Document:

THIS
      PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE "SUBSCRIPTION AGREEMENT") RELATES
      TO AN OFFERING OF SECURITIES IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE
      NOT
      U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED
      STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT").

     

    NONE
      OF THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT RELATES HAVE BEEN
      REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS
      SO
      REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
      STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT IN ACCORDANCE WITH THE
      PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
      FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
      THE
      1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
      AND PROVINCIAL LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES
      MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933
      ACT.

     

    SUBSCRIPTION
      AGREEMENT

    (Non-US
      Investors)

     

    THIS
      SUBSCRIPTION AGREEMENT
      made as
      of this ______ day
      of
      ______________,
      2007
      between VANTECH
      PLASTICS CORP.
      (the
“Company”), a British Columbia corporation, and the undersigned
      (the “Subscriber”).

     

    WHEREAS:

     

    A. The
      Company desires to issue a maximum of _______________ shares
      of
      common stock of the Company at a price of US$______ per share (the “Offering”)
      in order to finance its business plan; and

     

    B. The
      Subscriber desires to acquire the number of common shares of the Offering,
      as
      set forth below, on the terms and subject to the conditions of this Subscription
      Agreement.

     

    NOW
      THEREFORE THIS SUBSCRIPTION AGREEMENT witnesses that,
      for
      good and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the parties hereto agree as follows:

     

    
      	
              1.

            	
              Subscription

            

    

     

    1.1 The
      Subscriber hereby irrevocably subscribes for and agrees to purchase
      __________ common
      shares in the capital of the Company (the "Shares") at a price of US$______
      per
      Share (such subscription and agreement to purchase being the "Subscription"),
      for the total purchase price of US$______
      (the
      "Subscription Proceeds"), which is tendered herewith, on the basis of the
      representations and warranties and subject to the terms and conditions set
      forth
      herein.

     

    1.2 Subject
      to the terms hereof, the Subscription will be effective upon its acceptance
      by
      the Company. Any acceptance by the Company of the Subscription is conditional
      upon compliance with all securities laws and other applicable laws of the
      jurisdiction in which the Subscriber is resident.

     

    
      	
              2.

            	
              Payment

            

    

     

    2.1 The
      Subscription Proceeds must accompany this Subscription and shall be paid by
      cash
      or cheque or bank draft drawn on a major Canadian or U.S. chartered bank made
      payable to the Company and delivered to the Company or its lawyers or may be
      wired directly to either one of them. If the Subscription proceeds are delivered
      to the Company's lawyers, the Subscriber authorizes the Company's lawyers to
      deliver the Subscription Proceeds to the Company on the Closing Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.2 The
      Subscriber acknowledges and agrees that this Subscription Agreement, the
      Subscription Proceeds and any other documents delivered in connection herewith
      will be held by the Company's lawyers on behalf of the Company. In the event
      that this Subscription Agreement is not accepted by the Company for whatever
      reason within 30 days of the delivery of an executed Subscription Agreement
      by
      the Subscriber, this Subscription Agreement, the Subscription Proceeds and
      any
      other documents delivered in connection herewith will be returned to the
      Subscriber at the address of the Subscriber as set forth in this Subscription
      Agreement.

     

    2.3 Where
      the
      Subscription Proceeds are paid to the Company, the Company is entitled to treat
      such Subscription Proceeds as an interest free loan to the Company until such
      time as the Subscription is accepted and the certificates representing the
      Shares have been issued to the Subscriber.

     

    
      	
              3.

            	
              Documents
                Required from
                Subscriber

            

    

     

    3.1 The
      Subscriber must complete, sign and return to the Company two (2) executed copies
      of this Subscription Agreement.

     

    3.2 The
      Subscriber shall complete, sign and return to the Company as soon as possible,
      on request by the Company, any documents, questionnaires, notices and
      undertakings as may be required by any regulatory authorities, stock exchanges,
      or applicable laws.

     

    
      	
              4.

            	
              Closing

            

    

     

    4.1 Closing
      of the offering of the Shares (the "Closing") shall occur on or before
      _____________, 2007, or on such other date as may be determined by the Company
      (the "Closing Date").

     

    
      	
              5.

            	
              Acknowledgements
                of Subscriber

            

    

     

    5.1 The
      Subscriber acknowledges and agrees that:

     

    
      	 	
              (a)

            	
              none
                of the Shares have been or will be registered under the 1933 Act,
                or under
                any state securities or "blue sky" laws of any state of the United
                States,
                and, unless so registered, may not be offered or sold in the United
                States
                or, directly or indirectly, to U.S. Persons, as that term is defined
                in
                Regulation S under the 1933 Act ("Regulation S"), except in accordance
                with the provisions of Regulation S, pursuant to an effective registration
                statement under the 1933 Act, or pursuant to an exemption from, or
                in a
                transaction not subject to, the registration requirements of the
                1933 Act
                and in each case only in accordance with any applicable state securities
                and provincial laws;

            

    

     

    
      	 	
              (b)

            	
              the
                Company has not undertaken, and will have no obligation, to register
                any
                of the Shares under the 1933 Act or qualify any of the Shares under
                any
                state or provincial securities
                laws;

            

    

     

    
      	 	
              (c)

            	
              the
                Subscriber has received and carefully read this Subscription
                Agreement;

            

    

     

    
      	 	
              (d)

            	
              the
                decision to execute this Subscription Agreement and purchase the
                Shares
                agreed to be purchased hereunder has not been based upon any oral
                or
                written representation as to fact or otherwise made by or on behalf
                of the
                Company;

            

    

     

    
      	 	
              (e)

            	
              the
                Subscriber and the Subscriber's advisor(s) have had a reasonable
                opportunity to ask questions of and receive answers from the Company
                in
                connection with the Offering, and to obtain additional information,
                to the
                extent possessed or obtainable by the Company without unreasonable
                effort
                or expense;

            

    

     

    
      
        
        

      

      
        -
          2
          -

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (f)

            	
              the
                books and records of the Company were available upon reasonable notice
                for
                inspection, subject to certain confidentiality restrictions, by
                Subscribers during reasonable business hours at its principal place
                of
                business and that all documents, records and books in connection
                with the
                Offering have been made available for inspection by the Subscriber,
                the
                Subscriber's attorney and/or
                advisor(s);

            

    

     

    
      	 	
              (g)

            	
              the
                Company is entitled to rely on the representations and warranties
                of the
                Subscriber contained in this Subscription Agreement and the Subscriber
                will hold harmless the Company from any loss or damage it or they
                may
                suffer as a result of the Subscriber's failure to correctly complete
                this
                Subscription Agreement;

            

    

     

    
      	 	
              (h)

            	
              the
                Subscriber will indemnify and hold harmless the Company and, where
                applicable, its respective directors, officers, employees, agents,
                advisors and shareholders from and against any and all loss, liability,
                claim, damage and expense whatsoever (including, but not limited
                to, any
                and all fees, costs and expenses whatsoever reasonably incurred in
                investigating, preparing or defending against any claim, lawsuit,
                administrative proceeding or investigation whether commenced or
                threatened) arising out of or based upon any representation or warranty
                of
                the Subscriber contained herein or in any document furnished by the
                Subscriber to the Company in connection herewith being untrue in
                any
                material respect or any breach or failure by the Subscriber to comply
                with
                any covenant or agreement made by the Subscriber to the Company in
                connection therewith;

            

    

     

    
      	 	
              (i)

            	
              the
                Subscriber has been advised to consult the Subscriber’s own legal, tax and
                other advisors with respect to the merits and risks of an investment
                in
                the Shares and with respect to applicable resale restrictions and
                the
                Subscriber is solely responsible (and the Company is not in any way
                responsible) for compliance with applicable resale
                restrictions;

            

    

     

    
      	 	
              (j)

            	
              there
                is no market for the Shares, no market for the Shares may ever exist
                and
                none of the Shares are listed on any stock exchange or automated
                dealer
                quotation system and no representation has been made to the Subscriber
                that any of the Shares will become listed on any stock exchange or
                automated dealer quotation system;

            

    

     

    
      	 	
              (k)

            	
              the
                Company is a “private issuer” as that term is defined in National
                Instrument (“NI 45-106”), as adopted by the British Columbia Securities
                Commission, and as such, until the Company ceases to be a “private
                issuer”:

            

    

     

    
      	 	
              (i)

            	
              the
                securities of the Company cannot be transferred without the previous
                consent of the Company’s board of directors, expressed by resolution of
                the board, at their sole discretion;
                and

            

    

     

    
      	 	
              (ii)

            	
              there
                are restrictions on the number of shareholders of the
                Company;

            

    

     

    
      	 	
              (l)

            	
              the
                Subscriber is acquiring the Shares pursuant to an exemption from
                the
                registration and prospectus requirements of applicable securities
                legislation in all jurisdictions relevant to this Subscription, and,
                as a
                consequence, the Subscriber will not be entitled to use most of the
                civil
                remedies available under applicable securities legislation and the
                Subscriber will not receive information that would otherwise be required
                to be provided to the Subscriber pursuant to applicable securities
                legislation;

            

    

     

    
      	 	
              (m)

            	
              the
                Subscriber has been advised that the business of the Company is in
                a
                start-up phase and acknowledges that there is no assurance that the
                Company will raise sufficient funds to adequately capitalize the
                business
                or that the business will be profitable in the
                future;

            

    

     

    
      
        
        

      

      
        -
          3
          -

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (n)

            	
              the
                Company is not a reporting issuer in any Canadian province and
                accordingly, resale of any of the Shares in Canada is restricted
                except
                pursuant to an exemption from applicable securities
                legislation;

            

    

     

    
      	 	
              (o)

            	
              neither
                the SEC nor any other securities commission or similar regulatory
                authority has reviewed or passed on the merits of the
                Shares;

            

    

     

    
      	 	
              (p)

            	
              no
                documents in connection with the Offering have been reviewed by the
                SEC or
                any state securities administrators;

            

    

     

    
      	 	
              (q)

            	
              there
                is no government or other insurance covering any of the
                Shares;

            

    

     

    
      	 	
              (r)

            	
              the
                issuance and sale of the Shares to the Subscriber will not be completed
                if
                it would be unlawful or if, in the discretion of the Company acting
                reasonably, it is not in the best interests of the
                Company;

            

    

     

    
      	 	
              (s)

            	
              the
                statutory and regulatory basis for the exemption claimed for the
                offer and
                sale of the Shares, although in technical compliance with Regulation
                S,
                would not be available if the offering is part of a plan or scheme
                to
                evade the registration provisions of the 1933 Act;
                and

            

    

     

    
      	 	
              (t)

            	
              this
                Subscription Agreement is not enforceable by the Subscriber unless
                it has
                been accepted by the Company.

            

    

     

    
      	
              6.

            	
              Representations,
                Warranties and Covenants of the
                Subscriber

            

    

     

    
      	
              6.1

            	
              The
                Subscriber hereby represents and warrants to and covenants with the
                Company (which representations, warranties and covenants shall survive
                the
                Closing) that:

            

    

     

    
      	 	
              (a)

            	
              the
                Subscriber is not a U.S. Person;

            

    

     

    
      	 	
              (b)

            	
              the
                Subscriber is not acquiring the Shares for the account or benefit
                of,
                directly or indirectly, any U.S.
                Person;

            

    

     

    
      	 	
              (c)

            	
              the
                Subscriber is resident in the jurisdiction set out under the heading
                "Name
                and Address of Subscriber" on the signature page of this Subscription
                Agreement and the sale of the Shares to the Subscriber as contemplated
                in
                this Subscription Agreement complies with or is exempt from the applicable
                securities legislation of the jurisdiction of residence of the
                Subscriber;

            

    

     

    
      	 	
              (d)

            	
              the
                Subscriber is purchasing the Shares as principal for investment purposes
                only and not with a view to resale or distribution and, in particular,
                the
                Subscriber has no intention to distribute, either directly or indirectly,
                any of the Shares in the United States or to U.S. Persons;
                

            

    

     

    
      	 	
              (e)

            	
              the
                Subscriber is outside the United States when receiving and executing
                this
                Subscription Agreement;

            

    

     

    
      	 	
              (f)

            	
              the
                Subscriber is not an underwriter of, or dealer in, the common shares
                of
                the Company, nor is the Subscriber participating, pursuant to a
                contractual agreement or otherwise, in the distribution of the
                Shares;

            

    

     

    
      	 	
              (g)

            	
              the
                Subscriber understands and agrees that none of the Shares have been
                registered under the 1933 Act, or under any state securities or "blue
                sky"
                laws of any state of the United States, and, unless so registered,
                may not
                be offered or sold in the United States or, directly or indirectly,
                to
                U.S. Persons except in accordance with the provisions of Regulation
                S,
                pursuant to an effective registration statement under the 1933 Act,
                or
                pursuant to an exemption from, or in a transaction not subject to,
                the
                registration requirements of the 1933 Act and in each case only in
                accordance with applicable state and provincial securities
                laws;

            

    

     

    
      
        
        

      

      
        -
          4
          -

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (h)

            	
              the
                Subscriber understands and agrees that offers and sales of any of
                the
                Shares prior to the expiration of a period of one year after the
                date of
                original issuance of the Shares (the one year period hereinafter
                referred
                to as the "Distribution Compliance Period") shall only be made in
                compliance with the safe harbor provisions set forth in Regulation
                S,
                pursuant to the registration provisions of the 1933 Act or an exemption
                therefrom;

            

    

     

    
      	 	
              (i)

            	
              the
                Subscriber understands and agrees not to engage in any hedging
                transactions involving any of the Shares unless such transactions
                are in
                compliance with the provisions of the 1933
                Act;

            

    

     

    
      	 	
              (j)

            	
              the
                Subscriber understands and agrees that the Company will refuse to
                register
                any transfer of the Shares not made in accordance with the provisions
                of
                Regulation S, pursuant to an effective registration statement under
                the
                1933 Act or pursuant to an available exemption from the registration
                requirements of the 1933 Act;

            

    

     

    
      	 	
              (k)

            	
              the
                Subscriber acknowledges that the Subscriber has not acquired the
                Shares as
                a result of, and will not itself engage in, any "directed selling
                efforts"
                (as defined in Regulation S under the 1933 Act) in the United States
                in
                respect of any of the Shares which would include any activities undertaken
                for the purpose of, or that could reasonably be expected to have
                the
                effect of, conditioning the market in the United States for the resale
                of
                any of the Shares; provided, however, that the Subscriber may sell
                or
                otherwise dispose of any of the Shares pursuant to registration of
                any of
                the Shares pursuant to the 1933 Act and any applicable state securities
                laws or under an exemption from such registration requirements and
                as
                otherwise provided herein;

            

    

     

    
      	 	
              (l)

            	
              the
                Subscriber is aware that an investment in the Company is speculative
                and
                involves certain risks, including the possible loss of the entire
                investment;

            

    

     

    
      	 	
              (m)

            	
              the
                Subscriber has made an independent examination and investigation
                of an
                investment in the Shares and the Company and has depended on the
                advice of
                the Subscriber’s legal and financial advisors and agrees that the Company
                will not be responsible in anyway whatsoever for the Subscriber's
                decision
                to invest in the Shares and the
                Company;

            

    

     

    
      	 	
              (n)

            	
              the
                Subscriber (i) has adequate net worth and means of providing for
                its
                current financial needs and possible personal contingencies, (ii)
                has no
                need for liquidity in this investment, and (iii) is able to bear
                the
                economic risks of an investment in the Shares for an indefinite period
                of
                time;

            

    

     

    
      	 	
              (o)

            	
              it
                (i) is able to fend for itself in the Subscription; (ii) has such
                knowledge and experience in financial and business matters as to
                be
                capable of evaluating the merits and risks of its investment in the
                Shares
                and the Company; and (iii) has the ability to bear the economic risks
                of
                its prospective investment and can afford the complete loss of such
                investment;

            

    

     

    
      	 	
              (p)

            	
              the
                Subscriber recognizes that the purchase of Shares involves a high
                degree
                of risk in that the Company does not have any commercial operations
                or
                other business assets and may require substantial funds in addition
                to the
                proceeds of this Offering;

            

    

     

    
      	 	
              (q)

            	
              the
                Subscriber understands and agrees that the Company and others will
                rely
                upon the truth and accuracy of the acknowledgements, representations
                and
                agreements contained in this Subscription Agreement and agrees that
                if any
                of such acknowledgements, representations and agreements are no longer
                accurate or have been breached, the Subscriber shall promptly notify
                the
                Company;

            

    

     

    
      	 	
              (r)

            	
              the
                Subscriber has the legal capacity and competence to enter into and
                execute
                this Subscription Agreement and to take all actions required pursuant
                hereto and, if the Subscriber is a corporation, it is duly incorporated
                and validly subsisting under the laws of its jurisdiction of incorporation
                and all necessary approvals by its directors, shareholders and others
                have
                been obtained to authorize execution and performance of this Subscription
                Agreement on behalf of the
                Subscriber;

            

    

     

    
      
        
        

      

      
        -
          5
          -

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (s)

            	
              the
                entering into of this Subscription Agreement and the transactions
                contemplated hereby do not result in the violation of any of the
                terms and
                provisions of any law applicable to, or the constating documents
                of, the
                Subscriber or of any agreement, written or oral, to which the Subscriber
                may be a party or by which the Subscriber is or may be
                bound;

            

    

     

    
      	 	
              (t)

            	
              the
                Subscriber has duly executed and delivered this Subscription Agreement
                and
                it constitutes a valid and binding agreement of the Subscriber enforceable
                against the Subscriber in accordance with its
                terms;

            

    

     

    
      	 	
              (u)

            	
              if
                it is acquiring the Shares as a fiduciary or agent for one or more
                investor accounts, it has sole investment discretion with respect
                to each
                such account and it has full power to make the foregoing acknowledgments,
                representations and agreements on behalf of such
                account;

            

    

     

    
      	 	
              (v)

            	
              the
                Subscriber is not aware of any advertisement of any of the Shares
                and is
                not acquiring the Shares as a result of any form of general solicitation
                or general advertising including advertisements, articles, notices
                or
                other communications published in any newspaper, magazine or similar
                media
                or broadcast over radio or television, or any seminar or meeting
                whose
                attendees have been invited by general solicitation or general
                advertising;

            

    

     

    
      	 	
              (w)

            	
              no
                person has made to the Subscriber any written or oral
                representations:

            

    

     

    
      	 	
              (i)

            	
              that
                any person will resell or repurchase any of the
                Shares;

            

    

     

    
      	 	
              (ii)

            	
              that
                any person will refund the purchase price of any of the
                Shares;

            

    

     

    
      	 	
              (iii)

            	
              as
                to the future price or value of any of the Shares;
                or

            

    

     

    
      	 	
              (iv)

            	
              that
                any of the Shares will be listed and posted for trading on any stock
                exchange or automated dealer quotation system or that application
                has been
                made to list and post any of the Shares of the Company on any stock
                exchange or automated dealer quotation system;
                and

            

    

     

    
      	 	
              (x)

            	
              the
                Subscriber is (tick
                one or more of the following boxes):

            

    

    
    

     

    
      	
              A.

            	
              a
                director, officer, employee, founder or control person of the
                Company

            	
              o

            
	 	 	 
	
              B.

            	
              a
                spouse, parent, grandparent, brother, sister or child of a director,
                executive officer, founder or control person of the
                Company

            	
              o

            
	 	 	 
	
              C.

            	
              a
                parent, grandparent, brother, sister, child of the spouse of a director,
                executive officer, founder or control person of the
                Company

            	
              o

            
	 	 	 
	
              D.

            	
              a
                close personal friend of a director, executive officer or control
                person
                of the Company

            	
              o

            
	 	 	 
	
              E.

            	
              a
                close business associate of a director, executive officer or control
                person of the Company

            	
              o

            
	 	 	 
	
              F.

            	
              a
                current holder of common shares or other designated securities of
                the
                Company

            	
              o

            
	 	 	 
	
              G.

            	
              an
                accredited investor

            	
              o

            

    

     

    
      
        
        

      

      
        -
          6
          -

        
          

        

      

      
        
        

      

    

     

    
      	
              H.

            	
              a
                company, partnership or other entity of which a majority of the voting
                securities are beneficially owned by, or a majority of the directors
                are,
                persons described in paragraphs A to G

            	
              o

            
	 	 	 
	
              I.

            	
              a
                trust or estate of which all of the beneficiaries or a majority of
                the
                trustees or executors are persons described in paragraphs A to
                G

            	
              o

            

    

     

    6.2 If
      the
      Subscriber has ticked one or more of boxes B, C, D, E, H or I in Section
6.1(x)
      above,
      the director(s), executive officer(s), or control person(s) of the Company
      with
      whom the Subscriber has the relationship is:

     

    
      

    

     

    
      

    

     

    
      

    

     

    (Instructions
      to Subscriber: fill in the name of each director. executive officer, founder
      and
      control person with whom you have the above-mentioned relationship. If you
      have
      checked box H or I, also indicate which of A to G describes the securityholders,
      directors, trustees or beneficiaries which qualify you as box H or I and provide
      the names of those individuals. Please attach a separate page if
      necessary.)

     

    6.3 If
      the
      Subscriber has ticked box G in Section 6.1(x)
      above,
      the Subscriber acknowledges and agrees that the Company shall not consider
      the
      Subscriber's Subscription for acceptance unless the Subscriber provides to
      the
      Company, along with an executed copy of this Subscription:

     

    
      	 	
              (a)

            	
              a
                fully completed and executed Accredited Investor Questionnaire in
                the form
                attached as Exhibit 1 hereto;
                and

            

    

     

    
      	 	
              (b)

            	
              such
                other supporting documentation that the Company or its legal counsel
                may
                request to establish the Subscriber's qualification as an accredited
                investor.

            

    

     

    6.4 The
      Subscriber acknowledges that the representations and warranties contained herein
      and, if applicable, in an Accredited Investor Questionnaire, are made by the
      Subscriber with the intention that they may be relied upon by the Company and
      its legal counsel in determining the Subscriber's eligibility to acquire the
      Shares under relevant legislation. The Subscriber further agrees that by
      accepting delivery of the Shares, the Subscriber will be representing and
      warranting that the foregoing representations and warranties are true and
      correct as at the time of delivery of such Shares with the same force and effect
      as if they had been made by the Subscriber at such time, and that they shall
      survive the completion of the transactions contemplated under this Subscription
      and remain in full force and effect thereafter for the benefit of the Company
      for a period of one year.

     

    6.5 In
      this
      Subscription Agreement, the term "U.S. Person" shall mean:

     

    
      	 	
              (a)

            	
              any
                natural person resident in the United
                States;

            

    

     

    
      	 	
              (b)

            	
              any
                partnership or corporation organized or incorporated under the laws
                of the
                United States;

            

    

     

    
      	 	
              (c)

            	
              any
                estate of which any executor or administrator is a U.S.
                person;

            

    

     

    
      	 	
              (d)

            	
              any
                trust of which any trustee is a U.S.
                person;

            

    

     

    
      	 	
              (e)

            	
              any
                agency or branch of a foreign entity located in the United
                States;

            

    

     

    
      
        
        

      

      
        -
          7
          -

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (f)

            	
              any
                non-discretionary account or similar account (other than an estate
                or
                trust) held by a dealer or other fiduciary for the benefit or account
                of a
                U.S. person;

            

    

     

    
      	 	
              (g)

            	
              any
                discretionary account or similar account (other than an estate or
                trust)
                held by a dealer or other fiduciary organized, incorporated, or (if
                an
                individual) resident in the United States;
                and

            

    

     

    
      	 	
              (h)

            	
              any
                partnership or corporation if:

            

    

     

    
      	 	
              (i)

            	
              organized
                or incorporated under the laws of any foreign jurisdiction;
                and

            

    

     

    
      	 	
              (ii)

            	
              formed
                by a U.S. person principally for the purpose of investing in securities
                not registered under the 1933 Act, unless it is organized or incorporated,
                and owned, by accredited investors, as that term is defined in Regulation
                D of the 1933 Act, who are not natural persons, estates or
                trusts.

            

    

     

    
      	
              7.

            	
              Representations
                by the Company

            

    

     

    7.1 The
      Company represents and warrants to the Subscriber that:

     

    
      	 	
              (a)

            	
              the
                Company is a corporation duly organized, existing and in good standing
                under the laws of the Province of British Columbia and has the corporate
                power to conduct the business which it conducts and proposes to conduct;
                and

            

    

     

    
      	 	
              (b)

            	
              upon
                issue, the Shares will be duly and validly issued, fully paid and
                non-assessable common shares in the capital of the
                Company.

            

    

     

    
      	
              8.

            	
              Representations
                and Warranties will be Relied Upon by the
                Company

            

    

     

    8.1 The
      Subscriber acknowledges that the representations and warranties contained herein
      are made by it with the intention that such representations and warranties
      may
      be relied upon by the Company and its legal counsel in determining the
      Subscriber's eligibility to purchase the Shares under applicable securities
      legislation, or (if applicable) the eligibility of others on whose behalf it
      is
      contracting hereunder to purchase the Shares under applicable securities
      legislation. The Subscriber further agrees that by accepting delivery of the
      certificates representing the Shares on the Closing Date, it will be
      representing and warranting that the representations and warranties contained
      herein are true and correct as at the Closing Date with the same force and
      effect as if they had been made by the Subscriber on the Closing Date and that
      they will survive the purchase by the Subscriber of Shares and will continue
      in
      full force and effect notwithstanding any subsequent disposition by the
      Subscriber of such Shares.

     

    
      	
              9.

            	
              Canadian
                Resale Restrictions

            

    

     

    9.1 The
      Subscriber acknowledges that (i) the Shares are subject to resale restrictions
      in Canada and may not be traded except as permitted by the various securities
      acts of the provinces of Canada and the rules made thereunder, and (ii) that
      the
      Subscriber has been advised to consult the Subscriber's own legal advisors
      with
      respect to the applicable resale restrictions, and it is solely responsible
      (and
      the Company is not in any way responsible) for compliance with:

     

    
      	 	
              (a)

            	
              any
                applicable laws of the jurisdiction in which the Subscriber is resident
                in
                connection with the distribution of the Securities hereunder,
                and

            

    

     

    
      	 	
              (b)

            	
              applicable
                resale restrictions.

            

    

     

    9.2 Pursuant
      to National Instrument 45-102, as adopted by the provincial securities
      commission, a subsequent trade in the Shares will be a distribution subject
      to
      the prospectus and registration requirements of applicable Canadian securities
      legislation unless certain conditions are met, which conditions include a hold
      period (the "Canadian Hold Period") that shall have elapsed from the date on
      which the Shares were issued to the Subscriber and, during the currency of
      the
      Canadian Hold Period, any certificate representing the Shares is to be imprinted
      with a restrictive legend (the "Canadian Legend").

     

    
      
        
        

      

      
        -
          8
          -

        
          

        

      

      
        
        

      

    

     

    9.3 By
      executing and delivering this Subscription Agreement, the Subscriber will have
      directed the Company not to include the Canadian Legend on any certificates
      representing the Shares to be issued to the Subscriber.

     

    9.4 As
      a
      consequence, the Subscriber will not be able to rely on the resale provisions
      of
      National Instrument 45-102, and any subsequent trade in the Shares during or
      after the Canadian Hold Period will be a distribution subject to the prospectus
      and registration requirements of Canadian securities legislation, to the extent
      that the trade is at that time subject to any such Canadian securities
      legislation.

     

    
      	
              10.

            	
              Resale
                Restrictions

            

    

     

    10.1 The
      Subscriber acknowledges that any resale of the Shares will be subject to resale
      restrictions contained in the securities legislation applicable to each
      Subscriber or proposed transferee. The Subscriber acknowledges that the Shares
      have not been registered under the 1933 Act of the securities laws of any state
      of the United States and that the Company does not intend to register same
      under
      the 1933 Act, or the securities laws of any such state and has no obligation
      to
      do so. The Shares may not be offered or sold in the United States unless
      registered in accordance with United States federal securities laws and all
      applicable state securities laws or exemptions from such registration
      requirements are available.

     

    
      	
              11.

            	
              Acknowledgement
                and Waiver

            

    

     

    11.1 The
      Subscriber has acknowledged that the decision to purchase the Shares was solely
      made on the basis of publicly available information. The Subscriber hereby
      waives, to the fullest extent permitted by law, any rights of withdrawal,
      rescission or compensation for damages to which the Subscriber might be entitled
      in connection with the distribution of any of the Shares.

     

    
      	
              12.

            	
              Legending
                and Registration of Subject
                Shares

            

    

     

    12.1 The
      Subscriber hereby acknowledges that a legend may be placed on the certificates
      representing any of the Shares to the effect that the Shares represented by
      such
      certificates are subject to a hold period and may not be traded until the expiry
      of such hold period except as permitted by applicable securities
      legislation.

     

    12.2 The
      Subscriber hereby acknowledges and agrees to the Company making a notation
      on
      its records or giving instructions to the registrar and transfer agent of the
      Company in order to implement the restrictions on transfer set forth and
      described in this Subscription Agreement.

     

    
      	
              13.

            	
              Costs

            

    

     

    13.1 The
      Subscriber acknowledges and agrees that all costs and expenses incurred by
      the
      Subscriber (including any fees and disbursements of any special counsel retained
      by the Subscriber) relating to the purchase of the Shares shall be borne by
      the
      Subscriber.

     

    
      	
              14.

            	
              Governing
                Law

            

    

     

    14.1 This
      Subscription Agreement is governed by the laws of the Province of British
      Columbia. The Subscriber, in its personal or corporate capacity and, if
      applicable, on behalf of each beneficial purchaser for whom it is acting,
      irrevocably attorns to the jurisdiction of the Province of British
      Columbia.

     

    
      
        
        

      

      
        -
          9
          -

        
          

        

      

      
        
        

      

    

     

    
      	
              15.

            	
              Survival

            

    

     

    15.1 This
      Subscription Agreement, including without limitation the representations,
      warranties and covenants contained herein, shall survive and continue in full
      force and effect and be binding upon the parties hereto notwithstanding the
      completion of the purchase of the Shares by the Subscriber pursuant
      hereto.

     

    
      	
              16.

            	
              Assignment

            

    

     

    16.1 This
      Subscription Agreement is not transferable or assignable.

     

    
      	
              17.

            	
              Execution

            

    

     

    17.1 The
      Company shall be entitled to rely on delivery by facsimile machine of an
      executed copy of this Subscription Agreement and acceptance by the Company
      of
      such facsimile copy shall be equally effective to create a valid and binding
      agreement between the Subscriber and the Company in accordance with the terms
      hereof.

     

    
      	
              18.

            	
              Severability

            

    

     

    18.1 The
      invalidity or unenforceability of any particular provision of this Subscription
      Agreement shall not affect or limit the validity or enforceability of the
      remaining provisions of this Subscription Agreement.

     

    
      	
              19.

            	
              Entire
                Agreement

            

    

     

    19.1 Except
      as
      expressly provided in this Subscription Agreement and in the agreements,
      instruments and other documents contemplated or provided for herein, this
      Subscription Agreement contains the entire agreement between the parties with
      respect to the sale of the Shares and there are no other terms, conditions,
      representations or warranties, whether expressed, implied, oral or written,
      by
      statute or common law, by the Company or by anyone else.

     

    
      	
              20.

            	
              Notices

            

    

     

    20.1 All
      notices and other communications hereunder shall be in writing and shall be
      deemed to have been duly given if mailed or transmitted by any standard form
      of
      telecommunication. Notices to the Subscriber shall be directed to the address
      on
      page 11 and notices to the Company shall be directed to it at 7986
      Alexander Road, Delta, British Columbia V4G 1G7 Attention: The
      President.

     

    
      
        
        

      

      
        -
          10
          -

        
          

        

      

      
        
        

      

    

     

    
      
        
          	21.	
                  Counterparts

                

        

      

    

     

    21.1 This
      Subscription Agreement may be executed in any number of counterparts, each
      of
      which, when so executed and delivered, shall constitute an original and all
      of
      which together shall constitute one instrument.

     

    IN
      WITNESS WHEREOF
      the
      Subscriber has duly executed this Subscription Agreement as of the date first
      above mentioned.

     

    DELIVERY
      INSTRUCTIONS

     

    
      	
              1.

            	
              Delivery
                - please deliver the certificates
                to:

            

    

     

    
      

    

     

    
      
        

      

    

     

    
      	
              2.

            	
              Registration
                - registration of the certificates which are to be delivered at closing
                should be made as follows:

            

    

     

    
      
        

      

      (name)

       

    

    
      
        
(address)

    

     

    
      	
              3.

            	
              The
                undersigned hereby acknowledges that it will deliver to the Company
                all
                such additional completed forms in respect of the Subscriber's purchase
                of
                the Shares as may be required for filing with the appropriate securities
                commissions and regulatory
                authorities.

            

    

     

    

    
      	 
	
              (Name
                of Subscriber – Please type or print)

            
	 
	
               

            
	
              (Signature
                and, if applicable, Office)

            
	 
	
               

            
	
              (Address
                of Subscriber)

            
	 
	
               

            
	
              (City,
                State or Province, Postal Code of

              Subscriber)

            
	 
	
               

            
	
              (Country
                of Subscriber)

            

    

    
       

      
        
        

      

      
        -
          11
          -

        
          

        

      

      
        
        

      

    

    A
      C C E P T A N C E

     

    The
      above-mentioned Subscription Agreement in respect of the Shares is hereby
      accepted by VANTECH
      PLASTICS CORP.

     

    DATED
      at
      ___________________________________________, the _________ day
      of
      _____________________,
      2007.

     

    VANTECH
      PLASTICS CORP.

    

    
      	
              Per:

            	 
	
            	
              Authorized
                Signatory

            

    

     

    
      
        
        

      

      
        -
          12
          -

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      1

     

    NI
      45-106 ACCREDITED INVESTOR QUESTIONNAIRE

     

    All
      capitalized terms herein, unless otherwise defined, have the meanings ascribed
      thereto in the Subscription. 

     

    The
      purpose of this Questionnaire is to assure the Company that each purchaser
      will
      meet certain requirements of National
      Instrument 45-106 (“NI 45-106”).
      The
      Company will rely on the information contained in this Questionnaire for the
      purposes of such determination.

     

    The
      undersigned (the “Subscriber”) covenants, represents and warrants to the Company
      that:

     

    
      	 	
              1.

            	
              the
                Subscriber has such knowledge and experience in financial and business
                matters as to be capable of evaluating the merits and risks of the
                transactions detailed in the Subscription and the Subscriber is able
                to
                bear the economic risk of loss arising from such
                transactions;

            

    

     

    
      	 	
              2.

            	
              the
                Subscriber satisfies one or more of the categories of “accredited
                investor” (as that term is defined in NI 45-106) indicated below (please
                check the appropriate box):

            

    

     

    
      	 	o	
              (a)
                a Canadian financial institution as defined in National Instrument
                14-101,
                or an authorized foreign bank listed in Schedule III of the Bank
                Act
                (Canada); 

            

    

     

    
      	 	o	
              (b)
                the Business Development Bank of Canada incorporated under the
                Business
                Development Bank Act
                (Canada);

            

    

     

    
      	 	o	
              (c)
                a subsidiary of any person referred to in any of the foregoing categories,
                if the person owns all of the voting securities of the subsidiary,
                except
                the voting securities required by law to be owned by directors of
                that
                subsidiary;

            

    

     

    
      	 	o	
              (d)
                an individual registered or formerly registered under securities
                legislation in a jurisdiction of Canada, as a representative of a
                person
                or company registered under securities legislation in a jurisdiction
                of
                Canada, as an adviser or dealer, other than a limited market dealer
                registered under the Securities
                Act
                (Ontario) or the Securities
                Act
                (Newfoundland);

            

    

     

    
      	 	o	
              (e)
                an individual registered or formerly registered under the securities
                legislation of a jurisdiction of Canada as a representative of a
                person
                referred to in paragraph (d);

            

    

     

    
      	 	o	
              (f)
                the government of Canada or a province, or any crown corporation
                or agency
                of the government of Canada or a
                province;

            

    

     

    
      	 	o	
              (g)
                a municipality, public board or commission in Canada and a metropolitan
                community, school board, the Comite de gestion de la taxe scholaire
                de
                l’ile de Montreal or an intermunicipal management board in
                Québec;

            

    

     

    
      	 	o	
              (h)
                a national, federal, state, provincial, territorial or municipal
                government of or in any foreign jurisdiction, or any agency
                thereof;

            

    

     

    
      	 	o	
              (i)
                a pension fund that is regulated by either the Office of the
                Superintendent of Financial Institutions (Canada) or a pension commission
                or similar regulatory authority of a jurisdiction of
                Canada;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	o	
              (j)
                an individual who either alone or with a spouse beneficially owns,
                directly or indirectly, financial assets (as defined in NI 45-106)
                having
                an aggregate realizable value that, before taxes but net of any related
                liabilities, exceeds CDN$1,000,000;

            

    

     

    
      	 	o	
              (k)
                an individual whose net income before taxes exceeded CDN$200,000
                in each
                of the two more recent calendar years or whose net income before
                taxes
                combined with that of a spouse exceeded $300,000 in each of those
                years
                and who, in either case, reasonably expects to exceed that net income
                level in the current calendar year;

            

    

     

    
      	 	o	
              (l)
                an individual who, either alone or with a spouse, has net assets
                of at
                least CDN$5,000,000;

            

    

     

    
      	 	o	
              (m)
                a person, other than a person or investment fund, that had net assets
                of
                at least CDN$5,000,000 as reflected on its most recently prepared
                financial statements;

            

    

     

    
      	 	o	
              (n)
                an investment fund that distributes it securities only to persons
                that are
                accredited investors at the time of distribution, a person that acquires
                or acquired a minimum of CDN$150,000 of value in securities, or a
                person
                that acquires or acquired securities under Sections 2.18 or 2.19
                of NI
                45-106;

            

    

     

    
      	 	o	
              (o)
                an investment fund that distributes or has distributed securities
                under a
                prospectus in a jurisdiction of Canada for which the regulator or,
                in
                Québec, the securities regulatory authority, has issued a
                receipt;

            

    

     

    
      	 	o	
              (p)
                a trust company or trust corporation registered or authorized to
                carry on
                business under the Trust
                and Loan Companies Act
                (Canada) or under comparable legislation in a jurisdiction of Canada
                or a
                foreign jurisdiction, acting on behalf of a fully managed account
                managed
                by the trust company or trust corporation, as the case may
                be;

            

    

     

    
      	 	o	
              (q)
                a person acting on behalf of a fully managed account managed by that
                person, if that person (i) is registered or authorized to carry on
                business as an adviser or the equivalent under the securities legislation
                of a jurisdiction of Canada or a foreign jurisdiction, and (ii) in
                Ontario, is purchasing a security that is not a security of an investment
                fund;

            

    

     

    
      	 	o	
              (r)
                a registered charity under the Income
                Tax Act
                (Canada) that, in regard to the trade, has obtained advice from an
                eligibility advisor or an advisor registered under the securities
                legislation of the jurisdiction of the registered charity to give
                advice
                on the securities being traded;

            

    

     

    
      	 	o	
              (s)
                an entity organized in a foreign jurisdiction that is analogous to
                any of
                the entities referred to in paragraphs (a) to (d) or paragraph (i)
                in form
                and function;

            

    

     

    
      	 	o	
              (t)
                a person in respect of which all of the owners of interests, direct,
                indirect or beneficial, except the voting securities required by
                law are
                persons or companies that are accredited
                investors.

            

    

     

    
      	 	o	
              (u)
                an investment funds that is advised by a person registered as an
                advisor
                or a person that is exempt from registration as an advisor;
                or

            

    

     

    
      	 	o	
              (v)
                a person that is recognized or designated by the securities regulatory
                authority or, except in Ontario and Québec, the regulator as (i) an
                accredited investor, or (ii) an exempt purchaser in Alberta or British
                Columbia after this instrument comes into
                force;

            

    

     

    
      
        
        

      

      
        -
          2
          -

        
          

        

      

      
        
        

      

    

     

    The
      Subscriber acknowledges and agrees that the Subscriber may be required by the
      Company to provide such additional documentation as may be reasonably required
      by the Company and its legal counsel in determining the Subscriber’s eligibility
      to acquire the Shares under relevant Legislation.

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Questionnaire as of
      the _______ day
      of
      __________________,
      2007.

    

    
      	
              If
                an Individual:

            	 	
              If
                a Corporation, Partnership or Other Entity:

            
	 	 	 
	 	 	 
	
              Signature

            	 	
              Print
                or Type Name of Entity

            
	 	 	 
	 	 	 
	
              Print
                or Type Name

            	 	
              Signature
                of Authorized Signatory

            
	 	 	 
	 	 	 
	 	 	
              Type
                of Entity

            

    

     

    
      
        
        

      

      
        -
          3
          -EXHIBIT
      10.1

     

    EMPLOYMENT
      AGREEMENT

     

    

    EMPLOYMENT
      AGREEMENT
      (this
“Agreement”), dated as of March 4, 2008, by and between Par Pharmaceutical
      Companies, Inc., and Par Pharmaceutical, Inc., each a Delaware corporation
      (collectively, “Par” or “Employer”), and Patrick LePore
      (“Executive”).

     

    RECITALS:

     

    A.
       WHEREAS,
      Executive is presently employed in the capacity of President and Chief Executive
      Office of Par Pharmaceutical Companies, Inc., and as President and Chief
      Executive Officer of Par Pharmaceutical, Inc. and Executive and Employer desire
      that Executive continue to provide services in these capacities;
      and

     

    B. WHEREAS,
      by Agreement dated July 2007 Employer and Executive agreed upon terms and
      conditions of Executive’s employment, and, accordingly Employer and Executive
      desire to enter into a new Agreement in order for Executive to continue in
      the
      afore-mentioned positions.

     

    C. WHEREAS,
      Executive and Employer agree and acknowledge that the Agreement set forth herein
      supersedes any prior and contemporaneous written or oral agreement between
      the
      parties and that upon execution the terms and conditions set forth herein govern
      Executive’s employment.

     

    In
      consideration of the mutual promises herein contained, the parties hereto hereby
      agree as follows:

     

    1. Employment.

     

    1.1. General.
      Employer hereby employs Executive effective September 26, 2007 in the capacity
      of President and Chief Executive Officer of Employer at the compensation rate
      and benefits set forth in Section 2 hereof for the Employment Term (as defined
      in Section 3.1 hereof). Executive hereby accepts such employment, subject to
      the
      terms and conditions herein contained. In all such capacities, Executive shall
      perform and carry out such duties and responsibilities as may be assigned to
      him
      from time to time by the Board of Directors (the “Board”) reasonably consistent
      with Executive's position and this Agreement, and shall report to the Board.
      

     

    1.2. Time
      Devoted to Position.
      Executive, during the Employment Term, shall devote substantially all of his
      business time, attention and skills to the business and affairs of
      Employer.

     

    1.3. Certifications.
      Whenever the Chief Executive Officer of Par is required by law, rule or
      regulation or requested by any governmental authority or by Par's auditors
      to
      provide certifications with respect to Par's financial statements or filings
      with the Securities and Exchange Commission or any other governmental authority,
      Executive shall sign such
      certifications as may be reasonably requested by the Board, with such exceptions
      as Executive deems necessary to make such certifications accurate and not
      misleading, and comply with applicable law.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2. Compensation
      and Benefits.

     

    2.1. Salary.
      At all
      times Executive is employed hereunder, and on a retroactive basis to June 6,
      2007, Employer shall pay to Executive, and Executive shall accept, as full
      compensation for any and all services rendered and to be rendered by him during
      such period to Employer in all capacities, including, but not limited to, all
      services that may be rendered by him to any of Employer's subsidiaries, entities
      and organizations, presently existing or hereafter formed, organized or acquired
      by Employer, directly or indirectly (each, a “Subsidiary” and collectively, the
“Subsidiaries”), the following: (i) a base salary at the annual rate of $800,000
      (Eight Hundred Thousand Dollars), or at such increased rate as the Board
      (through its Compensation and Equity Awards Committee), in its sole discretion,
      may hereafter from time to time grant to Executive (initially and as so
      increased, the “Base Salary”); and (ii) any additional bonus and the benefits
      set forth in Sections 2.2, 2.3 and 2.4 hereof. The Base Salary shall be payable
      in accordance with the regular payroll practices of Employer applicable to
      senior executives, less such deductions as shall be required to be withheld
      by
      applicable law
      and
      regulations or otherwise.
      To the
      extent Executive is eligible for or awarded increased compensation pursuant
      to
      this Section, the increase shall occur in
      March
      of each year, or at such other time as the Compensation Committee deems
      appropriate.

     

    2.2. Bonus.
      

     

    2.2.1. In
      September, 2007, Executive shall receive a bonus in the amount of $458,500
      (four
      hundred fifty eight thousand five hundred dollars). For the sake of clarity,
      this bonus is in lieu of and not in addition to any other bonus payment promised
      to Executive as part of any prior agreement with Employer including but not
      limited to any bonus referenced in Section 2.2 of the November 2006 Agreement
      between Employer and Executive.

     

    2.2.2. Subject
      to Section 3.3 hereof, Executive shall be entitled to an annual bonus during
      the
      Employment Term in such amount (if any) as determined by the Board based on
      such
      performance criteria as it deems appropriate, including, without limitation,
      Executive’s performance and Employer's earnings, financial condition, rate of
      return on equity and compliance with regulatory requirements. The target amount
      of Executive's annual bonus shall be equal to 100% (one hundred percent) of
      his
      Base Salary. At the time the Board determines the Executive’s eligibility for a
      bonus, the Board shall set forth all material terms of the bonus arrangement
      in
      a written document.
      The
      Employer shall pay the bonus by March 1 following the end of the calendar year
      in which the bonus is earned. Executive’s bonus eligibility shall be determined
      in March of each year, or at such time as the Compensation Committee deems
      appropriate. Notwithstanding the foregoing, for the period from September 2007
      through March 2008, Executive’s target bonus amount shall be no greater than
      four hundred thousand dollars ($400,000), i.e.,
      one-half
      of his annual target amount. 

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    2.3. Equity
      Awards.
      Executive
      shall be entitled to participate in long-term incentive plans commensurate
      with
      his titles and positions, including, without limitation, stock option,
      restricted stock, and similar equity plans of Employer as may be offered from
      time to time. In connection herewith, Executive has been granted eighty thousand
      (80,000) shares of restricted stock of Par, and options to purchase one hundred
      and twenty thousand (120,000) shares of common stock of Par on the terms and
      conditions set forth in the 2004 Performance Equity Plan, as amended (the “2004
      Plan”) and Executive’s Stock Option Agreement and Award Agreement. Executive
      will also be eligible for one-half of his discretionary equity grant in the
      first quarter of 2008, and shall be eligible for equity grants in accordance
      with Employer’s regular practices thereafter, with all grants being subject to
      the sole discretion of the Board. 

     

    2.4. Executive
      Benefits.

     

    2.4.1. Expenses.
      Employer shall promptly reimburse Executive for expenses he reasonably incurs
      in
      connection with the performance of his duties (including business travel and
      entertainment expenses) hereunder, all in accordance with Employer's policies
      with respect thereto as in effect from time to time.

     

    2.4.2. Employer
      Plans.
      Executive shall be entitled to participate in such employee benefit and welfare
      plans and programs as Employer may from time to time generally offer or provide
      to executive officers of Employer or its Subsidiaries, including, but not
      limited to, participation in life insurance, health and accident, medical plans
      and programs and profit sharing and retirement plans.

     

    2.4.3. Vacation.
      Executive shall be entitled to four (4) weeks of paid vacation per calendar
      year, prorated for any partial year.

     

    2.4.4. Life
      Insurance.
      Employer shall obtain (provided, that Executives qualifies on a non-rated basis)
      a term life insurance policy, the premiums of which shall be borne by Employer
      and the death benefits of which shall be payable to Executive's estate, or
      as
      otherwise directed by Executive, in the amount of $1 million throughout the
      Employment Term.

     

    2.4.5. Automobile.
      Employer
      shall provide Executive with an automobile cash allowance of one thousand and
      fifty dollars ($1,050) (gross) per month.

     

    3. Employment
      Term; Termination.

     

    3.1. Employment
      Term.
       Executive's
      employment hereunder shall commence on the date hereof and, except as otherwise
      provided in Section 3.2 hereof, shall continue until the third (3rd) anniversary
      of the date of this Agreement (the “Initial Term”). Thereafter, this Agreement
      shall automatically be renewed for successive one-year periods commencing on
      the
      third (3rd) anniversary of the date of this Agreement (the Initial Term,
      together with any such subsequent employment period(s), being referred to herein
      as the “Employment Term”), unless Executive or Employer shall have provided a
      Notice of Termination (as defined in Section 3.4.2 hereof) in respect of its
      or
      his election not to renew the Employment Term to the other party at least ninety
      (90) days prior to the end of the current Employment
      Term. Upon nonrenewal of the Employment Term pursuant to this Section 3.1 or
      termination pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive,
      Executive shall be released from any duties hereunder (except as set forth
      in
      Section 4 hereof) and the obligations of Employer to Executive shall be as
      set
      forth in Section 3.3 hereof only. 

     

    
      
         

      

      
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    3.2. Events
      of Termination.
      The
      Employment Term shall terminate upon the occurrence of any one or more of the
      following events:

     

    3.2.1. Death.
      In the
      event of Executive's death, the Employment Term shall terminate on the date
      of
      his death.

     

    3.2.2. Without
      Cause By Executive.
      Executive may terminate the Employment Term at any time during such Term for
      any
      reason whatsoever by giving a Notice of Termination to Employer. The Date of
      Termination pursuant to this Section 3.2.2 shall be thirty (30) days after
      the
      Notice of Termination is given.

     

    3.2.3. Disability.
      In the
      event of Executive's Disability (as hereinafter defined), Employer may, at
      its
      option, terminate the Employment Term by giving a Notice of Termination to
      Executive. The Notice of Termination shall specify the Date of Termination,
      which date shall not be earlier than thirty (30) days after the Notice of
      Termination is given. For purposes of this Agreement, “Disability” means
      disability as defined in any long-term disability insurance policy provided
      by
      Employer and insuring Executive, or, in the absence of any such policy, the
      inability of Executive for 180 days in any consecutive twelve (12) month period
      to substantially perform his duties hereunder as a result of a physical or
      mental illness, all as determined in good faith by the Board.

     

    3.2.4. For
      Cause By Employer.
      Employer may terminate the Employment Term for “Cause” as determined in good
      faith by a majority of the Board as set forth in a Notice of Termination to
      Executive specifying the reasons for termination and the failure of the
      Executive to cure the same within ten (10) days after the Executive’s receipt of
      the Employer Notice of Termination; provided,
      however,
      that in
      the event the Board in good faith determines that the underlying reasons giving
      rise to such determination cannot be cured, then the ten (10) day period shall
      not apply and the Employment Term shall terminate on the date the Notice of
      Termination is given. For purposes of this Agreement, “Cause” shall mean (i)
      Executive's conviction of, guilty or no contest plea to, or confession of guilt
      of, a felony, or other crime involving moral turpitude; (ii) an act or omission
      by Executive in connection with his employment that constitutes fraud, criminal
      misconduct, breach of fiduciary duty, dishonesty, gross negligence, malfeasance,
      or willful misconduct, regardless of harm to the Employer or any of its
      Subsidiaries or affiliates, or other conduct that is materially harmful or
      detrimental to Employer or any of its Subsidiaries or affiliates; (iii) is
      a
      material breach by Executive of this Agreement; (iv) Executive’s continuing
      failure to perform such duties as are assigned to Executive by Employer in
      accordance with this Agreement, other than a failure resulting from a
      Disability; (v) Executive's knowingly taking any action on behalf of Employer
      or
      any of its Subsidiaries or affiliates without appropriate authority to take
      such
      action; (vi) Executive's knowingly taking any action in conflict of interest
      with Employer or any of its Subsidiaries or affiliates given Executive's
      position with Employer; and/or (vii) the commission of an act of personal
      dishonesty by Executive that involves personal profit in connection with
      Employer or any of its Subsidiaries or affiliates.

     

    
      
         

      

      
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    3.2.5. Without
      Cause By Employer.
      Employer may terminate the Employment Term for any reason or no reason
      whatsoever (other than for the reasons set forth elsewhere in this Section
      3.2)
      by giving a Notice of Termination to Executive. The Notice of Termination shall
      specify the Date of Termination, which date shall not be earlier than thirty
      (30) days after the Notice of Termination is given or such shorter period if
      Employer shall pay to Executive that amount of the Base Salary amount that
      would
      have been earned between the thirty (30) day period and such shorter period
      in
      accordance with the Employer’s regular payroll practices.

     

    3.2.6. Employer's
      Material Breach.
      Executive may terminate the Employment Term upon Employer's material breach
      of
      this Agreement and the continuation of such breach so long as Executive has
      provided written notice to Employer of a material breach (which notice shall
      identify the manner in which Employer has materially breached this Agreement)
      within ninety (90) days of the initial existence of the breach, and afforded
      Employer no less than thirty (30) days for cure of such breach. Employer is
      not
      required to pay severance under Section 3.3.3 when Employer cures the material
      breach identified in Executive’s notice within thirty (30) days of Employer’s
      receipt of the notice. Employer’s material breach of this Agreement shall mean
      (i) the failure of Employer to make any payment that it is required to make
      hereunder to Executive when such payment is due; (ii) the assignment to
      Executive, without Executive's express written consent, of duties inconsistent
      with his positions, responsibilities and status with Employer, or a change
      in
      Executive's reporting responsibilities, titles or offices or any plan, act,
      scheme or design to constructively terminate the Executive, or any removal
      of
      Executive from his positions with Employer, except in connection with the
      termination of the Employment Term by Employer for Cause, without Cause or
      Disability or as a result of Executive's death or voluntary resignation or
      by
      Executive other than pursuant to this Section 3.2.6; (iii) a reduction by
      Employer in Executive's Base Salary; or (iv) a permanent reassignment of
      Executive's primary work location, without the consent of Executive, to a
      location more than thirty-five (35) miles from Employer's executive offices
      in
      Woodcliff Lake, New Jersey. 

     

    3.3. Certain
      Obligations of Employer Following Termination of the Employment
      Term.
      Following termination of the Employment Term under the circumstances described
      below, Employer shall pay to Executive or his estate, as the case may be, the
      following compensation and provide the following benefits. In connection with
      Executive’s receipt of any or all monies and benefits to be received pursuant to
      this Section 3.3, Executive shall not have a duty to seek subsequent employment
      during the period in which he is receiving such monies and benefits payments
      and
      the Severance Amount (as defined in Section 3.3.2 hereof) shall not be reduced
      solely as a result of Executive’s subsequent employment by an entity other than
      Employer. The Executive must execute within thirty (30) days after the Date
      of
      Termination Employer’s standard form of Release Agreement attached as Exhibit A
      hereto.

     

    3.3.1. For
      Cause.
      In the
      event that the Employment Term is terminated by Employer for Cause, Employer
      shall pay to Executive, in a single lump-sum within
      forty-five (45) days of the Date of Termination, and in accordance with
      Employer’s regular payroll practices, an amount equal to any unpaid but earned
      Base Salary through the Date of Termination. The Employer shall also pay any
      annual bonus earned but unpaid as of the Date of Termination for any previously
      completed fiscal year in accordance with the terms of the bonus, and such
      employee benefits as to which Executive may be entitled under the employee
      benefit plans of Employer.

     

    
      
         

      

      
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    3.3.2. Without
      Cause by Employer; Material Breach by Employer; Non-Renewal
      by Employer.
      In the
      event that the Employment Term is terminated by Employer pursuant to Section
      3.2.5 hereof or by Executive pursuant to Section 3.2.6 hereof, or is not renewed
      by Employer pursuant to Section 3.1 hereof, Employer shall pay to Executive
      severance in an amount equal to two (2) times his Base Amount. For purposes
      hereof, “Base Amount” shall mean the sum of the Base Salary in effect on the
      Date of Termination, and if Executive’s termination is not a result of, in whole
      or in part, Executive’s performance in respect of his duties hereunder, the
      amount of Executive's last annual cash bonus pursuant to Section 2.2 hereof
      (the
“Severance Amount”). The Executive shall retain all vested benefits granted
      pursuant to Sections 2.3 and 2.4 hereof. The Employer shall pay the Severance
      Amount in installments, and shall first determine the amount of each installment
      payment if the Severance Amount were paid in equal semimonthly installments
      for
      two (2) years (the “Installment Payment”) commencing on the forty-fifth (45th)
      day after the Date of Termination. The Employer shall then withhold and
      accumulate the Installment Payments payable beginning on the forty-fifth (45th)
      day after the Date of Termination through the end of the sixth (6th) month
      after
      the Date of Termination (the time period, the “Severance Holdback Period”) (the
      withheld payments, the “Severance Holdback Amounts”). The Employer shall pay the
      Severance Holdback Amounts in a single lump sum on the first (1st) day of the
      seventh (7th) month after the Date of Termination (the “Severance Delayed
      Payment Date”). The Severance Holdback Amounts paid to the Executive on the
      Severance Delayed Payment Date are to accrue interest from the date each
      Severance Holdback Amount would have been paid during the Severance Holdback
      Period absent the holdback requirement until the Severance Delayed Payment
      Date.
      The interest rate is the prime rate as published in The
      Wall Street Journal
      seven
      (7) days prior to the Severance Delayed Payment Date. The Employer shall pay
      the
      accrued interest on the Severance Delayed Payment Date. From the Severance
      Delayed Payment Date through the end of two (2) years after the forty-fifth
      (45th) day after the Date of Termination, the Employer shall pay the Installment
      Payments semimonthly. Payment of the Severance Amount is subject to Executive’s
      continued compliance with the terms of Section 4. The Employer shall also pay
      any annual bonus earned but unpaid as of the Date of Termination for any
      previously completed fiscal year in accordance with the terms of the bonus,
      and
      such employee benefits as to which Executive may be entitled under the employee
      benefit plans of the Employer.

     

    3.3.3. Without
      Cause By Executive; Non- Renewal by Executive.
      In the
      event that the Employment Term is terminated by Executive pursuant to Section
      3.2.2 hereof or Executive elects not to renew this Agreement pursuant to Section
      3.1 hereof, Employer shall pay to Executive, in a single lump-sum within
      forty-five (45) days of the Date of Termination, and in accordance with
      Employer’s regular payroll practices, an amount equal to any unpaid but earned
      Base Salary through the Date of Termination. The Employer shall also pay any
      annual bonus earned but unpaid as of the Date of Termination for any previously
      completed
      fiscal year in accordance with the terms of the bonus, and such employee
      benefits as to which Executive may be entitled under the employee benefit plan
      of the Employer. In the event Executive has elected non-renewal or has elected
      to separate from Employer after a Change in Control, the Compensation and Equity
      Awards Committee may choose also to consider Executive’s performance and
      accomplishments to the Date of Termination, as well as the Employer’s earnings,
      financial condition, rate of return on equity and compliance with regulatory
      requirements, as well as the existence of an approved successor plan, in
      considering whether to award Executive additional compensation upon his
      separation. The Executive does not have a legal right to and is not vested
      in
      this additional compensation at any time prior to the Date of Termination under
      Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”).

     

    
      
         

      

      
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    3.3.4. Without
      Cause by Executive During Window Period.
      If a
      Change of Control (as defined in Section 3.4.1 hereof) occurs, and the Executive
      continues employment for six (6) months after the date of the Change of Control
      (as defined in Section 3.4.1 hereof) (the “Stay Period”), the Executive may
      terminate the Employment Term (the “Resignation”) during the ninety (90) days
      following the Stay Period (the “Window Period”). The Executive must provide the
      Resignation in a Notice of Termination to the Employer during the Window Period.
      Upon the Resignation, the provisions of Sections 3.3.2 and 3.3.6 shall apply
      as
      if the Resignation were a termination of the Employment Term without Cause
      by
      the Employer under Section 3.2.5.

     

    3.3.5. Death,
      Disability.
      In the
      event that the Employment Term is terminated by reason of Executive's death
      pursuant to Section 3.2.1 hereof or by Employer by reason of Executive's
      Disability pursuant to Section 3.2.3 hereof, Employer shall pay to Executive,
      subject to, in the case of Disability, Executive's continued compliance with
      Section 4 hereof, the Severance Amount, less any life insurance and/or
      disability insurance received by Executive or his estate pursuant to insurance
      policies provided by Employer (including without limitation pursuant to Section
      2.4.4 hereof), and Executive shall retain all vested benefits granted pursuant
      to Section 2.3 hereof. In the case of death, the Employer shall pay the
      Severance Amount commencing on the thirtieth (30th) day after the Executive’s
      date of death and otherwise in accordance with the payment provisions of Section
      3.3.2 hereof without the holdback requirement. In the case of Disability, the
      Employer shall pay the Severance Amount in accordance with the payment
      provisions of Section 3.3.2 hereof. The Employer shall also pay an annual bonus
      earned but unpaid as of the Date of Termination for any previously completed
      fiscal year in accordance with the terms of the bonus, and such employee
      benefits as to which Executive may be entitled under the employee benefit plans
      of the Employer.

     

    3.3.6. Post-Employment
      Term Benefits.
      In the
      event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof,
      inclusive, or either Employer or Executive elects not to renew this Agreement
      pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any
      unpaid expenses pursuant to Section 2.4.1 hereof, and Executive will have the
      opportunity and responsibility to elect COBRA continuation coverage pursuant
      to
      the terms of that law and will thus be responsible for the execution of the
      continuation of coverage forms upon termination of his insurance coverage.
      Except as provided immediately below, Executive will be responsible for all
      COBRA premiums. If Executive is terminated pursuant
      to Sections 3.2.3, 3.2.5, 3.2.6, or Employer elects not to renew this Agreement
      pursuant to Section 3.1 hereof, Executive shall be entitled to participate,
      at
      Employer's expense, in all medical and health plans and programs of Employer
      in
      accordance with COBRA for a period of up to eighteen (18) months (the “Benefits
      Period”), subject to Executive's continued compliance with Section 4;
provided,
      however, that Executive's continued participation is permissible under the
      terms
      and provisions of such plans and programs; and provided,
      further,
      that if
      Executive becomes entitled to equal or comparable benefits from a subsequent
      employer during the Benefits Period, Employer's obligations under this Section
      3.3.6 shall end as of such date. The Employer shall commence payment of the
      COBRA premiums on the forty-fifth (45th) day after the Date of
      Termination.

     

    
      
         

      

      
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    3.3.7. Equity
      Awards.

     

    (a) If,
      within twelve (12) months following a Change of Control (as defined in Section
      3.4.1 hereof) of Employer, the Employment Term is terminated other than for
      Cause, then Executive (or his estate) shall have twenty-four (24) months from
      the date of termination to exercise any vested equity awards; provided,
      however, that the relevant equity award plan remains in effect and such equity
      awards have not have otherwise expired in accordance with the terms thereof.
      In
      connection therewith, Employer agrees to use commercially reasonable efforts
      to
      amend Executive's Equity Award Agreements if necessary to effectuate the
      provisions of this Section 3.3.7(a).

     

    (b) In
      the
      event the Employment Term is terminated (i) by Employer pursuant to Section
      3.2.5 hereof and the reason for such termination, as set forth in the Notice
      of
      Termination, is not related to the Executive’s performance of Executive in his
      duties with respect to Employer, or (ii) by Executive pursuant to Section 3.2.6
      hereof, then all equity awards theretofore granted to Executive shall thereupon
      vest and Executive shall have twenty-four (24) months from such date to exercise
      such options; provided,
      however, that the relevant equity award plan remains in effect and such equity
      awards shall not have otherwise expired in accordance with the terms thereof.
      In
      connection therewith, Employer agrees to use commercially reasonable efforts
      to
      amend Executive's Equity Award Agreements if necessary to effectuate the
      provisions of this Section 3.3.7(b).

     

    (c) For
      grants of time-based restricted stock made during calendar year 2008 (the “2008
      Grants”) under the 2008 Long Term Incentive Program (the “2008 Program”), (i)(A)
      if after a Change of Control (as defined in Section 3.4.1 hereof) the Employer
      or its successor requires the Executive to remain employed for the Stay Period,
      (B) the Executive continues employment for the Stay Period, and (C) the Change
      of Control (as defined in Section 3.4.1 hereof) occurs within two (2) years
      after the date of grant of the 2008 Grants, all 2008 Grants shall vest on the
      last day of the Stay Period; or (ii) if there is a termination of the Employment
      Term under Section 3.2.5 or 3.2.6 after the date of a Change of Control (as
      defined in Section 3.4.1 hereof), all 2008 Grants shall vest on the Date of
      Termination; or (iii) if a Change of Control (as defined in Section 3.4.1
      hereof) occurs two (2) or more years after the date of grant of the 2008 Grants,
      all 2008 Grants shall vest on the date of the Change of Control (as defined
      in
      Section 3.4.1 hereof); provided, however, that the 2008 Program remains in
      effect and the 2008 Grants shall not have otherwise expired in accordance with
      the terms thereof. In connection
      therewith, Employer agrees to use commercially reasonable efforts to amend
      Executive’s 2008 Grant Agreements if necessary to effectuate the provisions of
      this Section 3.3.7(c).

     

    
      
         

      

      
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    (d) To
      the
      extent not determined by this Agreement, the terms and conditions of all equity
      awards, including without limitation awards of performance contingent restricted
      stock under the 2008 Program, shall be determined by the Executive’s Equity
      Award Agreements, Grant Agreements, Certificates of Performance Shares, and
      the
      terms of the plans and award documents pursuant to which the equity awards
      were
      made.

     

    3.4. Definitions.

     

    3.4.1. “Change
      of Control” Defined.
      A
“Change
      of Control” of the Employer means any of the following events, unless otherwise
      defined in an Award Agreement or Grant Agreement:

     

    (a) Any
      individual, firm, corporation or other entity, or any group (as defined in
      Section 13(d)(3) of Securities Exchange Act of 1934, as amended (the “Exchange
      Act”)) becomes, directly or indirectly, the beneficial owner (as defined in the
      General Rules and Regulations of the Securities and Exchange Commission with
      respect to Sections 13(d) and 13(g) of the Exchange Act) of more than twenty
      (20%) percent of the then outstanding shares entitled to vote generally in
      the
      election of directors of the Employer;

     

    (b) The
      commencement of, or the first public announcement of the intention of any
      individual, firm, corporation or other entity or of any group (as defined in
      Section 13(d)(3) of the Exchange Act) to commence, a tender or exchange offer
      subject to Section 14(d)(1) of the Exchange Act for any class of the Employer’s
      capital stock; or

     

    (c) The
      stockholders of the Employer approve (i) a definitive agreement for the merger
      or other business combination of the Employer with or into another corporation
      pursuant to which the stockholders of the Employer do not own, immediately
      after
      the transaction, more than fifty (50%) percent of the voting power of the
      corporation that survives and is a publicly owned corporation and not a
      subsidiary of another corporation, (ii) a definitive agreement for the sale,
      exchange or other disposition of all or substantially all of the assets of
      the
      Employer, or (iii) any plan or proposal for the liquidation or dissolution
      of
      the Employer.

     

    Provided,
      however, that a Change of Control shall not be deemed to have taken place if
      beneficial ownership is acquired by, or a tender or exchange offer is commenced
      or announced by, the Employer, any profit-sharing, employee ownership or other
      employee benefit plan of the Employer, any trustee of or fiduciary with respect
      to any such plan when acting in such capacity, or any group comprised solely
      of
      such capacity, or any group comprised solely of such entities.

     

    (d) In
      determining whether a Change of Control of the Employer has occurred, “Employer”
means Par Pharmaceutical, Inc. or Par Pharmaceutical Companies,
      Inc.

     

    
      
         

      

      
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    3.4.2. “Notice
      of Termination” Defined.
“Notice
      of Termination” means a written notice that indicates the specific termination
      provision relied upon by Employer or Executive and, except in the case of
      termination pursuant to Sections 3.2.1, 3.2.2 or 3.2.5 (other than as required
      under Section 3.3.2 or 3.3.6), that sets forth in reasonable detail the facts
      and circumstances claimed to provide a basis for termination of the Employment
      Term under the termination provision so indicated.

     

    3.4.3. “Date
      of Termination” Defined.
“Date
      of Termination” means such date as the Employment Term is expired if not renewed
      or terminated in accordance with Sections 3.1 or 3.2 hereof.

     

    4. Confidentiality/Non-Solicitation/Non-Compete.

     

    4.1. “Confidential
      Information” Defined.
      “Confidential Information” means any and all information (oral or written)
      relating to Employer or any Subsidiary or any person or entity controlling,
      controlled by, or under common control with Employer or any Subsidiary or any
      of
      their respective activities, including, but not limited to, information relating
      to: technology, research, test procedures and results, machinery and equipment;
      manufacturing processes; financial information; products; identity and
      description of materials and services used; purchasing; costs; pricing;
      customers and prospects; advertising, promotion and marketing; and selling,
      servicing and information pertaining to any governmental investigation, except
      such information which becomes public, other than as a result of a breach of
      the
      provisions of Section 4.2 hereof. 

     

    4.2. Non-disclosure
      of Confidential Information.
      Executive shall not at any time (other than as may be required or appropriate
      in
      connection with the performance by him of his duties hereunder), directly or
      indirectly, use, communicate, disclose or disseminate any Confidential
      Information in any manner whatsoever for the benefit of any person or entity
      other than Employer (except as may be required under legal process by subpoena
      or other court order).

     

    4.3. Non-Solicitation.
      Executive shall not, while employed by Employer and for a period of one (1)
      year
      following the Date of Termination, directly or indirectly, hire, offer to hire,
      entice away or in any other manner persuade or attempt to persuade any officer,
      employee, agent, lessor, lessee, licensor, licensee, customer, prospective
      customer, or supplier of Employer or any of its Subsidiaries to discontinue
      or
      alter his or its relationship with Employer or any of its Subsidiaries.

     

    4.4. Non-Competition.
      Executive shall not, while employed by Employer and for a period of one (1)
      year
      following the Date of Termination, directly or indirectly provide any services
      (whether in the management, sales, marketing, public relations, finance,
      research, development, general office, administrative, or other areas) as an
      employee, agent, stockholder, officer, director, consultant, advisor, investor,
      or other representative of Employer's competitors in the branded or generic
      pharmaceutical industry in any state or country in which Employer does or seeks
      to do business. Employer's competitors include any entity, individual, or
      affiliate of such company or individual that develops, sells, markets, or
      distributes any products that compete with or are the same or similar to those
      of Employer. However, the restrictions
      of this Section 4.4 shall not apply if the Employment Term is terminated by
      Employer pursuant to Section 3.2.5 hereof or by Executive properly pursuant
      to
      Section 3.2.6 hereof; nor shall this Section 4.4 prohibit Executive from being
      a
      passive owner of not more than one (1%) percent of any publicly-traded class
      of
      capital stock of any entity engaged in a competing business. 

     

    
      
         

      

      
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    4.5. Injunctive
      Relief.
      The
      parties hereby acknowledge and agree that (a) the type, scope and periods of
      restrictions imposed in Section 4 are necessary, fair and reasonable to protect
      Employer's legitimate business interests and to prevent the inevitable
      disclosure of Employer's Confidential Information; (b) Employer will be
      irreparably injured in the event of a breach by Executive of any of his
      obligations under this Section 4; (c) monetary damages will not be an adequate
      remedy for any such breach; (d) Employer will be entitled to injunctive relief,
      in addition to any other remedy which it may have, in the event of any such
      breach; and (e) the existence of any claims that Executive may have against
      Employer, whether under this Agreement or otherwise, will not be a defense
      to
      the enforcement by Employer of any of its rights under this Section
      4.

     

    4.6. Non-exclusivity
      and Survival.
      The
      covenants of Executive contained in this Section 4 are in addition to, and
      not
      in lieu of, any obligations that Executive may have with respect to the subject
      matter hereof, whether by contract, as a matter of law or otherwise, and such
      covenants and their enforceability shall survive any termination of the
      Employment Term by either party and any investigation made with respect to
      the
      breach thereof by Employer at any time.

     

    5. Miscellaneous
      Provisions.

     

    5.1. Severability.
       If,
      in
      any jurisdiction, any term or provision hereof is determined to be invalid
      or
      unenforceable, (a) the remaining terms and provisions hereof shall be
      unimpaired; (b) any such invalidity or unenforceability in any jurisdiction
      shall not invalidate or render unenforceable such provision in any other
      jurisdiction; and (c) the invalid or unenforceable term or provision shall,
      for
      purposes of such jurisdiction, be deemed replaced by a term or provision that
      is
      valid and enforceable and that comes closest to expressing the intention of
      the
      invalid or unenforceable term or provision.

     

    5.2. Execution
      in Counterparts.
      This
      Agreement 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 all signatures need not appear on any one counterpart), and
      this
      Agreement 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.

     

    5.3. Notices.
      All
      notices, requests, demands and other communications hereunder shall be in
      writing and shall be deemed duly given upon receipt when delivered by hand,
      overnight delivery or telecopy (with confirmed delivery), or three (3) business
      days after posting, when delivered by registered or certified mail or private
      courier service, postage prepaid, return receipt requested, as
      follows:

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    If
      to
      Employer, to:

     

    Par
      Pharmaceutical, Inc.

    300
      Tice
      Boulevard

    Woodcliff
      Lake, New Jersey 07677

    Attention:
      Chairman

    Telecopy
      No. 201-802-4620

     

    Copy
      to:

     

    Christine
      A. Amalfe, Esq.

    Gibbons,
      P.C.

    One
      Gateway Center

    Newark,
      New Jersey 07102-5310

    Telecopy
      No.: (973) 639-6230

     

    If
      to
      Executive, to:

     

    Patrick
      LePore

    c/o
      Par
      Pharmaceutical, Inc.

    300
      Tice
      Boulevard

    Woodcliff
      Lake, New Jersey 07677

     

    or
      to
      such other address(es) as a party hereto shall have designated by like notice
      to
      the other parties hereto.

     

    5.4. Amendment.
       No
      provision of this Agreement may be modified, amended, waived or discharged
      in
      any manner except by a written instrument executed by both Par and
      Executive.

     

    5.5. Entire
      Agreement.
      This
      Agreement and, with respect to Section 3.3.7, Executive's Equity Award
      Agreements and governing equity award plans constitute the entire agreement
      of
      the parties hereto with respect to the subject matter hereof, and supersede
      all
      prior agreements and understandings of the parties hereto, oral or written,
      including, but not limited to, the parties' Employment
      Agreements dated March
      16,
      2006 and July 2007. Executive and Employer hereby agree that the Employment
      Agreements dated March 16, 2006 and July 2007, are hereby superseded and of
      no
      further force and effect, and that this Agreement shall be effective as of
      the
      date hereof. In the event of any conflict between Section 3.3.7 hereof and
      Executive's Equity Award Agreements and the governing equity award plans,
      Section 3.3.7 shall control.

     

    5.6. Applicable
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New Jersey applicable to contracts made and to be wholly performed
      therein.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    5.7. Headings.
      The
      headings contained herein are for the sole purpose of convenience of reference,
      and shall not in any way limit or affect the meaning or interpretation of any
      of
      the terms or provisions of this Agreement.

     

    5.8. Binding
      Effect; Successors and Assigns.
      Executive may not delegate any of his duties or assign his rights hereunder.
      This Agreement shall inure to the benefit of, and be binding upon, the parties
      hereto and their respective heirs, legal representatives, successors and
      permitted assigns. Employer shall require any successor (whether direct or
      indirect and whether by purchase, merger, consolidation or otherwise) to all
      or
      substantially all of the business and/or assets of Employer, by an agreement
      in
      form and substance reasonably satisfactory to Executive, to expressly assume
      and
      agree to perform this Agreement in the same manner and to the same extent that
      Employer would be required to perform if no such transaction had taken
      place.

     

    5.9. Waiver,
      etc.
      The
      failure of either of the parties hereto to at any time enforce any of the
      provisions of this Agreement shall not be deemed or construed to be a waiver
      of
      any such provision, nor to in any way affect the validity of this Agreement
      or
      any provision hereof or the right of either of the parties hereto thereafter
      to
      enforce each and every provision of this Agreement. No waiver of any breach
      of
      any of the provisions of this Agreement shall be effective unless set forth
      in a
      written instrument executed by the party against whom or which enforcement
      of
      such waiver is sought, and no waiver of any such breach shall be construed
      or
      deemed to be a waiver of any other or subsequent breach.

     

    5.10. Capacity,
      etc.
      Executive and Employer hereby represent and warrant to the other that, as the
      case may be: (a) he or it has full power, authority and capacity to execute
      and
      deliver this Agreement, and to perform his or its obligations hereunder; (b)
      such execution, delivery and performance shall not (and with the giving of
      notice or lapse of time or both would not) result in the breach of any
      agreements or other obligations to which he or it is a party or he or it is
      otherwise bound; and (c) this Agreement is his or its valid and binding
      obligation in accordance with its terms.

     

    5.11. Enforcement;
      Jurisdiction.
      If any
      party institutes legal action to enforce or interpret the terms and conditions
      of this Agreement, the applicable court shall award the prevailing party
      reasonable attorneys' fees at all trial and appellate levels, and the expenses
      and costs incurred by such prevailing party in connection therewith, subject
      to
      the requirements of Treas. Reg. §1.409A-3(i)(1)(iv). Subject to Section 5.12,
      any legal action, suit or proceeding, in equity or at law, arising out of or
      relating to this Agreement shall be instituted exclusively in the State or
      Federal courts located in the State of New Jersey, and each party agrees not
      to
      assert, by way of motion, as a defense or otherwise, in any such action, suit
      or
      proceeding, any claim that such party is not subject personally to the
      jurisdiction of any such court, that the action, suit or proceeding is brought
      in an inconvenient forum, that the venue of the action, suit or proceeding
      is
      improper or should be transferred, or that this Agreement or the subject matter
      hereof may not be enforced in or by any such court. Each party further
      irrevocably submits to the jurisdiction of any such court in any such action,
      suit or proceeding. Any and all service of process and any other notice in
      any
      such action, suit or proceeding shall be effective against any party if given
      personally or by registered or certified mail, return receipt requested or
      by
      any other
      means of mail that requires a signed receipt, postage prepaid, mailed to such
      party as herein provided. Nothing herein contained shall be deemed to affect
      or
      limit the right of any party to serve process in any other manner permitted
      by
      applicable law.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    5.12. Arbitration.

     

    (a) Any
      dispute under Section 3 hereof, including, but not limited to, the determination
      by the Board of a termination for Cause pursuant to Section 3.2.4 hereof, or
      in
      respect of the breach thereof (other than a claim for equitable relief) shall
      be
      settled by arbitration in New Jersey. The arbitration shall be accomplished
      in
      the following manner. Either party may serve upon the other party written demand
      that the dispute, specifying the nature thereof, shall be submitted to
      arbitration. Within ten (10) days after such demand is given in accordance
      with
      Section 5.3 hereof, each of the parties shall designate an arbitrator and
      provide written notice of such appointment upon the other party. If either
      party
      fails within the specified time to appoint such arbitrator, the other party
      shall be entitled to appoint both arbitrators. The two (2) arbitrators so
      appointed shall appoint a third arbitrator. If the two arbitrators appointed
      fail to agree upon a third arbitrator within ten (10) days after their
      appointment, then an application may be made by either party hereto, upon
      written notice to the other party, to the American Arbitration Association
      (the
“AAA”), or any successor thereto, or if the AAA or its successor fails to
      appoint a third arbitrator within ten (10) days after such request, then either
      party may apply, with written notice to the other, to the Superior Court of
      New
      Jersey, Bergen County, for the appointment of a third arbitrator, and any such
      appointment so made shall be binding upon both parties hereto.

     

    (b) The
      decision of the arbitrators shall be final and binding upon the parties. The
      party against whom the award is rendered (the “non-prevailing party”) shall pay
      all fees and expenses incurred by the prevailing party in connection with the
      arbitration (including fees and disbursements of the prevailing party's
      counsel), as well as the expenses of the arbitration proceeding. The arbitrators
      shall determine in their decision and award which of the parties is the
      prevailing party, which is the non-prevailing party, the amount of the fees
      and
      expenses of the prevailing party and the amount of the arbitration expenses.
      The
      arbitration shall be conducted, to the extent consistent with this Section
      5.12,
      in accordance with the then prevailing rules of commercial arbitration of the
      AAA or its successor. The arbitrators shall have the right to retain and consult
      experts and competent authorities skilled in the matters under arbitration,
      but
      all consultations shall be made in the presence of both parties, who shall
      have
      the full right to cross-examine the experts and authorities. The arbitrators
      shall render their award, upon the concurrence of at least two of their number,
      not later than thirty (30) days after the appointment of the third arbitrator.
      The decision and award shall be in writing, and counterpart copies shall be
      delivered to each of the parties. In rendering an award, the arbitrators shall
      have no power to modify any of the provisions of this Agreement, and the
      jurisdiction of the arbitrators is expressly limited accordingly. Judgment
      may
      be entered on the award of the arbitrators and may be enforced in any court
      having jurisdiction.

     

    5.13. Specified
      Employee.
      Notwithstanding any other provision of this Agreement, if Executive is a
      specified employee under Treas. Reg. §1.409A-1
      as of the Date of Termination, all payments to which Executive would otherwise
      be entitled during the first six months
      following the date of separation from service shall be accumulated and paid
      on
      the first day of the seventh month following the date of separation from
      service, or if earlier within thirty (30) days of the Executive’s date of death
      following the date of separation from service. This provision shall not apply
      to
      all payments on separation from service that satisfy the short-term deferral
      rule of Treas. Reg. §1.409A-1(b)(4),
      or to the portion of the payments on separation from service that satisfy the
      requirements for separation pay due to an involuntary separation from service
      under Treas. Reg. §1.409A-1(b)(9)(iii),
      or to any payments that are otherwise exempt
      from the six month delay requirement of the Treasury Regulations under Code
      Section 409A.

     

    [SIGNATURE
      PAGE FOLLOWS]

     

    
      
         

      

      
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    IN
      WITNESS WHEREOF,
      this
      Agreement has been executed and delivered by the parties hereto as of the date
      first above written.

     

    
      	
              PAR
                PHARMACEUTICAL COMPANIES, INC.

            
	 	 
	 	 
	
              By:

            	
              /s/
                Melvin Sharoky

            
	 	
              Name:
                Melvin Sharoky

            
	 	
              Title:
                Chair, Compensation Committee

            
	 	 
	
              PAR
                PHARMACEUTICAL, INC.

            
	 	 
	
              By:

            	
              /s/
                Thomas J. Haughey

            
	 	
              Name:
                Thomas J. Haughey

            
	 	
              Title:
                Executive Vice President and General Counsel

            
	 	 
	 	 
	 	 
	 	 
	
              /s/
                Patrick LePore

            
	
              Patrick
                LePore

            

    

    

    
      
         

      

      
        15

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