Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is entered into as of September 1, 2022, by and between Amneal Pharmaceuticals,
Inc. (“Amneal” or the “Company”) and Gustavo Pesquin (the “Executive” and, collectively the “Parties”). 

WITNESSETH: 
 WHEREAS,
effective September 6, 2022 (the “Effective Date”), the Company desires to employ the Executive as Executive Vice President, Chief Commercial Officer – Specialty and the Executive desires to be so employed by the Company
subject to the terms and conditions set forth in this Agreement; 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 thereof (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.
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 Executive Vice
President, Chief Commercial Officer – Specialty (“EVP, CCO – Specialty”) of the Company and shall perform such duties as are customarily associated with such position and such other reasonable duties consistent with such position
as may from time to time be assigned to Executive by the Company. During the Term, the Executive shall report to Chirag Patel, Co-Chief Executive Officer and President of the Company, or his successor. 

 1.2.2    The Executive shall faithfully and diligently discharge
Executive’s duties hereunder and use Executive’s reasonable best efforts to achieve the objectives assigned to Executive from time to time by the Company. The Executive shall devote substantially all of Executive’s business time,
attention, knowledge and skills faithfully, diligently and to the best of Executive’s 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 of one publicly traded corporation and one private organization or corporation, in each case, that does not, in the determination of the Board of Directors of Amneal (the “Board”) in its sole discretion,
compete with the Company or otherwise create, or could create, in the determination of the Board a in its sole discretion, a conflict of interest with the business of the Company, it being understood that if the Board at any times determines that
any such service competes with or otherwise creates, or could create, a conflict of interest with the business of the Company, Executive shall resign from such service as soon as practicable after receiving notice to such effect. For the avoidance
of doubt, Executive may continue to serve as a partner in Ciento Vineyards for the duration of the Term; 

(ii)       delivering lectures, fulfilling speaking engagements, and any writing or publication relating to
Executive’s area of expertise provided that Executive receives consent from the Company in advance; 
  

	 	(iii)  	 engaging in professional organization and program activities; 

 

	 	(iv)  	 managing Executive’s personal passive investments and affairs; 

 

	 	(v)   	 participating in charitable or community affairs; and 

 

	 	(vi)	 consulting with Executive’s prior employers and their successors and assigns in connection with potential
or pending investigations, proceedings or lawsuits for which Executive has been requested to provide relevant information or testimony; 

provided that such activities do not, either individually or in the aggregate, materially interfere with the performance of Executive’s duties and
responsibilities under this Agreement or create a conflict of interest with the business of the Company as determined by the Board in its sole discretion. As a condition of Executive’s employment hereunder, Executive may not serve as a director
or member of a committee of more than one private and one public corporation or organization, and must resign as soon as practicable from any such positions to the extent Executive holds in excess of the permitted number of such positions. 

1.3    Location. Executive shall perform the services required by this Agreement principally at the Company’s
offices in Bridgewater, New Jersey, subject to reasonably required travel in connection with the performance of Executive’s duties. 

1.4    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. 

  
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	2.	 COMPENSATION 

2.1    Base Salary. During the Term, the Executive shall be entitled to receive a base salary at the
annual gross rate of $525,000 (the “Base Salary”). The Base Salary may be reviewed by the Board annually, and subject to change in the sole discretion of the Board, provided however, that any increase in Base Salary shall become the
Base Salary under this Agreement. The Base Salary shall be paid in equal installments, subject to applicable withholding, and in accordance with the payroll practices of the Company, but not less than monthly. 

2.2    Discretionary Incentive Bonus. During the Term, the Executive shall be eligible to receive an annual
discretionary bonus targeted at 60% of the Executive’s Base Salary (the “Incentive Bonus”) under the Company’s annual incentive program, as may be amended from time to time. Whether to pay an Incentive Bonus and 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 sole discretion. Executive’s personal performance multiplier with respect to the Incentive Bonus
in any year may be between zero and 150%, based on Executive’s performance and as determined by the Board in its sole discretion. Except as provided herein, 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 change in the sole discretion of the Board. The Incentive Bonus will be paid to Executive at the same general time as
such bonuses are paid to other senior executives of the Company, but no later than 75 days following the end of the applicable fiscal year for which the Incentive Bonus is payable. Any Incentive Bonus earned by Executive for the year 2022 shall be
prorated based on the Executive’s date of hire. 
 2.3    Equity Awards. 

2.3.1    Restricted Stock Units. No later than 30 days immediately following the
Effective Date, Amneal shall grant to the Executive, subject to the approval of the Board, an award of restricted stock units (the “Initial RSUs”) having a grant date fair value equal to $1,000,000. 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 the Company 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 the Company. 

2.3.2    Future Equity Awards. Commencing in 2023 and during the Term, the Executive will be eligible to
participate in the Company’s Long Term Incentive Plan, and the Executive will be eligible to be granted equity incentive awards subject to determination based on both the Company’s and Executive’s performance, and with the ultimate
value of any such future grants determined by the Board or its Compensation Committee in its/their sole discretion. 

  
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 2.4    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 Executive by the Board or its Compensation Committee in its/their sole discretion. 

 

	3.	 EMPLOYEE BENEFITS 

3.1    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. Such benefit plans or programs may be amended or
terminated in the sole discretion of the Board or its Compensation Committee, from time to time. 
 3.2    The Executive
shall be entitled to at least 25 (or such greater number as offered generally to other senior executives of the Company) paid days off per calendar year in accordance with the Company’s PTO policy in effect from time to time, provided that
any unused paid days off in any calendar year shall be carried over to the next calendar year subject to any caps under the Company’s PTO 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 Executive’s death. 
 4.1.2    Disability. If the Executive suffers a
Disability (as defined below), the Company 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 Executive’s duties during
such 30-day period. For purposes of this Agreement, “Disability” shall mean the Executive’s inability to perform Executive’s 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 in good faith by a licensed physician mutually selected by the Company and the Executive (or, in the event of the Executive’s incapacity, Executive’s 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 Executive’s 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 express written 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, positions, reporting line, authorities, duties, or responsibilities of the
Executive set forth in Section 1.2 above (other than 

  
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temporarily while the Executive is physically or mentally incapacitated and unable to properly perform such duties, as determined by the Board in good faith), or the assignment to the Executive
of titles, authorities, duties, or responsibilities that are inconsistent with Executive’s position of Executive Vice President, Chief Commercial Officer – Specialty; 

(iii)    the loss of any of the titles of the Executive with the Company set forth in Section 1.2 above; 

(iv)    a reduction by the Company in the Base Salary or in any of the percentages of the Base Salary payable as an
Incentive Bonus except for across-the-board reductions, not to exceed 10%, of base salary or incentive bonus generally affecting senior executives of the Company on a
similar percentage basis; 
 (v)    an adverse change in the reporting structure set forth in Section 1.2.1 hereof; or

 (vi)    the relocation of the Company’s current Bridgewater, New Jersey offices to a location more than 50
miles from its then-present location. 
 Notwithstanding the foregoing, the Executive may not terminate Executive’s 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 the Executive’s knowledge of its initial occurrence and
(ii) 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
Executive’s 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 Company 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 Company’s Co-Chief Executive Officer and President: 

(i)    the consistent or repeated failure by the Executive to substantially perform Executive’s obligations under
this Agreement or Executive’s consistent or repeated failure to satisfactorily perform Executive’s assigned duties with appropriate diligence, effort or skill (other than any such failure resulting from the Executive’s incapacity due
to a Disability); provided, however, that the Company’s Co-Chief Executive Officer and President shall have provided the Executive with a Notice of Termination specifying such failure and
the Executive shall have been afforded at least thirty (30)1 days within which to cure same; 

	 	 

 

	1 	 NTD: Consistent with the Good Reason cure period 

  
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 (ii)    the Executive’s conviction of or plea of guilty or nolo
contendere to a felony or a misdemeanor involving material dishonesty; 
 (iii)    the Executive’s gross
misconduct in the performance of Executive’s duties hereunder (such as theft, fraud, embezzlement, and securities law violations); or 

(iv)    the Executive’s material violation of the Company’s Code of Business Conduct or other written policies
made available to Executive or with respect to which Executive should reasonably be aware that results in material economic or reputational harm to the Company; provided, however, that the Company’s
Co-Chief Executive Officer and President shall have provided the Executive with a Notice of Termination specifying such violation and the Executive shall have been afforded at least thirty (30) days
within which to cure same. 
 For the avoidance of doubt, no act or failure to act on the part of the Executive based upon the direction or
advice of legal counsel to the Company or at the direction of the Company shall be deemed to constitute Cause hereunder. 
 Prior to any
termination for Cause, the Company shall provide the Executive with a Notice of Termination specifying the event constituting Cause. 

4.1.6    Without Cause. The Company may terminate the Executive’s employment under this
Agreement without Cause immediately upon written notice by the Company to the Executive, other than for death or Disability. For purposes of clarity, delivery by the Company of a Non-Renewal Notice, shall not
constitute termination Without Cause. 
 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 Effective Date, 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 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 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 Effective Date if later than such date) or whose election or nomination for 

  
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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, except a) such sale or disposition to any Person (or group of Persons) who previously was the
beneficial owner of more than 50% of the combined voting power of the Company’s outstanding equity securities regaining beneficial ownership of more than 50% of the combined voting power of the Company’s outstanding equity securities, or
b) as resulting from any changes among the beneficial owners within the Amneal Group (as defined in the Company’s Stockholders Agreement) of the voting power of the Company’s outstanding equity securities. 

4.2    Notice of Termination. Any termination of the Executive’s employment by the Company 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 Executive’s 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 Executive’s 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 (subject to the last sentence of Section 4.1.3), (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 Company 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. 

  
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	 	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 Company for Cause or by the Executive without Good Reason, the Company shall pay or provide to the Executive: (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 1.4 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
Executive’s 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, 6.6 and 7 hereof. Any equity awards previously granted to the Executive that have not vested in accordance with the terms of Executive’s grants as of the Date of Termination shall be forfeited as of the Date of Termination. 

4.4.2    Expiration of Term/Non-Renewal. If either Party sends a timely Non- Renewal Notice, this Agreement will end by its own terms at the end of the Initial Term or the successive one-year period. In such case, the Company shall only be
obligated to pay the Amounts and Benefits. 
 4.4.3    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 Executive’s employment hereunder with Good Reason, or the Company 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 4.4.6, a severance payment as follows: 

(i)    an amount equal to 1.5 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 a lump sum on the first payroll date on or following the 60th day after the Date of Termination; 

(ii)    (A) 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, targeted at 60% of the Executive’s Base Salary, 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 and (B) the prior year’s Incentive Bonus to the extent not then
already paid with the amount based on the higher of target or actual performance of the relevant goals, such prior year’s 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; 

  
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 (iii)    during the period commencing on the Date of Termination and
ending as of the 18-month 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 

(iv)    outplacement services provided to the Executive by a reputable national outplacement service provider for up to
12 months following the Date of Termination. 
 4.4.4    Termination Following
Change in Control. Anything contained herein to the contrary notwithstanding, in the event the Executive resigns from Executive’s employment hereunder with Good Reason, the Company 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 12 months following the
Change in Control (a “Change in Control Period”), then, in lieu of any amount otherwise payable pursuant to Section 4.4.3, the Company shall pay or provide the Executive the Amounts and Benefits and, subject to
Section 4.4.6, a severance payment as follows: 
 (i)    the payments and benefits set forth under clauses
(i) through (iv) of Section 4.4.2; and 
 (ii)    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 (with any performance conditions determined based on actual
achievement as of the employment termination date and in accordance with the applicable award agreement) and, to the extent applicable, shall remain exercisable for a period of not less than 12 months following the Date of Termination (unless doing
so would not comply with Code Section 409A (as defined in Section 8.9 hereof)). 

  
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 4.4.5    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. 

4.4.6    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, if any, (other than the Amounts and Benefits), and any accelerated vesting with respect to the equity awards under Section 4.4.4, 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, and
provided said document does not contain any post- employment restrictions on Executive that are longer in duration or greater in scope than those set forth in this Agreement) (the “Release”). The Company 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 4.4.3 and 4.4.4 (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 Executive 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 Executive’s 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 

  
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apparent jurisdiction to order them to divulge, disclose or make accessible such information, (iii) as to such confidential information that becomes generally known to the public or trade
without Executive’s violation of this Section 6.1, or (iv) to the Executive’s spouse, attorney and/or Executive’s 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 Executive’s
duties hereunder (including pursuant to Section 6.7 below) and except with respect to any litigation or arbitration involving this Agreement (or otherwise between the Executive and the Company), 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, Executive’s 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, Executive’s 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 Confidentiality 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, electronic devices, 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 Executive’s
compensation or relating to reimbursement of expenses, (iii) information that Executive reasonably believes may be needed for tax purposes and (iv) copies of plans, programs and agreements relating to Executive’s 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 

  
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will provide Executive with access to Confidential Information. In exchange for and 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
represents 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 the Executive shall not, during the Term and, except as provided below, for a period
of 12 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 in the pharmaceutical therapeutic class(es) in which Amneal Specialty actually operates or in which Amneal has active
plans or strategy and plans to sell products within one calendar year following the Executive’s termination of employment if Executive actually materially engaged with such plan or strategy and/or had material knowledge of such plans or
strategy during his employment with Amneal Specialty (the “Competing Therapeutic Classes”),. 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 or making passive investments in private equity funds, hedge funds, mutual funds or similar
investment vehicles; (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. 

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 Executive’s 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) Executive’s personal assistant(s), (ii) during the Term (except in the good faith
performance of Executive’s duties) and for a period of 24 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 

  
 12 

 
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 Executive’s 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 6.5: (a) the Executive’s solicitation of the Company’s customers and/or vendors in connection with, and directly related to, Executive’s Engaging in a business that complies with
Section 6.4; (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
Executive’s 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 6.6 shall prevent any entity or 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; (iv) made as good faith competitive statements in the ordinary course of business or (v) made in good faith in the performance of duties (e.g., in the course of providing performance
reviews). 
 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 Executive’s 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 

  
 13 

 
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 6.7 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 exceeds two 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 6.7, 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 6 as will render
such restrictions valid and enforceable. 
 6.9    Violations. In the event of any violation of the provisions of
this Section 6, as determined by a court or arbitrator, 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 Executive’s 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 

  
 14 

 
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
		  	Bridgewater, NJ 08807
		  	Attention: Co-Chief Executive Officer and President
		
	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. 

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 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 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 Executive’s duties or assign Executive’s 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 

  
 15 

 
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. 
 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 6.8 hereof, shall be settled exclusively by arbitration, conducted before a
single arbitrator in Somerset County, 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 THE 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 

  
 16 

 
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 8.9.2, 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 Executive’s death, (x) all payments delayed pursuant to this Section 8.9.2
(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 8.9.2 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 8.9.2, there shall be paid to the Executive or, if the Executive has died, to Executive’s 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 

  
 17 

 
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 all 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    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] 

  
 18 

 Amneal and Executive have each signed this Agreement as of the date first set forth above.

  

	
	Amneal Pharmaceuticals LLC
	
	 By: /s/ Nikita Shah

	Name: Nikita Shah
	Title: EVP, Chief Human Resources Officer & Strategic Planning Officer
	
	 /s/ Gustavo Pesquin

Gustavo Pesquin

 Signature Page to Employment Agreement 

 Exhibit A 

(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 September 6, 2022 (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 and 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 or
to coverage under applicable directors’ and officers’ 

 
or other third party liability insurance policy(ies) maintained by the Company or any of its affiliates, (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 21 days to consider this Release Agreement (although I may choose voluntarily to sign this Release
Agreement before the end of the 21-day period) and to return the signed Release Agreement to the Company; (d) I have seven 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 the Company’s General
Counsel at 400 Crossing Boulevard, Bridgewater, NJ 08807, 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 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 21 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
10.1

 

RESTRICTED
STOCK UNIT AWARD AGREEMENT

 

This
RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”) is entered into between John North (the “Grantee”)
and Lazydays Holdings, Inc., a Delaware corporation (the “Company”).

 

WHEREAS,
the Company desires to grant to the Grantee certain Restricted Stock Units, as an inducement grant to induce him to accept the position
of Chief Executive Officer of the Company.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

 

1.
Definitions. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Lazydays Holdings,
Inc. Amended and Restated 2018 Long Term Incentive Plan (as amended, supplemented, restated and/or otherwise modified from time to time,
the “Plan”).

 

2.
Grant of Restricted Stock Units. The Company hereby grants to the Grantee the number of Restricted Stock Units set forth on the
signature page hereto, subject to, and in accordance with, the terms and conditions of this Agreement (the “RSUs”).
The RSUs are not granted under the Plan, but shall be subject to the terms of the Plan in the same manner as if granted thereunder (and
the terms of the Plan are incorporated herein by reference).

 

3.
Vesting. The RSUs are unvested as of the Grant Date (as set forth on the signature page hereto) and shall vest only as provided
in this Agreement. 35,103 RSUs shall become vested on September 6, 2023, 35,103 RSUs shall become vested on September 6, 2024 and 35,102
RSUs shall become vested on September 6, 2025, in each case, provided that Grantee has not incurred a Termination (as defined in Section
5) prior to the applicable vesting date. There shall be no proportionate or partial vesting in the period between the Grant Date and
any scheduled vesting date.

 

4.
Change in Control. In the event of a Change in Control that occurs prior to Grantee’s Termination, the RSUs, to the extent
then outstanding and unvested, shall become fully vested immediately prior to the closing of such Change in Control. For purposes of
this Agreement, a Change in Control also must satisfy the requirements of Treasury Regulation Section 1.409A-3(i)(5)(v), (vi) or (vii).

 

5.
Termination; Restrictive Covenant Breach.

 

(a)
If the Grantee incurs a Termination as the result of Grantee’s death or by the Company Group due to Grantee’s Disability
(as defined in this Section 5), then the then outstanding and unvested RSUs shall become fully vested as of the date of such Termination.

 

(b)
If the Grantee incurs a Termination by the Company Group without Cause (as defined in this Section 5) or by the Grantee for Good Reason
(as defined in this Section 5), then (i) all RSUs that are then outstanding and were scheduled to vest during the two year period immediately
following the date of such Termination shall become immediately vested upon such Termination and (ii) all RSUs that are then outstanding
and were scheduled to vest more than two years after the date of such Termination shall be forfeited immediately upon such Termination
with no compensation or payment due to the Grantee or any other Person.

 

    	1

    	 

    

 

(c)
If (i) the Grantee incurs a Termination by any member of the Company Group for Cause or (ii) the Grantee breaches any restrictive covenants
applicable to the Grantee in favor of any member of the Company Group, including non-competition, non-solicitation and confidentiality
covenants, then in any such case all of the RSUs, to the extent not settled and whether or not vested, shall terminate and be cancelled
immediately upon such Termination or breach, as applicable, with no compensation or payment due to the Grantee or any other Person.

 

(d)
If the Grantee incurs a Termination for any reason not described in Section 5(a), Section 5(b) or Section 5(c), then all RSUs that are
outstanding and unvested as of such Termination shall terminate and be cancelled immediately upon such Termination with no compensation
or payment due to the Grantee or any other Person.

 

(e)
For purposes of this Agreement, the terms “Cause,” “Disability” and “Good Reason”
have the meanings set forth in that certain employment letter agreement between Grantee and the Company, dated as of July 14, 2022 (the
“Employment Agreement”), and for the avoidance of doubt, Grantee must follow the procedural requirements set forth
in Section 5(a)(v) of the Employment Agreement in order to terminate Grantee’s employment for Good Reason.

 

(f)
For purposes of this Agreement, “Termination” means the termination of the Grantee’s employment such that Grantee
is no longer employed by any member of the Company Group, regardless of the reason for such termination and regardless of whether such
termination is initiated by the Grantee or by any member of the Company Group. The Committee shall make all determinations regarding
whether a Termination has occurred and the reason for such Termination.

 

6.
Settlement. With respect to each RSU that becomes vested under the terms of this Agreement or the Plan, the Grantee shall be provided
with one (1) Share in full satisfaction and cancellation of such RSU. Such settlement shall occur within 30 days after the date on which
such RSU has become vested under the terms of this Agreement or the Plan.

 

7.
Restrictions on Transfer. The RSUs shall not be transferable, whether or not vested, other than by will or by the laws of descent
and distribution.

 

8.
No Rights as a Stockholder. The Grantee shall not have any rights or privileges of a stockholder of the Company (including, without
limitation, voting or dividend rights), or be the beneficial owner, with respect to any Shares issuable upon settlement of the RSUs until
the time the Grantee has actually been issued such Shares upon settlement of the RSUs and satisfaction of the requirements herein and
in the Plan.

 

9.
No Right to Continued Employment or Service. The Grantee understands and acknowledges that this Agreement is not a contract for
employment or service with any member of the Company Group, and nothing contained in this Agreement shall be construed as giving the
Grantee any right to be retained as an employee of, or provide services to, any member of the Company Group for any period of time or
as limiting the right of the members of the Company Group to terminate Grantee’s employment at any time and for any reason without
notice.

 

    	2

    	 

    

 

10.
Representations of the Grantee. The Grantee represents, warrants and covenants to the Company that the Grantee has been furnished
and carefully read this Agreement and the Plan, understands the terms hereof and thereof and agrees to be bound by all such terms.

 

11.
Securities Law Compliance; Legend. All certificates or book entries representing the Shares received in settlement of the RSUs
shall be subject to the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon
which the Shares are listed and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any
such certificates (or notations made next to the book entries) to make appropriate references to such restrictions. Notwithstanding anything
to the contrary contained herein, Shares may not be issued in settlement of the RSUs unless the Shares issuable upon such settlement
are then registered under the Securities Act or, if such Shares are not then so registered, the Company has determined that such issuance
would be exempt from registration requirements of the Securities Act and all other applicable state, federal, foreign and other securities
laws. No such delay in settlement of the RSUs shall occur for more than 70 days after the vesting of the RSUs.

 

12.
Miscellaneous.

 

(a)
Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
hereof, and supersedes all prior and contemporaneous agreements, negotiations, understandings, representations and proposals, written
or oral, between the parties hereto relating to such subject matter. For the avoidance of doubt, the grant of the RSUs and the Company’s
entry into this Agreement satisfies all of the Company’s obligations under Section 4(d) of the Employment Agreement and with respect
to any other provision of the Employment Agreement relating to Grantee’s RSU Award (as defined in the Employment Agreement).

 

(b)
Amendments. Neither this Agreement nor any provision hereof may be amended except by an agreement in writing executed by the Grantee
and a duly authorized officer of the Company (other than the Grantee) on behalf of the Company, provided that the Company may amend this
Agreement without the Grantee’s consent if such amendment is required by, or necessary to comply with, applicable law.

 

(c)
Binding Effect of the Agreement. This Agreement shall inure to the benefit of, and be binding upon, the Company, the Grantee and
their respective estates, heirs, executors, permitted transferees, successors, permitted assigns and legal representatives.

 

(d)
Provisions Separable. In the event that any provision of this Agreement would be invalid or unenforceable in any respect under
applicable law, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent
compatible with, and possible under, applicable law. The provisions of this Agreement are severable, and in the event any provision hereof
should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision
hereof.

 

    	3

    	 

    

 

(e)
Specific Performance. The Grantee acknowledges that the Company will suffer irreparable harm in the event that the Grantee breaches
any of Grantee’s obligations under this Agreement or the Plan and that monetary damages will be inadequate to compensate the Company
for such breach. Accordingly, the Grantee agrees that, in the event of a breach or threatened breach by the Grantee of any of Grantee’s
obligations under this Agreement or the Plan, the Company will be entitled to obtain from any court of competent jurisdiction preliminary
and permanent injunctive relief, and expedited discovery for the purpose of seeking relief, in order to prevent or to restrain any such
breach or threatened breach (and the Grantee agrees to waive (and hereby irrevocably waives) any requirement for the securing or posting
of any bond in connection with such remedies).

 

(f)
Notices. All notices, requests, waivers and other communications under this Agreement shall be in writing and shall be provided
and effective as set forth in the Plan.

 

(g)
Construction. The headings and subheadings of this Agreement have been inserted for convenience only, and shall not affect the
construction or interpretation of the provisions hereof. All references to sections of this Agreement shall be deemed to refer as well
to all subsections which form a part of such section. Whenever any words are used herein in the masculine, they shall be construed as
though they were used in the feminine in all cases where they would so apply; and wherever any words are used herein in the singular
or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where
they would so apply.

 

(h)
Governing Law. This Agreement and any conflicts arising hereunder or related hereto shall be governed by, and construed under,
the laws of the State of Delaware, without regard to its conflicts of laws provisions.

 

(i)
Jurisdiction. THE COMPANY AND THE GRANTEE HEREBY SUBMIT TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE MIDDLE
DISTRICT OF FLORIDA (TAMPA DIVISION) (OR IF FEDERAL JURISDICTION DOES NOT EXIST, TO THE APPROPRIATE STATE COURT SITTING IN HILLSBOROUGH
COUNTY, FLORIDA) WITH RESPECT TO ANY DISPUTE UNDER OR RELATING TO THIS AGREEMENT OR THE PLAN, AND BY THE EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH OF THE PARTIES HERETO ACCEPTS FOR ITSELF AND HIMSELF OR HERSELF THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND
IRREVOCABLY CONSENTS TO THE JURISDICTION OF SUCH COURTS (AND THEIR RESPECTIVE APPELLATE COURTS) IN ANY DISPUTE UNDER OR RELATING TO THIS
AGREEMENT OR THE PLAN, AND WAIVES ANY OBJECTION TO VENUE LAID THEREIN.

 

(j)
WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY LAW, THE GRANTEE AND THE COMPANY WAIVE ANY AND ALL RIGHTS TO A JURY
TRIAL WITH RESPECT TO ANY MATTER UNDER OR RELATING TO THIS AGREEMENT OR THE PLAN.

 

(k)
Taxes and Withholding. Prior to the issuance of the Shares upon settlement of the RSUs, the Grantee must pay, or otherwise provide
for, to the satisfaction of the Company, any applicable federal, state, local or other withholding obligations relating to the RSUs or
the settlement thereof or, in the Grantee’s discretion, the Grantee may provide for payment of withholding taxes upon settlement
of the RSUs by requesting that the Company retain a number of whole Shares otherwise to be received upon settlement of the RSUs with
a Fair Market Value (as determined as of the date of settlement) equal to the statutory minimum amount of taxes required to be withheld
(or, if permitted by the Committee, such other rate as will not cause adverse accounting consequences and is permitted under applicable
tax withholding rules); provided, that fractional Shares shall not be withheld and instead the Grantee must pay any withholding shortfall
in cash to the Company.

 

    	4

    	 

    

 

(l)
Counterparts. This Agreement may be executed in any number of counterparts, including counterparts transmitted by facsimile or
electronic mail, any one of which shall constitute an original of this Agreement. When counterparts or facsimile or electronic mail copies
have been executed by all parties hereto, they shall have the same effect as if the signatures to each counterpart or copy were upon
the same documents and copies of such documents shall be deemed valid as originals. The parties agree that all such signatures may be
transferred to a single document upon the request of any party. This Agreement shall not be binding unless and until it shall be fully
executed and delivered by all parties hereto.

 

(m)
Conflicts. To the extent of any conflict between this Agreement and the Employment Agreement, this Agreement shall control.

 

13.
Section 409A. The RSUs are intended to be exempt from Section 409A. Any ambiguity in this Agreement or the Plan will be interpreted
to either fall within an exemption to or comply with Section 409A (in each case, without increasing the Company’s cost hereunder).
Notwithstanding the foregoing, by signing this Agreement, the Grantee acknowledges that the Company has made no representations as to
the treatment of the compensation provided hereunder and the Grantee has been advised to obtain Grantee’s own tax advice. No member
of the Company Group shall have any liability to the Grantee or to any other Person in the event that this Agreement or the RSUs are
not exempt from, or compliant with, Code Section 409A. The events on which the RSUs become vested and settled by reason of Grantee’s
Termination are intended to constitute an “involuntary separation” within the meaning of Code Section 409A and shall be interpreted
consistent with such intent (and any provision of this Agreement inconsistent with such intent shall be void). If the Grantee’s
Termination does not constitute a “separation from service” within the meaning of Code Section 409A, then any amounts payable
hereunder by reason of Grantee’s Termination and which are subject to Code Section 409A shall not be paid or commence until the
Grantee has experienced a “separation from service” within the meaning of Code Section 409A. Notwithstanding any other provision
of this Agreement to the contrary, if the Grantee is a “specified employee” within the meaning of Section 409A as of Grantee’s
“separation from service” (within the meaning of Section 409A), then to the extent required by Section 409A, any amount otherwise
payable under this Agreement within six (6) months after, and on account of, the Grantee’s “separation from service”
(within the meaning of Section 409A), shall be withheld and paid in a lump-sum payment on the earlier of (A) the first regular payroll
date of the seventh month following the Grantee’s separation from service or (B) the 10th business day following the Grantee’s
death (but not earlier than such payment would have been made absent such death) (all other payments shall be made as if no such delay
had occurred). Each payment under this Agreement shall be treated as a separate payment for purposes of Code Section 409A.

 

14.
Company Policies. The Grantee understands and agrees that the RSUs, and all Shares acquired upon settlement of the RSUs, are subject
to all Company policies as may be in effect from time to time, regardless of whether such policies are implemented after the Grant Date,
including, without limitation, any claw-back policy and any share ownership policy or guidelines.

 

[Remainder
of Page Intentionally Left Blank]

 

    	5

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Grant Date.

 

	 	LAZYDAYS
    HOLDINGS, INC.
	 	 	 
	 	By:
    	/s/
    Nicholas J. Tomashot
	 	Name:
    	Nicholas
    J. Tomashot
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	GRANTEE:
	 	 	 
	 	By:
    	/s/
    John North
	 	Name:
    	John
    North

 

	Grantee	John
    North
	Grant
    Date	September
    6, 2022
	Number
    of RSUs Granted	105,308

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