 
 (v) Outplacement services provided to
the Executive by a reputable national outplacement service provider for up to two years following the Date of Termination. 
 4.4.3
Termination Following Change in Control. Anything contained herein to the contrary notwithstanding, in the event the Executive resigns from his employment hereunder for Good Reason, the Board terminates the Executive’s employment
hereunder without Cause or Executive’s employment terminates by reason of death or Disability, in each case, within the period commencing three months prior to a Change in Control and ending 24 months following the Change in Control (a
“Change in Control Period”), then, in lieu of any amount otherwise payable pursuant to Section 4.4.2, the Company shall pay or provide the Executive the Amounts and Benefits and, subject to Section 4.4.5, a severance
payment as follows: 
 (i) an amount equal to the sum of (x) two times the Base Salary as then in effect (without taking into account
any reduction therein that constitutes a basis for Good Reason), plus (y) an amount equal to two times the Executive’s target Incentive Bonus as then in effect (without taking into account any reduction therein that constitutes a basis for
Good Reason), with the aggregate amount due paid in a lump sum on the first payroll date on or following the 60th day after the Date of Termination; 

(ii) a pro-rated portion of the Incentive Bonus for the year during which the Date of Termination
occurs based on the number of days the Executive serves the Company during such year and actual performance of the corporate goals for such Incentive Bonus, inclusive of any adjustments made by the Board that are applied to all other executive
participants in the annual incentive program, such pro-rated Incentive Bonus to be paid in a lump sum at the same time related bonuses are paid to executives who continue to be employed by the Company and, in
any event, in the calendar year following the year during which the Date of Termination occurs; 

  
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 (iii) During the COBRA Period, subject to the Executive’s valid election to continue
healthcare coverage under Section 4980B of the Code and the regulations thereunder, the Company shall, in its sole discretion, either (A) continue to provide to the Executive and the Executive’s dependents, at the Company’s sole
expense, or (B) reimburse the Executive and the Executive’s dependents for coverage under its group health plan (if any) at the same levels in effect on the Date of Termination; provided, however, that if (1) any plan pursuant
to which such benefits are provided is not, or ceases prior to the expiration of the continuation coverage period to be, exempt from the application of Section 409A under Treasury Regulation
Section 1.409A-1(a)(5), (2) the Company is otherwise unable to continue to cover the Executive or the Executive’s dependents under its group health plans, or (3) the Company cannot provide the
benefit without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then, in any such case, an amount equal to each remaining subsidy shall thereafter be paid to the Executive in
substantially equal monthly installments over the COBRA Period (or remaining portion thereof); 
 (iv) The vesting and, if applicable,
exercisability of each equity award granted to the Executive by the Company shall accelerate in respect of 100% of the shares of the Company common stock subject thereto effective as of the Date of Termination, provided, however, that if the Date of
Termination occurs prior to the Sign-On RSUs, Initial Option and Initial RSUs being granted by the Company and if the Substitute Equity Awards have not been granted as of the Date of Termination, then in lieu
of such vesting acceleration, the Company shall pay to the Executive $10,000,000, less withholding taxes, in a lump sum on the first payroll date on or following the 60th day after the Date of Termination; and 

(v) Outplacement services provided to the Executive by a reputable national outplacement service provider for up to two years following the
Date of Termination. 
 4.4.4 No Mitigation or Offset; Nature of Payments. The Executive shall not be required to mitigate the amount
of any payment provided for in this Section 4.4 by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Section 4.4 be reduced by any compensation earned by the Executive as the result of
employment by another employer or business or by profits earned by the Executive from any other source at any time before and after the Date of Termination. Any amounts due under this Section 4.4 are in the nature of severance payments
considered to be reasonable by the Company and are not in the nature of a penalty. 
 4.4.5 Release. Notwithstanding any provision to
the contrary in this Agreement, the Company’s obligation to pay or provide the Executive with the payments and benefits under Sections 4.4.2 and 4.4.3 (other than the Amounts and Benefits), and any accelerated vesting with respect to the equity
awards under Section 4.4.3, shall be conditioned on the Executive’s execution and failure to revoke a waiver and general release in a form generally consistent with Exhibit B hereto (subject to such changes as may be necessary at the time
of execution in order to make such release enforceable) (the “Release”). The Company shall provide the Release to the Executive within seven days following the applicable Date of Termination. In order to

  
 11 

 
receive the payments and benefits under Sections 4.4.2 and 4.4.3 (other than the Amounts and Benefits) and the accelerated vesting with respect to the equity awards under Section 4.4.3, the
Executive will be required to execute and deliver the Release within 50 days after the date it is provided to him and not to revoke it within seven days following such execution and delivery. 

 

	5.	INSURABILITY; RIGHT TO INSURE 

 The Company shall have the right to maintain key man life
insurance in its own name covering the Executive’s life in an amount of up to $50,000,000.00. The Executive shall fully cooperate in the procuring of such insurance, including submitting to any required medical examination and by completing,
executing and delivering such applications and other instrument in writing as may be reasonably required by any insurance company to which application for insurance may be made by the Company. The Company’s ability to procure any key man life
insurance covering Executive’s life shall not be a condition of employment. 
  

	6.	CONFIDENTIALITY; NON-COMPETITION; NON-SOLICITATION; NON- DISPARAGEMENT; COOPERATION

 6.1 Confidential Information. The Parties acknowledge that the services to be performed by the Executive under this
Agreement are unique and extraordinary and, as a result of such employment, the Executive shall be in possession of Confidential Information (as defined below) relating to the business practices of the Company and the members thereof. The term
“Confidential Information” shall mean any and all information (oral and written) relating to the Company, or any of their respective activities, or of the clients, customers or business practices of the Company, except (i) as
such disclosure or use may be required or appropriate in connection with his work as an employee of the Company, (ii) when required to do so by a court of law, by any governmental agency having supervisory authority over the business of the
Company or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction to order him to divulge, disclose or make accessible such information, (iii) as to such confidential information that becomes
generally known to the public or trade without his violation of this Section 6.1, or (iv) to the Executive’s spouse, attorney and/or his personal tax and financial advisors as reasonably necessary or appropriate to advance the
Executive’s tax, financial and other personal planning (each an “Exempt Person”), provided, however, that any disclosure or use of any trade secret or proprietary or confidential information of the Company by an Exempt Person
shall be deemed to be a breach of this Section 6.1 by the Executive. 
 6.2 Confidential Information includes, but it not limited to,
information that the Executive creates, develops, derives, obtains, makes known, or learns about which has commercial value in the business in which the Company is involved and which is treated by the Company as confidential, such as trade secrets,
ideas, processes, formulas, compounds, compositions, research and clinical data, know-how, discoveries, developments, designs, innovations, plans, strategies, pricing, costs, financial information, employee
information, forecasts and current and prospective customer and supplier lists. The Executive shall not, during the Term or at any time thereafter, except as may be required in the course of the performance of his duties hereunder (including
pursuant to Section 6.6 below) and except with respect to any litigation or arbitration involving this Agreement, including the enforcement hereof, directly or indirectly, use, communicate, disclose or disseminate to any person, firm or

  
 12 

 
corporation any Confidential Information acquired by the Executive during, or as a result of, his employment with the Company, without the prior written consent of the Board. Without limiting the
foregoing, the Executive understands that the Executive shall be prohibited from misappropriating any trade secret of the Company or of the clients or customers of the Company acquired by the Executive during, or as a result of, his employment with
the Company, at any time during or after the Term. Further without limiting the foregoing, as a condition of Executive’s employment with the Company, the Executive shall enter into the Company’s standard Employee Confidentiality, Non-Solicitation and Ownership of Inventions Agreement (the “Proprietary Information Agreement”). In the event of a conflict between this Agreement and the Proprietary Information Agreement, this
Agreement shall control. 
 6.3 Return of Property. Upon the termination of the Executive’s employment for any reason all
property of the Company that is in the possession of the Executive, including all documents, records, drug formulations, notebooks, equipment, price lists, specifications, programs, customer and prospective customer lists and other materials that
contain Confidential Information that are in the possession of the Executive, including all copies thereof, shall be promptly returned to the Company. Anything to the contrary herein notwithstanding, the Executive shall be entitled to retain
(i) papers and other materials of a personal nature, including photographs, correspondence, personal diaries, calendars and rolodexes, personal files and phone books, (ii) information showing his compensation or relating to reimbursement
of expenses, (iii) information that he reasonably believes may be needed for tax purposes and (iv) copies of plans, programs and agreements relating to his employment, or termination thereof, with the Company. 

6.4 Non-Competition. The Executive acknowledges that the Executive has been provided with
Confidential Information and, during the Term, the Company from time to time will provide Executive with access to Confidential Information. Ancillary to the rights provided to the Executive as set forth in this Agreement, the Executive’s
continued employment with the Company during the Term (subject to earlier termination as provided herein), and the Company’s provision of Confidential Information, and the Executive’s agreements regarding the use of same, in order to
protect the value of any Confidential Information, and in consideration for good and valuable consideration received by the Executive, the Parties agree to the following provisions against unfair competition, which the Executive acknowledges
represent a fair balance of the Company’s rights to protect its business and the Executive’s right to pursue employment. The Executive hereby agrees that he shall not, during the Term and for a period of 9 months thereafter, directly or
indirectly, engage or have an interest in, or render any services to, any business (whether as owner, manager, operator, licensor, licensee, lender, partner, stockholder, joint venturer, employee, consultant or otherwise) (such activities
hereinafter referred to collectively as “Engaging”) that competes directly with the Company. Notwithstanding the foregoing, nothing herein shall prevent the Executive from (i) owning securities in a publicly traded entity whose
activities compete with those of the Company, provided that such securities holdings are not greater than five percent of the equity ownership in such entity; (ii) Engaging in the business of the ownership and licensing (as licensor) of
trademarks and brands if the products or services carrying such trademarks and brands do not compete with the products or services carrying the trademarks and brands owned and licensed (as licensor) by the Company, or that the Company is actively
planning to own or license (as licensor), during the Term; or (iii) Engaging in an operating company (including ownership of securities of such operating company’s holding company) with annual revenues not in excess of $10,000,000. 

  
 13 

 6.5 Prohibition on Use of Confidential Information to Solicit Customers and Prospects.
During the Executive’s employment, the Executive shall not engage in any other employment or activity that might materially interfere with the interests of the Company. Furthermore, the Executive shall not, except in the furtherance of the
Executive’s duties hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, (i) during the Term (except in the good faith performance of his duties) and for a period of 24 months
thereafter, solicit, aid or induce any employee, representative or agent of the Company to leave such employment or retention or to accept employment with or render services to or with any other person, firm, corporation or other entity unaffiliated
with the Company or hire or retain any such employee, representative or agent, or take any action to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such employee, representative
or agent, other (x) than any such employee, representative or agent whose employment has been terminated by the Company and (y) his personal assistant(s), (ii) during the Term (except in the good faith performance of his duties) and for a
period of 12 months thereafter, solicit, aid or induce (or attempt to do any of the foregoing) directly or indirectly, any current or prospective customer of the Company with whom the Executive substantially dealt with at any time during the last
two years of the Executive’s employment to purchase goods or services then sold by the Company from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying or soliciting any such customer or
(iii) during the Term (except in the good faith performance of his duties) and for a period of 24 months thereafter, interfere in any manner with the relationship of the Company and any of its vendors. An employee, representative or agent shall
be deemed covered by this Section 6.5 while so employed or retained by the Company and for six months thereafter. Anything to the contrary herein notwithstanding, the following shall not be deemed a violation of this Section 6.4: (a) the
Executive’s solicitation of the Company’s customers and/or vendors in connection with, and directly related to, his Engaging in a business that complies with Sections 6.3(ii) or (iii); (b) the Executive’s responding to an unsolicited
request for an employment reference regarding any former employee of the Company from such former employee, or from a third party, by providing a reference setting forth his personal views about such former employee; or (c) if an entity with
which the Executive is associated hires or engages any employee of the Company, if the Executive was not, directly or indirectly, involved in hiring or identifying such person as a potential recruit or assisting in the recruitment of such employee.
For purposes hereof, the Executive shall be deemed to have been involved “indirectly” in soliciting, hiring or identifying an employee only if the Executive (x) directs a third party to solicit or hire the Employee,
(y) identifies an employee to a third party as a potential recruit or (z) aids, assists or participates with a third party in soliciting or hiring an employee. 

6.6 Non-Disparagement. At no time during or within five years after the Term shall (x) the
Executive, directly or indirectly, disparage the Company or any of the Company’s past or present employees, directors, products or services and (y) the Company, including its subsidiaries, parents and affiliates, directly or indirectly,
disparage the Executive. In addition, the Company shall instruct and shall use reasonable efforts so that each director and officer of the Company and its subsidiaries and parents not to, directly or indirectly, disparage the Executive.
Notwithstanding the foregoing, nothing in this Section 6.5 shall prevent any entity or 

  
 14 

 
person from making any truthful statement to the extent (i) necessary to rebut any untrue public statements made about him or her or it; (ii) necessary with respect to any litigation,
arbitration or mediation involving this Agreement and the enforcement thereof; (iii) required by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with jurisdiction over such
person; or (iv) made as good faith competitive statements in the ordinary course of business. 
 6.7 Cooperation. Upon the
receipt of reasonable notice from the Company (including outside counsel), the Executive shall, while employed by the Company and thereafter, respond and provide information with regard to matters of which the Executive has knowledge as a result of
the Executive’s employment with the Company and will provide reasonable assistance to the Company and its representatives in defense of any claims that may be made against the Company, and will provide reasonable assistance to the Company in
the prosecution of any claims that may be made by the Company, to the extent that such claims may relate to matters related to the Executive’s period of employment with the Company. Any request for such cooperation shall take into account the
Executive’s personal and business commitments and is subject to his personal and business schedule. The Executive shall promptly inform the Board (to the extent the Executive is legally permitted to do so) if the Executive is asked to assist in
any investigation of the Company or their actions, regardless of whether a lawsuit or other proceeding has then been filed with respect to such investigation. If the Executive is required to provide any services pursuant to this Section 6.6
following the Term, upon presentation of appropriate documentation, the Company shall promptly reimburse the Executive for reasonable out-of-pocket travel, lodging,
communication and duplication expenses incurred in connection with the performance of such services and in accordance with the Company’s expense policy for its senior officers (provided that it shall be in Executive’s discretion to travel
via first or business class, which costs shall be reimbursable by the Company), for reasonable legal fees to the extent the Executive in good faith believes that separate legal representation is reasonably required, and for the Executive’s time
at a rate equivalent to the Executive’s most recent base salary. In addition, if the Executive’s cooperation exceed 2 days in any calendar month, then the Executive shall be compensated at a per diem rate of $5,000 for any full or partial
day of such cooperation. The Executive’s entitlement to reimbursement of such costs and expenses, including legal fees, pursuant to this Section 6.6, shall in no way affect the Executive’s rights, if any, to be indemnified and/or
advanced expenses in accordance with the Company’s (or any of its subsidiaries’) corporate or other organizational documents, any applicable insurance policy, and/or in accordance with this Agreement. 

6.8 Remedies and Reformation. Without intending to limit the remedies available to the Company, the Executive acknowledges that a
breach of any of the covenants contained in this Section 6 may result in material and irreparable injury to the Company for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries
precisely and that, in the event of such a breach or threat the Company shall be entitled to seek a temporary restraining order and/or a preliminary or permanent injunction in a court of jurisdiction restraining the Executive from engaging in
activities prohibited by this Section 6 or such other relief as may be required specifically to enforce any of the covenants in this Section 6. If for any reason it is held that the restrictions under this Section 6 are not reasonable
or that consideration therefor is inadequate, such restrictions shall be interpreted or modified to include as much of the duration and scope identified in this Section as will render such restrictions valid and enforceable. 

  
 15 

 6.9 Violations. In the event of any violation of the provisions of this Section 6,
the Executive acknowledges and agrees that: (a) the post-termination restrictions contained in this Section 6 shall be extended by a period of time equal to the period of such violation, it being the intention of the Parties hereto that
the running of the applicable post-termination restriction period shall be tolled during any period of such violation; (b) any severance payable which remains unpaid or other benefits yet to be received under Section 4.4.2 or 4.4.3 shall
be forfeited by the Executive; and (c) any vested options not exercised as of the date of any violation of the provisions of this Section 6 shall be forfeited. 
  

	7.	INDEMNIFICATION; DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE 

 During the Term
and thereafter, the Company shall indemnify and hold harmless the Executive and his heirs and representatives as, and to the extent, provided in the Company’s organizational documents. In addition, the Executive shall be entitled to enter into
a form of indemnification agreement on terms and conditions no less favorable than the indemnification agreement entered into between the Company and members of the Board. The Company agrees to continue and maintain a directors and officers’
liability insurance policy covering the Executive to the extent the Company provides such coverage for its other executive officers. 
  

	8.	MISCELLANEOUS 

 8.1 Notices. All notices or communications hereunder shall be in
writing, addressed as follows (or to such other address as either party may have furnished to the other in writing by like notice): 
  

	 	To the Company:	 

  

	 	 	Amneal Pharmaceuticals LLC 

	 	 	400 Crossing Boulevard, Third Floor 

	 	 	Bridgewater, New Jersey 08807 

	 	 	Facsimile No.: (908) 947-3144 

	 	 	Attn: Sheldon Hirt, Senior Vice President, General Counsel 

	 	 	Email: shirt@amneal.com 

 To the Executive, at the last address for the Executive on the books
of the Company. 
 All such notices shall be conclusively deemed to be received and shall be effective (i) if sent by hand delivery,
upon receipt, (ii) if sent by telecopy or facsimile transmission, upon confirmation of receipt by the sender of such transmission, (iii) if sent by overnight courier, one business day after being sent by overnight courier, or (iv) if
sent by registered or certified mail, postage prepaid, return receipt requested, on the fifth day after the day on which such notice is mailed. 

  
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 8.2 Testing; Verification. As a condition of the Executive’s employment with
the Company, the Executive will be required to successfully complete the Company’s standard onboarding procedures, including any background check and drug testing, the cost of which shall be paid by the Company. In addition, to comply with
Department of Homeland Security, the Executive will be required to provide verification of the Executive’s identity and legal right to work in the United States and must complete a Form I-9 within the
first three (3) days of the Effective Date. The Company shall notify the Executive of the identity of a clinic for drug testing that is local to the Executive, and the Executive hereby agrees to schedule an appointment with such clinic within
forty-eight (48) hours of the date of this Agreement. In the event the Executive fails any such tests or such verification, then this Agreement shall be void ab initio and of no further force or effect. 

8.3 Severability. Each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Agreement. 
 8.4 Binding Effect; Benefits. The Executive may not delegate his duties or assign his
rights hereunder. Except as explicitly provided in the Agreement, no rights or obligations of the Company under this Agreement may be assigned or transferred by the Company other than pursuant to a merger or consolidation in which the Company is not
the continuing entity, or a sale, liquidation or other disposition of all or substantially all of the assets of the Company, provided that the assignee or transferee is the successor to all or substantially all of the assets or businesses of the
Company and assumes the liabilities, obligations and duties of the Company under this Agreement, either contractually or by operation of law. The Company further agree that, in the event of any disposition of their business and assets described in
the preceding sentence, they shall use their best efforts to cause such assignee or transferee expressly to assume the liabilities, obligations and duties of the Company hereunder. 

8.5 Entire Agreement. This Agreement, collectively with the Exhibits hereto and the Proprietary Information Agreement, represent the
entire agreement of the Parties with respect to the subject matter hereof and shall supersede any and all previous contracts, arrangements, proposed terms or understandings between the Parties. This Agreement (including any of the Exhibits hereto)
may be amended, modified or replaced at any time by mutual written agreement of the Parties. In the case of any conflict between any term or provision of this Agreement and any term or provision contained in any agreement, policy, plan, program,
arrangement, employment manual, memorandum or other written document between or relating to the Company and the Executive or any rule of general applicability of the Company, this Agreement shall control and prevail. 

8.6 Withholding. The payment of any amount pursuant to this Agreement shall be subject to applicable withholding and payroll taxes, and
such other deductions as may be required by applicable law. 

  
 17 

 8.7 Governing Law. This Agreement and the performance of the Parties hereunder shall be
governed by the internal laws (and not the law of conflicts) of the State of New Jersey, unless superseded by federal law. 
 8.8
Arbitration. Any dispute or controversy, including, but not limited to, discrimination claims and claims involving a class, arising under or in connection with this Agreement or the Executive’s employment with the Company, other than
injunctive relief under Section 6.7 hereof, shall be settled exclusively by arbitration, conducted before a single arbitrator in New Jersey (applying New Jersey law) in accordance with the Commercial Arbitration Rules and Procedures of the
American Arbitration Association then in effect. The decision of the arbitrator will be final and binding upon the Parties hereto. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. The Parties acknowledge and
agree that in connection with any such arbitration and regardless of outcome (a) each party shall pay all its own costs and expenses, including without limitation its own legal fees and expenses, and (b) joint expenses shall be borne
equally among the Parties. EACH PARTY WAIVES RIGHT TO TRIAL BY JURY. 
 8.9 Section 409A of the Code. 

8.9.1 General. It is intended that the provisions of this Agreement comply with Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”) and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”), and all provisions of this Agreement shall be construed in a manner consistent
with the requirements for avoiding taxes or penalties under Code Section 409A. If any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Executive to incur any additional tax
or interest under Code Section 409A, the Company shall, upon the specific request of the Executive, use its reasonable business efforts to in good faith reform such provision to comply with Code Section 409A; provided, that to the maximum
extent practicable, the original intent and economic benefit to the Parties of the applicable provision shall be maintained. The Company shall timely use its reasonable business efforts to amend any plan or program in which the Executive
participates to bring it in compliance with Code Section 409A. 
 8.9.2 Separation from Service;
Six-Month Delay. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a
termination of employment unless such termination is also a “Separation from Service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a
“resignation,” “termination,” “termination of employment” or like terms shall mean Separation from Service. If the Executive is deemed on the Date of Termination to be a “specified
employee,” within the meaning of that term under Section (a)(2)(B) of Code Section 409A (“Code Section 409(a)(2)(B)”) and using the identification methodology selected by the Company, as applicable,
from time to time, or if none, the default methodology, then with regard to any payment, the providing of any benefit or any distribution of equity made subject to this Section 8.10.2, to the extent required to be delayed in compliance with
Code Section 409A(a)(2)(B), and any other payment, the provision of any other benefit or any other distribution of equity that is required to be delayed in compliance with Code Section 

  
 18 

 
409A(a)(2)(B), such payment, benefit or distribution shall not be made or provided prior to the earlier of (i) the expiration of the six-month period
measured from the date of the Executive’s Separation from Service or (ii) the date of the Executive’s death. On the first day of the seventh month following the date of the Executive’s Separation from Service or, if earlier, on
the date of his death, (x) all payments delayed pursuant to this Section 8.10.2 (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive
in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein and (y) all distributions of equity delayed pursuant to this
Section 8.10.2 shall be made to the Executive. In addition to the foregoing, to the extent required by Code Section 409A(a)(2)(B), prior to the occurrence of both a Disability termination as provided in Section 4.1.2 hereof and the
Executive’s becoming “disabled” under Code Section 409A, the payment of any compensation to the Executive under this Agreement shall be suspended for a period of six months commencing at such time that the Executive shall be
deemed to have had a Separation from Service because either (A) a sick leave ceases to be a bona fide sick leave of absence, or (B) the permitted time period for a sick leave of absence expires (an “SFS Disability”),
without regard to whether such SFS Disability actually results in a Disability termination. Promptly following the expiration of such six-month period, all compensation suspended pursuant to the foregoing
sentence (whether it would have otherwise been payable in a single sum or in installments in the absence of such suspension) shall be paid or reimbursed to the Executive in a lump sum. On any delayed payment date under this Section 8.10.2,
there shall be paid to the Executive or, if the Executive has died, to his estate, in a single cash lump sum together with the payment of such delayed payment, interest on the aggregate amount of such delayed payment at the Delayed Payment Interest
Rate (as defined below) computed from the date on which such delayed payment otherwise would have been made to the Executive until the date paid. For purposes of the foregoing, the “Delayed Payment Interest Rate” shall mean the
prime interest rate as reported in The Wall Street Journal as of the business day immediately preceding the payment date for the applicable delayed payment. 

8.9.3 Expense Reimbursement. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for
another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b)
of the Internal Revenue Code and the regulations and guidance promulgated thereunder solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or before the
last day of the Executive’s taxable year following the taxable year in which the expense was incurred. 
 8.10
Consultants/Attorney’s Fees. The Company shall promptly pay directly or reimburse the Executive for all consultants and attorneys’ fees, disbursements and costs incurred by the Executive in connection with the negotiation,
preparation and execution of this Agreement, which in the aggregate shall not exceed $20,000. 

  
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 8.11 Survivorship. Except as otherwise expressly set forth in this Agreement, upon the
expiration of the Term, the respective rights and obligations of the Parties shall survive such expiration to the extent necessary to carry out the intentions of the Parties as embodied in this Agreement. This Agreement shall continue in effect
until there are no further rights or obligations of the Parties outstanding hereunder and shall not be terminated by either party without the express prior written consent of all Parties. 

8.12 Counterparts. This Agreement may be executed in counterparts (including by electronic transmission) which, when taken together,
shall constitute one and the same agreement of the Parties. 
 8.13 Company Representations. As of the Effective Date, the Company
represents and warrants to the Executive that (i) the execution, delivery and performance of this Agreement (and the agreements referred to herein) by the Company has been fully and validly authorized by all necessary corporate action,
(ii) the officer or director signing this Agreement on behalf of the Company is duly authorized to do so, (iii) the execution, delivery and performance of this Agreement does not violate any applicable law, regulation, order, judgment or
decree or any agreement, plan or corporate governance document to which the Company is a party or by which it is bound and (iv) upon execution and delivery of this Agreement by the Executive and the Company, it shall be a valid and binding
obligation of the Company enforceable against it in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights
generally. 
 [Signature Page Follows] 

  
 20 

 Exhibit 10.5 

IN WITNESS WHEREOF, Amneal and Holdings have caused this Agreement to be duly executed and the Executive has hereunto set his hand, as of the
date first set forth above. 
  

			
	Amneal Pharmaceuticals LLC

 
			
		
	By:	 	 /s/ Chirag Patel

	Name: Chirag Patel
	Title: Co-CEO & Chairman
	
	Atlas Holdings, Inc.

 
			
		
	By:	 	 /s/ Paul M. Bisaro

			
	Name:	 	Paul M. Bisaro
	Title:	 	Chief Executive Officer and President
	
	 /s/ Robert A. Stewart

	Robert A. Stewart

 Signature Page to Employment Agreement 

 Exhibit A 

(To be signed on or within 50 days after termination. Please do not sign before the date of termination.) 

RELEASE AGREEMENT 
 (Age
40 or Older) 
 In exchange for my receipt of the severance payments and benefits set forth in Sections 4.4.2 and 4.4.3 of my Employment
Agreement, dated [            ], 201[7] (as amended, my “Employment Agreement”), with Amneal Pharmaceuticals LLC (the “Company”) [and Amneal
Pharmaceuticals, Inc. (“Parent”)], and for other valuable consideration, the receipt and adequacy of which are hereby acknowledged, I do hereby release and forever discharge the “Releasees” hereunder, consisting of
the Company [and Parent], and each of their subsidiaries and affiliates, and, in their capacity as such, each of their predecessors, successors, partners, directors, officers, employees, attorneys and agents, of and from any and all manner of action
or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, losses, costs, attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed
or contingent, in connection with or arising under my employment with the Company [Parent] (hereinafter called “Claims”), which I now have or have ever had against the Releasees, or any of them, by reason of any matter, cause, or
thing whatsoever from the beginning of time to the date I sign this Release Agreement. The Claims released herein include, but are not limited to: (1) all claims arising out of or in any way related to my service or employment relationship
with any of the Releasees or the termination of that relationship; (2) all claims related to my compensation or benefits from the any of the Releasees, including salary, bonuses, commissions, Paid Time Off, expense reimbursements, severance
pay, fringe benefits, stock, stock options, or any other ownership interests in [Parent,] the Company or any of their respective subsidiaries and affiliates (collectively, the “Group Entities”); (3) all claims for breach of
contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all
federal, state, and local statutory claims, including (without limitation) claims for discrimination, harassment, retaliation, attorneys’ fees, and other claims arising under the Age Discrimination in Employment Act, as amended (the
“ADEA”); Title VII of the Civil Rights Act of 1964, as amended; the Equal Pay Act; the Civil Rights Act of 1866; the Family and Medical Leave Act of 1993, as amended; the Americans with Disabilities Act of 1990, as amended; the
False Claims Act, as amended; the Employee Retirement Income Security Act, as amended; the Fair Labor Standards Act, as amended; the Sarbanes-Oxley Act of 2002; the Worker Adjustment Notification and Retraining Act; the New Jersey Law Against
Discrimination; the New Jersey Conscientious Employee Protection Act; the New Jersey Family Leave Act; the New Jersey Wage Payment Law; the New Jersey Wage and Hour Law; the New Jersey Equal Pay Act; and retaliation claims under the New Jersey
Workers’ Compensation Law. 
 Notwithstanding the foregoing, this Release Agreement shall not be construed in any way to release any
Claim (i) to payments and benefits under Section 4.4.2 and 4.4.3 of my Employment Agreement, (ii) to accrued or vested benefits I may have, if any, as of the date 

 
hereof under any applicable plan, policy, practice, program, contract or agreement with any Group Entity, (iii) for indemnification and/or advancement of expenses, arising under any
indemnification agreement between me and any Group Entity or under the bylaws, certificate of incorporation or other similar governing document of any Group Entity, (iv) to any rights or benefits that may not be waived pursuant to applicable
law, including, without limitation, any right to unemployment insurance benefits, (v) that arises after the date I execute this Release Agreement, or (vi) to my right to communicate directly with, cooperate with, or provide information to,
any federal, state or local government regulator. 
 For the avoidance of doubt, nothing in this Release will be construed to prohibit me
from filing a charge with, reporting possible violations to, or participating or cooperating with any governmental agency or entity, including but not limited to the EEOC, the Department of Justice, the Securities and Exchange Commission, the
National Labor Relations Board, Congress, or any agency Inspector General, or making other disclosures that are protected under the whistleblower, anti-discrimination, or anti-retaliation provisions of federal, state or local law or regulation;
provided, however, that I may not disclose information of the Releasees that is protected by the attorney-client privilege, except as otherwise required by law. I do not need the prior authorization of the applicable Releasee to make any such
reports or disclosures, and I am not required to notify the applicable Releasee that I have made such reports or disclosures. 
 I
acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA, and that the consideration given under my Employment Agreement for the waiver and release I am providing herein is in addition to anything of
value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) my waiver and release do not apply to any rights or claims that may arise after the date I sign this
Release Agreement; (b) I should consult with an attorney prior to signing this Release Agreement (although I may choose voluntarily not to do so); (c) I have forty-five (45) days to consider this Release Agreement (although I may choose
voluntarily to sign this Release Agreement before the end of the 45-day period) and to return the signed Release Agreement to the Company; (d) I have seven (7) days following the date I sign this
Release Agreement (the “Revocation Period”) to revoke the Release Agreement as described below; and (e) this Release Agreement shall not be effective until the date upon which the Revocation Period has expired, which shall be
the eighth day after I sign this Release Agreement (the “Effective Date”). I understand and agree that if I choose to revoke this Release Agreement, I must deliver notice of such revocation in writing, by personal delivery, email or
mail, to [NAME], [TITLE] (            @            .com) at the Company, [ADDRESS], no later than 5:00 p.m. Pacific Time on the
last day of the Revocation Period. If mailed, the revocation must be properly addressed and postmarked no later than the last day of the Revocation Period. 

I represent that I have no lawsuits, claims or actions pending in my name, or on behalf of myself or any other person or entity, against any
of the Releasees. I agree that I will not voluntarily provide assistance, information or advice, directly or indirectly (including through agents or attorneys), to any person or entity in connection with any actual or potential claim or cause of
action of any kind against the Releasees and I shall not induce or encourage any person or entity to do so, unless compelled or authorized to do so by law. Notwithstanding the foregoing, I retain the right to file a charge with the Equal Employment
Opportunity Commission and equivalent federal, state and local agencies, and to cooperate with investigations by any such agencies. 

 I acknowledge and represent that I have not suffered any discrimination or harassment by any of
the Releasees on account of race, gender, national origin, religion, marital or registered domestic partner status, sexual orientation, age, disability, veteran status, medical condition or any other characteristic protected by applicable law. I
acknowledge and represent that I have not been denied any leave, benefits or rights to which I may have been entitled under the FMLA or any other federal or state law, and that I have not suffered any
job-related wrongs or injuries for which I might be entitled to compensation or relief. I further acknowledge and represent that, other than the benefits that will be provided to me pursuant to Sections 4.4.2
and 4.4.3 of my Employment Agreement, I have been paid all wages, bonuses, compensation, benefits and other amounts that any of the Releasees has ever owed to me, and I am not entitled to any additional compensation, severance or benefits after the
date on which my employment with the Group Entities terminated, with the sole exception of any benefit the right to which has vested under the express terms of a Group Entity benefit plan document. 

In addition, I hereby acknowledge my continuing obligations under my Employee Confidentiality,
Non-Solicitation and Ownership of Inventions Agreement with the Company and under Section 6 of the Employment Agreement, including (without limitation) my obligations not to use or disclose any
proprietary or confidential information of the Group Entities. Notwithstanding anything herein or in my Employee Confidentiality, Non-Solicitation and Ownership of Inventions Agreement with the Company, I
acknowledge and I agree that, pursuant to 18 USC Section 1833(b), I will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (i) in confidence to a
federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document filed in a lawsuit
or other proceeding, if such filing is made under seal. 
 I agree that if I commence any suit arising out of, based upon, or relating to
any of the Claims released under this Release Agreement, then I will pay to the Releasees, and each of them, in addition to any other damages caused to the Releasees thereby, all attorneys’ fees incurred by the Releasees in defending or
otherwise responding to such suit; provided, that, this paragraph shall not apply with respect to any compulsory counterclaims within the meaning of Rule 13(a) of the Federal Rules of Civil Procedure, asserted by me against the Releasees bringing
claims against me. 
 I agree that if any provision of this Release Agreement is determined to be invalid or unenforceable, in whole or in
part, this determination will not affect any other provision of this Release Agreement and the provision in question shall be modified so as to be rendered enforceable in a manner consistent with the intent of the Parties insofar as possible under
applicable law. I understand that this Release Agreement, together with my Employment Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement between [Parent,] the Company and me with regard to the subject matter
hereof. I am not relying on any promise or representation by [Parent or] the Company that is not expressly stated therein. 

 I acknowledge that in order for this Release Agreement to become effective, I must sign this
Release Agreement and return it by email or mail to [NAME], [TITLE] (            @            .com) at the Company, [ADDRESS], on
or within fifty (50) days after the date on which my employment terminated, and I must not exercise my right to revoke the Release Agreement as described above. 

I have carefully read and fully understand this Release Agreement, and agree to be bound by its terms. 

 

			
	Printed Name:	 	  

	Signature:	 	  

	Date:EX-10.6

 Exhibit 10.6 

MEMORANDUM OF UNDERSTANDING 

THIS MEMORANDUM OF UNDERSTANDING (“MOU”), is made and entered into as of the 16th day of December, 2017 (the
“Effective Date”), by and among Amneal Pharmaceuticals LLC (the “Company”), Paul M. Bisaro (“Bisaro”), Impax Laboratories, Inc. (“Impax”), Amneal Holdings, LLC (“Amneal
Holdings”) (solely with respect to and in connection with its obligations set forth in Paragraph 1 of this MOU) and Atlas Holdings, Inc. (“Atlas”). The Company, Impax, Bisaro and Atlas may be referred to herein individually
as a “party” and collectively as the “parties.” 
 WHEREAS, the Company has entered into that certain
Business Combination Agreement (the “Business Combination Agreement”), dated as of October 17, 2017, with, among others, Impax and Atlas, pursuant to which the following combination (the “Combination”) is
expected to occur: Impax, following its conversion into a limited liability company, will become a wholly owned subsidiary of the Company and Atlas, which will be renamed Amneal Pharmaceuticals, Inc. (“Parent”);  

WHEREAS, Bisaro currently serves as the Chief Executive Officer of Impax pursuant to that certain employment agreement entered into
between Bisaro and Impax dated March 24, 2017 (the “Existing Employment Agreement”); 
 WHEREAS, on
October 17, 2017, Bisaro executed a Waiver of the Good Reason, which is attached hereto as Exhibit A (the “Waiver”), whereby Bisaro agreed that the neither the Combination nor the Business Combination Agreement would
constitute Good Reason under the Existing Employment Agreement; 
 WHEREAS, in consideration for the Waiver, the parties are entering
into this MOU, to evidence their agreement that as of the closing of the Combination pursuant to the terms of the Combination Agreement (the “Closing”) Bisaro shall commence serving Parent as Executive Chairman and no later than
immediately following the Closing, Bisaro and Parent shall enter into an employment agreement setting forth the terms and conditions for such service substantially in the form attached hereto as Exhibit B (the “Amneal Employment
Agreement”); and 
 WHEREAS, the parties anticipate that the Closing will occur prior to December 31, 2018. 

NOW THEREFORE, in consideration of the mutual promises between the parties and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. Combination and Employment. The parties
represent and warrant that, subject to Bisaro continuing to serve as the Chief Executive Officer of Impax through the Closing and Robert Stewart commencing employment as Chief Executive Officer of Parent at the Closing,
(a)

 
as of the Closing, Bisaro shall commence serving as the Executive Chairman of Parent, (b) no later than immediately following the Closing, Bisaro and Parent shall enter into the Amneal
Employment Agreement, substantially in the form attached hereto as Exhibit B, and (c) upon the later of the Closing or the date the Amneal Employment Agreement is entered into, the Existing Employment Agreement shall terminate without
triggering any right to severance thereunder. Bisaro and Parent shall each execute and deliver the Amneal Employment Agreement to the other party no later than immediately following the Closing, which execution and delivery shall in no event be more
than thirty (30) days following the Closing. As of the Effective Date, Impax holds all of the voting stock of Parent and on or after the Closing, Amneal Holdings and Impax shall cause the board of directors of Parent to authorize and approve
the Amneal Employment Agreement, substantially in the form attached hereto as Exhibit B, and shall further authorize the officers of Parent to fulfill the obligations designated to Parent under this MOU upon the terms and conditions set forth
herein. 
 2. Term and Termination. The term of this MOU is twelve (12) months from its Effective Date. This MOU shall terminate
upon the earliest of (a) the later of the Closing or the execution and delivery of the Amneal Employment Agreement by each of Parent and Bisaro, substantially in the form attached hereto as Exhibit B; or (b) twelve (12) months
from the date first set forth above. 
 3. Impax Employment Agreement. The Existing Employment Agreement shall remain in full force
and effect, subject to the Waiver, until the termination of this MOU under Paragraph 2(a) above. In the event of the termination of the MOU under Paragraph 2(b), the Existing Employment Agreement shall remain in full force and effect after
termination of the MOU according to its original provisions. In the event of a termination of the MOU under Paragraph 2(a) above, Bisaro agrees to execute such other documents as shall be reasonably determined necessary or appropriate by Parent to
evidence the termination of the Existing Employment Agreement without triggering any severance obligations thereunder. Notwithstanding the above, all payments, salary, bonuses, benefits or options which were earned or vested but unpaid prior to
termination of the Existing Employment Agreement shall be paid or provided to Bisaro within ten (10) days of the termination of the Existing Employment Agreement. Notwithstanding the above, the Stock Option Agreement between Impax and Bisaro
shall continue to be in full force and effect, without modification, notwithstanding the termination of the MOU or the Existing Employment Agreement. 

4. Governing Law. This MOU shall be governed and has been constructed in accordance with the laws of the State of New Jersey without
application of any conflict of laws or choice of law provision. 
 (Signatures on following page) 

  
 2 

 IN WITNESS WHEREOF, the parties have executed this MOU as of the date indicated. 

 

			
	Amneal Pharmaceuticals LLC
		
	By:	 	 /s/ Chirag Patel

	Name:	 	Chirag Patel
	Title:	 	Manager
	
	Impax Laboratories, Inc.
		
	By:	 	 /s/ Bryan M. Reasons

	Name:	 	Bryan M. Reasons
	Title:	 	Executive Vice President and Chief Financial Officer
	
	Amneal Holdings, LLC
		
	By:	 	 /s/ Chirag Patel

	Name:	 	Chirag Patel
	Title:	 	Manager
	
	Atlas Holdings, Inc.
		
	By:	 	 /s/ Bryan M. Reasons

	Name:	 	Bryan M. Reasons
	Title:	 	Executive Vice President and Chief Financial Officer
	
	 /s/ Paul M. Bisaro

	Paul M. Bisaro

  
 3 

 Exhibit A 

Waiver 
 (attached) 

 

 
 Private and Confidential 

October 17, 2017 
 Paul M. Bisaro 

[Redacted] 
 Dear Paul, 

Reference is made to (1) that certain Business Combination Agreement, dated as of October 17, 2017 (the “Business Combination
Agreement”), by and among Impax Laboratories, Inc., a Delaware corporation (the “Company”), Atlas Holdings, Inc., a Delaware corporation and a wholly-owned Subsidiary of Impax (“Holdco”), K2 Merger Sub
Corporation, a Delaware corporation and a wholly-owned Subsidiary of Holdco (“Merger Sub”) and Amneal Pharmaceuticals LLC, a Delaware limited liability company (“Amneal”) and (2) that certain Employment
Agreement, dated as of March 24, 2017 (the “Employment Agreement”), between yourself and the Company. 
 You hereby acknowledge and
agree that neither (i) the execution of the Business Combination Agreement by Impax or its adoption by the stockholders of Impax nor (ii) the consummation of the Transactions or the occurrence of the Closing (as such terms are defined in
the Business Combination Agreement) shall constitute “Good Reason” solely for purposes of clause (ix) of the definition of “Good Reason” in your Employment Agreement. 

[Signature Page Follows] 
  

					
	 	 	 
	 Impax Laboratories
 100 Somerset Corporate
Boulevard, Suite 3000
 Bridgewater, N.J. 08807
 732.595.4600
Phone
 732.595.4753 Fax
	 	 CORPORATE HEADQUARTERS:
 30831 Huntwood Avenue,
Hayward CA 94544
 510.240.6000 Phone
 510.240.6096 Fax
	  	www.impaxlabs.com

 Sincerely, 

 

	
	 /s/ Bryan M. Reasons

	Bryan M. Reasons
	SVP, Finance and Chief Financial Officer
	Impax Laboratories, Inc.

 Acknowledged and agreed, 
  

	
	 /s/ Paul M. Bisaro

	Paul M. Bisaro
	
	 October 17, 2017

	Date

 Exhibit B 

Amneal Employment Agreement 

(attached) 

 EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of [●] (the “Effective
Date”), by and between Amneal Pharmaceuticals, Inc. (“Amneal”) and Paul M. Bisaro (the “Executive”). 

WITNESSETH: 
 WHEREAS, The
Executive currently serves as the Chief Executive Officer of Impax Laboratories, Inc. (“Impax”) pursuant to that certain employment agreement entered into between the Executive and Impax dated March 24, 2017 (the
“Existing Employment Agreement”); 
 WHEREAS, Amneal Pharmaceuticals LLC (the “Company”), Impax and
Atlas Holdings, Inc. entered into a Business Combination Agreement dated as of October 17, 2017 pursuant to which Impax, following its conversion into a limited liability company, became a wholly owned subsidiary of the Company and Atlas
Holdings, Inc., which was renamed Amneal Pharmaceuticals, Inc.;  
 WHEREAS, the Executive possesses unique personal knowledge,
experience and expertise; 
 WHEREAS, upon execution of this Agreement, the Executive shall cease to serve Impax as Chief Executive Officer,
the Existing Employment Agreement shall terminate without triggering any severance thereunder and the Executive shall commence serving Amneal as Executive Chairman pursuant to the terms and conditions of this Agreement; and 

WHEREAS, Amneal and the Executive desire to enter into this Agreement as to the terms and conditions of the Executive’s service to
Amneal. 
 NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	1.	EMPLOYMENT AND DUTIES 

 1.1 Term of Employment. Subject to
Section 8.2 below, the Executive’s initial term of employment under this Agreement shall commence on the Effective Date and shall continue until the third anniversary of the Effective Date (the “Initial Term”), unless
further extended or earlier terminated as provided in this Agreement. This Agreement will automatically be renewed for single one-year periods unless written notice of non-renewal (a “Non-Renewal Notice”) is provided by any party at
least 90 days prior to the end of the Initial Term or the successive one-year period then in effect or unless earlier terminated as provided in this Agreement. Neither non-renewal of this Agreement for additional periods after the second anniversary
of the Closing, nor expiration of this Agreement as a result of such non-renewal, shall, by itself, result in termination of the Executive’s employment. The period of time between the Closing and the termination of the Executive’s
employment under this Agreement or the expiration of this Agreement, whichever is earlier, shall be referred to herein as the “Term.” 

  
 6 

 1.2 General. 

1.2.1 Subject to the terms set forth herein, effective as of the Closing, the Executive shall serve as the Executive
Chairman of Amneal and shall have the authorities, duties and responsibilities as are usual and customary for such position or are prescribed by Amneal’s bylaws and as may from time to time be delegated to him by the board of directors of
Amneal (the “Board”), which include but are limited to the following: [INSERT LIST OF DUTIES].  

1.2.2 As of the Effective Date, Executive shall serve as a director of the Board. Thereafter, during the Term, at each
applicable annual meeting of Amneal’s stockholders, the Board, subject to its fiduciary duties, shall nominate and recommend the election of the Executive by Amneal’s stockholders as a director. Upon termination of the Executive’s
employment for any reason under this Agreement or upon the expiration of the Term of this Agreement, the Executive shall resign immediately upon request of the Board from all officer and director positions held by him with Amneal or any of its
Subsidiaries. For purposes of this Agreement, the term “Subsidiaries” shall mean any entity with voting equity securities that are more than 50% controlled by Amneal as the parent company or the holding company. 

1.2.3 The Executive shall faithfully and diligently discharge his duties hereunder and use his best efforts to implement the
policies established from time to time by the Board. The Executive shall devote all of his business time, attention, knowledge and skills faithfully, diligently and to the best of his ability, in furtherance of the business and activities of Amneal;
provided, however, that nothing in this Agreement shall preclude the Executive from devoting reasonable periods of time required for: 

(i) serving as a director or member of a committee, in each case, in a non-lead, non-chair role, of up to two (2) publicly
traded corporations and up to one (1) private organization or corporation, in each case, that does not, in the good faith determination of the Board, compete with Amneal or any of its Subsidiaries or otherwise create, or could create, in the
good faith determination of the Board a conflict of interest with the business of Amneal or any of its Subsidiaries; 
 (ii)
delivering lectures, fulfilling speaking engagements, and any writing or publication relating to his area of expertise; provided, however, that any fees, royalties or honorariums received therefrom shall be promptly turned over to
Amneal; 
 (iii) engaging in professional organization and program activities; 

(iv) managing his personal passive investments and affairs; and 

(v) participating in charitable or community affairs; 

  
 7 

 provided that such activities do not materially, individually or in the
aggregate, interfere with the performance of his duties and responsibilities under this Agreement or create a conflict of interest with the business of Amneal or any of its Subsidiaries as determined in good faith by the Board. Notwithstanding the
foregoing, the Executive shall be permitted to continue to serve on the boards of directors upon which he serves as of the Effective Date, provided, that he takes all reasonably necessary actions to terminate any such service that violates this
Section 1.2.3 on or prior to the three-month anniversary of the Effective Date and in the interim, shall cooperate with the Board to limit any interference, conflict or violation. 

1.3 Reimbursement of Expenses. Amneal shall reimburse the Executive for all reasonable, documented, out-of-pocket travel
and other business expenses incurred by the Executive in the performance of the Executive’s duties to Amneal in accordance with Amneal’s applicable expense reimbursement policies and procedures as are in effect from time to time. To the
extent any such reimbursements (and any other reimbursements of costs and expenses provided for herein) are includable in the Executive’s gross income for Federal income tax purposes, all such reimbursements shall be made no later than
March 15 of the calendar year next following the calendar year in which the expenses to be reimbursed are incurred. 
  

	2.	COMPENSATION 

 2.1 Base Salary. During the Term, the Executive
shall be entitled to receive a base salary at the annual rate of $750,000, subject to increase, or decrease, only if salary decreases are concurrently implemented across the senior executives of Amneal as determined by the Board or the Compensation
Committee of the Board from time to time in its discretion, payable in accordance with the payroll practices of Amneal (the “Base Salary”). 

2.2 Incentive Bonuses. During the Term, the Executive shall be eligible to receive an annual bonus targeted at 100% of
the Executive’s Base Salary (the “Incentive Bonus”) under the annual incentive program adopted by the Board, as may be amended from time to time. Such bonus shall be paid within 2-1/2 months following the end of the calendar
year to which it relates. The amount of Incentive Bonus payable for any year shall be based on the achievement of performance objectives established by the Board, as determined in its discretion, and, based on achievement, may be between zero and
150% of the Executive’s Base Salary. The Incentive Bonus will be prorated for the Executive’s initial year of employment. The Executive must be employed by Amneal through the date of payment of any Incentive Bonus in order to remain
eligible for such Incentive Bonus. 
 2.3 Equity Awards. 

2.3.1 Stock Option Grant. On, or as promptly as practicable following, the Effective Date, but no later than 30 days
immediately following the Effective Date, Amneal shall grant to the Executive an option to purchase (the “Initial Option”) that number of shares of Amneal common stock necessary for the Initial Option to have a grant date fair value
of $3,000,000. The per share exercise price of the Initial Option shall be equal to the 

  
 8 

 
per share fair market value of Amneal’s common stock on the date of grant. The Initial Option shall vest and become exercisable with respect to 25% of the total number of shares subject to
the Initial Option on each of the first four anniversaries of the Effective Date, subject to the Executive’s continuous service to Amneal through the applicable vesting date. The Initial Option shall otherwise be subject to the terms of the
plan pursuant to which it is granted and an award agreement to be entered into between the Executive and Amneal. 
 2.3.2
Initial Restricted Stock Units. On, or as promptly as practicable following, the Effective Date, but no later than 30 days immediately following the Effective Date, Amneal shall grant to the Executive an award of restricted stock units (the
“Initial RSUs”) having a grant date fair value equal to $1,500,000. The Initial RSUs will vest in respect of 25% of the total number of Initial RSUs on each of the first four anniversaries of the Effective Date, subject to the
Executive’s continuous services to Amneal through the applicable vesting date. The Initial RSUs shall otherwise be subject to the terms of the plan pursuant to which they are granted and an award agreement to be entered into between the
Executive and Amneal. 
 2.3.3 Future Equity Awards. During the term of this Agreement, the Executive will be eligible
to receive additional stock options, restricted stock units and other equity incentive grants as determined by the Board in its sole discretion. 

2.4 Additional Compensation. During the Term, in addition to the foregoing, the Executive shall be eligible to (i) receive such
other compensation as may from time to time be awarded him by the Board or the Compensation Committee of the Board; and (ii) participate and receive compensation from other bonus, incentive, performance awards and similar programs or
compensation that is offered to other executives of Amneal. 
  

	3.	EMPLOYEE BENEFITS 

 During the Term, the Executive shall be entitled to paid time off
generally made available to executive personnel of Amneal and to participate in and have the benefit of all group life, disability, hospital, surgical and major medical insurance plans and programs and other employee benefit plans and programs as
generally are made available to executive personnel of Amneal, as such benefit plans or programs may be amended or terminated in the sole discretion of the Board or the Compensation Committee of the Board, from time to time. The Executive shall
accrue up to twenty (20) days paid time off each calendar year which will accrue in accordance with the Amneal’s employment policies and procedures, including in respect of any accrual caps. 

 

	4.	TERMINATION OF EMPLOYMENT 

 4.1 General. The Executive’s
employment under this Agreement may be terminated without any breach of this Agreement only on the following circumstances: 

4.1.1 Death. The Executive’s employment under this Agreement shall terminate upon his death. 

4.1.2 Disability. If the Executive suffers a Disability (as defined below),

  
 9 

 
the Board may terminate the Executive’s employment under this Agreement upon 30 days prior written notice; provided that the Executive has not returned to full time performance of his duties
during such 30-day period. For purposes of this Agreement, “Disability” shall mean the Executive’s inability to perform his duties and responsibilities hereunder, with or without reasonable accommodation, due to any physical or mental
illness or incapacity, which condition either (i) has continued for a period of 180 days (including weekends and holidays) in any consecutive 365-day period, or (ii) is projected by the Board in good faith after consulting with a doctor
selected by the Board and consented to by the Executive (or, in the event of the Executive’s incapacity, his legal representative), such consent not to be unreasonably withheld, that the condition is likely to continue for a period of at least
six consecutive months from its commencement. 
 4.1.3 Good Reason. The Executive may terminate his employment under
this Agreement for Good Reason (as defined below) at any time on or prior to the 60th day after the occurrence of any of the Good Reason events set forth below. For purposes of this Agreement,
“Good Reason” shall mean the occurrence of any of the following events without the Executive’s consent: 

(i) any action or inaction by Amneal constituting a material breach of the Agreement by Amneal; 

(ii) a material diminution of the authorities, duties or responsibilities of the Executive set forth in Section 1.2 above
or a failure to appoint Executive to the Board (other than temporarily while the Executive is physically or mentally incapacitated and unable to properly perform such duties, as determined by the Board in good faith); 

(iii) the loss of any of the titles of the Executive with Amneal set forth in Section 1.2 above or a change in the primary
office location where Executive provides the majority of his services that is fifty (50) or more miles from the current location, which is 400 Crossing Boulevard, Bridgewater, New Jersey 08807; 

(iv) a material reduction by Amneal in the Base Salary or in any of the percentages of the Base Salary payable as an Incentive
Bonus, but, except in the case of a reduction following a Change in Control (as defined below), not including a reduction in the Base Salary or in any of the percentages of the Base Salary payable as an Incentive Bonus which is consistent with the
reduction in the Base Salary or in any of the percentages of the Base Salary payable as an Incentive Bonus imposed on all senior executives of Amneal; 

(v) the assignment to the Executive of duties or responsibilities that are negatively and materially inconsistent with any of
his duties and responsibilities set forth in Section 1.2 hereof; 
 (vi) the delivery by the Board to the Executive of a
Non-Renewal Notice in accordance with Section 1.1; or 
 (vii) a material change in the reporting structure set forth in
Section 1.2.1 hereof. 

  
 10 

 Notwithstanding the foregoing, the Executive shall not be deemed to have Good Reason under this
Section 4.1.3 unless, Executive provides written notice to the Board of the occurrence of an event constituting Good Reason within 30 days of its initial occurrence, the Board shall fail to cure such event constituting Good Reason within 30
days following its receipt of such written notice and the Executive’s resignation on account of Good Reason is effective within 30 days following the end of the Board’s 30-day cure period. 

4.1.4 Without Good Reason. The Executive may voluntarily terminate his employment under this Agreement without Good
Reason upon written notice by the Executive to the Board at least 60 days prior to the effective date of such termination (which termination the Board may, in its sole discretion, make effective earlier than the date set forth in the Notice of
Termination (as defined below)). 
 4.1.5 Cause. The Board may terminate the Executive’s employment under this
Agreement at any time for Cause (as defined below). For purposes of this Agreement, termination for “Cause” shall mean any of the following as determined in good faith by the Board: 

(i) the willful and continued failure by the Executive to substantially perform his obligations under this Agreement (other
than any such failure resulting from the Executive’s incapacity due to a Disability); provided, however, that the Board shall have provided the Executive with a Notice of Termination specifying such failure and the Executive shall
have been afforded at least 15 business days within which to cure same; 
 (ii) the indictment of the Executive for, or his
conviction of or plea of guilty or nolo contendere to, a felony or any other crime involving moral turpitude or dishonesty; 

(iii) the Executive’s willful misconduct in the performance of his duties hereunder (including theft, fraud, embezzlement,
and securities law violations); 
 (iv) the Executive’s violation of Amneal’s Code of Conduct or other written
policies, which is attached hereto as Exhibit A; provided, however, that the Board shall have provided the Executive with a Notice of Termination specifying such failure and the Executive shall have been afforded at least 15
business days within which to cure same; or 
 (v) the Executive’s willful misconduct (including theft, fraud,
embezzlement, and securities law violations) that is actually or potentially materially injurious to Amneal or its Subsidiaries in the Board’s reasonable business judgment, monetarily or otherwise. 

For purposes of this Section 4.1.5, no act or failure to act on the part of the Executive shall be considered “willful,” unless
done, or omitted to be done, without reasonable belief that his action or omission was in, or not opposed to, the best interest of Amneal (including their reputation).  

  
 11 

 
Prior to any termination for Cause, the Board shall provide the Executive with a Notice of Termination specifying the event constituting Cause and shall give the Executive the opportunity to
appear before the Board to present his views on the Cause event. If, after such hearing, a majority of the full Board (excluding the Executive) does not support such termination, the Notice of Termination shall be rescinded. After providing the
notice in the foregoing sentence, the Board may suspend the Executive with full pay and benefits until a final determination pursuant to this Section has been made. 

4.1.6 Without Cause. The Board may terminate the Executive’s employment under this Agreement without Cause
immediately upon written notice by the Board to the Executive, other than for death or Disability. 
 4.1.7 Definition of
Change in Control. For purposes of this Agreement, a “Change in Control” shall be deemed to occur upon any of the following events that occurs after the Closing, provided that such an event constitutes a “change in control
event” within the meaning of Section 409A of the Code (as defined below): (a) any “person” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) (other than Amneal, any trustee or other fiduciary holding securities under any employee benefit plan of Amneal, or any company owned, directly or indirectly, by the stockholders of Amneal in substantially the same proportions as
their ownership of the equity securities of Amneal), becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of equity securities of Amneal representing more than 50% of the combined voting power of
Amneal’s then outstanding equity securities; (b) during any period of 12 consecutive months, the individuals who, at the beginning of such period, constitute the Board, and any new director whose election by the Board or nomination for
election by Amneal’s equity holders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the 12-month period (or the Closing if later than such date) or whose election
or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the Board; (c) a merger or consolidation of Amneal with any other corporation or other entity, other than a merger or consolidation
that would result in the voting securities of Amneal outstanding immediately prior thereto (and held by persons that are not affiliates of the acquirer) continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) more than 50% of the combined voting power of the voting securities of Amneal or such surviving entity outstanding immediately after such merger or consolidation; provided, however, that a merger or
consolidation effected to implement a recapitalization of Amneal (or similar transaction) in which no person (other than those covered by the exceptions in clause (a) of this Section 4.1.7) acquires more than 50% of the combined voting
power of Amneal’s then outstanding securities shall not constitute a Change in Control; or (d) the consummation of a sale or other disposition by Amneal of all or substantially all Amneal’s assets, including a liquidation, other than
the sale or other disposition of all or substantially all of the assets of Amneal to a person or persons who beneficially own, directly or indirectly, more than 50% of the combined voting power of the outstanding voting securities of Amneal
immediately prior to the time of the sale or other disposition. For the avoidance of doubt, the Combination Agreement and the transactions contemplated thereunder shall not constitute a Change in Control under this Agreement. 

  
 12 

 4.2 Notice of Termination. Any termination of the Executive’s
employment by Amneal (other than termination by reason of the Executive’s death) shall be communicated by written Notice of Termination to the other party of this Agreement. For purposes of this Agreement, a “Notice of
Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and, other than with respect to a termination pursuant to Section 4.1.6 hereof, shall set forth in
reasonable detail the facts and circumstances claimed to provide the basis for such termination. 
 4.3 Date of
Termination. The “Date of Termination” shall mean (a) if the termination is the result of the Executive’s death, the date of his death, (b) if the termination is pursuant to Section 4.1.2 hereof, 30 days
after the Notice of Termination is given (provided that the Executive shall not have returned to the performance of his duties on a full-time basis during such 30-day period), (c) if the termination is pursuant to Section 4.1.3 or
Section 4.1.5 hereof, the date specified in the Notice of Termination after the expiration of any applicable cure period, (d) if the termination is pursuant to Section 4.1.4 hereof, the date specified in the Notice of Termination
which shall be at least 60 days after the Notice of Termination is given, or such earlier date as the Board shall determine in its sole discretion, and (e) if the termination is pursuant to Section 4.1.6 hereof, the date on which the
Notice of Termination is given. 
 4.4 Compensation Upon Termination. 

4.4.1 Termination for Cause or without Good Reason. If the Executive’s employment shall be terminated by the Board
for Cause or by the Executive without Good Reason, the Executive shall receive from Amneal: (a) any earned but unpaid Base Salary through the Date of Termination, paid in accordance with Amneal’s standard payroll practices;
(b) reimbursement for any unreimbursed expenses properly incurred and paid in accordance with Section 1.3 hereof through the Date of Termination; (c) payment for any accrued but unused vacation time in accordance with Amneal’s
policy; (d) all equity awards previously granted to the Executive that have vested in accordance with the terms of such grants; and (e) such vested accrued benefits, and other payments, if any, as to which the Executive (and his eligible
dependents) may be entitled under, and in accordance with the terms and conditions of, the employee benefit arrangements, plans and programs of Amneal as of the Date of Termination, other than any severance pay plan (such amounts and benefits set
forth in clauses (a) though (e) being referred to hereinafter as the “Amounts and Benefits”), and Amneal shall have no further obligation with respect to this Agreement other than as provided in Sections 5, 6.5 and 7
hereof. Any equity awards previously granted to the Executive that have not vested in accordance with the terms of their grants as of the Date of Termination shall be forfeited as of the Date of Termination. 

4.4.2 Termination Apart from a Change in Control. If, at any time prior to the expiration of the Term and other than
during a Change in Control Period (as defined below), the Executive resigns from his employment hereunder for Good Reason, or the Board terminates the Executive’s employment hereunder without Cause, then Amneal shall pay or provide the
Executive the Amounts and Benefits and, subject to Section 4.4.5, a severance payment as follows: 

  
 13 

 (i) an amount equal to two times the Base Salary as then in effect (without
taking into account any reduction therein that constitutes a basis for Good Reason), with the aggregate amount due paid in equal installments on Amneal’s normal payroll dates for a period of 12 months from the Date of Termination in accordance
with the normal payroll practices of Amneal, with each such payment deemed to be a separate payment for the purposes of Section 409A of the Code; 

(ii) During the period commencing on the Date of Termination and ending as of the second anniversary of the Date of
Termination, or, if earlier, the date on which the Executive becomes eligible for comparable replacement coverage under a subsequent employer’s group health plan (in any case, the “COBRA Period”), subject to the
Executive’s valid election to continue healthcare coverage under Section 4980B of the Code and the regulations thereunder, Amneal shall, in its sole discretion, either (A) continue to provide to the Executive and the Executive’s
dependents, at Amneal’s sole expense, or (B) reimburse the Executive and the Executive’s dependents for coverage under its group health plan (if any) at the same levels in effect on the Date of Termination; provided, however,
that if (1) any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the continuation coverage period to be, exempt from the application of Section 409A under Treasury Regulation
Section 1.409A-1(a)(5), (2) Amneal is otherwise unable to continue to cover the Executive or the Executive’s dependents under its group health plans, or (3) Amneal cannot provide the benefit without violating applicable law
(including, without limitation, Section 2716 of the Public Health Service Act), then, in any such case, an amount equal to each remaining subsidy shall thereafter be paid to the Executive in substantially equal monthly installments over the
COBRA Period (or remaining portion thereof); and 
 (iii) the vesting, and if applicable, exercisability of each outstanding
equity award granted to the Executive by Amneal shall accelerate in respect of that number of shares of Amneal common stock (or other equity securities) that would have vested had the Executive’s employment with Amneal continued through the
first anniversary of the Date of Termination, and any such stock options, notwithstanding any provision to the contrary in the option agreement or the plan pursuant to which the option was granted, shall remain exercisable for a period of 12 months
following the Date of Termination or, if earlier, until the original expiration date of the option. 
 4.4.3 Termination
Following Change in Control. Anything contained herein to the contrary notwithstanding, in the event the Executive resigns from his employment hereunder for Good Reason, the Board terminates the Executive’s employment hereunder without
Cause or Executive’s employment terminates by reason of death or Disability, in each case, within the period commencing three months prior to a Change in Control and ending 24 months following the Change in Control (a “Change in Control
Period”), then, in lieu of any amount otherwise payable pursuant to Section 4.4.2, Amneal shall pay or provide the Executive the Amounts and Benefits and, subject to Section 4.4.5, a severance payment as follows: 

(i) an amount equal to the sum of (x) two times the Base Salary as 

  
 14 

 
then in effect (without taking into account any reduction therein that constitutes a basis for Good Reason), plus (y) an amount equal to two times the Executive’s target Incentive Bonus
as then in effect (without taking into account any reduction therein that constitutes a basis for Good Reason), with the aggregate amount due paid in equal installments on Amneal’s normal payroll dates for a period of 12 months from the Date of
Termination in accordance with the normal payroll practices of Amneal, with each such payment deemed to be a separate payment for the purposes of Section 409A of the Code; provided, however, that all or a portion of the severance payable under
this Section 4.4.3(i) shall instead be paid in a lump sum on the 60th day following the date of the Executive’s “separation from service” (within the meaning of Section 409A of the Code) to the extent that such lump sum
payment would not result in any additional excise tax or tax penalties under Section 409A of the Code; 
 (ii) During
the COBRA Period, subject to the Executive’s valid election to continue healthcare coverage under Section 4980B of the Code and the regulations thereunder, Amneal shall, in its sole discretion, either (A) continue to provide to the
Executive and the Executive’s dependents, at Amneal’s sole expense, or (B) reimburse the Executive and the Executive’s dependents for coverage under its group health plan (if any) at the same levels in effect on the Date of
Termination; provided, however, that if (1) any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the continuation coverage period to be, exempt from the application of Section 409A under
Treasury Regulation Section 1.409A-1(a)(5), (2) Amneal is otherwise unable to continue to cover the Executive or the Executive’s dependents under its group health plans, or (3) Amneal cannot provide the benefit without violating
applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then, in any such case, an amount equal to each remaining subsidy shall thereafter be paid to the Executive in substantially equal monthly
installments over the COBRA Period (or remaining portion thereof); and 
 (iii) The vesting and, if applicable,
exercisability of each equity award granted to the Executive by Amneal, including each stock option and restricted stock unit award, shall accelerate in respect of 100% of the shares of Amneal common stock subject thereto effective as of the Date of
Termination, and any such stock options, notwithstanding any provision to the contrary in the option agreement or the plan pursuant to which the option was granted, shall remain exercisable for a period of 12 months following the Date of Termination
or, if earlier, until the original expiration date of the option. 
 4.4.5 Termination upon Death. In the event of the
Executive’s death, Amneal shall pay or provide to the Executive’s estate: (i) the Amounts and Benefits and (ii) a pro-rated Incentive Bonus based on actual performance paid at the same time other executives are paid their related
bonuses. In addition, (A) all of the then unvested restricted stock and restricted stock units previously granted to the Executive by Amneal shall immediately become vested on the Date of Termination and any underlying shares shall be
distributed to the Executive’s estate within 60 days of the Date of Termination and (B) the portion of the unvested stock options previously granted to the Executive by Amneal that are scheduled to vest in the calendar year of the
Executive’s death shall immediately become vested and exercisable. After giving effect to the foregoing, any portion of the stock options that remain unvested on the Executive’s death shall be forfeited. 

  
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 4.4.6 Termination upon Disability. In the event Amneal terminates the
Executive’s employment hereunder for reason of Disability, Amneal shall pay or provide to the Executive: (i) the Amounts and Benefits, (ii) a pro-rated Incentive Bonus based on actual performance paid at the same time other executives
are paid their related bonuses and (iii) medical benefits for six months. In addition, subject to Section 4.4.8, (A) 50% of the unvested restricted stock and restricted stock units previously granted to the Executive by Amneal shall
immediately become vested on the Date of Termination and any underlying shares shall be distributed to the Executive subject to Section 4.4.8 and (B) the portion of any unvested stock options previously granted to the Executive by Amneal
that are scheduled to vest in the calendar year in which the Date of Termination occurs shall immediately become vested subject to Section 4.4.8. After giving effect to the foregoing, any portion of any restricted shares, restricted stock units
and stock options that remain unvested on the certification following the Date of Termination shall be forfeited as of the Date of Termination. 

4.4.7 No Mitigation or Offset. The Executive shall not be required to mitigate the amount of any payment provided for in
this Section 4.4 by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Section 4.4 be reduced by any compensation earned by the Executive as the result of employment by another employer or
business or by profits earned by the Executive from any other source at any time before and after the Date of Termination. 

4.4.8 Release. Notwithstanding any provision to the contrary in this Agreement, Amneal’s obligation to pay or
provide the Executive with the payments and benefits under Sections 4.4.2 and 4.4.3 (other than the Amounts and Benefits), and any accelerated vesting with respect to the equity awards under Section 4.4.3, shall be conditioned on the
Executive’s execution and failure to revoke a waiver and general release in a form generally consistent with Exhibit B hereto (subject to such changes as may be necessary at the time of execution in order to make such release enforceable) (the
“Release”). Amneal shall provide the Release to the Executive within seven days following the applicable Date of Termination. In order to receive the payments and benefits under Sections 4.4.2 and 4.4.3 (other than the Amounts and
Benefits) and the accelerated vesting with respect to the equity awards under Section 4.4.3, the Executive will be required to execute and deliver the Release within 45 days after the date it is provided to him and not to revoke it within seven
days following such execution and delivery. Notwithstanding anything to the contrary contained herein, (i) all payments delayed pursuant to this Section, except to the extent delayed pursuant to Section 8.10.2, shall be paid to the
Executive in a lump sum on the first payroll date on or following the 60th day after the Date of Termination, and any remaining payments due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for
them herein, with each such payment deemed to be a separate and distinct payment for the purposes of Section 409A of the Code and (ii) all accelerated vesting with respect to the equity awards delayed pursuant to this Section, except to
the extent delayed pursuant to Section 8.10.2, shall be effected on the 60th day after the Date of Termination. 

  
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	5.	INSURABILITY; RIGHT TO INSURE 

 Amneal shall have the right to maintain key man life
insurance in its own name covering the Executive’s life in an amount of up to $50,000,000.00. The Executive shall fully cooperate in the procuring of such insurance, including submitting to any required medical examination and by completing,
executing and delivering such applications and other instrument in writing as may be reasonably required by any insurance company to which application for insurance may be made by Amneal. Amneal’s ability to procure any key man life insurance
covering Executive’s life shall not be a condition of employment. 
  

	6.	CONFIDENTIALITY; NON-COMPETITION; NON-SOLICITATION; NON-DISPARAGEMENT; COOPERATION 

6.1 Confidential Information. The Parties acknowledge that the services to be performed by the Executive under this
Agreement are unique and extraordinary and, as a result of such employment, the Executive shall be in possession of Confidential Information (as defined below) relating to the business practices of Amneal and its Subsidiaries thereof. The term
“Confidential Information” shall mean any and all information (oral and written) relating to Amneal and its Subsidiaries or any of their respective activities, or of the clients, customers or business practices of Amneal and its
Subsidiaries, other than such information which (i) is generally available to the public or within the relevant trade or industry, other than as the result of breach of the provisions of this Section 6.1, or (ii) the Executive is
required to disclose under any applicable laws, regulations or directives of any government agency, tribunal or authority having jurisdiction in the matter or under subpoena or other process of law. Confidential Information includes, but it not
limited to, information that the Executive creates, develops, derives, obtains, makes known, or learns about which has commercial value in the business in which Amneal and its Subsidiaries is involved and which is treated by Amneal or its
Subsidiaries as confidential, such as trade secrets, ideas, processes, formulas, compounds, compositions, research and clinical data, know-how, discoveries, developments, designs, innovations, plans, strategies, pricing, costs, financial
information, employee information, forecasts and current and prospective customer and supplier lists. The Executive shall not, during the Term or at any time thereafter, except as may be required in the course of the performance of his duties
hereunder (including pursuant to Section 6.6 below) and except with respect to any litigation or arbitration involving this Agreement, including the enforcement hereof, directly or indirectly, use, communicate, disclose or disseminate to any
person, firm or corporation any Confidential Information acquired by the Executive during, or as a result of, his employment with Amneal, without the prior written consent of the Board. Without limiting the foregoing, the Executive understands that
the Executive shall be prohibited from misappropriating any trade secret of Amneal or its Subsidiaries or of the clients or customers of Amneal or its Subsidiaries acquired by the Executive during, or as a result of, his employment with Amneal, at
any time during or after the Term. Further without limiting the foregoing, as a condition of Executive’s employment with Amneal, the Executive shall enter into Amneal’s standard Employee Confidentiality, Non-Solicitation and Ownership of
Inventions Agreement (the “Proprietary Information Agreement”), attached as Exhibit C. In the event of a conflict between this Agreement and the Proprietary Information Agreement, this Agreement shall control. 

6.2 Return of Property. Upon the termination of the Executive’s employment for

  
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any reason all property of Amneal and its Subsidiaries that is in the possession of the Executive, including all documents, records, drug formulations, notebooks, equipment, price lists,
specifications, programs, customer and prospective customer lists and other materials that contain Confidential Information that are in the possession of the Executive, including all copies thereof, shall be promptly returned to Amneal. Anything to
the contrary herein notwithstanding, the Executive shall be entitled to retain (i) papers and other materials of a personal nature, including photographs, correspondence, personal diaries, calendars and rolodexes, personal files and phone
books, (ii) information showing his compensation or relating to reimbursement of expenses, (iii) information that he reasonably believes may be needed for tax purposes and (iv) copies of plans, programs and agreements relating to his
employment, or termination thereof, with Amneal. 
 6.3 Non-Competition. The Executive acknowledges that the Executive
has been provided with Confidential Information and, during the Term, Amneal from time to time will provide Executive with access to Confidential Information. Ancillary to the rights provided to the Executive as set forth in this Agreement, the
Executive’s continued employment with Amneal during the Term (subject to earlier termination as provided herein), and Amneal’s provision of Confidential Information, and the Executive’s agreements regarding the use of same, in order
to protect the value of any Confidential Information, and in consideration for good and valuable consideration received by the Executive, the Parties agree to the following provisions against unfair competition, which the Executive acknowledges
represent a fair balance of Amneal’s rights to protect its business and the Executive’s right to pursue employment. The Executive hereby agrees that he shall not, during the Term, directly or indirectly, engage or have an interest in, or
render any services to, any business (whether as owner, manager, operator, licensor, licensee, lender, partner, stockholder, joint venturer, employee, consultant or otherwise) (such activities hereinafter referred to collectively as
“Engaging”) that competes directly with Amneal or its Subsidiaries. Notwithstanding the foregoing, nothing herein shall prevent the Executive from (i) owning securities in a publicly traded entity whose activities compete with
those of Amneal or its Subsidiaries provided that such securities holdings are not greater than five percent of the equity ownership in such entity; (ii) Engaging in the business of the ownership and licensing (as licensor) of trademarks and
brands if the products or services carrying such trademarks and brands do not compete with the products or services carrying the trademarks and brands owned and licensed (as licensor) by Amneal or its Subsidiaries, or that Amneal or any of its
Subsidiaries is actively planning to own or license (as licensor), during the Term; or (iii) Engaging in an operating company (including ownership of securities of such operating company’s holding company) with annual revenues not in
excess of $10,000,000. 
 6.4 Prohibition on Use of Confidential Information to Solicit Customers and Prospects.
During the Executive’s employment, the Executive shall not engage in any other employment or activity that might materially interfere with the interests of Amneal or its Subsidiaries. Furthermore, the Executive shall not, except in the
furtherance of the Executive’s duties hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, (i) during the Term (except in the good faith performance of his duties) and for a
period of 24 months thereafter, solicit, aid or induce any employee, representative or agent of Amneal or its Subsidiaries to leave such employment or retention or to accept employment with or render services to or with any other person, firm,

  
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corporation or other entity unaffiliated with Amneal or hire or retain any such employee, representative or agent, or take any action to materially assist or aid any other person, firm,
corporation or other entity in identifying, hiring or soliciting any such employee, representative or agent, (ii) during the Term (except in the good faith performance of his duties) and for a period of 12 months thereafter, solicit, aid or
induce (or attempt to do any of the foregoing) directly or indirectly, any current or prospective customer of Amneal or its Subsidiaries with whom the Executive in any way dealt with at any time during the last two years of the Executive’s
employment to purchase goods or services then sold by Amneal or its Subsidiaries from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying or soliciting any such customer or (iii) during
the Term (except in the good faith performance of his duties) and for a period of 24 months thereafter, interfere in any manner with the relationship of Amneal or its Subsidiaries and any of its vendors. An employee, representative or agent shall be
deemed covered by this Section while so employed or retained by Amneal or its Subsidiaries and for six months thereafter. Anything to the contrary herein notwithstanding, the following shall not be deemed a violation of this Section 6.4:
(a) the Executive’s solicitation of the Amneal’s customers and/or vendors in connection with, and directly related to, his Engaging in a business that complies with Sections 6.3(ii) or (iii); (b) the Executive’s responding
to an unsolicited request for an employment reference regarding any former employee of Amneal or its Subsidiaries from such former employee, or from a third party, by providing a reference setting forth his personal views about such former employee;
or (c) if an entity with which the Executive is associated hires or engages any employee of Amneal or its Subsidiaries, if the Executive was not, directly or indirectly, involved in hiring or identifying such person as a potential recruit or
assisting in the recruitment of such employee. For purposes hereof, the Executive shall be deemed to have been involved “indirectly” in soliciting, hiring or identifying an employee only if the Executive (x) directs a third
party to solicit or hire the Employee, (y) identifies an employee to a third party as a potential recruit or (z) aids, assists or participates with a third party in soliciting or hiring an employee. 

6.5 Non-Disparagement. At no time during or within five years after the Term shall the Executive, directly or
indirectly, disparage Amneal or its Subsidiaries or any of Amneal’s or its Subsidiaries past or present employees, directors, products or services. Amneal and its Subsidiaries shall advise their senior officers and the members of the Board not
to disparage the Executive during the period. Notwithstanding the foregoing, nothing in this Section 6.5 shall prevent any person from making any truthful statement to the extent (i) necessary to rebut any untrue public statements made
about him or her; (ii) necessary with respect to any litigation, arbitration or mediation involving this Agreement and the enforcement thereof; (iii) required by law or by any court, arbitrator, mediator or administrative or legislative
body (including any committee thereof) with jurisdiction over such person; or (iv) made as good faith competitive statements in the ordinary course of business. 

6.6 Cooperation. Upon the receipt of reasonable notice from Amneal or its legal counsel, the Executive shall, while
employed by Amneal and thereafter, respond and provide information with regard to matters of which the Executive has knowledge as a result of the Executive’s employment with Amneal and will provide reasonable assistance to Amneal and its
representatives in defense of any claims that may be made against Amneal or its 

  
 19 

 
Subsidiaries, and will provide reasonable assistance to Amneal in the prosecution of any claims that may be made by Amneal or its Subsidiaries, to the extent that such claims may relate to
matters related to the Executive’s period of employment with Amneal. Any request for such cooperation shall take into account the Executive’s personal and business commitments. The Executive shall promptly inform the Board (to the extent
the Executive is legally permitted to do so) if the Executive is asked to assist in any investigation of the Amneal or its Subsidiaries or their actions, regardless of whether a lawsuit or other proceeding has then been filed with respect to such
investigation. If the Executive is required to provide any services pursuant to this Section 6.6 following the Term, upon presentation of appropriate documentation, Amneal shall promptly reimburse the Executive for reasonable out-of-pocket
travel, lodging, communication and duplication expenses incurred in connection with the performance of such services and in accordance with Amneal’s expense policy for its senior officers (provided that it shall be in Executive’s
discretion to travel via first or business class, which costs shall be reimbursable by Amneal), for reasonable legal fees to the extent the Executive in good faith believes that separate legal representation is reasonably required, and for the
Executive’s time at a rate equivalent to the Executive’s most recent base salary. The Executive’s entitlement to reimbursement of such costs and expenses, including legal fees, pursuant to this Section 6.6, shall in no way affect
the Executive’s rights, if any, to be indemnified and/or advanced expenses in accordance with the Amneal or its Subsidiaries corporate or other organizational documents, any applicable insurance policy, and/or in accordance with this Agreement.

 6.7 Remedies and Reformation. Without intending to limit the remedies available to Amneal , the Executive
acknowledges that a breach of any of the covenants contained in this Section 6 may result in material and irreparable injury to Amneal for which there is no adequate remedy at law, that it will not be possible to measure damages for such
injuries precisely and that, in the event of such a breach or threat Amneal shall be entitled to a temporary restraining order and/or a preliminary or permanent injunction restraining the Executive from engaging in activities prohibited by this
Section 6 or such other relief as may be required specifically to enforce any of the covenants in this Section 6. If for any reason it is held that the restrictions under this Section 6 are not reasonable or that consideration
therefor is inadequate, such restrictions shall be interpreted or modified to include as much of the duration and scope identified in this Section as will render such restrictions valid and enforceable. 

6.8 Violations. In the event of any material violation of the provisions of this Section 6, the Executive
acknowledges and agrees that: (a) the post-termination restrictions contained in this Section 6 shall be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of
the applicable post-termination restriction period shall be tolled during any period of such violation; (b) any severance payable which remains unpaid or other benefits yet to be received under Section 4.4.2 or 4.4.3 shall be forfeited by
the Executive; and (c) any vested options not exercised as of the date of any violation of the provisions of this Section 6 shall be forfeited. 
  

	7.	INDEMNIFICATION; DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE 

 During the Term
and thereafter, Amneal shall indemnify and hold harmless the Executive 

  
 20 

 
and his heirs and representatives as, and to the extent, provided in the applicable Amneal organizational documents, a copy of which will be provided to Executive upon request. In addition, the
Executive shall be entitled to enter into a form of indemnification agreement on terms and conditions no less favorable than the indemnification agreement entered into between Amneal and members of the Board. During the Term and for the applicable
statute of limitations thereafter, Amneal shall also cover the Executive under its directors’ and officers’ liability insurance on the same basis as it covers other senior executive officers and directors of Amneal. 

 

	8.	MISCELLANEOUS 

 8.1 Notices. All notices or communications
hereunder shall be in writing, addressed as follows (or to such other address as either party may have furnished to the other in writing by like notice): 

To Amneal: 

Amneal Pharmaceuticals LLC 

400 Crossing Boulevard, Third Floor 

Bridgewater, New Jersey 08807 

Facsimile No.: (908) 947-3144 

Attn: Sheldon Hirt, Senior Vice President, General Counsel 

Email: shirt@amneal.com 

To the Executive, at the last address for the Executive on the books of Amneal, which is currently:
                                         
                                       . 

All such notices shall be conclusively deemed to be received and shall be effective (i) if sent by hand delivery, upon
receipt, (ii) if sent by telecopy or facsimile transmission, upon confirmation of receipt by the sender of such transmission, (iii) if sent by overnight courier, one business day after being sent by overnight courier, or (iv) if sent
by registered or certified mail, postage prepaid, return receipt requested, on the fifth day after the day on which such notice is mailed. 

8.2 Testing; Verification. As a condition of the Executive’s employment with Amneal, the Executive will be required
to successfully complete Amneal’s standard onboarding procedures, including any background check and drug testing, the cost of which shall be paid by Amneal. In addition, to comply with Department of Homeland Security, the Executive will be
required to provide verification of the Executive’s identity and legal right to work in the United States and must complete a Form I-9 within the first three (3) days of the Closing. Amneal shall notify the Executive of the identity of a
clinic for drug testing that is local to the Executive, and the Executive hereby agrees to schedule an appointment with such clinic within forty-eight (48) hours of the date of this Agreement. In the event the Executive fails any such tests or
such verification, which cannot be sufficiently explained by Executive or is not remedied or corrected by a subsequent test or verification at Employee’s expense, then Amneal shall have the right to terminate this Agreement for Cause under this
Agreement. 
 8.3 Severability. Each provision of this Agreement shall be interpreted in such

  
 21 

 
manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective to
the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

8.4 Binding Effect; Benefits. The Executive may not delegate his duties or assign his rights hereunder. Except as
explicitly provided in the Agreement, no rights or obligations of Amneal under this Agreement may be assigned or transferred by Amneal other than pursuant to a merger or consolidation in which Amneal is not the continuing entity, or a sale,
liquidation or other disposition of all or substantially all of the assets of Amneal, provided that the assignee or transferee is the successor to all or substantially all of the assets or businesses of Amneal and assumes the liabilities,
obligations and duties of Amneal under this Agreement, either contractually or by operation of law. Amneal further agrees that, in the event of any disposition of its business and assets described in the preceding sentence, they shall use their best
efforts to cause such assignee or transferee expressly to assume the liabilities, obligations and duties of Amneal hereunder. This Agreement shall inure to the benefit of, and be binding upon, the Parties and their respective heirs, legal
representatives, successors and permitted assigns. 
 8.5 Entire Agreement. This Agreement, collectively with the
Exhibits hereto and the Proprietary Information Agreement, represents the entire agreement of the Parties with respect to the subject matter hereof and shall supersede any and all previous contracts, arrangements, proposed terms or understandings
between the Parties. In addition, this Agreement shall supersede the employment agreement between the Executive and Impax as of the execution of this Agreement by Amneal and Executive, and the Executive agrees to execute such documents as reasonably
determined necessary or appropriate to affect such supersession without triggering any severance under such employment agreement. This Agreement (including any of the Exhibits hereto) may be amended, modified or replaced at any time by mutual
written agreement of the Parties. In the case of any conflict between any express term of this Agreement and any statement contained in any plan, program, arrangement, employment manual, memorandum or rule of general applicability of the Amneal,
this Agreement shall control. 
 8.6 Withholding. The payment of any amount pursuant to this Agreement shall be
subject to applicable withholding and payroll taxes, and such other deductions as may be required by applicable law. 
 8.7
Governing Law. This Agreement and the performance of the parties hereunder shall be governed by the internal laws (and not the law of conflicts) of the State of New Jersey. 

8.8 Arbitration. Any dispute or controversy, including, but not limited to, discrimination claims and claims involving a
class, arising under or in connection with this Agreement or the Executive’s employment with Amneal, other than injunctive relief under Section 6.7 hereof, shall be settled exclusively by arbitration, conducted before a single arbitrator
in New Jersey (applying New Jersey law) in accordance with the Commercial Arbitration Rules and Procedures of the American Arbitration Association then in effect. 

  
 22 

 
The decision of the arbitrator will be final and binding upon the parties hereto. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. The parties acknowledge
and agree that in connection with any such arbitration and regardless of outcome (a) each party shall pay all its own costs and expenses, including without limitation its own legal fees and expenses, and (b) joint expenses shall be borne
equally among the parties. EACH PARTY WAIVES RIGHT TO TRIAL BY JURY. 
 8.9 Section 409A of the Code. 

8.9.1 General. It is intended that the provisions of this Agreement comply with Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”) and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”), and all provisions of this Agreement shall be construed in a manner
consistent with the requirements for avoiding taxes or penalties under Code Section 409A. If any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Executive to incur any
additional tax or interest under Code Section 409A, Amneal shall, upon the specific request of the Executive, use its reasonable business efforts to in good faith reform such provision to comply with Code Section 409A; provided, that to
the maximum extent practicable, the original intent and economic benefit to the Parties of the applicable provision shall be maintained. Amneal shall timely use its reasonable business efforts to amend any plan or program in which the Executive
participates to bring it in compliance with Code Section 409A. 
 8.9.2 Separation from Service; Six-Month Delay.
A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a
“Separation from Service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “resignation,” “termination,” “termination
of employment” or like terms shall mean Separation from Service. If the Executive is deemed on the Date of Termination to be a “specified employee,” within the meaning of that term under Section (a)(2)(B) of Code
Section 409A (“Code Section 409(a)(2)(B)”) and using the identification methodology selected by Amneal, from time to time, or if none, the default methodology, then with regard to any payment, the providing of any benefit
or any distribution of equity made subject to this Section 8.10.2, to the extent required to be delayed in compliance with Code Section 409A(a)(2)(B), and any other payment, the provision of any other benefit or any other distribution of
equity that is required to be delayed in compliance with Code Section 409A(a)(2)(B), such payment, benefit or distribution shall not be made or provided prior to the earlier of (i) the expiration of the six-month period measured from the
date of the Executive’s Separation from Service or (ii) the date of the Executive’s death. On the first day of the seventh month following the date of the Executive’s Separation from Service or, if earlier, on the date of his
death, (x) all payments delayed pursuant to this Section 8.10.2 (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum,
and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein and (y) all distributions of equity delayed pursuant to this Section 8.10.2
shall be made to the 

  
 23 

 
Executive. In addition to the foregoing, to the extent required by Code Section 409A(a)(2)(B), prior to the occurrence of both a Disability termination as provided in Section 4.1.2
hereof and the Executive’s becoming “disabled” under Code Section 409A, the payment of any compensation to the Executive under this Agreement shall be suspended for a period of six months commencing at such time that the
Executive shall be deemed to have had a Separation from Service because either (A) a sick leave ceases to be a bona fide sick leave of absence, or (B) the permitted time period for a sick leave of absence expires (an “SFS
Disability”), without regard to whether such SFS Disability actually results in a Disability termination. Promptly following the expiration of such six-month period, all compensation suspended pursuant to the foregoing sentence (whether it
would have otherwise been payable in a single sum or in installments in the absence of such suspension) shall be paid or reimbursed to the Executive in a lump sum. On any delayed payment date under this Section 8.10.2, there shall be paid to
the Executive or, if the Executive has died, to his estate, in a single cash lump sum together with the payment of such delayed payment, interest on the aggregate amount of such delayed payment at the Delayed Payment Interest Rate (as defined below)
computed from the date on which such delayed payment otherwise would have been made to the Executive until the date paid. For purposes of the foregoing, the “Delayed Payment Interest Rate” shall mean the prime interest rate as
reported in The Wall Street Journal as of the business day immediately preceding the payment date for the applicable delayed payment. 

8.9.3 Expense Reimbursement. With regard to any provision herein that provides for reimbursement of costs and expenses
or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for
reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be
violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Internal Revenue Code and the regulations and guidance promulgated thereunder solely because such expenses are subject to a limit related to the
period the arrangement is in effect and (iii) such payments shall be made on or before the last day of the Executive’s taxable year following the taxable year in which the expense was incurred. 

8.10 Survivorship. Except as otherwise expressly set forth in this Agreement, upon the expiration of the Term, the
respective rights and obligations of the parties shall survive such expiration to the extent necessary to carry out the intentions of the parties as embodied in this Agreement. This Agreement shall continue in effect until there are no further
rights or obligations of the parties outstanding hereunder and shall not be terminated by either party without the express prior written consent of both parties. 

8.11 Counterparts. This Agreement may be executed in counterparts (including by electronic transmission) which, when
taken together, shall constitute one and the same agreement of the parties. 
 8.12 Amneal Representations. As of the
Effective Date, Amneal represents and warrants to the Executive that (i) the execution, delivery and performance of this Agreement 

  
 24 

 
(and the agreements referred to herein) by Amneal has been fully and validly authorized by all necessary corporate action, (ii) the officer or director signing this Agreement on behalf of
Amneal is duly authorized to do so, (iii) the execution, delivery and performance of this Agreement does not violate any applicable law, regulation, order, judgment or decree or any agreement, plan or corporate governance document to which
Amneal is a party or by which it is bound; and (iv) upon execution and delivery of this Agreement by the Executive and Amneal, it shall be a valid and binding obligation of Amneal enforceable against it in accordance with its terms, except to
the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. 

[Signature Page Follows] 

  
 25 

 IN WITNESS WHEREOF, Amneal has caused this Agreement to be duly executed and the Executive has
hereunto set his hand, as of the date first set forth above. 
  

			
	Amneal Pharmaceuticals, Inc.
	
	By:                                   
                                         
         
	Name:
	Title:
	  

Paul M. Bisaro

  
 Signature Page to
Employment Agreement 

 Exhibit A 

AMNEAL’S CODE OF CONDUCT 

  

 Amneal Pharmaceuticals LLC, and 

Subsidiaries 
 Code of
Conduct 
 Dear Colleagues: 
 Our success is grounded in
our belief that the world is our family and we are forever accountable to the people who use our products, to our partners and colleagues, and most importantly, to each other. Included in this belief and accountability is our expectation that all of
us adhere to the highest standards of integrity and ethics in everything we do. 
 This Code of Conduct is an essential tool to maintaining trust and
accountability by guiding our actions. The Code is neither a comprehensive resource nor a substitute for sound judgment; it is an ethical guideline intended to drive integrity throughout Amneal. While words matter, our actions matter more. We must
incorporate the specific content and the intent of these guidelines into our daily actions as we deliver on our commitments to each other, our customers, our business partners and the communities where we do business. Please read this Code carefully
and understand its content. You are responsible for incorporating it into your daily activities. If you have questions or see violations speak to Human Resources or Legal Department to get answers. Thank you for your continued support in this
critical endeavor. 
 Sincerely yours, 
 Chirag Patel, Co-CEO

 Chintu Patel, Co-CEO 
 **** 

Purpose of the Amneal Code of Conduct 
 Amneal is built
upon a foundation of the highest ethical standards. Our Code provides ethical guidelines as a framework for our actions and to promote: 
  

	•	 	honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; 

 

	•	 	full, fair, accurate, timely, and understandable disclosure in reports and documents we file with regulatory agencies and in our other public communications; 

 

	•	 	compliance with applicable laws, rules, and regulations; 

  

	•	 	the prompt internal reporting of violations of this Code; and 

  

	•	 	accountability for adherence to this Code. 

 Our Code applies to everyone at Amneal, including its directors,
officers, and employees of Amneal, and its subsidiaries, as well as business partners and contractors who perform work on our behalf. This Code should guide your conduct in the course of our business. The principles described in this Code are
general in nature and do not cover every situation that may arise. Use common sense and good judgment in applying this Code. If you have any questions about applying the Code, it is your responsibility to seek guidance. This Code is not the
exclusive source of guidance and information regarding the conduct of our business. You should consult applicable policies and procedures in specific areas as they apply. 

  
 Rev. June 30, 2016 

Page 2 

 You should not hesitate to ask questions about whether any conduct may violate the Code. In addition, you should
be alert to possible violations of the Code by others and report suspected violations, without fear of any form of retaliation. Any employee who violates the standards in the Code may be subject to disciplinary action up to and including termination
of employment and, in appropriate cases, civil legal action or referral for regulatory or criminal prosecution. 
 Our Responsibilities 

As an Amneal employee, you are expected to comply with both the content and the intent of our Code. This means you must understand and comply with all of our
policies, laws and regulations that apply to your job, even if you feel pressured to do otherwise. Our Code also requires you to seek guidance if you have questions or concerns and to cooperate fully in any investigation of suspected violations of
the Code that may arise in the course of your employment. Periodically, you may be asked to provide a written certification that you have reviewed and understand Amneal’s Code of Conduct, comply with its standards, and are not personally aware
of any violations of the Code by others. This certification is your pledge to live up to our Code and its expectations and to promptly raise concerns about any situation that you think may violate our Code. Employees who violate our Code put
themselves, fellow employees, or Amneal at risk and are subjected to disciplinary action up to and including termination of employment. 
 Product
quality 
 Amneal is committed to maintaining high quality of products. All employees must comply with all applicable laws and regulations regarding our
research, development, manufacturing and distribution activities, including Good Clinical Practices, Good Manufacturing Practices, and Good Laboratory Practices, among other practices. 

Safety 
 Each of us has a responsibility to report adverse
events associated with our products. If you learn of an adverse event whether during work time or outside of office hours, you much, within 24 hours, report this information to the Drug Safety Department. 

Making Good Decisions 
 In addition to complying with the
requirements contained in Amneal policies, in specific situations, before taking any action each employee should consider the following questions, and unless the answer to each question is “YES”, the action should not be taken: 

 

	•	 	Is this action legal, ethical, and socially responsible? 

  

	•	 	Does this action comply with both content and the intent of our Code? 

  

	•	 	Will this action appear appropriate? 

  

	•	 	Is it clear that Amneal would not be embarrassed or compromised if this action were to become known within Amneal or publicly? 

Following Laws and Regulations 
 It is Amneal’s
policy to follow all laws and regulations in the countries and communities in which we conduct business. As we manufacture and sell our products across the United States and globally, this Code provides only an overview of our general principles. As
an Amneal employee you are responsible to know the local policies of the facility at which you work and applicable local laws. 

  
 Rev. June 30, 2016 

Page 3 

 Asking Questions and Reporting Concerns 

If you know of or suspect a violation of applicable laws or regulations, this Code, or Amneal’s related policies, you have an obligation to immediately
report it to the Human Resources or Legal Department. 
 Commitment to Non-Retaliation 

Amneal prohibits retaliation, in any form, against anyone who, in good faith, reports violations or suspected violations of this Code, company policy, or
applicable law, or who assists in the investigation of a reported violation. Acts of retaliation should be reported immediately to Human Resources or Legal Department. 

Complying with the Code of Conduct 
 To maintain the
highest standards of integrity, we must dedicate ourselves to complying with our Code, company policies and procedures and applicable laws and regulations. Violations of our Code not only damage Amneal’s standing in the communities we
serve—they may also be illegal. Employees involved in violating our Code will likely face negative consequences. Amneal will take the appropriate disciplinary action in response to each case, up to and including termination. In addition,
employees involved may be subject to government fines or criminal or civil liability. 
 Discrimination 

Having a diverse workforce—made up of team members who bring a wide variety of skills, abilities, experiences and perspectives—is essential to our
success. We embrace diversity of ethnicity, gender, generation, geography and thought. We are committed to the principles of equal employment opportunity, inclusion and respect. All employment-related decisions must be based on company needs, job
requirements and individual qualifications. We do not tolerate discrimination against anyone—team members, customers, business partners or other stakeholders—on the basis of race, national origin, religion, age, color, sex, sexual
orientation, gender identity, disability, or protected veteran status, marital status or any other characteristic protected by local, state, or federal laws, rules, or regulations or any other status protected by the laws or regulations in the
locations where we operate. We comply with laws regarding employment of immigrants and noncitizens and provide equal employment opportunity to everyone who is legally authorized to work in the applicable country. We provide reasonable accommodations
to individuals with disabilities and remove any artificial barriers to success. Report suspected discrimination right away to Human Resources or Legal Department and never retaliate against anyone who raises a good faith belief that unlawful
discrimination has occurred. 
 Harassment 
 Every
employee has a right to a work environment free from harassment, regardless of whether the harasser is a co-worker, supervisor, manager, customer, vendor or visitor. Harassment can include any behavior (verbal, visual or physical) that creates an
intimidating, offensive, abusive or hostile work environment, or unwelcome conduct, whether verbal, physical or visual that is based on gender, race, color, religion or any other legally protected classification or sexual harassment of a person of
the same or opposite sex of the harasser. Harassment is strictly prohibited. As is the case with any violation of the Code, you have a responsibility to report any harassing behavior or condition regardless of if you are directly involved or just a
witness. Retaliation for making a good faith complaint or for assisting in the investigation of a discrimination or harassment complaint is prohibited. Report the offending conduct to the Human Resources or the Legal Department. 

Workplace Safety and Violence Prevention 
 Amneal strives
to provide a safe and healthy workplace for employees, customers and visitors to all of our sites. All managers have responsibility for ensuring proper safety and health conditions for their employees. Management is committed to maintaining industry
standards in all areas of employee safety and health, including industrial hygiene and safety. To support this commitment, employees are 

  
 Rev. June 30, 2016 

Page 4 

 
responsible for observing all safety and health rules, practices and laws that apply to their jobs, and for taking precautions necessary to protect themselves, their co-workers and visitors
including wearing personal protective equipment and apparel as required. Employees are also responsible for immediately reporting accidents, injuries, occupational illnesses and unsafe practices or conditions to their supervisor. Threats, acts of
violence and physical intimidation are strictly prohibited. Possession of weapons on the job or at any Amneal site is also strictly prohibited. As is the case with any violation of the Code, employees have a responsibility to report any unsafe
behavior or condition regardless of whether they are directly involved or a witness. 
 Physical Assets and Resources 

All employees must protect Amneal assets, such as laptops, telephones, mobile devices, IT networking resources, equipment, inventory, supplies, cash and
business information. Treat company assets with the same care you would if they were your own. Use Amneal resources only to conduct company business. No employee may commit theft, fraud or embezzlement, or misuse company property for any reason. Use
of these resources, whether in the office or at home, is not private. Amneal may monitor individual use of network services, including email and visits to specific websites, as permitted by law. 

Substance Abuse 
 Amneal requires employees to work free
from the influence of any substance, including drugs and alcohol, preventing them from conducting work activities safely and effectively. Amneal reserves the right to have any employee tested if there is a reasonable suspicion that he or she is
under the influence of drugs or alcohol. If you are using prescription or non-prescription drugs that may impair alertness or judgment, or witness an employee impaired and therefore possibly jeopardizing the safety of others or Amneal’s
business interests, you should report it immediately. If you have a problem related to alcohol or drugs, you are encouraged to seek assistance from programs which Amneal may offer and/or other qualified professionals. 

Proprietary and Confidential Information 
 One of our most
important assets is Amneal’s confidential information. As an employee of Amneal, you may learn of information about Amneal that is confidential and proprietary. You also may learn of information before that information is released to the
general public. Employees who have received or have access to confidential information should take extreme care to keep this information confidential. Confidential information includes non-public information that might be of use to competitors or
harmful to Amneal or its customers if disclosed, including but not limited to, business, marketing plans or activities, financial information, research and development activities, product pipeline, regulatory strategy, litigation strategy,
manufacturing strategy, product lists, engineering and manufacturing ideas, designs, databases, customer lists, pricing strategies, personnel data, personally identifiable information pertaining to our employees, customers or other individuals
(including, for example, names, addresses, telephone numbers and social security numbers), and similar types of information provided to us by our customers, suppliers and partners. You are expected to keep confidential and proprietary information
confidential unless and until that information is released to the public through approved channels (usually through a press release or a formal communication from a member of senior management). Every employee has a duty to refrain from disclosing
to any person confidential or proprietary information about us or any other company learned in the course of employment here, until that information is disclosed to the public through approved channels. You should also take care not to inadvertently
disclose confidential information. Materials that contain confidential information, such as memos, notebooks, computer disks and laptop computers, should be stored securely. Unauthorized posting or discussion of any information concerning our
business, information or prospects on the internet is prohibited. You may not discuss our business, information or prospects in any chat room, regardless of whether you use your own name or a pseudonym. All company emails, voicemails and other
communications are presumed confidential, are 

  
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Page 5 

 
company property and should not be forwarded or otherwise disseminated outside of Amneal, except where required for legitimate business purposes. The obligation to protect confidential
information of Amneal continues even after cessation of employment. 
 Protecting Customer/Third Party Information 

Keeping customer information secure and using it appropriately is a top priority for Amneal. We must safeguard any confidential information shared with us by
customers or third parties. We must also ensure that such information is used only for the reasons for which the information was gathered, unless further use is allowed by law. Customer or third party information includes any information about a
specific customer/third party, including such things as name, address, phone numbers, financial information, etc. We do not disclose any information about a third party without first obtaining written approval, unless required by law or regulation
(e.g. a court-issued subpoena). 
 Intellectual Property and Protecting IP 

As an employee, the work product you create for Amneal belongs to Amneal. This work product includes but is not limited to inventions, discoveries, ideas,
trade secrets, know-how, improvements, software programs, artwork, and works of authorship. This work product is Amneal’s property (it does not belong to individuals) if it is created or developed, in whole or in part, on company time, as part
of your duties or through the use of company resources or information. Additionally, to ensure that Amneal receives the benefit of work done by outside consultants, it is essential that an appropriate agreement be in place before any work begins
with third parties. 
 We value new product or process for the preparation of the same and business ideas, concepts, and other information that we produce.
When we do not identify or otherwise protect this intellectual property, Amneal risks losing rights to it and the competitive advantages it offers. It is incumbent upon you to protect our intellectual property from illegal or other misuse by making
sure it is affixed with or identified by appropriate trademark, service mark, copyright notice, confidential marking or patent marking (if applicable). Be sure to disclose to management any innovation developed on company time or using company
information or resources, so that Amneal can decide whether to seek formal protection. Additionally, we must avoid infringing on the IP rights of others. Please remember not to: 

 

	•	 	disclose non-public intellectual property inappropriately or without approval from the Legal Department; 

  

	•	 	use company resources or time to create or invent something unrelated to our business; 

  

	•	 	use a previous employer’s intellectual property without that company’s permission; 

  

	•	 	make unauthorized copies of software or licensed or confidential information; 

  

	•	 	copy magazine/journal articles or other publications, unless you have explicit authority to do so; 

  

	•	 	affix the trademark of another company to goods without proper authorization; and 

  

	•	 	hire a competitor’s employee to obtain that competitor’s trade secrets. 

 Antitrust and Fair
Competition 
 It is our policy that all directors, officers, and employees comply with all antitrust and competition laws. International, Federal and
State antitrust and competition laws prohibit efforts and actions to restrain or limit competition between companies that otherwise would be competing for business in the marketplace. You must be particularly careful when you interact with any
employees or representatives of Amneal’s competitors. You should use extreme care to avoid any improper discussions with our competitors, especially at trade association meetings or other industry or trade events where competitors may interact.
Under no circumstances should you discuss customer information, prospects, pricing, or other business terms with any employees or representatives of our competitors. If you are not careful, you could potentially violate antitrust and/or competition
laws if you discuss or make an agreement with a competitor regarding: 

  
 Rev. June 30, 2016 

Page 6 

	•	 	prices or pricing strategy; 

  

	•	 	discounts; 

  

	•	 	terms of our customer relationships; 

  

	•	 	sales policies or sales practices; 

  

	•	 	marketing plans; 

  

	•	 	customer selection; 

  

	•	 	allocating customers or market areas; or 

  

	•	 	contract terms and contracting strategies. 

 Agreements with competitors do not need to be written in order to
violate applicable antitrust and competition laws. Informal, verbal, or implicit understandings (e.g. knowing winks) are also violations. Antitrust violations in the U.S. may be prosecuted civilly or criminally (as felonies) and can result in severe
penalties for Amneal and any associate or other person who participates in a violation (e.g. the incarceration of an employee). As with all aspects of this Code, should you have questions about this you should contact the Legal Department. 

Honest Advertising and Marketing 
 It is Amneal’s
policy to comply with all laws and regulations governing the sales and marketing of our products throughout the world. It is our responsibility to accurately represent Amneal and our products in our marketing, advertising and sales materials. It is
Amneal’s policy to advertise and promote its products only through programs and materials that have been formally approved by the Company to ensure compliance with applicable country, state and/or local laws and regulations. No employee is
permitted to give unauthorized discounts, rebates, concessions, commissions or incentives, or bribes or other payments to obtain or retain business. 

Anti-Money Laundering 
 Money laundering is a global
problem with far-reaching and serious consequences. Money laundering is defined as the process of converting illegal proceeds so that funds are made to appear legitimate, and it is not limited to cash transactions. Complex commercial transactions
may hide financing for criminal activity such as terrorism, illegal narcotics trade, bribery, and fraud. Involvement in such activities undermines our integrity, damages our reputation and can expose Amneal and individuals to severe sanctions.
Amneal forbids knowingly engaging in transactions that facilitate money laundering or result in unlawful diversion. Anti-money laundering laws of the United States and other countries and international organizations require transparency of payments
and the identity of all parties to transactions. 
 Anti-corruption/Anti-bribery 

The United States and many other countries have laws that prohibit bribery, kickbacks, and other improper payments. No Amneal employee, officer, agent, or
independent contractor acting on our behalf may offer or provide bribes or other improper benefits in order to obtain business or an unfair advantage. A bribe is defined as directly or indirectly offering anything of value (e.g., gifts, money, or
promises) to influence or induce action, or to secure an improper advantage. The Foreign Corrupt Practices Act and other U.S. laws prohibit payment of any money or anything of value to a foreign official, foreign political party (or official
thereof), or any candidate for foreign political office for the purposes of directing, obtaining or retaining business. We expect all employees, officers, agents, and independent contractors acting on behalf of Amneal to strictly abide by these
laws. All employees are required to comply strictly with the United States Foreign Corrupt Practices Act (the “FCPA”). In essence, no employee shall make or promise to make, directly or indirectly, any payment of money or object of value
to any foreign official 

  
 Rev. June 30, 2016 

Page 7 

 
of a government, political party, or a candidate for political office for the purpose of inducing or influencing actions in any way to assist Amneal in obtaining or retaining business for or with
Amneal. A bribe is giving anything of value that would improperly influence or appear to improperly influence the outcome of a transaction. “Anything of value” is very broadly defined and can include such things as: 

 

	•	 	cash; 

  

	•	 	gifts; 

  

	•	 	meals; 

  

	•	 	entertainment; 

  

	•	 	travel and lodging; 

  

	•	 	personal services; 

  

	•	 	charitable donations; 

  

	•	 	business opportunities; 

  

	•	 	favors; and 

  

	•	 	offers of employment. 

 Gifts and Entertainment 

Gifts and entertainment can create goodwill in our business relationships, but can also make it hard to be objective about the person providing them. Our
choice of suppliers, vendors and partners must be based on objective factors like quality, cost, value, service and ability to deliver. We must avoid even the appearance of making business decisions based on gifts received through these
relationships. Giving or accepting gifts of in frequent nominal value, as defined in local policy, are acceptable. Infrequent business entertainment is appropriate provided it’s not excessive and it does not create the appearance of impropriety
or an actual conflict of interest. When giving gifts or offering to entertain a business partner, ensure that your offer does not violate the recipient’s own policies. If you work with public officials, be aware that even simple offers such as
purchasing a meal or refreshments may be unacceptable or even against the law. Always contact the Legal Department before providing any gift or entertainment to a public official. 

Trade Compliance 
 We comply with all United States
federal import and export laws and regulations. These laws restrict transfers, exports, and sales of products or technical data from the United States to certain prescribed countries and persons as well as re-export of certain items from one
non-U.S. location to another. Many countries in which we operate have similar laws and regulations. If you are involved in importing and exporting goods and data, you are responsible for knowing and following these laws. 

Government Customers/Contracting 
 When doing business
with federal, state, or local governments, we must ensure that all statements and representations to government procurement officials are accurate and truthful, including costs and other financial data. If your assignment directly involves working
with the government, or if you are responsible for someone working with the government on behalf of Amneal, be alert to the special rules and regulations applicable to our government customers. Additional steps should be taken to understand and
comply with these requirements. Any conduct that could appear improper must be avoided when dealing with government officials and employees. Payments, gifts, or other favors given to a government official or employee are strictly prohibited as it
may appear to be a means of influence or a bribe. Failure to avoid these activities may expose the government agency, the government employee, Amneal, and you to substantial fines and penalties. For these reasons, any sale of our products or
services to any federal, state, or local government entity must be in accordance with Amneal policies. 

  
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 Maintain Accurate Financial Records/Internal Accounting Controls 

Accurate and reliable records are crucial to our business. We are committed to maintaining accurate company records and accounts in order to ensure legal and
ethical business practices and to prevent fraudulent activities. We are responsible for helping ensure that the information we record, process, and analyze is accurate, and recorded in accordance with applicable accounting or legal principles. We
also need to ensure that it is made secure and readily available to those with a need to know on a timely basis. Company records include sales information, payroll, timecards, travel and expense reports, e-mails, accounting and financial data,
measurement and performance records, electronic data files and all other records maintained in the ordinary course of our business. All company records must be complete, accurate, and reliable in all material respects. There is never a reason to
make false or misleading entries. Undisclosed or unrecorded funds, payments, or receipts are inconsistent with our business practices and are strictly prohibited. 

Avoiding Conflicts of Interest 
 We have an obligation to
make sound business decisions in the best interests of Amneal without the influence of personal interests or gain. Amneal requires you to avoid any conflict, or even the appearance of a conflict, between your personal interests and the interests of
Amneal. A conflict exists when your interests, duties, obligations or activities, or those of a family member or close friend are, or may be, in conflict or incompatible with the interests of Amneal. Should any business or personal conflict of
interest arise, or even appear to arise, you should disclose it immediately to the Human Resources or Legal Department for review. In some instances, disclosure may not be sufficient and we may require that the conduct be stopped or that actions
taken be reversed where possible. As it is impossible to describe every potential conflict, we rely on you to exercise sound judgment, to seek advice when appropriate, and to adhere to the highest standards of integrity. Every employee, officer, and
director of Amneal is expected to act in the best interests of Amneal and to protect our reputation from any conflicts. We should also be sensitive to even the appearance of a conflict. This means that employees, officers, and directors should avoid
any investment, interest, association, or activity that may cause others to doubt their or Amneal’s fairness or integrity, or that may interfere with their ability to perform job duties objectively and effectively. Many potential conflicts of
interest can be prevented or remedied by making full disclosure of the situation to your supervisor and functional leader. Our supervisors and leaders are responsible to ensure that Amneal’s interests are protected from conflicts of interest.
The following activities could represent conflicts of interest: 
  

	•	 	owning, directly or indirectly, a significant financial interest in any entity that does business, seeks to do business, or competes with Amneal; 

 

	•	 	holding a second job that interferes with your ability to do your regular job; 

  

	•	 	employing, consulting, or serving on the board of a vendor, competitor, customer, supplier, or other service provider; 

  

	•	 	hiring a vendor, supplier, distributor, or other agent managed or owned by a relative or close friend; 

  

	•	 	soliciting or accepting any cash, gifts, entertainment, or benefits that are more than modest, as defined or described in local policies, in value from any vendor, competitor, supplier, or customer; and

  

	•	 	taking personal advantage of corporate opportunities. 

 Insider Trading 

You are prohibited from trading or enabling others to trade stock of another company such as a customer, supplier, competitor, potential acquisition or
alliance partner while in possession of material nonpublic information (“Material Information”) about that company. Material Information is any information that an investor might consider important in deciding whether to buy, sell, or hold
securities. Information is considered non-public if it has not been adequately disclosed to the public. All non-public information 

  
 Rev. June 30, 2016 

Page 9 

 
about Amneal or about companies with which we do business is considered confidential information. To use Material Information in connection with buying or selling securities, including tipping
others who might make an investment decision on the basis of this information, is not only unethical, it is illegal. We must exercise the utmost care when handling Material Information. At times we may receive confidential information before it is
made publicly available to ordinary investors of other companies. Some of that information may be considered significant or material, and could be important to an investor deciding to buy, sell or hold securities. 

Relationships with Regulators 
 Given the highly regulated
environment in which we operate, we must be vigilant in meeting our responsibilities to comply with relevant laws and regulations. We expect full cooperation of our employees with our regulators and to respond to their requests for information in an
appropriate and timely manner. You should be alert to any changes in the law or new requirements that may affect our business and be aware that new products or services may be subject to special legal and/or regulatory requirements. If you become
aware of any significant regulatory or legal concern, you must immediately bring them to the attention of our functional leader and the Legal Department. We are committed to maintaining an open, constructive and professional relationship with
regulators on matters of regulatory policy, submissions, compliance, and product performance. 
 Communicating with External Parties 

Amneal employees are not authorized to speak with the media, investors, and analysts on behalf of Amneal unless authorized by Laurene Isip, Senior Director
Corporate Communications. Unless specifically authorized, do not give the impression that you are speaking on behalf of Amneal in any communication that may become public. This includes posts to online forums, social media sites, blogs, chat rooms,
and bulletin boards. This policy also applies to comments to journalists about specific matters that relate to our business, as well as letters to the editor and endorsements of products or services. 

 Exhibit B 

(To be signed on or within 45 days after termination. Please do not sign before the date of termination.) 

RELEASE AGREEMENT 
 (Age
40 or Older) 
 In exchange for my receipt of the severance payments and benefits set forth in Sections 4.4.2 and 4.4.3 of my
Employment Agreement, dated [            ], 201[    ] (as amended, my “Employment Agreement”), with Amneal Pharmaceuticals, Inc.
(“Amneal”), and for other valuable consideration, the receipt and adequacy of which are hereby acknowledged, I do hereby release and forever discharge the “Releasees” hereunder, consisting of Amneal and its
Subsidiaries (as defined below), and, in their capacity as such, each of their predecessors, successors, partners, directors, officers, employees, attorneys and agents, of and from any and all manner of action or actions, cause or causes of action,
in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, losses, costs, attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called
“Claims”), which I now have or have ever had against the Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date I sign this Release Agreement. The Claims released
herein include, but are not limited to: (1) all claims arising out of or in any way related to my service or employment relationship with any of the Releasees or the termination of that relationship; (2) all claims related to my
compensation or benefits from the any of the Releasees, including salary, bonuses, commissions, Paid Time Off, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in Amneal or its
Subsidiaries (collectively, the “Group Entities”); (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for
fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including (without limitation) claims for discrimination, harassment, retaliation, attorneys’ fees,
and other claims arising under the Age Discrimination in Employment Act, as amended (the “ADEA”); Title VII of the Civil Rights Act of 1964, as amended; the Equal Pay Act; the Civil Rights Act of 1866; the Family and Medical Leave
Act of 1993, as amended; the Americans with Disabilities Act of 1990, as amended; the False Claims Act, as amended; the Employee Retirement Income Security Act, as amended; the Fair Labor Standards Act, as amended; the Sarbanes-Oxley Act of 2002;
the Worker Adjustment Notification and Retraining Act; the New Jersey Law Against Discrimination; the New Jersey Conscientious Employee Protection Act; the New Jersey Family Leave Act; the New Jersey Wage Payment Law; the New Jersey Wage and Hour
Law; the New Jersey Equal Pay Act; and retaliation claims under the New Jersey Workers’ Compensation Law. For purposes of this Release Agreement, the term Subsidiary shall mean any entity with voting equity securities that is more than 50%
controlled by Amneal as the parent company or the holding company. 
 Notwithstanding the foregoing, this Release Agreement shall not
be construed in any way to release any Claim (i) to payments and benefits under Section 4.4.2 and 4.4.3 of my 

 
Employment Agreement, (ii) to accrued or vested benefits I may have, if any, as of the date hereof under any applicable plan, policy, practice, program, contract or agreement with any Group
Entity, (iii) for indemnification and/or advancement of expenses, arising under any indemnification agreement between me and any Group Entity or under the bylaws, certificate of incorporation or other similar governing document of any Group
Entity, (iv) to any rights or benefits that may not be waived pursuant to applicable law, including, without limitation, any right to unemployment insurance benefits, or (v) to my right to communicate directly with, cooperate with, or
provide information to, any federal, state or local government regulator. 
 For the avoidance of doubt, nothing in this Release will be
construed to prohibit me from filing a charge with, reporting possible violations to, or participating or cooperating with any governmental agency or entity, including but not limited to the EEOC, the Department of Justice, the Securities and
Exchange Commission, the National Labor Relations Board, Congress, or any agency Inspector General, or making other disclosures that are protected under the whistleblower, anti-discrimination, or anti-retaliation provisions of federal, state or
local law or regulation; provided, however, that I may not disclose information of the Releasees that is protected by the attorney-client privilege, except as otherwise required by law. I do not need the prior authorization of the applicable
Releasee to make any such reports or disclosures, and I am not required to notify the applicable Releasee that I have made such reports or disclosures. 

I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA, and that the consideration given
under my Employment Agreement for the waiver and release I am providing herein is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that:
(a) my waiver and release do not apply to any rights or claims that may arise after the date I sign this Release Agreement; (b) I should consult with an attorney prior to signing this Release Agreement (although I may choose voluntarily
not to do so); (c) I have forty-five (45) days to consider this Release Agreement (although I may choose voluntarily to sign this Release Agreement before the end of the 45-day period) and to return the signed Release Agreement to Amneal;
(d) I have seven (7) days following the date I sign this Release Agreement (the “Revocation Period”) to revoke the Release Agreement as described below; and (e) this Release Agreement shall not be effective until the
date upon which the Revocation Period has expired, which shall be the eighth day after I sign this Release Agreement (the “Effective Date”). I understand and agree that if I choose to revoke this Release Agreement, I must deliver
notice of such revocation in writing, by personal delivery, email or mail, to [NAME], [TITLE] (            @            .com) at
Amneal, [ADDRESS], no later than 5:00 p.m. Pacific Time on the last day of the Revocation Period. If mailed, the revocation must be properly addressed and postmarked no later than the last day of the Revocation Period. 

I represent that I have no lawsuits, claims or actions pending in my name, or on behalf of myself or any other person or entity, against any
of the Releasees. I agree that I will not voluntarily provide assistance, information or advice, directly or indirectly (including through agents or attorneys), to any person or entity in connection with any actual or potential claim or cause of
action of any kind against the Releasees and I shall not induce or encourage any person or entity to do so, unless compelled or authorized to do so by law. Notwithstanding the 

 
foregoing, I retain the right to file a charge with the Equal Employment Opportunity Commission and equivalent federal, state and local agencies, and to cooperate with investigations by any such
agencies. 
 I acknowledge and represent that I have not suffered any discrimination or harassment by any of the Releasees on account of
race, gender, national origin, religion, marital or registered domestic partner status, sexual orientation, age, disability, veteran status, medical condition or any other characteristic protected by applicable law. I acknowledge and represent that
I have not been denied any leave, benefits or rights to which I may have been entitled under the FMLA or any other federal or state law, and that I have not suffered any job-related wrongs or injuries for which I might be entitled to compensation or
relief. I further acknowledge and represent that, other than the benefits that will be provided to me pursuant to Sections 4.4.2 and 4.4.3 of my Employment Agreement, I have been paid all wages, bonuses, compensation, benefits and other amounts that
any of the Releasees has ever owed to me, and I am not entitled to any additional compensation, severance or benefits after the date on which my employment with Amneal terminated, with the sole exception of any benefit the right to which has vested
under the express terms of an Amneal benefit plan document. 
 In addition, I hereby acknowledge my continuing obligations under my Employee
Confidentiality, Non-Solicitation and Ownership of Inventions Agreement with Amneal and under Section 6 of the Employment Agreement, including (without limitation) my obligations not to use or disclose any proprietary or confidential
information of the Group Entities. Notwithstanding anything herein or in my Employee Confidentiality, Non-Solicitation and Ownership of Inventions Agreement with Amneal, I acknowledge and I agree that, pursuant to 18 USC Section 1833(b), I will
not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an
attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

I agree that if I commence any suit arising out of, based upon, or relating to any of the Claims released under this Release Agreement, then I
will pay to the Releasees, and each of them, in addition to any other damages caused to the Releasees thereby, all attorneys’ fees incurred by the Releasees in defending or otherwise responding to such suit; provided, that, this paragraph shall
not apply with respect to any compulsory counterclaims within the meaning of Rule 13(a) of the Federal Rules of Civil Procedure, asserted by me against the Releasees bringing claims against me. 

I agree that if any provision of this Release Agreement is determined to be invalid or unenforceable, in whole or in part, this determination
will not affect any other provision of this Release Agreement and the provision in question shall be modified so as to be rendered enforceable in a manner consistent with the intent of the parties insofar as possible under applicable law. I
understand that this Release Agreement, together with my Employment Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement between Amneal and me with regard to the subject matter hereof. I am not relying on any
promise or representation by Amneal that is not expressly stated therein. 

 I acknowledge that in order for this Release Agreement to become effective, I must sign this
Release Agreement and return it by email or mail to [NAME], [TITLE] (            @            .com) at Amneal, [ADDRESS], on or
within forty-five (45) days after the date on which my employment terminated, and I must not exercise my right to revoke the Release Agreement as described above. 

I have carefully read and fully understand this Release Agreement, and agree to be bound by its terms. 

 

			
	Printed Name:	 	 

  

			
	Signature:	 	 

  

			
	Date:	 	 

 Exhibit C 

Proprietary Information Agreement 

 EMPLOYEE CONFIDENTIALITY, NON-SOLICITATION, AND 

OWNERSHIP OF INVENTIONS AGREEMENT 

THIS    EMPLOYEE CONFIDENTIALITY, NON-SOLICITATION, AND OWNERSHIP OF INVENTIONS AGREEMENT (the
“Agreement”) is entered into this          day of              ,
         by and between Amneal Pharmaceuticals LLC, (together with any past or present subsidiaries, “Employer”), and
                 (“Employee”). 

RECITALS 

A.     Employer owns certain valuable Confidential Information (as defined below), some or all of which is used by or
available to Employee in the ordinary course of his/her duties as an employee of the Employer, and protecting the Confidential Information is critical to the Employer’s success and ability to continue as a going concern; and 

B.     Employer has established a policy of requiring all employees and contractors having access to its Confidential
Information to enter into confidentiality agreements, and Employee acknowledges the importance of protecting the Confidential Information and is willing to enter into and be bound by this Agreement for that purpose. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the hiring and employment by the Employer of Employee, and the mutual promises set forth herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties intending
to be legally bound hereby agree as follows: 
 1.     Recitals. The foregoing recitals are
incorporated herein and made a substantive part of this Agreement. 
 2.     Applicability. The terms and
conditions of this Agreement apply to Employee in the ordinary course of his/her duties as an employee of Employer. 

3.     Confidential Information. For purposes of this Agreement, “Confidential
Information” means all information or material of the Employer that is proprietary and confidential, including but not limited to the following types of information and material, as it may have existed in the past, currently exist or be
planned, anticipated or exist in the future: (i) trade secrets, product specifications, data, know-how, formulae, formulations, compositions, designs, sketches, devices, photographs, graphs, drawings, samples, discoveries, inventions and ideas,
improvements, research and development, methods and processes, customer lists, customer requirements, price lists, market studies, business plans, computer software and programs (including object code and source code), computer and database
technologies, systems, structures, and architectures, discoveries, concepts, financial information and statements, marketing and pricing strategies and decisions, financial projections and budgets, historical and projected sales, capital spending,
budgets and plans, the terms of contracts to which the Employer is or has been a party, the names and backgrounds of key personnel, personnel training 

  
 1 

 
techniques and materials, and any other information concerning the business and affairs of the Employer; (ii) notes, analyses, compilations, studies, summaries and other material prepared by
or for the Employer or any employee or consultant of the Employer, including without limitation Employee, containing or based, in whole or in part, on any information included in the foregoing; (iii) the knowledge and ability to put and use
together various individual elements of Confidential Information and/or public information when such knowledge and ability has been learned or developed during Employee’s employment with the Employer, whether or not on the Employer’s
premises; and (iv) information and materials received by the Employer from third parties in confidence. In addition, protection of the Employer’s trade secrets as referenced above are in addition to, and not a substitute for, the
“trade secrets” protected by any applicable state statute. 
 4.     Confidentiality.
Employee agrees Employee shall not disclose to others, nor shall Employee use for Employee’s or another’s benefit, any such Confidential Information, either during Employee’s employment with the Employer or thereafter. Employee shall
use Confidential Information only for the benefit of the Employer within the scope of Employee’s assigned employment duties. Except as authorized by the Employer in advance and in writing, Employee agrees (i) not to disclose Confidential
Information to any entity or person not employed or retained by the Employer and (ii) not to use, transfer, or assist others in using the Confidential Information or any other property of the Employer for any purpose other than in furtherance
of the business of the Employer. 
 5.     Exceptions. 

a.     The obligations of confidentiality of Section 4 hereof do not apply to any part of the Confidential
Information which Employee can demonstrate by reliable written evidence (i) was, or becomes generally available to the public other than through a breach of this Agreement by Employee; or (ii) has been acquired by Employee on a
non-confidential basis from any third party having a lawful right to disclose it to Employee; or (iii) was, or is, developed by Employee without reliance on the Confidential Information; or (iv) Employee is required by law to disclose,
subject to the provisions of (b) below; or (v) was already in the possession of Employee. 
 b.     If,
pursuant to a court or other legal order, Employee is requested or required (by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process) to disclose any information supplied to
Employee during the course of Employee’s employment with Employer, it is agreed that Employee will provide Employer with prompt written notice of such request(s) or requirement (prior to complying with such disclosure request or requirement) so
that Employer may seek an appropriate protective order and/or provide a limited waiver of Employee’s compliance with the provisions of this Agreement solely with respect to the referenced order. 

c.     If Employee relies upon a fact or facts described in part (a) of this paragraph as the basis for disclosure of
the Confidential Information, Employee bears the burden of proof with respect to the fact or facts relied upon. 

  
 2 

 6.     Non-Solicitation of
Employees.     Employee acknowledges that but for Employee’s employment with the Employer, Employee would not have had access to the Employer’s employees and the Confidential Information
regarding same. Employee agrees that during the course of Employee’s employment and for a period of one (1) year after the cessation of Employee’s employment for any reason, Employee shall not, directly or indirectly, solicit on
Employee’s behalf or on behalf of any individual or entity competing with or seeking to compete with the Employer, or directly or indirectly, assist any such individual or entity in soliciting, any employees of the Employer to leave the employ
or in any other way modify or alter their respective employment or business relationship with the Employer. Employee agrees that if Employee violates any of the restrictions contained in this paragraph, the restrictive period provided for shall be
increased by the period of time from the commencement of any such violation until the time such violation shall be cured by Employee; or, in the event the Employer seeks judicial enforcement of this Agreement, for a period of one (1) year from
the date of any Court order enforcing the Agreement. 
 7.     Employer’s Ownership of Inventions and
Confidential Information.     Employee agrees to immediately disclose to the Employer all Confidential Information developed in whole or in part by him/her during the term of Employee’s employment with the Employer.
All right, title and interest in and to the Confidential Information including, without limitation, all intellectual property, inventions, improvements, and derivative works conceived, reduced to practice, participated in or made by Employee during
his/her employment with the Employer (regardless of whether such inventions or improvements are made by Employee during his/her hours of employment or at the Employer’s facilities), are and shall remain the exclusive property of the Employer.
Accordingly, Employee agrees to and hereby does grant and assign to Employer all right, title and interest in and to all Confidential Information existing now or in the future upon its creation. Notwithstanding the foregoing, Employee shall without
further consideration undertake any reasonable action requested by the Employer to confirm or secure the Employer’s rights in the Confidential Information including, without limitation, the execution and delivery of conveyance documents. 

8.     Records and Other Employer Property.     At the Employer’s
request, or upon termination of Employee’s employment with Employer, whichever is sooner, Employee agrees to turn over to Employer all notes, data, tapes, lists, reference items, sketches, drawings, memoranda, records and other materials in any
way containing, constituting or relating to any Confidential Information, and other documents which are in Employee’s possession or control belonging to Employer or relating to its business. 

9.     Records.     At the Employer’s request, or upon termination of
Employee’s employment with Employer, Employee agrees to turn over to Employer all notes, data, tapes, lists, reference items, sketches, drawings, memoranda, records and other materials in any way containing, constituting or relating to any
Confidential Information, and other documents which are in Employee’s possession or control belonging to Employer or relating to its business. 

10.     Miscellaneous.     This Agreement constitutes the sole and entire
agreement of the parties with respect to the subject matter hereof and supersedes any previous or contemporaneous oral or written communications, representations, understandings or agreements with the Employer or any representative of the Employer
regarding the subject matter hereof. If any provision of this 

  
 3 

 
Agreement is found to be invalid or unenforceable in any circumstance, such invalidity or unenforceability shall not affect the other provisions of this Agreement. This Agreement may not be
modified or amended except by a writing signed by an authorized officer of the Employer. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey, except to the extent the issue arising under the
Agreement is governed by federal law, and any dispute arising out of this Agreement that cannot be settled amicably by the parties shall be adjudicated in the state or federal courts of the State of New Jersey, the exclusive jurisdiction and venue
of which the parties hereby acknowledge and agree to. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and assigns. It is further understood and
agreed that no failure or delay by a party hereto in exercising any right, power, or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof, or the
exercise of any right, power or privilege hereunder. The parties acknowledge and agree that the Employer shall be entitled to seek an injunction or other equitable relief to enforce its rights under this Agreement without the necessity of posting
bond and shall be entitled to recover from Employee all costs incurred by it in enforcing its rights under this Agreement, including attorney’s fees. 

IN WITNESS WHEREOF, the parties have executed this Employee Confidentiality, Non- Solicitation,
And Ownership of Inventions Agreement as an instrument under seal as of the day and year first above written. 
  

									
	Amneal Pharmaceuticals LLC	 		 	Employee
					
	By:	 	 	 		 	By:	 	 
	Name:	 		 		 	Name:	 	
	Date:	 		 		 	Date:	 	

  
 4

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