Document:

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                                                                   EXHIBIT 10.15

                               C & C VISION, INC.

                                LICENSE AGREEMENT

      This License Agreement (the "Agreement"), effective as of October 12, 1998
(the "Effective Date"), is entered into by and between C & C Vision, Inc., a
Delaware corporation having an address at 27112 Hidden Trail Road, Laguna Hills,
CA 92653 ("Licensee"), and Medevec Supplies Limited, an Irish corporation
("Licensor"). All references to Licensee shall include its Affiliates.

                                    RECITALS

      A. Licensor holds certain rights to the Patent Rights and Know-How (as
such terms are defined below), and Licensee wishes to acquire exclusive rights
to the Patent Rights and Know-How as set forth herein; and

      B. Licensor is willing to grant such rights to Licensee on the terms and
conditions set forth herein.

      NOW, THEREFORE, in consideration of the promises and the mutual covenants
hereinafter recited, the parties agree as follows:

ARTICLE 1 -- DEFINITIONS

      In this Agreement, the following terms shall have the meaning set forth in
this Article.

      1.1 "Affiliate" means any corporation or other entity which is directly or
indirectly controlling, controlled by or under the common control with
a party hereto; provided, however, that Licensor shall not be considered an
Affiliate of Licensee for the purposes of this Agreement. For the purpose of
this Agreement, "control" shall mean the direct or indirect ownership of at
least fifty percent (50%) of the outstanding shares or other voting rights of
the subject entity to elect directors, or if not meeting the preceding, any
entity owned or controlled by or owning or controlling the maximum control or
ownership right permitted in the country where such entity exists.

      1.2 "Confidential Information" shall mean (i) any proprietary or
confidential information or material in tangible form disclosed hereunder that
is marked as "Confidential" at the time it is delivered to the receiving party,
or (ii) proprietary or confidential information disclosed orally hereunder which
is identified as confidential or proprietary when disclosed and such disclosure
of confidential information is confirmed in writing within thirty (30) days by
the disclosing party.

      1.3 "Field" means all uses.

      1.4 "Know-How" means unpatented and/or unpatentable technical information,
including ideas, concepts, inventions, discoveries, data, designs, formulas,
specifications, procedures for experiments and tests and other protocols, and
results of experimentation and testing, licensed by

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Licensor during the term of the Agreement which are necessary for the practice
of the Patent Rights and which Licensor has the right to sublicense. Know-How
shall not include the Patent Rights. All Know-How shall be Confidential
Information of Licensor.

      1.5 "Licensed Product" will mean any product within the scope of a Valid
Claim or produced using any method within the scope of a Valid Claim, or which
incorporates or is made using any Know-How.

      1.6 "Licensed Technology" means the Patent Rights and Know-How.

      1.7 "Net Sales" shall mean revenues derived from sales of Licensed
Products on an accrual basis, in accordance with U.S. generally accepted
accounting principles, as follows: the invoice price of Licensed Products sold
by Licensee to third parties, less, to the extent included in such invoice price
the total of: (1) ordinary and customary trade discounts actually allowed; (2)
credits, rebates and allowances for returns (including, but not limited to,
wholesaler and retailer returns); (3) freight, postage, insurance and duties
paid for and separately identified on the invoice or other documentation
maintained in the ordinary course of business, and (4) excise taxes, other
consumption taxes, customs duties and compulsory payments to governmental
authorities actually paid and separately identified on the invoice or other
documentation maintained in the ordinary course of business. Net Sales shall
also include the fair market value of all other consideration received by
Licensee in respect of sales of Licensed Products, whether such consideration is
in cash, payment in kind, exchange or another form.

      1.8 "Patent Rights" shall mean the patent applications and patents listed
on Exhibit A hereto and, and all divisions, continuations,
continuations-in-part, and substitutions thereof; and all U.S. patents issuing
on any of the preceding applications, including extensions, reissues, and
re-examinations. Patents rights shall not include the patent application
identified as "The apparatus and method for corneal keratotomy, docket number
5764" and any resulting patents.

      1.9 "Territory" means the United States.

      1.10 "Valid Claim" means an issued claim of any unexpired patent or a
claim of any pending patent application within the Patent Rights which has not
been held unenforceable, unpatentable or invalid by a decision of a court or
governmental body of competent jurisdiction, in a ruling that is unappealable or
unappealed within the time allowed for appeal which has not been rendered
unenforceable through disclaimer or otherwise, and which has not been lost
through an interference proceeding. Notwithstanding the foregoing, a claim of a
pending patent application shall cease to be a Valid Claim if no patent has
issued on such claim on or prior to the fourth anniversary of the date of filing
of the corresponding parent patent application, provided that such claim shall
once again become a Valid Claim on the issue date of a patent that subsequently
issues and covers such claim.

                                       -2-
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ARTICLE 2 -- LICENSE

      Subject to the terms and conditions of this Agreement, Licensor hereby
grants Licensee an exclusive, irrevocable, transferable, royalty-bearing license
under the Licensed Technology, with the right to grant and authorize
sublicenses; to make, have made, import, have imported, use, offer for sale,
sell and otherwise distribute and exploit Licensed Products in the Territory.

ARTICLE 3 -- CONSIDERATION

      3.1 Royalties. Licensee shall pay to Licensor a royalty of five percent
(5%) on Net Sales of Licensed Products which are within the scope of a Valid
Claim of an issued patent within the Patent Rights.

      3.2 Research Development. No royalties shall be due on Licensed Products
distributed for use in research and/or development, in clinical trials or as
promotional samples.

      3.3 Royalty Offset. In the event that Licensee enters into a license
agreement with any third party with respect to intellectual property rights
which are necessary or useful for Licensee's practice of the Patent Rights or
the manufacture, use, import and/or sale of any Licensed Product, Licensee may
offset any payments made in accordance with such license agreements against any
amounts owed Licensors pursuant to Article 3 herein, up to a maximum of fifty
percent (50%) of the amounts due under Article 3.

      3.4 One Royalty. No more than one royalty payment shall be due with
respect to a sale of a particular Licensed Product. No multiple royalties shall
be payable because any Licensed Product, or its manufacture, sale or use is
covered by more than one Valid Claim.

      3.5 Royalty Term. Royalties due under this Article 3 shall accrue and be
payable on a country-by-country and Licensed Product-by-Licensed Product basis
commencing on the third anniversary of the date of this Agreement and
terminating on the expiration of the last-to-expire issued Valid Claim covering
such Licensed Product in such country, or if no such patent has issued in a
country, until there are no remaining pending Valid Claims covering such
Licensed Product in such country.

      3.6 Sublicense Payments.

            (a) In addition to the royalties subject to Section 3.2 above,
Licensee shall pay to Licensor a royalty of five percent (5%) on Net Sales
pursuant to any sublicense granted by Licensee of Licensed Products which are
within the scope of a Valid Claim of an issued patent within the Patent Rights.

            (b) Notwithstanding the foregoing, the Company shall have no
obligation to pay to Licensor a royalty pursuant to Section 3.6(a) herein on an
aggregate of up to $40 million in Net Sales attributable to the VS2 intraocular
lens and insertion devices or the manufacturing process of

                                       -3-
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VS2 intraocular lenses provided that such Net Sales are not attributable in
whole or in part to accommodating lens technology related to either the VS2
intraocular lens and insertion devices or the manufacturing process of the VS2
intraocular lens.

ARTICLE 4 -- PAYMENTS; REPORTS AND RECORDS

      4.1 Calculation of Royalties. Royalties shall be payable in U.S. currency
within sixty (60) days after the end of each calendar quarter for the term of
this Agreement, beginning with the calendar quarter in which the first
commercial sale of a Licensed Product occurs. Each payment shall be accompanied
by a statement showing Net Sales for each country in the Territory and
calculation of the Royalties due. All such statements shall be deemed to be
Confidential Information of Licensee. There shall be deducted from all such
payments taxes required to be withheld by any governmental authority and
Licensee shall provide copies of receipts for such taxes to Licensor along with
each royalty payment. Any necessary conversion of currency into United States
dollars shall be at the applicable rate of exchange of Citibank, N.A., in New
York, New York, on the last day of the calendar quarter in which such
transaction occurred. Payments which are delayed beyond the sixty (60) days
after the end of the quarter in which they become due shall bear interest at a
rate equal to the prime rate as reported by Chase Manhattan Bank, New York,
calculated on the number of days such payment is delinquent. If at any time
legal restrictions prevent the prompt remittance of any Royalties owed on Net
Sales in any jurisdiction, Licensee may notify Licensor and make such payments
by depositing the amount thereof in local currency in a bank account or other
depository in such country in the name of Licensor, and Licensee shall have no
further obligations under this Agreement with respect thereto.

      4.2 Records. Licensee shall keep, and shall cause its Affiliates and
Sublicensees of either, to keep full and accurate books and records in
sufficient detail so that sums due Licensor hereunder can be properly
calculated. Such books and records shall be maintained for at least three (3)
years after the Royalty reporting period(s) to which they relate. During the
term hereof and for three (3) calendar years thereafter, Licensee shall permit,
and shall cause its Affiliates to permit, and use reasonable efforts to have its
Sublicensees permit certified independent accountants designated by Licensor, to
whom Licensee has no reasonable objection, to examine its books and records
solely for the purpose of verifying the accuracy of the written statements
submitted by Licensee and sums paid or payable. Licensor may conduct such
examination no more than once in any calendar year and conduct no more than one
audit of any period. After completion of any such examination, Licensor shall
promptly notify Licensee in writing of any proposed modification to Licensee's
statement of sums due and payable. If Licensee accepts such modification, or if
the parties agree on other modifications, one party shall promptly pay or credit
the other in accordance with such resolution. Such examination shall be made at
the expense of Licensor, except that if such examination discloses a discrepancy
of fifteen percent (15%) or more in the amount of Royalties and other payments
due Licensor, then Licensee shall reimburse Licensor for the cost of such
examination.

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ARTICLE 5 -- CONFIDENTIALITY

      5.1 Confidential Information. Except as expressly provided herein, the
parties agree that, for the term of this Agreement and for ten (10) years
thereafter, the receiving party shall keep completely confidential and shall not
publish or otherwise disclose and shall not use for any purpose except for the
purposes contemplated by this Agreement any Confidential Information furnished
to it by the disclosing party hereto, except that to the extent that it can be
established by the receiving party by written proof that such Confidential
Information:

            (i) was already known to the receiving party, other than under an
obligation of confidentiality, at the time of disclosure;

            (ii) was generally available to the public or otherwise part of the
public domain at the time of its disclosure to the receiving party;

            (iii) became generally available to the public or otherwise part of
the public domain after its disclosure and other than through any act or
omission of the receiving party in breach of this Agreement; or

            (iv) was subsequently lawfully disclosed to the receiving party by a
person other than a party hereto.

      5.2 Permitted Use and Disclosures. Each party hereto may use or disclose
information disclosed to it by the other party to the extent such use or
disclosure is reasonably necessary in complying with applicable law or
governmental regulations, conducting clinical trials, or exercising its rights
hereunder to develop or commercialize Licensed Products, provided that if a
party is required to make any such disclosure of another party's confidential
information, other than pursuant to a confidentiality agreement, it will give
reasonable advance notice to the latter party of such disclosure and will use
its best efforts to secure confidential treatment of such information prior to
its disclosure (whether through protective orders or otherwise).

      5.3 Publications. Licensee shall provide to Licensor copies of any
proposed publication or abstract relating to the Licensed Technology prior to
submission of such documents. Licensor shall have fifteen (15) days after
receipt of such proposed publications to review them. After such review,
Licensee will delay the submission of such documents for up to sixty (60) days
to allow for the filing of patent applications.

      5.4 Confidential Terms. Except as expressly provided herein, each party
agrees not to disclose any terms of this Agreement to any third party without
the consent of the other party; provided, disclosures may be made as required by
securities or other applicable laws, or to actual or prospective corporate
partners, or to a party's accountants, attorneys and other professional
advisors.

                                       -5-
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ARTICLE 6 -- REPRESENTATIONS AND WARRANTIES

      6.1 Licensor. Licensor represents and warrants that: (i) it is the sole
and exclusive licensee of all right, title and interest in the Licensed
Technology; (ii) it has the right to grant the rights and licenses granted
herein; (iii) it has not previously granted any right, license or interest in
and to the Licensed Technology inconsistent with the license granted to Licensee
herein; and (iv) as of the Effective Date, there are no threatened or pending
actions, suits, investigations, claims or proceedings in any way relating to the
Licensed Technology.

      6.2 Licensee. Licensee represents and warrants that: (i) it is a
corporation duly organized, validly existing and in good standing under the laws
of the state of Delaware; and (ii) the execution, delivery and performance of
this Agreement have been duly authorized by the Licensee.

ARTICLE 7 -- INDEMNIFICATION

      Licensee agrees to indemnify, defend and hold Licensor and its directors,
officers, employees and agents harmless from and against any and all
liabilities, claims, demands, expenses (including, without limitation, attorneys
and professional fees and other costs of litigation), losses or causes of action
(each, a "Liability") arising out of or relating in any way to (i) the
possession, manufacture, use, sale or other disposition of Licensed Products,
whether based on breach of warranty, negligence, product liability or otherwise,
(ii) the exercise of any right granted to Licensee pursuant to this Agreement,
or (iii) any breach of this Agreement by Licensee, except to the extent, in each
case, that such Liability is caused by the negligence or willful misconduct by
Licensor as determined by a court of competent jurisdiction.

ARTICLE 8 -- TERM AND TERMINATION

      8.1 Term. The term of this Agreement will commence on the Effective Date
of this Agreement and remain in full force and effect until the expiration of
the last patent within the Patent Rights, unless earlier terminated earlier in
accordance with this Article 8.

      8.2 Termination Upon Mutual Consent. This Agreement may be terminated at
any time upon the written consent of both parties hereto.

      8.3 Effect of Termination.

            (a) Accrued Rights and Obligations. Termination of this Agreement
for any reason shall not release any party hereto from any liability which, at
the time of such termination, has already accrued to the other party or which is
attributable to a period prior to such termination nor preclude either party
from pursuing any rights and remedies it may have hereunder or at law or in
equity with respect to any breach of this Agreement. It is understood and agreed
that monetary damages may not be a sufficient remedy for any breach of this
Agreement and that the non-breaching

                                       -6-
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party may be entitled to injunctive relief as a remedy for any such breach. Such
remedy shall not be deemed to be the exclusive remedy for any such breach of
this Agreement, but shall be in addition to all other remedies available at law
or in equity.

            (b) Return of Confidential Information. Upon any termination of this
Agreement, Licensee and Licensor shall promptly return to the other party all
Confidential Information, including without limitation, any Know-How received
from the other party (except Licensor may retain copies of any reports or
records subject to Article 4).

            (c) Stock on Hand. In the event this Agreement is terminated for any
reason, Licensee shall have the right to sell or otherwise dispose of the stock
of any Licensed Product then on hand until six (6) months after such
termination, subject to Articles 3 and 4 and the other applicable terms of this
Agreement.

            (d) Licenses. All licenses granted hereunder shall terminate upon
the termination of this Agreement.

      8.4 Survival. Sections 9.4 and 9.5, and Articles 4, 6, 7, 8 and 10 of this
Agreement shall survive the expiration or termination of this Agreement for any
reason.

ARTICLE 9 -- PROSECUTION AND ENFORCEMENT

      9.1 Licensee's Responsibilities. Licensee shall have the sole right to
control the preparation, filing, prosecution and maintenance of the Patent
Rights, and any interference or opposition proceeding relating thereto, using
patent counsel of its choice.

      9.2 Licensor's Responsibilities. Licensor agree to cooperate and agree to
cause its Affiliates to cooperate with Licensee in the preparation, filing,
prosecution and maintenance of the Licensed Patents by disclosing such
information as may be necessary for the same and by promptly executing such
documents as Licensee may reasonably request in connection therewith. Licensor
and its Affiliates shall bear their own costs in connection with their
cooperation with Licensee under this Paragraph.

      9.3 Reimbursement of Patent Expenses. During the term of the Agreement,
Licensee shall be responsible for reasonable expenses incurred with respect to
the Patent Rights in connection with the activities set forth in Section 9.1
above. Licensee may credit such amounts against royalties due Licensor pursuant
to Article 3.

      9.4 Enforcement. If either party hereto becomes aware that any Patent
Rights are being or have been infringed by any third party, such party shall
promptly notify the other party hereto in writing describing the facts relating
thereto in reasonable detail. Licensee shall have the initial right, but not the
obligation, to institute, prosecute and control any action, suit or proceeding
(an "Action") with respect to such infringement, including any declaratory
judgment action, at Licensor's expense,

                                       -7-
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using counsel of its choice. Any amounts recovered from third parties in any
such Action shall be used first to reimburse Licensor and Licensee for their
costs and expenses associated with such Action (including attorneys' and expert
fees) and any remainder treated as Net Sales of Licensed Products pursuant to
Section 3.4, such that Licensor shall receive five percent (5%) of such
remainder. In the event Licensee fails to initiate or defend any Action
involving the Patent Rights within one (1) year of receiving notice of any
commercially significant infringement, Licensor shall have the right, but not
the obligation, to initiate and control such an Action, and Licensee shall
cooperate reasonably with Licensor, at Licensor's request, in connection with
any such Action. Any amounts recovered in such Action shall be used first to
reimburse Licensee and Licensor for the expenses incurred in connection with
such Action, and any remainder shared by the parties, with Licensor receiving
seventy-five percent (75%) thereof, and Licensee receiving twenty-five percent
(25%) thereof.

      9.5 Infringement Claims. If the practice by Licensee of the license
granted herein results in any allegation or claim of infringement of an
intellectual property right of a third party against Licensee, Licensee shall
have the exclusive right to defend any such claim, suit or proceeding, at
Licensor's expense, by counsel of its own choice and shall have the sole right
and authority to settle any such suit; provided, however, Licensor shall
cooperate with Licensee, at Licensee's reasonable request, in connection with
the defense of such claim. Licensee shall be entitled to offset any costs and
expenses (including attorneys' and professional fees) incurred in connection
with any such proceeding against any amounts it would otherwise owe Licensor
under Article 3.

ARTICLE 10 -- MISCELLANEOUS PROVISIONS

      10.1 Governing Law; Venue. This Agreement and any dispute, including
without limitation any arbitration, arising from the performance or breach
hereof shall be governed by and construed and enforced in accordance with the
laws of the state of California, without reference to conflicts of laws
principles. The exclusive venue of any dispute arising out of or in connection
with the performance or breach of this Agreement shall be the California state
courts or U.S. district court located in San Francisco, California, and the
parties hereby consent to the personal jurisdiction of such courts.

      10.2 Assignment. Licensee may transfer or assign this Agreement or any of
Licensee's rights hereunder without the written consent of Licensor. Licensor
may assign this Agreement or its rights hereunder only with the written consent
of Licensee. This Agreement shall be binding upon and inure to the benefit of
the parties and their permitted successors and assigns.

      10.3 Waiver. No waiver of any rights, shall be effective unless consented
to in writing by the party to be charged and the waiver of any breach of default
shall not constitute a waiver of any other right hereunder or any subsequent
breach or default.

                                       -8-
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      10.4 Severability. In the event that any provisions of this Agreement are
determined to be invalid or unenforceable by a court of competent jurisdiction,
the remainder of the Agreement shall remain in full force and effect without
said provision.

      10.5 Notices. All notices, requests and other communications hereunder
shall be in writing and shall be personally delivered or sent by telecopy or
other electronic facsimile transmission or by registered or certified mail,
return receipt requested, postage prepaid, in each case to the respective
address specified below, or such other address as may be specified in writing to
the other parties hereto:

                               LICENSEE:  Medevec Supplies Ltd.
                                          98, Lower Baggot Street
                                          Dublin 2, Ireland
                                          Attn: Allan Hollingsworth

                               LICENSOR:  C & C Vision, Inc.
                                          27112 Hidden Trail Road
                                          Laguna Hills, CA 92653
                                          Attn: J. Andy Corley

      10.6 Independent Contractors. Both parties are independent contractors
under this Agreement. Nothing contained in this Agreement is intended nor is to
be construed so as to constitute Licensor or Licensee as partners or joint
venturers with respect to this Agreement. Neither party shall have any express
or implied right or authority to assume or create any obligations on behalf of
or in the name of the other party or to bind the other party to any other
contract, agreement, or undertaking with any third party.

      10.7 Patent Marking. Licensee agrees to mark all Licensed Products sold
pursuant to this Agreement in accordance with the applicable statute or
regulations relating to patent marking in the country or countries of
manufacture and sale thereof.

      10.8 Compliance with Laws. In exercising their rights under this license,
the parties shall fully comply in all material respects with the requirements of
any and all applicable laws, regulations, rules and orders of any governmental
body having jurisdiction over the exercise of rights under this Agreement.

      10.9 Use of Name. Neither party shall use the name or trademarks of the
other party without the prior written consent of such other party.

      10.10 Entire Agreement; Amendment. This Agreement constitutes the entire
and exclusive Agreement between the parties with respect to the subject matter
hereof and supersedes and cancels all previous discussions, agreements,
commitments and writings in respect thereof. No amendment or addition to this
Agreement shall be effective unless reduced to writing and executed by the
authorized representatives of the parties.

                                       -9-
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      IN WITNESS WHEREOF, Licensor and Licensee have executed this Agreement by
duly authorized officers.

C & C VISION, INC.                          MEDEVEC SUPPLIES LIMITED

By:          /s/ J. Andy Corley             By:           /s/ Paul John Devo
             --------------------------                   ----------------------

Print Name:  J. Andy Corley                 Print Name:   Paul John Devo

Title:       President                      Title:        Director

Exhibit A: Patent Rights (1.9)

C & C VISION, INC.
LICENSE AGREEMENT

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                                    EXHIBIT A

                                  PATENT RIGHTS

<PAGE>

C & C VISION, INC.
LICENSE AGREEMENT
<PAGE>

                                C & C VISION, INC.

                      FIRST AMENDMENT TO LICENSE AGREEMENT

     This First Amendment to License Agreement (the "Amendment"),effectiv as of
May 31, 2000 (the "Effective Date"), is entered into by and between C & C
Vision Inc., a Delaware corporation having an address at 6 Journey, Suite 270,
Aliso Viejo, California 92656 ("Licensee"), and Medevec Supplies Limited, an
Irish corporation ("Licensor"). All references to Licensee shall include its
Affiliates.

                                    RECITALS

     A. Licensor and Licensee have entered into a License Agreement date as of
October 12, 1998 (the "License Agreement").

     B. Licensor and Licensee desire to amend License Agreement solely to the
extent set forth herein.

     NOW, THEREFORE, in consideration of the promises and the mutual covenants
hereinafter recited, the parties agree as follows:

     1. Amendment License Agreement. Licensee and Licensor hereby acknowledge
and agree that the License Agreement shall be amended as follows:

          a. Section 1.4 of the License Agreement shall be restated in its
entirety to read as follows (with the changes indicated in bold):

               1.4 "Know-How" means unpatented and/or unpatentable technical
          information, including ideas, concepts, inventions, discoveries, data,
          designs, formulas, specifications, procedures for experiments and
          tests and other protocols, and results of experimentation and
          testing, licensed by Licensor during the term of the Agreement which
          are necessary or USEFUL for the practice, FILING, PREPARATION,
          REGISTRATION, PRESENTATION AND MAINTENANCE of the Patent Rights and
          which Licensor has the right to sublicense. Know-How shall not include
          the Patent Rights. All Know-How shall be Confidential Information of
          Licensor.

          b. Section 1.7 of the License Agreement shall be restated in its
entirety to read as follows (with the changes indicated in bold):

               1.7 "Net Sales" shall mean THE GROSS AMOUNTS RECEIVED BY LICENSEE
          from sales of Licensed Products, in accordance with U.S. generally
          accepted accounting principles, as follows: the invoice price of
          Licensed Products sold by

<PAGE>

           Licensee to third parties, less, to the extent included in such
           invoice price the total of: (1) ordinary and customary trade,
           QUANTITY OR CASH discounts actually allowed; (2) credits,
           UNCOLLECTIBLE AMOUNTS, rebates and allowances for returns (including,
           but not limited to, wholesaler and retailer returns); (3) freight,
           postage, insurance and duties paid for and separately identified on
           the invoice or other documentation maintained in the ordinary course
           of business, and (4) excise taxes, other consumption taxes, customs
           duties and compulsory payments to governmental authorities actually
           paid and separately identified on the invoice or other documentation
           maintained in the ordinary course of business. Net Sales shall also
           include the fair market value of all other consideration received by
           Licensee in respect of sales of Licensed Products, whether such
           consideration is in cash, payment in kind, exchange or another form.

          c. Section 1.10 of the License Agreement shall be restated in its
entirety to read as follows (with the changes indicated in bold):

               1.10 "Valid Claim" means an issued claim of any unexpired patent
          or a claim of any pending OR FUTURE patent application within the
          Patent Rights which has not been held unenforceable, unpatentable or
          invalid by a decision of a court or governmental body of competent
          jurisdiction, in a ruling that is unappealable or unappealed within
          the time allowed for appeal which has not been rendered unenforceable
          through disclaimer or otherwise, and which has not been lost through
          an interference proceeding. Notwithstanding the foregoing, a claim of
          a pending or FUTURE patent application shall cease to be a Valid Claim
          if no patent has issued on such claim on or prior to the fourth
          anniversary of the date of filing of the corresponding parent patent
          application, provided that such claim shall once again become a Valid
          Claim on the issue date of a patent that subsequently issues and
          covers such claim.

          d. Section 3.4 of the License Agreement shall be restated in its
entirety to read as follows (with the changes indicated in bold):

               3.4 One Royalty. No more than one royalty payment shall be due
          with respect to a sale of a particular Licensed Product BY LICENSEE OR
          BY ANY SUBLICENSEE. No multiple royalties shall be payable because any
          Licensed Product, or its manufacture, sale or use is covered by more
          than one Valid Claim.

          e. Section 4.1 of the License Agreement shall be restated in its
entirety to read as follows (with the changes indicated in bold):

               4.1 Calculation of Royalties. Royalties shall be payable in U.S.
          currency within NINETY (90) days after the end of each calendar
          quarter for the term of this Agreement, beginning with the calendar
          quarter in which the first commercial sale of

<PAGE>

          a Licensed Product occurs. Each payment shall be accompanied by a
          statement showing Net Sales for each country in the Territory and
          calculation of the Royalties due. All such statements shall be deemed
          to be Confidential Information of Licensee. There shall be deducted
          from all such payments taxes required to be withheld by any
          governmental authority and Licensee shall provide copies of receipts
          for such taxes to Licensor along with each royalty payment. Any
          necessary conversion of currency into United States dollars shall be
          at the applicable rate of exchange of Citibank, N.A., in New York, New
          York, on the last day of the calendar quarter in which such
          transaction occurred. Payments which are delayed beyond the NINETY
          (90) days after the end of the quarter in which they become due shall
          bear interest at a rate equal to the prime rate as reported by Chase
          Manhattan Bank, New York, calculated on the number of days such
          payment is delinquent. If at any time legal restrictions prevent the
          prompt remittance of any Royalties owed on Net Sales in any
          jurisdiction, Licensee may notify Licensor and make such payments by
          depositing the amount thereof in local currency in a bank account or
          other depository in such country in the name of Licensor, and Licensee
          shall have no further obligations under this Agreement with respect
          thereto.

          f. Article 5 (Confidentiality) of the License Agreement shall be
deleted in its entirety and shall be replaced with the words "Intentionally
Omitted."

          g. Section 8.1 of the License Agreement shall be restated in its
entirety to read as follows (with the changes indicated in bold):

               8.1 Term. The term of this Agreement will commence on the
          Effective Date of this Agreement and remain in full force and effect
          until the expiration of the last patent within the Patent Rights,
          unless earlier terminated earlier in accordance with this Article 8.
          AFTER TERMINATION BECAUSE OF EXPIRATION OF THE LAST PATENT WITHIN THE
          PATENT RIGHTS, LICENSEE MAY CONTINUE TO USE THE LICENSED TECHNOLOGY
          WITHOUT ANY OBLIGATION TO PAY ROYALTIES.

          h. Section 8.3(b) of the License Agreement shall be deleted in its
entirety and shall be replaced with the words "Intentionally Omitted".

          i. Section 8.3(c) of the License Agreement shall be restated in its
entirety to read as follows (with the changes indicated in bold):

               8 .3(c) Stock on Hand. In the event this Agreement is terminated
          for any reason, OTHER THAN BECAUSE OF THE EXPIRATION OF THE LAST
          PATENT WITHIN THE PATENT RIGHTS, Licensee shall have the right to sell
          or otherwise dispose of the stock of any Licensed Product then on hand
          until six (6) months after such termination, subject to Articles 3 and
          4 and the other applicable terms of this Agreement.

<PAGE>

          j. Section 8.3(d) of the License Agreement shall be restated in its
entirety to read as follows (with the changes indicated in bold):

               8.3(d) Licenses. All licenses granted hereunder shall terminate
          upon the termination of this Agreement, OTHER THAN BECAUSE OF THE
          EXPIRATION OF THE LAST PATENT WITHIN THE PATENT RIGHTS.

          1. Exhibit A to the License Agreement shall be amended as follows:

               (i) The column labeled "J. Stuart Cumming's Patents" shall be
          labeled "Patents."

               (ii) The following patents shall be added under the column
          labeled "Patents":

               Methods of Fabricating Intraocular Lenses and Lens Molds, No.
          5,837,156, issued on 11/17/98

               Intraocular Lenses with Fixated Haptics, No. 6,051,024, issued on
          4/18/00.

          k. Except as expressly amended hereby, the License Agreement shall
remain in full force and effect.

     2. Counterparts. This Amendment may be executed in two counterparts, each
of which shall be deemed an original and which together shall constitute one
instrument.

<PAGE>

     IN WITNESS WHERE OF Licensor and Licensee have excuted this Amendment by
duly authorised officers.

C & C VISION, INC.

By: /s/ J. Andy Corley
   ---------------------
Print Name: J. Andy Corley
Title: CEO

MEDEVEC SUPPLIES LIMITED

By: /s/ Jason Tarone
   ---------------------
Print Name: Jason Tarone
Title: Director

<PAGE>

                            CONSENT TO ASSIGNMENT AND
                 SECOND AMENDMENT OF EYEONICS LICENSE AGREEMENT

This Consent to Assignment and Second Amendment of Eyeonics License Agreement
(this "EYEONICS CONSENT"), effective as of Dec. 31, 2006 (the "EFFECTIVE DATE"),
is made by and among C&C Vision International Limited, an Irish corporation and
formerly Medevec Supplies, Ltd. ("LICENSOR"), eyeonics, inc., a Delaware
corporation and formerly C & C Vision, Inc. ("LICENSEE"), James Ellwood and
Julia Dorothy Kneen, Trustees of the Nice Trust (the "NICE TRUST"), and The Law
Trust Trustees as Trustee of the Poskitt Discretionary Trust (the "POSKITT
TRUST").

                                   BACKGROUND

WHEREAS, Licensor licensed certain patent registrations and applications (the
"PATENTS") from Eppington Corporation NV, a Netherlands Antilles corporation
("NV"), Medevec Licensing BV, a Netherlands corporation pursuant to the terms of
a License Agreement dated October 12, 1998, as amended pursuant to the Medevec
Supplies, Ltd. First Amendment to License Agreement dated May 31, 2000 (as
amended, the "C&C INTERNATIONAL LICENSE AGREEMENT"), by and among BV, NV,
Assignor, and J. Stuart Cumming ("JSC");

WHEREAS, Licensor licensed the Patents for use in the United States of America
to Licensee pursuant to a License Agreement dated October 12, 1998, as amended
pursuant to the C & C Vision, Inc. First Amendment to License Agreement dated
May 31, 2000 (as amended but excluding the Annual Amendments (as defined below),
the "EYEONICS LICENSE AGREEMENT") by and between Licensor and Licensee;

WHEREAS, Licensor has entered into amendments to the Eyeonics License Agreement
in each January of 1999, 2000, 2001, 2002, 2003, and 2004 whereby the definition
of "Territory" was redefined to mean "worldwide" for a period of only one (1)
year following execution of such amendment (such amendments, the "ANNUAL
AMENDMENTS"), and, notwithstanding anything to the contrary herein, the Annual
Amendments are not included in the definition of "Eyeonics License Agreement" in
this Eyeonics Consent;

WHEREAS, BV and NV have assigned and transferred all of their right, title,
interest, obligations and liabilities to the Patents and in and under the C&C
International License Agreement to the Nice Trust pursuant to that certain
Assignment and Assumption Agreement dated as of even date herewith (the "BV/NV
ASSIGNMENT");

WHEREAS, Licensor consented to the BV/NV Assignment pursuant to that certain
Consent to Assignment and Second Amendment of C&C International License
Agreement dated as of even date herewith (the "C&C INTERNATIONAL CONSENT");

WHEREAS, pursuant to the terms of the Eyeonics License Agreement, the rights and
obligations of the Licensor under the Eyeonics License Agreement may not be
assigned without the written consent of the Licensee;

<PAGE>

WHEREAS, the Licensor desires to assign all of Licensor's rights and obligations
under the Eyeonics License Agreement to the Nice Trust pursuant to that certain
C&C International Assignment and Assumption Agreement dated as of even date
herewith (the "C&C INTERNATIONAL ASSIGNMENT") by and between Licensor and the
Nice Trust, and

WHEREAS, the Nice Trust then desires to assign all of its rights and obligations
under the Eyeonics License Agreement to the Poskitt Trust pursuant to that
certain Nice Trust Assignment and Assumption Agreement dated as of even date
herewith (the "NICE TRUST ASSIGNMENT", together with the C&C International
Assignment the "US RIGHTS ASSIGNMENTS").

NOW, THEREFORE, in consideration of the covenants and promises set forth herein
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby expressly acknowledged by all of the parties, each of the
undersigned covenant and agree as follows:

1. The Nice Trust and the Poskitt Trust hereby jointly and severally represent
and warrant to Licensee that:

     (a)  all action on the part of each of the Nice Trust and the Poskitt Trust
     necessary for the authorization and consummation of the US Rights
     Assignments have been taken and that the US Rights Assignments will not be
     violation, breach or default with respect to any instrument, judgment,
     order, writ, decree, law, statute, rule, regulation or contract to which
     either of JSC, BV, NV, the Nice Trust, or the Poskitt Trust is bound; and

     (b)  Licensee will, after the Effective Date, be able to exercise all
     rights and benefits of the Licensee enjoyed under the Eyeonics License
     Agreement prior to the Effective Date.

2. Licensee hereby consents to the assignment by the Licensor of all of
Licensor's right, title and interest in the Eyeonics License Agreement to the
Nice Trust and then to the Poskitt Trust and to the US Rights Assignments
subject to the terms and conditions of this Eyeonics Consent. Upon: (i) receipt
by Licensor and Licensee of a fully executed Eyeonics Consent, (ii) receipt by
Licensor and Licensee of executed copies of the US Rights Assignments, and (iii)
receipt by Licensor and Licensee of a fully executed C&C International Consent,
Licensee shall recognize the Poskitt Trust as having all of the rights and
interests in and obligations under the Eyeonics License Agreement heretofore
attributed to the Licensor.

3. Each of the Nice Trust and the Poskitt Trust acknowledges that it has
reviewed the Eyeonics License Agreement and fully understands the obligations
set forth therein on its part to be performed thereunder.

4. The Poskitt Trust hereby agrees to be responsible for and assume all duties,
liabilities and obligations of the Licensor under the Eyeonics License Agreement
prior to, on, or following the date of the Assignment; provided, however that
the Nice Trust and the Poskett Trust shall be jointly and severally liable for
all liabilities arising on or prior

<PAGE>

to the date of the Assignment. The Poskitt Trust shall be obligated to the terms
of the License Agreement and any agreement contained therein as if it were an
original party thereto.

5. Notwithstanding anything to the contrary in this Eyeonics Consent or the Nice
Trust Assignment, each of the Nice Trust and the Poskitt Trust hereby covenants
to Licensor and Licensee that if, at any time and under any circumstances, the
Poskitt Trust is unable to fulfill any of its obligations or liabilities in or
under the Eyeonics License Agreement, the Nice Trust will immediately fulfill
such obligations or liabilities.

6. The Nice Trust and the Poskitt Trust hereby agree to jointly and severally
indemnify, defend and hold harmless Licensor and Licensee and their respective
directors, officers, employees, agents, and affiliates (each an "INDEMNITEE")
from and against any and all claims, liabilities, damages, losses, costs or
expenses (including attorneys' and professional fees and other expenses of
litigation and/or arbitration) (a "LIABILITY") resulting from any claim, suit or
proceeding brought by a third party against an Indemnitee, arising out of or in
connection with the Assignment and the transactions contemplated thereby and
hereby or out of any breach of this Eyeonics Consent by the Nice Trust or the
Poskitt Trust. In the event that any Indemnitee intends to claim indemnification
under this Paragraph 5, it shall promptly notify the other party in writing of
such alleged Liability. The indemnifying party shall have the right to control
the defense thereof. The affected Indemnitees shall cooperate fully with the
indemnifying party and its legal representatives in the investigation and
conduct of any Liability covered by this Paragraph 5. The Indemnitee shall not,
except at its own cost, voluntarily make any payment or incur any expense with
respect to any claim, suit or Liability, or make any admission of liability or
attempt to settle any claim without the prior written consent of the
indemnifying party, which consent shall not be unreasonably withheld.

7. Section 10.5 of the License Agreement is hereby amended and restated in its
entirety to read as follows:

     "10.5 Notices and Bank Account.

     Any notice or other document to be presented to the parties hereto, shall
     be served by facsimile and e-mail, which must be confirmed by registered
     letter sent to the address given below or to such other address as such
     party may have notified to the other party for the purposes hereof. Any
     notice sent by facsimile shall be deemed delivered on the first working day
     in the country of recipient following its dispatch. All payments made by
     Licensee shall be made to the bank account set forth below:

     For Licensor: The Poskitt Trust
                   [address]
                   Bank account details [ ]

     For Licensee: eyeonics, inc.
                   6 Journey, Suite 125
                   Aliso Vieja, CA 92656

<PAGE>

8. This Eyeonics Consent shall be binding on the parties hereto and upon their
respective successors and assigns. Licensee may transfer or assign this Eyeonics
Consent or any of Licensee=s rights hereunder without the written consent of
Licensors or JSC. Neither the Nice Trust nor the Poskitt Trust may assign or
delegate to a successor any of its rights and obligations hereunder without the
express prior written consent of Licensee.

9. All of the covenants and agreements contained herein shall be binding upon
and shall inure to the benefit of the parties hereto and their respective
representatives, successors and assigns.

11. This Eyeonics Consent may be executed in counterparts, all of which, when
taken together, shall constitute one and the same Eyeonics Consent.

12. This Eyeonics Consent and any dispute, including without limitation any
arbitration, arising from the performance or breach hereof shall be governed by
and construed and enforced in accordance with the laws of the state of
California, without reference to conflicts of laws principles. The exclusive
venue of any dispute arising out of or in connection with the performance or
breach of this Agreement shall be the California state courts or U.S. district
court located in San Francisco, California, and the parties hereby consent to
the personal jurisdiction of such courts.

13. If any provision of this Eyeonics Consent is held to be illegal or
unenforceable, that provision will be limited or eliminated to the minimum
extent necessary so that this Eyeonics Consent will otherwise remain in full
force and effect and enforceable so as to give effect to the intent of the
parties hereunder.

14. This Eyeonics Consent shall become effective pursuant to the terms set forth
in Section 2 hereof and only if and when the US Rights Assignments are
consummated, in which case this Eyeonics Consent shall become effective upon the
closing date of the Nice Trust Assignment; provided, however, that if the
closing of each of the US Rights Assignments has not occurred by the Effective
Date, then Licensee shall not give its consent to any assignment of Licensor's
rights and obligations under this Eyeonics Consent and this Eyeonics Consent
shall be null and void.

                [remainder of this page intentionally left blank]

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have each duly executed this Consent
to Assignment and Second Amendment of Eyeonics License Agreement effective as of
the Effective Date. Each party warrants and represents that its respective
signatories whose signatures appear below have been and are, on the date of
signature, authorized to execute this Eyeonics Consent.

                                     C & C VISION INTERNATIONAL LIMITED

                                     By: /s/ Steven J. Naber
                                         --------------------------------------
                                     Name: Steven J. Naber
                                     Title: Chairman

                                     EYEONICS, INC.

                                     By: /s/ J. Andy Corley
                                         --------------------------------------
                                     Name: J. Andy Corley
                                     Title: CEO

                                     JAMES ELLWOOD AND JULIA DOROTHY KNEEN
                                     AS TRUSTEES OF THE NICE TRUST

                                     By: /s/ James Ellwood, Julia Dorothy Kneen
                                         --------------------------------------
                                     Name: James Ellwood, Julia Dorothy Kneen
                                     Title: Trustee

                                     THE LAW TRUST LIMITED
                                     AS TRUSTEE OF THE POSKITT
                                     DISCRETIONARY TRUST

                                     By: /s/ James Ellwood, Julia Dorothy Kneen
                                         --------------------------------------
                                     Name: James Ellwood, Julia Dorothy Kneen
                                     Title: Director
<PAGE>

                THIRD AMENDMENT TO THE EYEONICS LICENSE AGREEMENT

This Third Amendment to the Eyeonics License Agreement (this "AMENDMENT #3"),
effective as of January 1, 2007 (the "EFFECTIVE DATE"), is made by and between
eyeonics, inc., a Delaware corporation and formerly C & C Vision, Inc.
("LICENSEE") and the Law Trust Limited as Trustee of the Poskitt Discretionary
Trust (the "POSKITT TRUST"). Licensee and the Poskitt Trust may be referred to
herein by name or as a "PARTY," or collectively as the "PARTIES."

                                   BACKGROUND

WHEREAS, Licensee entered into that certain license agreement with C&C Vision
International Limited, an Irish corporation and formerly Medevec Supplies, Ltd
("C&C VISION INTERNATIONAL") dated October 12,1998, as amended May 31, 2000 and
December 31, 2006 under which C&C Vision International granted certain rights
and licenses to Licensee and both parties undertook certain obligations to each
other (such license agreement, the "EYEONICS LICENSE AGREEMENT").

WHEREAS, the Poskitt Trust has been assigned all rights and obligations as
"Licensor" under the Eyeonics License Agreement, and has assumed all such rights
and obligations, pursuant to that certain C&C International Assignment and
Assumption Agreement between C&C Vision International and James Ellwood and
Julia Dorothy Kneen as Trustees of the Nice Trust dated December 31, 2006 and
that certain Nice Trust Assignment and Assumption Agreement between James
Ellwood and Julia Dorothy Kneen as Trustees of the Nice Trust and the Poskitt
Trust dated December 31, 2006.

WHEREAS, the Poskitt Trust wishes to amend the Eyeonics License Agreement to
provide for a reduction in the royalty payable by Licensee to the Poskitt Trust
in order to provide for a royalty to be paid by Licensee to J. Andy Corley,
currently the Chief Executive Officer of Licensee, whom the Poskitt Trust
acknowledges has increased sales of Licensed Products and the growth of Licensee
to the economic benefit of the Poskitt Trust.

NOW, THEREFORE, in consideration of the covenants and promises set forth herein
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby expressly acknowledged by the Parties, each of the undersigned
covenants and agrees as follows:

1.    A new Section 3.7 is hereby added to the Eyeonics License Agreement, and
      reads as follows:

            "3.7 Notwithstanding anything to the contrary in this Agreement
            (including, without limitation, the terms of Sections 3.1, 3.6(a) or
            9.4 hereof), after all applicable reductions and off-sets
            (including, without limitation, those set forth in Sections 3.3,
            3.4, 3.5, 4.1, 9.3 and 9.5) have been applied against the amounts
            owed by Licensee to Licensor under this Agreement, the amounts owed
            by Licensee to Licensor hereunder (net of such reductions and
            off-sets) shall be reduced by a further twenty percent (20%), such
            that the actual amounts payable
<PAGE>
        by Licensee to Licensor under this Agreement shall be eighty percent
        (80%) of what their value would have been calculated to be prior to
        reduction pursuant to this Section 3.7."

2.    Notwithstanding anything to the contrary in this Amendment #3 or the
      Eyeonics License Agreement, no royalty shall be due to the Poskitt Trust
      under the Eyeonics License Agreement on the Net Sales of Licensed Products
      by Licensee or any of its sublicensees under either Section 3.1 or Section
      3.6(a) of the Eyeonics License Agreement (i.e. the royalty rate under such
      sections shall be zero percent (0%)) until Licensee has paid a total
      royalty of four-hundred thousand dollars ($400,000) to J. Andy Corley
      pursuant to that certain letter agreement between Licensee and J. Andy
      Corley dated January 1, 2007.

3.    Licensee shall be entitled to deduct and withhold from any payment made
      under the Eyeonics License Agreement any amounts required to be deducted
      and withheld under the Internal Revenue Code (including, without
      limitation, income and payroll taxes), or any provision of state, local or
      foreign tax law, with respect to the making of such payment. To the extent
      that amounts are so withheld, such withheld amounts shall be treated for
      all purposes of the Eyeonics License Agreement as having been paid.

4.    Each Party represents and warrants that: (i) it has full power and
      authority to enter into and perform this Amendment #3; (ii) its entering
      into of this Amendment #3 will not violate any right of or breach any
      obligation to any third party under any agreement or arrangement between
      such Party and such third party; and (iii) its execution, delivery and
      performance of this Agreement has been duly authorized by such Party. The
      Poskitt Trust further represents and warrants that it is a Discretionary
      Trust established under the laws of the Isle of Man, and Licensee further
      represents and warrants that it is a corporation established under the
      laws of the State of Delaware, United States.

5.    All of the covenants and agreements contained herein shall be binding upon
      and shall inure to the benefit of the Parties and their respective
      representatives, successors and assigns.

6.    This Amendment #3 and any dispute, including without limitation any
      arbitration, arising from the performance or breach hereof shall be
      governed by and construed and enforced in accordance with the laws of the
      State of California, without reference to conflicts of laws principles,
      and the 1980 U.N. Convention on Contracts for the International Sale of
      Goods shall not apply to this Amendment #3, the Eyeonics License Agreement
      or the rights or obligations of the Parties therein. The exclusive venue
      of any dispute arising out of or in connection with the performance or
      breach of this Amendment #3 shall be the California state courts or U.S.
      district court located in San Francisco, California, and the Parties
      hereby consent to the personal jurisdiction of such courts.

7.    Capitalized terms undefined herein shall have the meanings ascribed to
      them in the Eyeonics License Agreement.

<PAGE>

8.    This Amendment #3 may be executed in counterparts, all of which, when
      taken together, shall constitute one and the same Amendment #3.

               [remainder of this page intentionally left blank]
<PAGE>

      IN WITNESS WHEREOF, the Parties hereto have each duly executed this
Amendment #3 effective as of the Effective Date. Each Party warrants and
represents that its respective signatories whose signatures appear below have
been and are, on the date of signature, authorized to execute this Amendment #3.

                                          EYEONICS, INC.

                                          By: /s/ STEVEN J. NABER
                                              ------------------
                                          Name: STEVEN J. NABER
                                          Title: CFO

                                          THE LAW TRUST LIMITED AS
                                          TRUSTEE OF THE POSKITT
                                          DISCRETIONARY TRUST

                                          By: /s/ JAMES ELLWOOD, JULIA D. KNEEN
                                              -------------------
                                          Name: JAMES ELLWOOD, JULIA D. KNEEN
                                          Title: DIRECTORexv10w9w1

 

EXHIBIT 10.9.1

EMPLOYMENT AGREEMENT

     EMPLOYMENT AGREEMENT (this “Agreement”), dated as of June 29, 2007, by and between Par
Pharmaceutical, Inc., a Delaware corporation (“Par” or “Employer”), and Veronica Lubatkin
(“Executive”).

RECITALS:

     A. WHEREAS, Executive is presently employed in the capacity of Vice President and Controller;
and

     B. WHEREAS, Employer and Executive desire to cancel and replace Executive’s existing
Employment Agreement, dated March 29, 2006, and enter into this Agreement in order for Executive to
assume the position of Executive Vice President and Chief Financial Officer of Par to perform the
duties associated with this position with Employer on the terms and conditions set forth herein.

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

     1. Employment.

          1.1. General. Employer hereby employs Executive in the capacity of Executive Vice
President and Chief Financial Officer of Par 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
capacity, Executive shall perform and carry out such duties and responsibilities as may be assigned
to her from time to time by the Board and by the Chief Executive Officer and/or Chief Operating
Officer of Par reasonably consistent with Executive’s position and this Agreement, and shall report
to the Board and the Chief Operating Officer of Par.

          1.2. Time Devoted to Position. Executive, during the Employment Term, shall devote
substantially all of her 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 Chief Executive Officer of Par and/or

 

 

Employer, with such exceptions as Executive deems necessary to make such certifications
accurate and not misleading.

     2. Compensation and Benefits.

          2.1. Salary. At all times Executive is employed hereunder, Employer shall pay to
Executive, and Executive shall accept, as full compensation for any and all services rendered and
to be rendered by her during such period to Employer in all capacities, including, but not limited
to, all services that may be rendered by her to any of Employer’s existing subsidiaries, entities
and organizations 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 $340,000 (Three Hundred and Forty 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 hereof (as so adjusted, 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.

          2.2. Bonus. 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 50%
(fifty percent) of her Base Salary.

          2.3. Equity Awards. Executive shall be entitled to participate in long-term incentive
plans commensurate with her titles and positions, including, without limitation, stock option,
restricted stock, and similar equity plans of Employer as may be offered from time to time.

          2.4. Executive Benefits.

               2.4.1. Expenses. Employer shall promptly reimburse Executive for expenses she
reasonably incurs in connection with the performance of her 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

 

               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 her election not to renew the Employment Term to the other party at least 90 days
prior to such termination. 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.

          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 her 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 twelve (12) month period to substantially perform her duties
hereunder as a result of a physical or mental illness, all as determined in good faith by the
Board.

3

 

               3.2.4. For Cause By Employer. Employer may terminate the Employment Term for “Cause”
based on objective factors 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 Employer shall have given the 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 her employment
that constitutes fraud, criminal misconduct, breach of fiduciary duty, dishonesty, gross
negligence, malfeasance, willful misconduct or other conduct that is materially harmful or
detrimental to Employer; (iii) a material breach by Executive of this Agreement; (iv) 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 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 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.

               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.

               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 for more than ten
(10) days after written demand for cure of such breach is given to Employer by Executive (which
demand shall identify the manner in which Employer has materially breached this Agreement).
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 or within two
(2) business days thereafter; (ii) the assignment to Executive, without Executive’s express written
consent, of duties inconsistent with her 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 her 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 35 miles from Employer’s executive
offices in Woodcliff Lake, New Jersey.

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          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 her estate, as the case may be, the following compensation and provide
the following benefits in full satisfaction and final settlement of any and all claims and demands
that Executive now has or hereafter may have hereunder against Employer. Any and all payments
referenced hereunder are contingent upon Executive’s execution of Employer’s standard form Release
Agreement in effect at the time. 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 she is receiving severance 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.

               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 30 days of the Date of
Termination, an amount equal to any unpaid but earned Base Salary through the Date of Termination.

               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 her Base Amount, and Executive shall retain all vested benefits granted pursuant to
Section 2.3 hereof. For purposes hereof, “Base Amount” shall mean the Base Salary in effect at such
applicable time plus, if Executive’s termination is not a result of, in whole or in part,
Executive’s performance in respect of her duties hereunder, the amount of Executive’s last annual
cash bonus pursuant to Section 2.2 hereof. Any payments made in accordance with this Section 3.3.2
shall be made in twenty-four (24) equal monthly installments from the Date of Termination in
accordance with Employer’s regular payroll practices, or, if upon agreement of Executive and
Employer, in a lump sum within 30 days of the Date of Termination, subject to Executive’s continued
compliance with the terms of Section 4 hereof and the execution by Executive of Employer’s standard
form Release Agreement in effect at the time.

               3.3.3. Without Cause By Executive; Election Not to Renew 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 30 days of the Date of Termination, an amount equal to any unpaid but
earned Base Salary through the Date of Termination.

               3.3.4. 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 her
estate pursuant to insurance policies provided by Employer (including pursuant

5

 

to Section 2.4.4 hereof), payable in accordance with Section 3.3.2 hereof, and Executive shall
retain all vested benefits granted pursuant to Section 2.3 hereof.

               3.3.5. 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 her
insurance coverage. Except as provided immediately below, Executive will be responsible for all
COBRA payments. Specifically, if Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6
hereof, 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 eighteen (18) months (the “Benefits
Period”), subject to the execution by Executive of Employer’s standard form Release Agreement in
effect at the time and Executive’s continued compliance with the terms of Section 4 hereof;
provided, that Executive’s continued participation is legally possible under the general
terms and provisions of such plans and programs; and provided, further, that in the
event Executive is entitled to equal or comparable benefits from a subsequent employer during the
Benefits Period, Employer’s obligation with respect thereto pursuant to this Section 3.3.5 shall
end as of such date.

               3.3.6. 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 her
estate) shall have twenty-four (24) months from the date of termination to exercise any vested
equity awards; provided, 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 3.3.6(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 is not related to the performance of Executive in her
duties with respect to Employer, or (ii) by Executive pursuant to Section 3.2.6 hereof, then all
restricted stock theretofore granted to Executive shall thereupon vest and any option granted to
the Executive subsequent to the execution of this Agreement shall thereupon vest and Executive
shall have twenty-four (24) months from such date to exercise such options; provided, 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 3.3.6(b).

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          3.4. Definitions.

               3.4.1. “Change of Control” Defined. A “Change of Control” of Employer means (i) the
approval by the stockholders of Par of the sale, lease, exchange or other transfer (other than
pursuant to internal reorganization) by Par of all or substantially all of its respective assets to
a single purchaser or to a group of associated purchasers; (ii) the first purchase of shares of
equity securities of Par pursuant to a tender offer or exchange offer (other than an offer by Par)
for at least fifteen (15%) percent of the equity securities of Par; (iii) the approval by the
stockholders of Par of an agreement for a merger or consolidation in which Par shall not survive as
an independent, publicly-owned corporation; (iv) the acquisition (including by means of a merger)
by a single purchaser or a group of associated purchasers of securities of Par from either Par or
any third party representing thirty-five (35%) percent or more of the combined voting power of
Par’s then outstanding equity securities in one or a related series of transactions (other than
pursuant to an internal reorganization) or (v) the change of the membership of a majority of the
Board during any period of two (2) consecutive years, unless the election, or the nomination for
election by Par’s stockholders, of each new director was approved by a vote of at least two-thirds
of the directors of the Board still in office who were directors of Par at the beginning of the
period.

               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 hereof, 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 her
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

7

 

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 her 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 paragraph 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 paragraph prohibit Executive
from being a passive owner of not more than one percent (1%) of any publicly-traded class of
capital stock of any entity engaged in a competing business.

          4.5. Injunctive Relief. The parties hereby acknowledge and agree that (a) the type,
scope and periods of restrictions imposed in paragraph 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 her 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

8

 

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:

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, Del Deo, Dolan, Griffinger & Vecchione, P.C.

One Riverfront Plaza

Newark, New Jersey 07102-5496

Telecopy No.: (201) 639-6230

If to Executive, to:

Veronica Lubatkin

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.

9

 

          5.5. Entire Agreement. This Agreement and, with respect to Section 3.3.6 hereof,
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 Agreement dated March 29, 2006. Executive and Employer hereby agree
that the Employment Agreement dated March 29, 2006, is 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 3.3.6 hereof and Executive’s Equity Award Agreements and the governing
equity award plans, Section 3.3.6 shall govern.

          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.

          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 her
duties or assign her 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 succession 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) she or it has full power, authority and capacity to execute and
deliver this Agreement, and to perform her 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 she or it is a party or
she or it is otherwise bound; and (c) this Agreement is her 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 prevailing party shall be

10

 

awarded reasonable attorneys’ fees at all trial and appellate levels, and the expenses and
costs incurred by such prevailing party in connection therewith. 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.

          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 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,

11

 

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.

[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, INC.

 	 
	 	By:  	/s/ Patrick G. LePore
 	 
	 	 	Name:  	Patrick G. LePore 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

	 	 	 	 	 
	 	 	 
	 	                                              /s/ Veronica A. Lubatkin
 	 
	 	Veronica Lubatkin 	 
	 	 	 
	 

13

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