Document:

AMENDMENT
TO

UNIT PURCHASE OPTIONS

This AMENDMENT TO UNIT PURCHASE
OPTIONS (this ‘‘Amendment’’), dated
September  7,  2006, is made by and between Terra Nova
Acquisition Corporation (the ‘‘Company’’)
and the holders designated on the signature page hereof
(‘‘Holders’’), to those certain Unit
Purchase Options referred to below.

WHEREAS, the Company issued
those certain Unit Purchase Options, dated April  18,  2005
(the ‘‘Unit Purchase Options’’), in
connection with the Company’s initial public offering and the
Holders are the owners of the Unit Purchase Options; and

WHEREAS,
the parties hereto have agreed that the Unit Purchase Options be
amended as set forth herein to clarify the understanding between the
parties with respect to the terms of the Unit Purchase Options
effective as of the date of their issuance.

NOW, THEREFORE, in
consideration of the premises and of the agreements contained herein,
the parties hereto hereby agree as follows:

1.    The Unit
Purchase Options are hereby amended by adding the following new Section
2.4 to such Unit Purchase
Options:

‘‘2.4    No Obligation to Net Cash
Settle.    Notwithstanding anything to the contrary contained in
this Purchase Option, if the Company is unable to deliver any
securities pursuant to the exercise of this Purchase Option as a result
of its inability to satisfy its registration requirements set forth in
Section 5 hereof, the Company will have no obligation to pay such
registered holder any cash or otherwise ‘‘net cash
settle’’ the
Warrant.’’

2.    Section 5.3 of the Unit
Purchase Options is hereby deleted in its entirety.

3.    Upon the due execution and delivery of this Amendment by
the parties hereto, on and after the date hereof each reference in the
Unit Purchase Options to this ‘‘Purchase
Option’’, ‘‘hereunder’’,
‘‘hereof’’,
‘‘herein’’ or words of like import
referring to the Unit Purchase Options shall mean and be a reference to
the Unit Purchase Options, as amended hereby. Except as specifically
amended above, the Unit Purchase Options shall remain in full force and
effect and is hereby ratified and confirmed.

4.    This
Amendment may be executed in one or more counterparts, and by the
different parties hereto in separate counterparts, each of which shall
be deemed to be an original, but all of which taken together shall
constitute one and the same agreement, and shall become effective when
one or more counterparts has been signed by each of the parties hereto
and delivered to each of the other parties
hereto.

IN WITNESS WHEREOF, the parties have
executed this AMENDMENT TO UNIT PURCHASE OPTIONS as of the date first
set forth
above.

							
	 			 			TERRA
NOVA ACQUISITION CORPORATION
	 			By:			/s/ Jesse
Gill
	 			 			Name: Jesse
Gill
	 			 			Title: Vice
President
	 			 			HOLDERS:
	 			 			EARLYBIRDCAPITAL,
INC.
	 			By:			/s/
Steven Levine
	 			 			Name: Steven
Levine
	 			 			Title: Chief Executive
Officer
	 			 			/s/
David M.
Nussbaum
	 			 			David M.
Nussbaum
	 			 			/s/
Steve Levine
	 			 			Steve
Levine
	 			 			/s/
Pat Steo
	 			 			Pat
Steo
	 			 			/s/
Eileen Moore
	 			 			Eileen
Moore<PAGE>

                                  EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT is made and entered into as of September 8, 2006
by and between Perrigo Company, a Michigan corporation (together with its
Affiliates, as defined below, the "Company"), and Joseph C. Papa (the
"Executive") (the "Agreement"). The Company and the Executive may be referred to
in this Agreement individually as a "party" or collectively as the "parties".

     WHEREAS, the Company and Executive desire to enter into this Agreement
pertaining to the Company's employment of the Executive, which will commence on
October 9, 2006 (the "Effective Date").

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth below and other good and valuable consideration, the receipt of which is
acknowledged, the Executive and the Company agree as follows:

1. DUTIES AND SCOPE OF EMPLOYMENT.

     (a) Subject to the terms of this Agreement, the Company agrees to employ
     the Executive as its President and Chief Executive Officer during the
     Employment Term (as defined in Section 2 below), and the Executive agrees
     to remain in the employ of the Company during the Employment Term.

     (b) The Executive shall be appointed as a member of the Board of Directors
     of the Company (the "Board") at the first regularly scheduled Board meeting
     coincident with or next following the Executive's commencement of
     employment with the Company, and the Board shall use its best efforts to
     cause the Executive to continue as a member of the Board during the
     Employment Term.

     (c) The Executive agrees that he shall perform his duties faithfully and
     efficiently subject to the direction of the Board. The Executive's duties
     shall include providing services for both the Company and its Affiliates,
     as determined by the Board; provided that the Executive shall not, without
     his consent, be assigned any material tasks that would be inconsistent with
     those of President and Chief Executive Officer. The Executive will have
     such authority, power, responsibilities and duties as are inherent to his
     position (and the undertakings applicable to his position) and necessary to
     carry out his responsibilities and the duties required of him hereunder.
     For purposes of this Agreement, the term "Affiliate" shall mean any
     corporation, partnership, joint venture, business or other entity in which
     at least a fifty percent interest in such entity is owned, directly or
     indirectly, by the Company or any successor to the Company.

     (d) While Executive is employed by the Company, Executive shall devote his
     full time (reasonable sick leave and vacations excepted) and best efforts,
     energies and talents to serving the Company; provided, however, that during
     the Employment Term, the Executive may devote reasonable time to pursue
     activities other than those required under this Agreement, including
     activities involving professional, charitable, educational, religious and
     similar types of organizations, speaking engagements, serving on the board
     of directors of other profit or not-for-profit organizations (subject to
     the Board's approval), and other similar activities, to the extent that
     such other activities do not, in the judgment of the Board, inhibit or
     prohibit the performance of the

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     Executive's duties under this Agreement or conflict in any material way
     with the Company's business.

     (e) Notwithstanding anything to the contrary, this Agreement and the
     commencement of the Executive's employment with the Company shall be
     contingent on the Company's receipt of an acceptable background
     investigative report that has been approved by the Chair of the Board's
     Compensation Committee (the "Compensation Committee"). The General Counsel
     of the Company shall notify the Executive in writing when the Compensation
     Committee Chair has approved the background report.

2. EMPLOYMENT TERM. This Agreement shall govern the terms and conditions of
Executive's employment and any termination thereof from the Effective Date until
the second anniversary of the Effective Date (the "Employment Term").
Thereafter, the Agreement shall automatically be extended for additional
12-month periods unless either party to this Agreement provides written notice
of non-renewal to the other party at least 120 days before the last day of the
Employment Term. The term "Employment Term" shall also include any renewal
period under the foregoing provisions of this paragraph 2.

3. COMPENSATION AND BENEFITS. Subject to the terms of this Agreement and during
the Employment Term, the Company shall compensate the Executive for his services
as follows:

     (a) Base Salary. The Executive shall receive base salary at an annual rate
     of $700,000, payable in substantially equal semi-monthly installments (the
     "Salary"). Commencing in or around August 2007, the Executive's Salary
     shall be reviewed by the Board and the Compensation Committee. Any
     adjustment in salary will take effect on October 1, 2007. Thereafter
     Executive's salary will be subject to an annual review pursuant to the
     Company's normal review process for Executive Committee members. The
     Executive's Salary shall not be reduced, except pursuant to an across the
     board reduction in base salary for executive employees.

     (b) Annual Bonus. The Executive shall be entitled to participate in the
     Management Incentive Bonus ("MIB") Plan administered by the Compensation
     Committee, or any successor annual bonus plan or arrangement generally made
     available to the executive officers of the Company. The MIB shall provide
     the Executive with a target bonus opportunity of not less than 100% of
     annual Salary for each fiscal year of the Company; provided that the
     Executive shall be guaranteed a minimum bonus under the MIB for the fiscal
     year ending June 30, 2007 of 100% of Executive's pro-rated target bonus for
     such fiscal year. Any bonus payable under this paragraph 3(b) shall be paid
     in accordance with the terms of the MIB plan.

     (c) Long Term Incentive Compensation.

          (i) Initial Stock Award. On the Effective Date, the Executive shall be
          granted an award (the "Initial Award") consisting of: (x) an option to
          purchase shares of common stock of the Company, the number of which
          shall be determined by dividing $605,000 by the Black-Scholes value of
          a Company stock option on the date of the grant and the exercise price
          of which shall be the average price of the stock on the Effective
          Date; (y) shares of service-based restricted stock, the number of
          which shall be determined by dividing $2,166,000 by the average price
          of the Company's common stock on the Effective Date; and (z) shares of
          performance-based restricted stock, the number of which shall be
          determined by dividing $309,000 by the average price of the Company's
          common stock on

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          the Effective Date. The Initial Award shall be subject to the terms
          and conditions of a Long-Term Incentive Award Agreement, which shall
          provide, among other things, that the restrictions on one half of the
          service-based restricted shares will expire on October 1, 2007 and
          that the restrictions on the remaining one half of the service-based
          restricted shares will expire on October 1, 2008 based on continued
          employment.

          (ii) Beginning with the Company's next regular annual equity grant in
          August 2007, the Executive shall be entitled to receive additional
          annual stock-based awards with a value of 100% of Executive's targeted
          annual cash compensation (Salary plus target MIB bonus).

     (d) Deferred Compensation. The parties agree and acknowledge that Executive
     may make payments and contributions in certain deferred compensation plans
     maintained by and through the Company.

     (e) Employee Benefits. During the Employment Term, Executive shall be
     eligible to participate in all employee welfare and retirement benefit
     plans and programs provided by the Company to its senior executives,
     subject to the terms of those plans or programs as they may be modified
     from time to time, including without limitation any profit sharing plan,
     any life, accident, medical, hospital or similar group insurance plans, and
     any other fringe benefit plan. Executive will be eligible for four weeks of
     vacation in accordance with the Company's policy each year.

     (f) Business Expenses. During the Employment Term, and upon submission of
     appropriate documentation in accordance with the Company's policies in
     effect from time to time, the Company will pay or reimburse the Executive
     for all reasonable business expenses that the Executive incurs in
     performing the Executive's duties under this Agreement, including, but not
     limited to, travel, entertainment, professional dues, and subscriptions in
     accordance with the Company's policies.

     (g) Temporary Housing and Moving Expenses. For a period of up to ninety
     days following the Effective Date, the Executive shall be entitled to
     reimbursement for temporary housing expenses, air travel and other
     out-of-pocket travel expenses in connection with commuting from his
     residence in New Jersey to his temporary residence in western Michigan,
     including reimbursement of expenses relating to family travel for purposes
     of locating permanent housing in Michigan. Expenses related to the
     Executive's relocation to Michigan shall be fully reimbursed, subject to
     the terms of the Company's relocation policy for executives that has
     previously been given to and received by the Executive. All reimbursements
     under this paragraph 3(g) shall be subject to the Executive's presenting
     supporting documentation of such expenses as may be reasonably required by
     the Company.

4. TERMINATION. The Executive's employment with the Company during the
Employment Term may be terminated under the following circumstances.

     (a) Death. The Executive's employment shall terminate upon his death.

     (b) Disability. If the Executive becomes Disabled, the Company may
     terminate his employment with the Company. For purposes of this Agreement,
     the Executive shall be deemed to be "Disabled" if (i) he is eligible for
     disability benefits under a Company long term disability plan, or (ii) he
     has a physical or mental disability which renders him incapable, after
     reasonable

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     accommodation, of performing substantially all of his duties hereunder for
     a period of 180 days (which need not be consecutive) in any 12-month
     period. In the event of a dispute as to whether the Executive is Disabled,
     the Company may, at its expense, refer him to a licensed practicing
     physician of the Company's choice and the Executive agrees to submit to
     such tests and examination as such physician shall deem appropriate. The
     determination of such physician shall be final and binding on the Company
     and Executive.

     (c) Cause. The Company may terminate the Executive's employment immediately
     and at any time for Cause by written notice to the Executive detailing the
     basis for the Cause termination. For purposes of this Agreement, "Cause"
     means (i) gross negligence or willful and continued failure by the
     Executive to substantially perform his duties as an employee of the Company
     (other than any such failure resulting from incapacity due to physical or
     mental illness); (ii) willful misconduct by the Executive that is
     demonstrably and materially injurious as determined in the sole discretion
     of the Board, to the Company, monetarily or otherwise; (iii) the engaging
     by the Executive in egregious misconduct involving serious moral turpitude
     to the extent that his creditability and reputation no longer conforms to
     the standard of senior executives of the Company; (iv) the commission by
     the Executive of a material act of dishonesty or breach of trust resulting
     or intending to result in personal benefit or enrichment to the Executive
     at the expense of the Company; (v) Executive's conviction of, or plea of
     nolo contendre to, a felony; or (vi) a material breach of this Agreement.
     For purposes of this paragraph, no act or failure to act shall be deemed
     "willful" unless done or omitted to be done not in good faith and without
     reasonable belief that such action or omission was in the best interest of
     the Company.

     (d) Termination by Executive. The Executive may terminate his employment
     with the Company at any time for any reason by giving the Company prior
     written notice not less than 30 days prior to such termination. Any
     termination pursuant to this paragraph 4(d) shall preclude a later claim
     that such termination was for Good Reason.

     (e) Mutual Agreement. This Agreement may be terminated at any time by
     mutual written agreement of the parties.

     (f) Termination by the Company without Cause. The Company may terminate the
     Executive's employment hereunder at any time for any reason by giving the
     Executive prior written notice not less than 30 days prior to such
     termination; provided, however, that termination by the Company shall be
     deemed to have occurred under this paragraph 4(f) only if such termination
     by the Company is not pursuant to paragraph 4(b), 4(c) or 4(e).

     (g) Termination by the Executive for Good Reason. The Executive may
     terminate his employment with the Company immediately at any time for Good
     Reason, provided that the Executive gives the Company notice of such Good
     Reason within a reasonable period (but, except as provided below, in no
     event more than 30 days) after he has knowledge of the events giving rise
     to the Good Reason and provided further that the Company fails to correct
     such events within a reasonable period (but in no event more than 30 days)
     after receiving such notice from the Executive. Good Reason shall mean,
     without the Executive's consent, (i) any material breach or violation by
     the Company of paragraph 1(c), (ii) the failure by the Company to pay the
     Executive any portion of his current compensation within ten (10) business
     days of the date such compensation is due or otherwise declared payable,
     (iii) the failure by the Company to continue any incentive compensation
     plan in which the Executive participates that is material to his

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     compensation, unless an equitable substitute plan or alternative plan is
     made available to the Executive, (iv) the failure by the Company to obtain
     a satisfactory agreement from any successor to the business of the Company
     to assume and agree to perform this Agreement, or (v) the failure by the
     Company to retain Executive as Chief Executive Officer.

     (h) Date of Termination. "Date of Termination" means the last day that the
     Executive is employed by the Company under this Agreement under
     circumstances in which his employment is terminated in accordance with one
     of the foregoing provisions of this paragraph 4.

5. RIGHTS UPON TERMINATION.

     (a) If the Executive's Date of Termination occurs during the Employment
     Term for any reason, the Company shall:

          (i) Pay the Executive's Salary for the period ending on the Date of
          Termination.

          (ii) Make a payment in respect of unused vacation days, as determined
          in accordance with Company policy as in effect from time to time.

          (iii) Make any other payments or provide benefits pursuant to any
          employee benefit plans or arrangements adopted by the Company, to the
          extent such payments and benefits are earned and vested as of the Date
          of Termination or are required by law to be offered for periods
          following the Executive's Date of Termination.

          The amounts payable under clauses (i) and (ii) above shall be paid in
          a lump sum as soon as practicable following such Date of Termination,
          and any amounts payable under clause (iii) above shall be paid in
          accordance with applicable law and with the terms of the applicable
          plan or arrangement.

     (b) If, during the Employment Term, the Executive's employment is
     terminated by the Company without Cause or the Executive terminates his
     employment for Good Reason, and if the Executive executes and does not
     revoke a release of claims, as described in paragraph 5(e) below (a
     "Release"), then, in addition to the amounts payable under paragraph 5(a),
     the Executive shall be entitled to the following:

          (i) The Company shall pay the Executive an amount equal to 24 months
          of Salary and Target Bonus, at the rate in effect as of the Date of
          Termination, which shall be paid in regular payroll installments
          beginning as soon as practicable after the Date of Termination, but
          not later than 10 days after the expiration of the revocation period
          for the Release (except as required by paragraph 8 below); and

          (ii) The Initial Awards shall continue to vest for the applicable
          vesting period specified in the Long Term Incentive Award Agreement
          (so that the Initial Awards will vest as if the Executive continued as
          an employee of the Company and, in the case of performance-based
          restricted stock, based on Company performance). The Executive's
          outstanding vested stock options that are part of the Initial Awards
          (including options that will vest under this paragraph (ii)) will
          remain outstanding until the later of (x) 25 months after the Date of
          Termination, (y) 30 days after the last vesting date of an option
          under this paragraph (ii), or (z) any later applicable date specified
          in the Executive's Long Term Incentive Award

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          Agreement; provided, however, that in no event shall a stock option
          remain outstanding later than the expiration of the option term as
          specified in the Long Term Incentive Award Agreement.

          (iii) Stock options and restricted stock other than the Initial Awards
          shall continue to vest for a period of 24 months from the Date of
          Termination (so that the stock options and restricted stock will vest
          as if the Executive continued as an employee of the Company for the
          24-month period and, in the case of performance-based restricted
          stock, based on Company performance). The Executive's outstanding
          vested stock options (including options that will vest under this
          paragraph (iii)) (other than the Initial Awards) will remain
          outstanding for the period ending 25 months after the Date of
          Termination, or any longer applicable period specified in the
          Executive's Long Term Incentive Award Agreement; provided, however,
          that in no event shall a stock option remain outstanding later than
          the expiration of the option term as specified in the Long Term
          Incentive Award Agreement.

     (c) Notwithstanding the terms of the MIB plan, if the Executive's Date of
     Termination occurs under paragraph 4(a) (relating to death), paragraph 4(b)
     (Disability), or, subject to the Executive's execution of a Release,
     paragraph 4(f) (termination without Cause) or paragraph 4(g) (termination
     for Good Reason), then, in addition to the amounts payable in accordance
     with paragraphs 5(a) and 5(b), the Executive will be entitled to a pro rata
     bonus payment for the fiscal year in which such Date of Termination occurs,
     which shall be an amount equal to the product of (A) the bonus the
     Executive would have received for the fiscal year in which his Date of
     Termination occurs if he had remained employed by the Company until the end
     of such year, multiplied by (B) a fraction, the numerator of which is the
     number of days in the fiscal year preceding the Executive's Date of
     Termination and the denominator of which is 365. Such pro rata bonus shall
     be payable in a lump sum payment on the next installment date on which
     bonus payments are made to participants in the MIB plan following the end
     of the fiscal year to which such bonus relates, but not later than 60 days
     after the end of such fiscal year (except as required by paragraph 8
     below).

     (d) Notwithstanding any provision of this Agreement to the contrary, in the
     event that the Executive's Date of Termination occurs for the reasons set
     forth in paragraph 4(c) (relating to termination for Cause), or the Board
     reasonably determines that the Executive has violated the terms of
     paragraph 6, all outstanding options (vested and unvested), service-based
     Restricted Stock and performance-based Restricted Stock held by the
     Executive shall be immediately forfeited, and all payments and benefits
     under this Agreement, except those described in paragraph 5(a), shall cease
     and be permanently forfeited.

     (e) As a condition of payment of the benefits described in paragraph 5(b)
     and paragraph 5(c) above (with respect to termination without Cause or
     termination for Good Reason), the Executive shall be required to execute
     and not revoke a Release, which shall be a release, in a form provided by
     the Company, of all claims against the Company, its Affiliates and all
     related parties with respect to all matters arising in connection with the
     Executive's employment with the Company and the termination thereof.

6. RESTRICTIVE COVENANTS. Executive acknowledges the Company's willingness to
employ and pay Executive as provided in this Agreement is expressly conditioned
on Executive's undertaking and complying with the requirements in this paragraph
6.

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     (a) Confidential Information.

          (i) Executive covenants that he believes that he can legally work in
          the position for which he is being hired, and expressly agrees that he
          shall not disclose to the Company, or use in his employment with the
          Company, any trade secrets, confidential or proprietary information
          relating to any former employers, without the former employer's
          written consent.

          (ii) Executive recognizes and acknowledges that by reason of
          Executives' employment by and service to the Company, Executive will
          have access to proprietary or confidential information, technical
          data, trade secrets or know- how relating to the Company, which may
          include, but is not limited to, market and product research and plans,
          markets, products, services, customer lists and customers,
          advertising, software, developments, inventions, processes, formulas,
          technology, designs, drawings, engineering, marketing and sales
          techniques, strategies and programs, intellectual property
          distribution methods and systems, sales and profit figures, pricing
          and discount plans, financial and other business information
          (collectively referred to as "Confidential Information"). Executive
          acknowledges that such Confidential Information is a valuable and
          unique asset of the Company and covenants that he will not, either
          during the Employment Term or after the Date of Termination, disclose
          any such Confidential Information to any person for any reason
          whatsoever (except as Executive's duties as an employee of the Company
          may require) without the prior written authorization of the Board,
          unless such information is in the public domain through no fault of
          Executive or except as may be required by law or in a judicial or
          administrative proceeding, in which case Executive will promptly
          inform the Company in writing of such required disclosure, but in any
          event at least two business days prior to the disclosure.

          (iii) All written Confidential Information (including, without
          limitation, in any computer or other electronic format) that comes
          into Executive's possession during the course of Executive's
          employment will remain the property of the Company. Unless expressly
          authorized in writing by the Board, Executive will not remove any
          written Confidential Information from the Company's premises, except
          in connection with the performance of Executive's duties for the
          Company and in a manner consistent with the Company's policies
          regarding Confidential Information. Upon termination of employment for
          any reason, Executive agrees immediately to return to the Company all
          written Confidential Information in Executive's possession, including
          without limitation all memoranda, notes, plans, records, reports,
          computer tapes and software, and other documents and data (and copies
          thereof) containing or relating to the Confidential Information.

     (b) Inventions and Patents. Executive agrees that all inventions,
     innovations, improvements, developments, methods, designs, analyses,
     drawings, reports and all similar or related information that relate to the
     Company's actual or anticipated business, research and development or
     existing or future products or services, and that are conceived, developed
     or made by Executive during the Employment Term ("Work Product") belong to
     the Company. Executive will promptly disclose such Work Product to the
     Company and perform all actions reasonably requested by the Company
     (whether during or after the Employment Term) to establish and confirm such
     ownership (including, without limitations, assignments, consents, powers of
     attorney, and other instruments). To the fullest extent permitted by
     applicable law all intellectual property (including patents,

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     trademarks, and copyrights) which are made, developed or acquired by
     Executive in the course of Executive's employment with the Company will be
     and remain the absolute property of the Company, and Executive shall assist
     the Company in perfecting and defending its rights to such intellectual
     property.

     (c) Non-Compete. In exchange for the consideration provided in this
     Agreement, Executive agrees that, during the Employment Term and for a
     period of two years after Executive's termination of employment with the
     Company for any reason, Executive will not, except with the prior written
     consent of the Board, directly or indirectly, engage in Competition. For
     purposes of this Agreement, "Competition" means that Executive is employed
     by, or provides consulting or other substantial services to, any company
     that in any way sells, manufactures, distributes or develops store brand
     and value brand OTC drug or nutritional products, topical generic
     prescription pharmaceutical products or any other products that the Company
     or an Affiliate is marketing or actively planning to market during
     Executive's employment with the Company or, with respect to the period
     after termination of employment, during the one year period ending on the
     Date of Termination. Notwithstanding anything to the contrary, Executive
     shall not be prohibited from being a passive owner of not more than 2% of
     the outstanding stock or equity of any entity that is engaged in
     competition and that is publicly traded, so long as Executive has no active
     participation in the business of such entity.

     (d) Non-Solicitation. Executive further covenants and agrees that during
     the Employment Term and for the period of one year after the Date of
     Termination, Executive will not, except with the prior written consent of
     the Board, directly or indirectly, solicit for employment any person who
     was an employee of the Company or an Affiliate at any time during the
     Employment Term for or on behalf of any employer other than the Company or
     an Affiliate for any position as an employee, independent contractor,
     consultant or otherwise. The Company agrees that the term "solicit for
     employment" shall not include general solicitations of employment not
     specifically directed toward an employee, newspaper or other periodical
     advertisements, or general searches conducted by professional recruiting
     firms. This covenant will not prevent Executive from giving references and
     will not preclude the solicitation or hiring or any individual following 12
     months after the Date of Termination.

     (e) Executive agrees that (i) the covenants set forth in this paragraph 6
     are reasonable in all respects, including, where applicable, geographical
     and temporal scope, and (ii) the Company and Executive would not have
     entered into this Agreement but for Executive's and the Company's covenants
     contained, and (iii) the covenants contained have been made in order to
     induce the Company and Executive to enter into this Agreement.

7. ENFORCEMENT REMEDIES/INJUNCTION.

     (a) Executive represents and acknowledges that (i) he is knowledgeable and
     sophisticated as to business matters, including the subject matter of this
     Agreement, that he has read this Agreement and that he understands its
     terms; (ii) Executive has been advised by the Company to consult legal
     counsel with respect to this Agreement and (iii) that Executive has had
     full opportunity, prior to execution of this Agreement, to thoroughly
     review this Agreement with counsel. The Executive and the Company agree
     that the language used in this Agreement is the language chosen by the
     parties to express their mutual intent, and that no rule of strict
     construction is to be applied against either party. If, at the time of
     enforcement of this Agreement, in general, and Section 6, in

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     particular, a court shall hold that the duration, scope or area
     restrictions stated herein are unreasonable under circumstances then
     existing, the parties agree that the maximum duration, scope or area
     reasonable under such circumstances shall be substituted for the stated
     duration, scope or area and that the court shall be allowed to revise the
     restrictions contained herein to cover the maximum period, scope and area
     permitted by law.

     (b) Executive further acknowledges and agrees that a breach of any of the
     restrictions in paragraph 6 cannot be adequately compensated by monetary
     damages. Executive further agrees that the Company would be entitled to
     immediately stop making, and shall have no further obligation to make, any
     of the cash considerations set forth in this Agreement as being conditioned
     on the covenants contained in paragraph 6, and that all remaining unvested
     stock options and restricted stock (other than the Initial Award) will be
     forfeited if Executive breaches the provisions of paragraph 6 and that, in
     any event, the Company will be entitled to preliminary and permanent
     injunctive relief, without the necessity of proving actual damages, as well
     as provable damages and an equitable accounting of all earnings, profits,
     and other benefits arising from any violation of paragraph 6, which rights
     will be cumulative and in addition to any other rights or remedies to which
     the Company may be entitled.

     (c) Executive irrevocably and unconditionally (i) agrees that any suit,
     action or other legal proceeding arising out of paragraph 6, including
     without limitation, any action commenced by the Company for preliminary and
     permanent injunctive relief and other equitable relief, may be brought in
     the United States District Court for the Western District of Michigan, or
     if such court does not have jurisdiction or will not accept jurisdiction,
     in any court of general jurisdiction in Allegan or Kent Counties, Michigan,
     (ii) consents to the non-exclusive jurisdiction of any such court in any
     such suit, action or proceeding, and (iii) waives any objection which
     Executive may have to the laying of venue of any such suit, action or
     proceeding in any such court.

8. SECTION 409A OF THE INTERNAL REVENUE CODE.

     (a) This Agreement is intended to comply with section 409A of the Internal
     Revenue Code of 1986, as amended (the "Code"), and its corresponding
     regulations, to the extent applicable. Notwithstanding anything in this
     Agreement to the contrary, payments under this Agreement that are subject
     to section 409A may only be made upon an event and in a manner permitted by
     section 409A. If the Executive is considered a Key Employee (as defined
     below) and any payments upon termination of employment are required to be
     delayed for a period of six months in order to comply with section 409A of
     the Code, the payments shall be postponed for the required six-month period
     under section 409A. At the end of the six-month period, the accumulated
     withheld amounts under this Agreement shall be paid in a lump sum payment
     within five days after the end of the six month period. If the Executive
     dies during such six-month period prior to the payment of benefits, the
     accumulated withheld amounts under this Agreement shall be paid to the
     personal representative of the Executive's estate within 60 days after the
     date of the Executive's death.

     (b) The term "Key Employee" shall mean an employee who, at any time during
     the 12-month period ending on the identification date (defined below), is
     (i) an officer of the Company or an Affiliate (as determined for purposes
     of section 416(i) of the Code) who has annual compensation greater than
     $135,000 (or such other amount as may be in effect under Section 416(i)(1)
     of the Code), (ii) a 5% owner of the Company or (iii) a 1% owner of the
     Company who has annual compensation greater than $150,000. The
     identification date shall be each December 31, and the

                                      E-10

<PAGE>

     determination of Key Employees as of such identification date shall apply
     for the 12-month period following April 1 after the identification date.
     The determination of Key Employees, including the number and identity of
     persons considered officers, shall be made by the Company in accordance
     with the provisions of Sections 416(i) and 409A of the Code and the
     regulations issued thereunder.

9. INDEMNIFICATION. To the fullest extent permitted by applicable law, the
Company will, during and after termination of employment, indemnify Executive
(including providing advancement of expenses) for any judgments, fines, amounts
paid in settlement and reasonable expenses, including attorneys' fees, incurred
by Executive in connection with the defense of any lawsuit or other claim or
investigation to which Executive is made, or threatened to be made, a party or
witness by reason of being or having been an officer, director or employee of
the Company or any of its subsidiaries or affiliates. In addition, Executive
will be covered under any directors and officers' liability insurance policy for
his or her acts (or non-acts) as an officer or director of the Company or any of
the subsidiaries or affiliates to the extent the Company provides such coverage
for its senior executive officers.

10. ASSIGNMENTS/TRANSFERS/EFFECTS OF MERGER.

     (a) No rights or obligations of the Company under this Agreement may be
     assigned or transferred by the Company except that such rights or
     obligations may be assigned or transferred pursuant to a merger or
     consolidation in which the Company is not the continuing entity, or
     pursuant to the sale or transfer 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 of the Company.

     (b) This Agreement will not terminated by any merger, consolidation or
     transfer of assets of the Company referred to above. In the event of any
     such merger, consolidation or transfer of assets, the provisions of this
     Agreement will be binding upon the surviving or resulting corporation or
     the person or entity to which such assets are transferred.

     (c) The Company agrees that concurrently with any merger, consolidation or
     transfer of assets referred to above, it will cause any successor or
     transferee unconditionally to assume, either contractually or as a matter
     of law, all of the obligations of the Company hereunder.

     (d) This Agreement will inure to the benefit of, and be enforceable by or
     against, Executive or Executive's personal or legal representatives,
     executors, administrators, successors, heirs, distributes, designees or
     legatees. None of Executive's rights or obligations under this Agreement
     may be assigned or transferred by Executive other than Executive's rights
     to compensation and benefits, which may be transferred only by will or
     operation of law. If Executive should die while any amounts or benefits
     have been accrued by Executive but not yet paid as of the date of
     Executive's death and which would be payable to Executive hereunder had
     Executive continued to live, all such amounts and benefits unless otherwise
     provided herein will be paid or provided in accordance with the terms of
     this Agreement to such person or person appointed in writing by Executive
     to receive such amounts or, if no such person is so appointed, to
     Executive's estate.

11. NOTICES. All notices and other communications required or provided for in
this Agreement shall be in writing and shall be delivered personally or sent by
registered or certified mail, return receipt requested, postage prepaid, to the
parties at the addresses set forth below (or such other addresses as shall be
specified by the parties by like notice):

                                      E-11

<PAGE>

To the Company:                         with a copy to:

     Perrigo Company                    Perrigo Company
     515 Eastern Avenue                 515 Eastern Avenue
     Allegan, Michigan 49010            Allegan, MI 49010

     Attn.: Sr. Vice President of       Attn: General Counsel
            Global Human Resources

To the Executive:

     Joseph C. Papa
     One Deer Hill Road
     Chester, NJ 07930

Notice and communications shall be effective when actually received by the
addressee.

12. TAX WITHHOLDING. All payments under this Agreement shall be made subject to
applicable tax withholding.

13. SEVERABILITY. The invalidity or unenforceability of any provision of this
Agreement will not affect the validity or enforceability of any other provision
of this Agreement, and this Agreement will be construed as if such invalid or
unenforceable provision were omitted (but only to the extent that such provision
cannot be appropriately reformed or modified).

14. WAIVER OF BREACH. No waiver of any party of a breach of any provision of
this Agreement by any other party will operate or be construed as a waiver of
any subsequent breach by such other party. The failure of any party to take any
action by reason of such breach will not deprive such party of the right to take
action at any time while such breach continues.

15. AMENDMENT. This Agreement may be amended or canceled only by mutual written
agreement of the parties without the consent of any other person. So long as the
Executive lives, no person, other than the parties hereto, shall have any rights
under or interest in this Agreement or the subject matter hereof.

16. SURVIVAL OF AGREEMENT. Except as otherwise expressly provided in this
Agreement, the rights and obligations of the parties to this Agreement shall
survive the termination of the Executive's employment with the Company.

17. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement between
the parties concerning the subject matter hereof and supersedes all prior and
contemporaneous agreements, if any, between the Executive and the Company
relating to the subject matter hereof.

18. GOVERNING LAW. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Michigan.

19. FUTURE COOPERATION. Executive agrees that upon the Company's reasonable
request following Executive's termination of employment, Executive will use
reasonable efforts to assist and cooperate with the Company in connection with
the defense or prosecution of any claim that may be made against or by

                                      E-12

<PAGE>

the Company, or in connection with any ongoing or future investigation or
dispute or claim of any kind involving the Company, including any proceedings
before any arbitral, administrative, regulatory, judicial, legislative or other
body or agency. Executive will be entitled only to reimbursement for any
reasonable out-of-pocket expenses (including travel expenses) incurred in
connection with providing such assistance.

20. NO CONFLICT. Executive represents and warrants to the Company that his
acceptance of employment and the performance of his duties for the Company will
not conflict with or result in a violation of, or breach of, or constitute a
default under any contract, agreement, or undertaking to which Executive is or
was a party or of which Executive is or aware and that there are no
restrictions, covenants, agreements or limitations on their right or ability to
enter into and perform the terms of this agreement.

21. COUNTERPARTS. This agreement may be executed in one or more counterparts,
all of which shall be considered one and the same agreement, and shall become a
binding agreement when one or more counterparts have been signed by each party
and delivered to the other party.

     IN WITNESS WHEREOF, this Agreement has been duly executed by the parties as
of the date written above.

EXECUTIVE                               PERRIGO COMPANY

/s/ Joseph C. Papa                      By /s/ Gary K. Kunkle, Jr.
-------------------------------------      ------------------------------------
Joseph C. Papa                             Gary K. Kunkle, Jr.
                                           Compensation Committee Chair

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