Document:

EX-10.8

 Exhibit 10.8 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of January 24, 2018, by and among Amneal
Pharmaceuticals LLC (“Amneal”), Amneal Holdings, LLC (“Holdings”) and Andrew Boyer (the “Executive” and, collectively with Amneal and Holdings, the “Parties”). 

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

WHEREAS, effective as of February 5, 2018 (the “Effective Date”), the Company desires to employ the Executive, and the
Executive desires to be employed by the Company, upon the terms and subject to the conditions set forth in this Agreement; 
 WHEREAS,
effective as of immediately following the consummation of the Combination (the “Closing”), Holdings will hold the majority of the voting power of the Company’s common stock; 

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

	1.	EMPLOYMENT AND DUTIES 

 1.1    Term of Employment. Subject to
Section 8.2 below, the Executive’s initial term of employment under this Agreement shall commence on the Effective Date and shall continue until June 30, 2021 (the “Initial Term”), unless further extended or earlier
terminated as provided in this Agreement. This Agreement will automatically be renewed for single one-year 

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

1.2.1    Subject to the terms set forth herein, as of the Effective Date, the Executive shall serve as the Executive Vice
President, Commercial Operations of the Company and shall perform such duties as are customarily associated with such position and such other reasonable duties consistent with such position as may from time to time be assigned to Executive by the
Company.    During the Term (i) prior to the Closing, the Executive shall report to the President of Amneal and (ii) following the Closing, the Executive shall report to the President and Chief Executive Officer of the
Company. 
 1.2.2    The Executive shall faithfully and diligently discharge his duties hereunder and use his reasonable
best efforts to achieve the objectives assigned to him from time to time by the Company. The Executive shall devote substantially all of his business time, attention, knowledge and skills faithfully, diligently and to the best of his ability, in
furtherance of the business and activities of the Company; provided, however, that nothing in this Agreement shall preclude the Executive from devoting reasonable periods of time required for: 

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

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

(iii)    engaging in professional organization and program activities; 

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

(v)    participating in charitable or community affairs; 

provided that such activities do not, either individually or in the aggregate, materially interfere with the performance of his duties and responsibilities
under this Agreement or create a conflict of interest with the business of the Company as determined in good faith by the Board. 

1.3    Reimbursement of Expenses. The Company shall promptly reimburse the Executive for all reasonable,
documented, out-of-pocket travel and other business expenses incurred by the Executive in the performance of the Executive’s duties to the Company in

  
 2 

 
accordance with the Company’s applicable expense reimbursement policies and procedures as are in effect from time to time. To the extent any such reimbursements (and any other reimbursements
of costs and expenses provided for herein) are includable in the Executive’s gross income for Federal income tax purposes, all such reimbursements shall be made no later than March 15 of the calendar year next following the calendar year
in which the expenses to be reimbursed are incurred. 
  

	2.	COMPENSATION 

 2.1    Base Salary. During the Term, the
Executive shall be entitled to receive a base salary at the annual rate of $650,000 (the “Base Salary”). The Base Salary shall be subject to increase but not decrease in the sole discretion of the Board, provided however, that any
increase in Base Salary shall become the Base Salary under this Agreement and shall not be decreased from such increased amount. The Base Salary shall be paid in accordance with the payroll practices of the Company, but not less than monthly. 

2.2    Incentive Bonuses. During the Term, the Executive shall be eligible to receive an annual bonus targeted at
80% of the Executive’s Base Salary (the “Incentive Bonus”) under the annual incentive program adopted by the Board, as may be amended from time to time. The amount of Incentive Bonus payable for any year shall be based on the
achievement of reasonable performance objectives established by the Board, as determined in its discretion, and, based on achievement, may be between zero and 150% of the Executive’s Base Salary. The Incentive Bonus will be prorated for the
Executive’s initial year of employment. Except as provided herein, the Executive must be employed by the Company through the date of payment any Incentive Bonus in order to remain eligible for such Incentive Bonus. The target amount of the
Incentive Bonus shall be subject to increase but not decrease in the sole discretion of the Board. The Incentive Bonus will be paid to Executive at the same general time as paid to other senior executives of the Company, but no later than 75 days
following the end of the applicable fiscal year for which the Incentive Bonus is payable. 
 2.3    Equity
Awards. 
 2.3.1    Sign-On Restricted Stock Units. In consideration
of the Executive’s commencement of employment with the Company, on, or as promptly as practicable following, the Closing, but no later than 30 days immediately following the Closing, the Company shall grant to the Executive an award of
restricted stock units (the “Sign-On RSUs”) having a grant date fair value equal to $1,000,000. The Sign-On RSUs will vest in respect of 25% of the
total number of Sign-On RSUs on each of the first four anniversaries of the Closing, subject to the Executive’s continuous services to the Company through the applicable vesting date. The Sign-On RSUs shall otherwise be subject to the terms of the plan pursuant to which they are granted and an award agreement to be entered into between the Executive and the Company and Section 4.4.2(iii) or
4.4.3(iii) (as applicable) below. 
 2.3.2    Stock Option Grant. On, or as promptly as practicable following,
the Closing, but no later than 30 days immediately following the Closing, the Company shall grant to the Executive an option to purchase (the “Initial Option”) that number of shares of the Company common stock necessary for the
Initial Option to have a grant date fair value of $2,000,000 (with 

  
 3 

 
such fair value determined on the same basis that grant values are determined for other senior executives of the Company). The per share exercise price of the Initial Option shall be equal to the
per share fair market value of the Company’s common stock on the date of grant. The Initial Option shall vest and become exercisable with respect to 25% of the total number of shares subject to the Initial Option on each of the first four
anniversaries of the Closing, subject to the Executive’s continuous service to the Company through the applicable vesting date. The Initial Option shall otherwise be subject to the terms of the plan pursuant to which they are granted and an
award agreement to be entered into between the Executive and the Company and Section 4.4.2(iii) or 4.4.3(iii) (as applicable) below. 

2.3.3    Substitute Unit Grant. In the event that the Business Combination Agreement is terminated without the
consummation of the Combination (a “No-Closing Event”), the Company will grant to the Executive one or more Company profit participation unit awards (“Substitute Awards”) providing for an
aggregate economic opportunity of not less than $3,000,000, based on reasonable assumptions regarding Company performance, such grant to be made within 30 days following such No-Closing Event. 

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

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

	3.	EMPLOYEE BENEFITS 

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

(b) The Executive shall be entitled to at least 20 (or such greater number as offered generally to other senior executives of the
Company) paid vacation days per calendar year in accordance with the Company’s vacation policy in effect from time to time, provided that any unused vacation days in any calendar year shall be carried over to the next calendar year
subject to any accrual caps under the Company’s vacation policy. 
  

	4.	TERMINATION OF EMPLOYMENT 

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

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

  
 4 

 4.1.2    Disability. If the Executive suffers a Disability (as defined
below), the Board may terminate the Executive’s employment under this Agreement upon 30 days prior written notice; provided that the Executive has not returned to full time performance of his duties during such
30-day period. For purposes of this Agreement, “Disability” shall mean the Executive’s inability to perform his duties and responsibilities hereunder, with or without reasonable
accommodation, due to any physical or mental illness or incapacity, which condition either (i) has continued for a period of 180 consecutive days (including weekends and holidays) in any 365-day period,
or (ii) is projected by the Board in good faith after consulting with a licensed physician mutually selected by the Board and the Executive (or, in the event of the Executive’s incapacity, his legal representative), that the condition is
likely to continue for a period of at least six consecutive months from its commencement. 
 4.1.3    Good
Reason. The Executive may terminate his employment under this Agreement for Good Reason (as defined below). For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following events without the
Executive’s express written consent: 
 (i)    any action or inaction by the Company constituting a material
breach of the Agreement by the Company; 
 (ii)    a material diminution of the titles, positions, reporting line,
authorities, duties, or responsibilities of the Executive set forth in Section 1.2 above (other than temporarily while the Executive is physically or mentally incapacitated and unable to properly perform such duties, as determined by the Board
in good faith), or the assignment to the Executive of titles, authorities, duties, or responsibilities that are inconsistent with his position of Executive Vice President, Commercial Operations of the Company; 

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

(iv)    a reduction by the Company in the Base Salary or in any of the percentages of the Base Salary payable as an
Incentive Bonus except for across-the-board reductions, not to exceed 10%, of base salary or incentive bonus generally affecting senior executives of the Company on a
similar percentage basis; 
 (v)    the relocation of the Executive’s principal office more than 35 miles from
Bridgewater, New Jersey; 
 (vi)    the delivery by the Board to the Executive of a
Non-Renewal Notice in accordance with Section 1.1; or 
 (vii)    an
adverse change in the reporting structure set forth in Section 1.2.1 hereof. 
 Notwithstanding the foregoing, the Executive may not
terminate his employment for Good Reason under this Section 4.1.3 unless (i) the Executive provides written notice to the Board of the occurrence of an event constituting Good Reason within 30 days of the Executive’s knowledge of its
initial occurrence and (ii) if curable, the Board shall fail to cure such event 

  
 5 

 
constituting Good Reason within 30 days following its receipt of such written notice. The Date of Termination shall be the date the Board receives the Executive’s Notice of Termination if
the event constituting Good Reason is not curable and 30 days after the date the Board receives the Executive’s Notice of Termination if the event constituting Good Reason is curable and remains uncured 30 days after the Board receives the
Executive’s notice of Termination. The foregoing notwithstanding, in the event that the event constituting Good Reason is the Board’s delivery to the Executive of a Non-Renewal Notice as set forth in
Section 4.1.3(vi) prior to the date that is 30 days before the end of the Initial Term, then the Date of Termination shall be deemed to be the expiry of the Initial Term. 

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

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

(iii)    the Executive’s willful misconduct in the performance of his duties hereunder (including theft, fraud,
embezzlement, and securities law violations) that results in material economic or reputational harm to the Company; 

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

  
 6 

 Prior to any termination for Cause, the Board shall provide the Executive with a Notice of
Termination specifying the event constituting Cause and shall give the Executive the opportunity to appear before the Board, with or without counsel, to present his views on the Cause event. If, after such hearing, at least two-thirds of the full Board (excluding the Executive) does not support such termination, the Notice of Termination shall be rescinded. After providing the notice in the foregoing sentence, the Board may suspend the
Executive with full pay and benefits until a final determination pursuant to this Section has been made. 

4.1.6    Without Cause. The Board may terminate the Executive’s employment under this Agreement without Cause
immediately upon written notice by the Board to the Executive, other than for death or Disability. 

4.1.7    Definition of Change in Control. For purposes of this Agreement, a “Change in Control”
shall be deemed to occur upon any of the following events that occurs after the Closing, provided that such an event constitutes a “change in control event” within the meaning of Section 409A of the Code (as defined below): (a) any
“person” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than the Company, any trustee or other fiduciary holding securities under any
employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the equity securities of the Company), becoming the beneficial owner
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of equity securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding
equity securities; (b) during any period of 12 consecutive months, the individuals who, at the beginning of such period, constitute the Board, and any new director whose election by the Board or nomination for election by the Company’s
equityholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the 12-month period (or
the Closing if later than such date) or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the Board; (c) a merger or consolidation of the Company with any other
corporation or other entity, other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto (and held by persons that are not affiliates of the acquirer) continuing to represent
(either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such
merger or consolidation; provided, however, that a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no person (other than those covered by the exceptions in clause
(a) of this Section 4.1.7) acquires more than 50% of the combined voting power of the Company’s then outstanding securities shall not constitute a Change in Control; or (d) the consummation of a sale or other disposition by the
Company of all or substantially all of the Company’s assets, including a liquidation, other than the sale or other disposition of all or substantially all of the assets of the Company to a person or persons who beneficially own, directly or
indirectly, more than 50% of the combined voting power of the outstanding voting securities of the Company immediately prior to the time of the sale or other disposition. For the avoidance of doubt, the parties hereby agree that the Combination
shall not constitute a Change in Control under this Agreement. 

  
 7 

 4.2    Notice of Termination. Any termination of the Executive’s
employment by the Board or by the Executive (other than termination by reason of the Executive’s death) shall be communicated by written Notice of Termination to the other party of this Agreement. For purposes of this Agreement, a
“Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and, other than with respect to a termination pursuant to Section 4.1.6 hereof, shall set
forth in reasonable detail the facts and circumstances claimed to provide the basis for such termination. 

4.3    Date of Termination. The “Date of Termination” shall mean (a) if the termination is
the result of the Executive’s death, the date of his death, (b) if the termination is pursuant to Section 4.1.2 hereof, 30 days after the Notice of Termination is given (provided that the Executive shall not have returned to the
performance of his duties on a full-time basis during such 30-day period), (c) if the termination is pursuant to Section 4.1.3 or Section 4.1.5 hereof, the date specified in the Notice of Termination
after the expiration of any applicable cure period (subject to the last sentence of Section 4.1.3), (d) if the termination is pursuant to Section 4.1.4 hereof, the date specified in the Notice of Termination which shall be at least 60 days
after the Notice of Termination is given, or such earlier date as the Board shall determine in its sole discretion, and (e) if the termination is pursuant to Section 4.1.6 hereof, the date on which the Notice of Termination is given. 

4.4    Compensation Upon Termination. 

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

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

  
 8 

 (i)    an amount equal to two times the Base Salary as then in effect
(without taking into account any reduction therein that constitutes a basis for Good Reason), with the aggregate amount due paid in equal installments on the Company’s normal payroll dates for a period of 24 months from the Date of Termination
in accordance with the normal payroll practices of the Company, with each such payment deemed to be a separate payment for the purposes of Section 409A of the Code; 

(ii)    (A) a pro-rated portion of the Incentive Bonus for the year during which
the Date of Termination occurs based on the number of days the Executive serves the Company during such year and actual performance of the corporate goals for such Incentive Bonus, inclusive of any adjustments made by the Board that are applied to
all other executive participants in the annual incentive program, such pro-rated Incentive Bonus to be paid in a lump sum at the same time related bonuses are paid to executives who continue to be employed by
the Company and, in any event, in the calendar year following the year during which the Date of Termination occurs and (B) the prior year’s bonus to the extent not then already paid with the amount based on the higher of target or actual
performance of the relevant goals, such prior year’s Incentive Bonus to be paid in a lump sum at the same time related bonuses are paid to executives who continue to be employed by the Company; 

(iii)    the vesting, and if applicable, exercisability of each outstanding equity award granted to the Executive by the
Company shall accelerate in respect of that number of shares of Company common stock (or other equity securities) that would have vested had the Executive’s employment with the Company continued through the first anniversary of the Date of
Termination and, to the extent applicable, shall remain exercisable for a period of not less than 12 months following the Date of Termination (unless doing so would not comply with Code Section 409A (as defined in Section 8.9 hereof); 

(iv)    During the period commencing on the Date of Termination and ending as of the second anniversary of the Date of
Termination, or, if earlier, the date on which the Executive becomes eligible for comparable replacement coverage under a subsequent employer’s group health plan (in any case, the “COBRA Period”), subject to the
Executive’s valid election to continue healthcare coverage under Section 4980B of the Code and the regulations thereunder, the Company shall, in its sole discretion, either (A) continue to provide to the Executive and the
Executive’s dependents, at the Company’s sole expense, or (B) reimburse the Executive and the Executive’s dependents for coverage under its group health plan (if any) at the same levels in effect on the Date of Termination;
provided, however, that if (1) any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the continuation coverage period to be, exempt from the application of Section 409A under Treasury
Regulation Section 1.409A-1(a)(5), (2) the Company is otherwise unable to continue to cover the Executive or the Executive’s dependents under its group health plans, or (3) the Company cannot
provide the benefit without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then, in any such case, an amount equal to each remaining subsidy shall thereafter be paid to the Executive in
substantially equal monthly installments over the COBRA Period (or remaining portion thereof); and 

(v)    Outplacement services provided to the Executive by a reputable national outplacement service provider for up to
two years following the Date of Termination. 

  
 9 

 4.4.3    Termination Following Change in Control. Anything contained
herein to the contrary notwithstanding, in the event the Executive resigns from his employment hereunder with Good Reason, the Board terminates the Executive’s employment hereunder without Cause or Executive’s employment terminates by
reason of death or Disability, in each case, within the period commencing three months prior to a Change in Control and ending 24 months following the Change in Control (a “Change in Control Period”), then, in lieu of any amount
otherwise payable pursuant to Section 4.4.2, the Company shall pay or provide the Executive the Amounts and Benefits and, subject to Section 4.4.5, a severance payment as follows: 

(i)    an amount equal to the sum of (x) two times the Base Salary as then in effect (without taking into account
any reduction therein that constitutes a basis for Good Reason), plus (y) an amount equal to two times the Executive’s target Incentive Bonus as then in effect (without taking into account any reduction therein that constitutes a basis for
Good Reason), with the aggregate amount due paid in a lump sum on the first payroll date on or following the 60th day after the Date of Termination; 

(ii)    (A) a pro-rated portion of the Incentive Bonus for the year during which
the Date of Termination occurs based on the number of days the Executive serves the Company during such year and actual performance of the corporate goals for such Incentive Bonus, inclusive of any adjustments made by the Board that are applied to
all other executive participants in the annual incentive program, such pro-rated Incentive Bonus to be paid in a lump sum at the same time related bonuses are paid executives who continue to be employed by the
Company and, in any event, in the calendar year following the year during which the Date of Termination occurs and (B) the prior year’s bonus to the extent not then already paid with the amount based on the higher of target or actual
performance of the relevant goals, such prior year’s Incentive Bonus to be paid in a lump sum at the same time related bonuses are paid to executives who continue to be employed by the Company; 

(iii)    During the COBRA Period, subject to the Executive’s valid election to continue healthcare coverage under
Section 4980B of the Code and the regulations thereunder, the Company shall, in its sole discretion, either (A) continue to provide to the Executive and the Executive’s dependents, at the Company’s sole expense, or
(B) reimburse the Executive and the Executive’s dependents for coverage under its group health plan (if any) at the same levels in effect on the Date of Termination; provided, however, that if (1) any plan pursuant to which
such benefits are provided is not, or ceases prior to the expiration of the continuation coverage period to be, exempt from the application of Section 409A under Treasury Regulation
Section 1.409A-1(a)(5), (2) the Company is otherwise unable to continue to cover the Executive or the Executive’s dependents under its group health plans, or (3) the Company cannot provide the
benefit without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then, in any such case, an amount equal to each remaining subsidy shall thereafter be paid to the Executive in
substantially equal monthly installments over the COBRA Period (or remaining portion thereof); 
 (iv)    The vesting
and, if applicable, exercisability of each equity award granted to the Executive by the Company shall accelerate in respect of 100% of the shares of the Company common stock subject thereto effective as of the Date of Termination and, to the extent
applicable, shall remain exercisable for a period of not less than 12 months following the Date of Termination (unless doing so would not comply with Code Section 409A (as defined in Section 8.9 hereof); and 

  
 10 

 (v)    Outplacement services provided to the Executive by a reputable
national outplacement service provider for up to two years following the Date of Termination. 
 4.4.4    No
Mitigation or Offset; Nature of Payments. The Executive shall not be required to mitigate the amount of any payment provided for in this Section 4.4 by seeking other employment or otherwise, nor shall the amount of any payment provided for
in this Section 4.4 be reduced by any compensation earned by the Executive as the result of employment by another employer or business or by profits earned by the Executive from any other source at any time before and after the Date of
Termination. Any amounts due under this Section 4.4 are in the nature of severance payments considered to be reasonable by the Company and are not in the nature of a penalty. 

4.4.5    Release. Notwithstanding any provision to the contrary in this Agreement, the Company’s obligation to
pay or provide the Executive with the payments and benefits under Sections 4.4.2 and 4.4.3 (other than the Amounts and Benefits), and any accelerated vesting with respect to the equity awards under Section 4.4.3, shall be conditioned on the
Executive’s execution and failure to revoke a waiver and general release in a form generally consistent with Exhibit B hereto (subject to such changes as may be necessary at the time of execution in order to make such release enforceable) (the
“Release”). The Company shall provide the Release to the Executive within seven days following the applicable Date of Termination. In order to receive the payments and benefits under Sections 4.4.2 and 4.4.3 (other than the Amounts
and Benefits) and the accelerated vesting with respect to the equity awards under Section 4.4.3, the Executive will be required to execute and deliver the Release within 45 days after the date it is provided to him and not to revoke it within
seven days following such execution and delivery. 
  

	5.	INSURABILITY; RIGHT TO INSURE 

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

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

 6.1    Confidential Information. The Parties acknowledge that the services to be performed by the
Executive under this Agreement are unique and extraordinary and, as a result of such employment, the Executive shall be in possession of Confidential Information (as defined below) relating to the business practices of the Company and the members
thereof. The term “Confidential Information” shall mean any and all information (oral and written) relating to the Company, or any of their respective activities, or of the clients, customers or business

  
 11 

 
practices of the Company, except (i) as such disclosure or use may be required or appropriate in connection with his work as an employee of the Company, (ii) when required to do so by a
court of law, by any governmental agency having supervisory authority over the business of the Company or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction to order him to divulge, disclose or make
accessible such information, (iii) as to such confidential information that becomes generally known to the public or trade without his violation of this Section 6.1, or (iv) to the Executive’s spouse, attorney and/or his personal
tax and financial advisors as reasonably necessary or appropriate to advance the Executive’s tax, financial and other personal planning (each an “Exempt Person”), provided, however, that any disclosure or use of any trade
secret or proprietary or confidential information of the Company by an Exempt Person shall be deemed to be a breach of this Section 6.1 by the Executive. 

6.2    Confidential Information includes, but it not limited to, information that the Executive creates, develops,
derives, obtains, makes known, or learns about which has commercial value in the business in which the Company is involved and which is treated by the Company as confidential, such as trade secrets, ideas, processes, formulas, compounds,
compositions, research and clinical data, know-how, discoveries, developments, designs, innovations, plans, strategies, pricing, costs, financial information, employee information, forecasts and current and
prospective customer and supplier lists. The Executive shall not, during the Term or at any time thereafter, except as may be required in the course of the performance of his duties hereunder (including pursuant to Section 6.6 below) and except
with respect to any litigation or arbitration involving this Agreement (or otherwise between the Executive and the Company), including the enforcement hereof, directly or indirectly, use, communicate, disclose or disseminate to any person, firm or
corporation any Confidential Information acquired by the Executive during, or as a result of, his employment with the Company, without the prior written consent of the Board. Without limiting the foregoing, the Executive understands that the
Executive shall be prohibited from misappropriating any trade secret of the Company or of the clients or customers of the Company acquired by the Executive during, or as a result of, his employment with the Company, at any time during or after the
Term. Further without limiting the foregoing, as a condition of Executive’s employment with the Company, the Executive shall enter into the Company’s standard Employee Confidentiality,
Non-Solicitation and Ownership of Inventions Agreement (the “Proprietary Information Agreement”). In the event of a conflict between this Agreement and the Proprietary Information Agreement,
this Agreement shall control. 
 6.3    Return of Property. Upon the termination of the Executive’s
employment for any reason all property of the Company that is in the possession of the Executive, including all documents, records, drug formulations, notebooks, equipment, price lists, specifications, programs, customer and prospective customer
lists and other materials that contain Confidential Information that are in the possession of the Executive, including all copies thereof, shall be promptly returned to the Company. Anything to the contrary herein notwithstanding, the Executive
shall be entitled to retain (i) papers and other materials of a personal nature, including photographs, correspondence, personal diaries, calendars and rolodexes, personal files and phone books, (ii) information showing his compensation or
relating to reimbursement of expenses, (iii) information that he reasonably believes may be needed for tax purposes and (iv) copies of plans, programs and agreements relating to his employment, or termination thereof, with the Company.

  
 12 

 6.4    Non-Competition. The
Executive acknowledges that the Executive has been provided with Confidential Information and, during the Term, the Company from time to time will provide Executive with access to Confidential Information. Ancillary to the rights provided to the
Executive as set forth in this Agreement, the Executive’s continued employment with the Company during the Term (subject to earlier termination as provided herein), and the Company’s provision of Confidential Information, and the
Executive’s agreements regarding the use of same, in order to protect the value of any Confidential Information, and in consideration for good and valuable consideration received by the Executive, the Parties agree to the following provisions
against unfair competition, which the Executive acknowledges represent a fair balance of the Company’s rights to protect its business and the Executive’s right to pursue employment.    The Executive hereby agrees that
he shall not, during the Term and, except as provided below, for a period of 9 months thereafter, directly or indirectly, engage or have an interest in, or render any services to, any business (whether as owner, manager, operator, licensor,
licensee, lender, partner, stockholder, joint venturer, employee, consultant or otherwise) (such activities hereinafter referred to collectively as “Engaging”) that (i) competes directly with the Company and (ii) then
constitutes one of the four top competitors of the Company by volume as determined by IMS. Notwithstanding the foregoing, nothing herein shall prevent the Executive from (i) owning securities in a publicly traded entity whose activities compete
with those of the Company, provided that such securities holdings are not greater than five percent of the equity ownership in such entity or making passive investments in private equity funds, hedge funds, mutual funds or similar investment
vehicles; (ii) Engaging in the business of the ownership and licensing (as licensor) of trademarks and brands if the products or services carrying such trademarks and brands do not compete with the products or services carrying the trademarks
and brands owned and licensed (as licensor) by the Company, or that the Company is actively planning to own or license (as licensor), during the Term; or (iii) Engaging in an operating company (including ownership of securities of such
operating company’s holding company) with annual revenues not in excess of $10,000,000.    The non-competition restrictions in this Section 6.4 shall cease to apply following the
end of the Term if the Company provides a Non-Renewal Notice pursuant to Section 1.1 hereof. 

6.5    Prohibition on Use of Confidential Information to Solicit Customers and Prospects. During the
Executive’s employment, the Executive shall not engage in any other employment or activity that might materially interfere with the interests of the Company. Furthermore, the Executive shall not, except in the furtherance of the
Executive’s duties hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, (i) during the Term (except in the good faith performance of his duties) and for a period of 24 months
thereafter, solicit, aid or induce any employee, representative or agent of the Company to leave such employment or retention or to accept employment with or render services to or with any other person, firm, corporation or other entity unaffiliated
with the Company or hire or retain any such employee, representative or agent, or take any action to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such employee, representative
or agent, other (x) than any such employee, representative or agent whose employment has been terminated by the Company and (y) his personal assistant(s), (ii) during the Term (except in the good faith performance of his duties) and for a
period of 12 months thereafter, solicit, aid or induce (or attempt to do any of the foregoing) directly or indirectly, any current or prospective customer of the Company with whom the Executive substantially dealt with at any time during the last
two years of the 

  
 13 

 
Executive’s employment to purchase goods or services then sold by the Company from another person, firm, corporation or other entity or assist or aid any other persons or entity in
identifying or soliciting any such customer or (iii) during the Term (except in the good faith performance of his duties) and for a period of 24 months thereafter, interfere in any manner with the relationship of the Company and any of its
vendors. An employee, representative or agent shall be deemed covered by this Section 6.5 while so employed or retained by the Company and for six months thereafter. Anything to the contrary herein notwithstanding, the following shall not be
deemed a violation of this Section 6.4: (a) the Executive’s solicitation of the Company’s customers and/or vendors in connection with, and directly related to, his Engaging in a business that complies with Sections 6.3(ii) or (iii);
(b) the Executive’s responding to an unsolicited request for an employment reference regarding any former employee of the Company from such former employee, or from a third party, by providing a reference setting forth his personal views about
such former employee; or (c) if an entity with which the Executive is associated hires or engages any employee of the Company, if the Executive was not, directly or indirectly, involved in hiring or identifying such person as a potential
recruit or assisting in the recruitment of such employee. For purposes hereof, the Executive shall be deemed to have been involved “indirectly” in soliciting, hiring or identifying an employee only if the Executive (x) directs
a third party to solicit or hire the Employee, (y) identifies an employee to a third party as a potential recruit or (z) aids, assists or participates with a third party in soliciting or hiring an employee. 

6.6    Non-Disparagement. At no time during or within five years after the
Term shall (x) the Executive, directly or indirectly, disparage the Company or any of the Company’s past or present employees, directors, products or services and (y) the Company, including its subsidiaries, parents and affiliates,
directly or indirectly, disparage the Executive. In addition, the Company shall instruct and shall use reasonable efforts so that each director and officer of the Company and its subsidiaries and parents not to, directly or indirectly, disparage the
Executive. Notwithstanding the foregoing, nothing in this Section 6.5 shall prevent any entity or person from making any truthful statement to the extent (i) necessary to rebut any untrue public statements made about him or her or it;
(ii) necessary with respect to any litigation, arbitration or mediation involving this Agreement and the enforcement thereof; (iii) required by law or by any court, arbitrator, mediator or administrative or legislative body (including any
committee thereof) with jurisdiction over such person; (iv) made as good faith competitive statements in the ordinary course of business or (v) made in good faith in the performance of duties (e.g., in the course of providing performance
reviews). 
 6.7    Cooperation. Upon the receipt of reasonable notice from the Company (including outside
counsel), the Executive shall, while employed by the Company and thereafter, respond and provide information with regard to matters of which the Executive has knowledge as a result of the Executive’s employment with the Company and will provide
reasonable assistance to the Company and its representatives in defense of any claims that may be made against the Company, and will provide reasonable assistance to the Company in the prosecution of any claims that may be made by the Company, to
the extent that such claims may relate to matters related to the Executive’s period of employment with the Company. Any request for such cooperation shall take into account the Executive’s personal and business commitments and is subject
to his personal and business schedule. The Executive shall promptly inform the Board (to the extent the Executive is legally permitted to do so) if the Executive is asked to assist in any investigation of the Company or their actions, regardless of
whether a lawsuit or other 

  
 14 

 
proceeding has then been filed with respect to such investigation. If the Executive is required to provide any services pursuant to this Section 6.6 following the Term, upon presentation of
appropriate documentation, the Company shall promptly reimburse the Executive for reasonable out-of-pocket travel, lodging, communication and duplication expenses
incurred in connection with the performance of such services and in accordance with the Company’s expense policy for its senior officers (provided that it shall be in Executive’s discretion to travel via first or business class, which
costs shall be reimbursable by the Company), for reasonable legal fees to the extent the Executive in good faith believes that separate legal representation is reasonably required, and for the Executive’s time at a rate equivalent to the
Executive’s most recent base salary. In addition, if the Executive’s cooperation exceeds 2 days in any calendar month, then the Executive shall be compensated at a per diem rate of $5,000 for any full or partial day of such cooperation.
The Executive’s entitlement to reimbursement of such costs and expenses, including legal fees, pursuant to this Section 6.6, shall in no way affect the Executive’s rights, if any, to be indemnified and/or advanced expenses in
accordance with the Company’s (or any of its subsidiaries’) corporate or other organizational documents, any applicable insurance policy, and/or in accordance with this Agreement. 

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

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

	7.	INDEMNIFICATION; DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE 

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

  
 15 

	8.	MISCELLANEOUS 

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

			
	To the Company:	  	Amneal Pharmaceuticals LLC
		  	400 Crossing Boulevard
		  	Bridgewater, NJ 08807
		  	Attention: President and Chief Executive Officer
		
	With a copy to:	  	General Counsel
		
	To the Executive:	  	At the last address for the Executive on the books of the Company.

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

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

8.3    Severability. Each provision of this Agreement shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of
such provision or the remaining provisions of this Agreement. 
 8.4    Binding Effect; Benefits. The Executive
may not delegate his duties or assign his rights hereunder. Except as explicitly provided in the Agreement, no rights or obligations of the Company under this Agreement may be assigned or transferred by the Company other than

  
 16 

 
pursuant to a merger or consolidation in which the Company is not the continuing entity, or a sale, liquidation or other disposition of all or substantially all of the assets of the Company,
provided that the assignee or transferee is the successor to all or substantially all of the assets or businesses of the Company and assumes the liabilities, obligations and duties of the Company under this Agreement, either contractually or by
operation of law. The Company further agree that, in the event of any disposition of their business and assets described in the preceding sentence, they shall use their best efforts to cause such assignee or transferee expressly to assume the
liabilities, obligations and duties of the Company hereunder. 
 8.5    Entire Agreement. This Agreement,
collectively with the Exhibits hereto and the Proprietary Information Agreement, represent the entire agreement of the Parties with respect to the subject matter hereof and shall supersede any and all previous contracts, arrangements, proposed terms
or understandings between the Parties. This Agreement (including any of the Exhibits hereto) may be amended, modified or replaced at any time by mutual written agreement of the Parties. In the case of any conflict between any term or provision of
this Agreement and any term or provision contained in any agreement, policy, plan, program, arrangement, employment manual, memorandum or other written document between or relating to the Company and the Executive or any rule of general
applicability of the Company, this Agreement shall control and prevail. 
 8.6    Withholding. The payment of any
amount pursuant to this Agreement shall be subject to applicable withholding and payroll taxes, and such other deductions as may be required by applicable law. 

8.7    Governing Law. This Agreement and the performance of the Parties hereunder shall be governed by the internal
laws (and not the law of conflicts) of the State of New Jersey, unless superseded by federal law. 

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

8.9    Section 409A of the Code. 

8.9.1    General. It is intended that the provisions of this Agreement comply with Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”), and all provisions of this Agreement shall be
construed in a manner consistent with the requirements for 

  
 17 

 
avoiding taxes or penalties under Code Section 409A. If any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Executive
to incur any additional tax or interest under Code Section 409A, the Company shall, upon the specific request of the Executive, use its reasonable business efforts to in good faith reform such provision to comply with Code Section 409A;
provided, that to the maximum extent practicable, the original intent and economic benefit to the Parties of the applicable provision shall be maintained. The Company shall timely use its reasonable business efforts to amend any plan or program in
which the Executive participates to bring it in compliance with Code Section 409A. 
 8.9.2    Separation from
Service; Six-Month Delay. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or
following a termination of employment unless such termination is also a “Separation from Service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a
“resignation,” “termination,” “termination of employment” or like terms shall mean Separation from Service. If the Executive is deemed on the Date of Termination to be a “specified
employee,” within the meaning of that term under Section (a)(2)(B) of Code Section 409A (“Code Section 409(a)(2)(B)”) and using the identification methodology selected by the Company, as applicable,
from time to time, or if none, the default methodology, then with regard to any payment, the providing of any benefit or any distribution of equity made subject to this Section 8.10.2, to the extent required to be delayed in compliance with
Code Section 409A(a)(2)(B), and any other payment, the provision of any other benefit or any other distribution of equity that is required to be delayed in compliance with Code Section 409A(a)(2)(B), such payment, benefit or distribution
shall not be made or provided prior to the earlier of (i) the expiration of the six-month period measured from the date of the Executive’s Separation from Service or (ii) the date of the
Executive’s death. On the first day of the seventh month following the date of the Executive’s Separation from Service or, if earlier, on the date of his death, (x) all payments delayed pursuant to this Section 8.10.2 (whether
they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or
provided in accordance with the normal payment dates specified for them herein and (y) all distributions of equity delayed pursuant to this Section 8.10.2 shall be made to the Executive. In addition to the foregoing, to the extent required
by Code Section 409A(a)(2)(B), prior to the occurrence of both a Disability termination as provided in Section 4.1.2 hereof and the Executive’s becoming “disabled” under Code Section 409A, the payment of any
compensation to the Executive under this Agreement shall be suspended for a period of six months commencing at such time that the Executive shall be deemed to have had a Separation from Service because either (A) a sick leave ceases to be a
bona fide sick leave of absence, or (B) the permitted time period for a sick leave of absence expires (an “SFS Disability”), without regard to whether such SFS Disability actually results in a Disability termination. Promptly
following the expiration of such six-month period, all compensation suspended pursuant to the foregoing sentence (whether it would have otherwise been payable in a single sum or in installments in the absence
of such suspension) shall be paid or reimbursed to the Executive in a lump sum. On any delayed payment date under this Section 8.10.2, there shall be paid to the Executive or, if the Executive has died, to his estate, in a single cash lump sum
together with the payment of such delayed payment, interest on the aggregate amount of such delayed payment at the Delayed Payment Interest Rate (as 

  
 18 

 
defined below) computed from the date on which such delayed payment otherwise would have been made to the Executive until the date paid. For purposes of the foregoing, the “Delayed
Payment Interest Rate” shall mean the prime interest rate as reported in The Wall Street Journal as of the business day immediately preceding the payment date for the applicable delayed payment. 

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

8.10    Consultants/Attorney’s Fees. The Company shall promptly pay directly or reimburse the Executive for
all consultants and attorneys’ fees, disbursements and costs incurred by the Executive in connection with the negotiation, preparation and execution of this Agreement, which in the aggregate shall not exceed $7,500. 

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

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

  
 19 

 [Signature Page Follows] 

  
 20 

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

			
	Amneal Pharmaceuticals LLC

 
			
		
	By:	 	 /s/ Chirag Patel

			
	 Name:  Chirag Patel

	 Title:   Co-CEO and Chairman

	  

Amneal Holdings, LLC

 
			
		
	By:	 	 /s/ Chirag Patel

			
	 Name:  Chirag Patel

	 Title:   Management
Member

 
			
	
	 /s/ Andrew Boyer

	Andrew Boyer

  
 Signature Page to
Employment Agreement 

 Exhibit A 

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

RELEASE AGREEMENT 
 (Age
40 or Older) 
 In exchange for my receipt of the severance payments and benefits set forth in Sections 4.4.2 and 4.4.3 of my Employment
Agreement, dated [            ], 201[8] (as amended, my “Employment Agreement”), with Amneal Pharmaceuticals LLC (the “Company”) [and Amneal
Pharmaceuticals, Inc. (“Parent”)], and for other valuable consideration, the receipt and adequacy of which are hereby acknowledged, I do hereby release and forever discharge the “Releasees” hereunder, consisting of
the Company [and Parent], and each of their subsidiaries and affiliates, and, in their capacity as such, each of their predecessors, successors, partners, directors, officers, employees, attorneys and agents, of and from any and all manner of action
or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, losses, costs, attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed
or contingent, in connection with or arising under my employment with the Company [Parent] (hereinafter called “Claims”), which I now have or have ever had against the Releasees, or any of them, by reason of any matter, cause, or
thing whatsoever from the beginning of time to the date I sign this Release Agreement. The Claims released herein include, and are limited to: (1) all claims arising out of or in any way related to my service or employment relationship
with any of the Releasees or the termination of that relationship; (2) all claims related to my compensation or benefits from the any of the Releasees, including salary, bonuses, commissions, Paid Time Off, expense reimbursements, severance
pay, fringe benefits, stock, stock options, or any other ownership interests in [Parent,] the Company or any of their respective subsidiaries and affiliates (collectively, the “Group Entities”); (3) all claims for breach of
contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all
federal, state, and local statutory claims, including (without limitation) claims for discrimination, harassment, retaliation, attorneys’ fees, and other claims arising under the Age Discrimination in Employment Act, as amended (the
“ADEA”); Title VII of the Civil Rights Act of 1964, as amended; the Equal Pay Act; the Civil Rights Act of 1866; the Family and Medical Leave Act of 1993, as amended; the Americans with Disabilities Act of 1990, as amended; the
False Claims Act, as amended; the Employee Retirement Income Security Act, as amended; the Fair Labor Standards Act, as amended; the Sarbanes-Oxley Act of 2002; the Worker Adjustment Notification and Retraining Act; the New Jersey Law Against
Discrimination; the New Jersey Conscientious Employee Protection Act; the New Jersey Family Leave Act; the New Jersey Wage Payment Law; the New Jersey Wage and Hour Law; the New Jersey Equal Pay Act; and retaliation claims under the New Jersey
Workers’ Compensation Law. 
 Notwithstanding the foregoing, this Release Agreement shall not be construed in any way to release any
Claim (i) to payments and benefits under Section 4.4.2 and 4.4.3 of my Employment Agreement, (ii) to accrued or vested benefits I may have, if any, as of the date 

 
hereof under any applicable plan, policy, practice, program, contract or agreement with any Group Entity, (iii) for indemnification and/or advancement of expenses, arising under any
indemnification agreement between me and any Group Entity or under the bylaws, certificate of incorporation or other similar governing document of any Group Entity or to coverage under applicable directors’ and officers’ or other third
party liability insurance policy(ies) maintained by the Company or any of its affiliates, (iv) to any rights or benefits that may not be waived pursuant to applicable law, including, without limitation, any right to unemployment insurance
benefits, (v) that arises after the date I execute this Release Agreement, or (vi) to my right to communicate directly with, cooperate with, or provide information to, any federal, state or local government regulator. 

For the avoidance of doubt, nothing in this Release will be construed to prohibit me from filing a charge with, reporting possible violations
to, or participating or cooperating with any governmental agency or entity, including but not limited to the EEOC, the Department of Justice, the Securities and Exchange Commission, the National Labor Relations Board, Congress, or any agency
Inspector General, or making other disclosures that are protected under the whistleblower, anti-discrimination, or anti-retaliation provisions of federal, state or local law or regulation; provided, however, that I may not disclose
information of the Releasees that is protected by the attorney-client privilege, except as otherwise required by law. I do not need the prior authorization of the applicable Releasee to make any such reports or disclosures, and I am not required to
notify the applicable Releasee that I have made such reports or disclosures. 
 I acknowledge that I am knowingly and voluntarily waiving
and releasing any rights I may have under the ADEA, and that the consideration given under my Employment Agreement for the waiver and release I am providing herein is in addition to anything of value to which I was already entitled. I further
acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) my waiver and release do not apply to any rights or claims that may arise after the date I sign this Release Agreement; (b) I should consult with an
attorney prior to signing this Release Agreement (although I may choose voluntarily not to do so); (c) I have forty-five (45) days to consider this Release Agreement (although I may choose voluntarily to sign this Release Agreement before the
end of the 45-day period) and to return the signed Release Agreement to the Company; (d) I have seven (7) days following the date I sign this Release Agreement (the “Revocation
Period”) to revoke the Release Agreement as described below; and (e) this Release Agreement shall not be effective until the date upon which the Revocation Period has expired, which shall be the eighth day after I sign this Release
Agreement (the “Effective Date”). I understand and agree that if I choose to revoke this Release Agreement, I must deliver notice of such revocation in writing, by personal delivery, email or mail, to [NAME], [TITLE]
(            @            .com) at the Company, [ADDRESS], no later than 5:00 p.m. Pacific Time on the last day of the Revocation
Period. If mailed, the revocation must be properly addressed and postmarked no later than the last day of the Revocation Period. 
 I
represent that I have no lawsuits, claims or actions pending in my name, or on behalf of myself or any other person or entity, against any of the Releasees. I agree that I will not voluntarily provide assistance, information or advice, directly or
indirectly (including through agents or attorneys), to any person or entity in connection with any actual or potential claim or cause of action of any kind against the Releasees and I shall not induce or encourage any person or entity to do so,
unless compelled or authorized to do so by law. Notwithstanding the 

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

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

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

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

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

 

			
	Printed Name:	 	 

 
			
		
	Signature:	 	 

 
			
		
	Date:Exhibit

EXECUTIVE EMPLOYMENT AGREEMENT

This EXECUTIVE EMPLOYMENT AGREEMENT is made and entered into as of February 1, 2018, by and among Tiptree Operating Company, LLC, a Delaware limited liability company (the “Employer” or “Operating Company”), and Michael Barnes, an individual (“Executive”).
ARTICLE 1. 
RECITALS
WHEREAS, Tiptree Inc. (“Tiptree”) is the managing member of Operating Company;
WHEREAS, the Employer desires to employ Executive under the terms and conditions specified herein, and Executive is willing to be so employed by the Employer and provide the services specified herein to the Company.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and promises contained herein, the parties hereto agree as follows:
ARTICLE 2.     
DEFINITIONS
2.1    For the purposes of this Executive Employment Agreement, the following terms have the meanings specified or referred to in this Article 2.
(a)    “Agreement” – this Executive Employment Agreement, including any and all exhibits and schedules hereto, as may be amended from time to time in accordance with its terms.
(b)    “Board of Directors” – the Board of Directors of Tiptree.
(c)    “Commencement Date” – January 1, 2018.
(d)    “Company” – Employer and all of its parent, subsidiary, and affiliated entities, including Tiptree Financial Partners, L.P., Tiptree, Operating Company and any of their respective affiliates.
(e)    “Competitive Business” – a business of similar size and scope as Tiptree and its subsidiaries and affiliates that competes in any respect with the business of Tiptree or any of its subsidiaries or affiliates; provided, that a business shall be excluded from the definition of Tiptree Competitor if (A) that such entity has reported book value (or other similar measure) equal to or exceeding 120% of book value as publicly reported by Tiptree and (B) that such entity has reported EBITDA (or other similar measure) equal to or exceeding 120% of Adjusted EBITDA as publicly reported by Tiptree, in each case as most recently reported prior to the Date of Termination; provided, however, that the foregoing shall not prohibit Executive from (i) after the Employment Period, performing services for 

	
			
	 
	 
	 

an entity that is engaged in a Competitive Business, so long as Executive is not providing services in a material way for that part of the business that is engaged in a Competitive Business and that part of the business that constitutes a Competitive Business does not represent 20% or more of the earnings of such entity; or (ii) being a passive owner of not more than 2% of the outstanding stock of any class of a corporation or other business entity which is publicly traded, and provided, further, that Tricadia Capital Management LLC and its affiliates (collectively “Tricadia”) shall not be deemed to be a Competitive Business for purposes of this Agreement.
(f)    “Confidential Information” – includes any and all data and information of, or relating to, the business or affairs of the Company, its affiliates, and/or the directors, officers, employees, investors, customers, or clients of all of them,  including, without limitation, the following (whether written or unwritten): trade secrets, inventions, proposals, product development, marketing, risk management, business and trading strategies, projections, strategic planning, licensing arrangements, customers, clients, investors,  financial information, information pertaining to the Company’s marketing techniques, business plans, methods of doing business, operations, customer and vendor identities and agreements, any and all customer/client lists, prospective customer/client lists and any other information not generally known among the public in general and the Company’s competitors in the financial services and real estate holding company industry; provided, however that Confidential Information does not include information that was known by Executive prior to Executive’s anticipated employment with Employer.
(g)    “Employment Period” – the period during which Executive is employed by Employer and ending on the Date of Termination (as defined in Section 5.1 below).
ARTICLE 3.     
EMPLOYMENT TERMS AND DUTIES
3.1    Employment.
(a)    Employer hereby employs Executive, and Executive hereby accepts employment by Employer, in the position of Executive Chairman of each of Tiptree, Tiptree Financial Partners, L.P., and Operating Company, upon the terms and conditions set forth in this Agreement.  In addition, Executive may be asked from time to time to serve as a director or officer of one or more of the Tiptree’s subsidiaries and affiliates, without further compensation. 
(b)    Executive shall report to the Board of Directors.
3.2    Term.  Executive's employment hereunder shall commence as of the Commencement Date.  There shall be no definite term of employment.  Nothing specified herein shall be construed to alter the at-will nature of the employment, and thus, Executive or Employer may terminate Executive’s employment at any time and for any reason or for no reason, subject to the terms and conditions set forth in this Agreement.  Termination by Employer shall require the 

2

approval of the Board of Directors with Executive abstaining if Executive is a member of the Board of Directors at such time.  Executive shall be entitled to Termination Pay in the event of certain terminations described in Article 5 hereunder.
3.3    Duties.
(a)    Executive shall perform services in a managerial capacity in a manner consistent with Executive’s position as Executive Chairman, subject to the general supervision of the Board of Directors.
(b)    Executive shall have the duties and responsibilities consistent with Executive’s position as an Executive Chairman of a public company (provided that Executive shall not have grounds for Good Reason solely because Tiptree ceases to be a public company) as may be reasonably assigned or delegated to Executive by the Board of Directors.
(c)    Executive shall (i) devote such portion of Executive’s business time, attention, skill, and energy to the business of the Company as may be reasonably required to fulfill the performance of Executive’s duties hereunder; (ii) use Executive’s best efforts, business judgment, skills and knowledge to promote the success of the Company’s business; (iii) cooperate with the reasonable and lawful directives of the Board of Directors in the advancement of the best interests of the Company; (iv) comply with all Company policies, practices and procedures and all codes of ethics or business conduct applicable to Executive’s position(s), including but not limited to Tiptree’s Code of Business Conduct and Ethics, Code of Ethical Conduct and Securities Trading Policy (and any similar policy maintained by the Company), each as in effect from time to time; and (v) not engage in any other activity that conflicts with Executive’s duties hereunder; it being understood that the performance of Executive’s duties to Tricadia shall not be a violation of any of the foregoing.
(d)    Notwithstanding Section 3.3(c) or anything herein to the contrary, Executive may (i) devote a majority of Executive’s business time to Tricadia, (ii) serve on the boards of directors of non-profit organizations and, with the prior written approval of the Board of Directors, other for profit companies; (iii) participate in charitable, civic, educational, professional, community or industry affairs; and (iii) manage Executive’s personal investments  or engage in any other business activities so long as such activities individually or in the aggregate do not interfere or conflict with Executive’s duties hereunder or create a potential business or fiduciary conflict.  Without limiting the foregoing, Executive understands and agrees that at any time during Executive’s employment hereunder, Employer may, in its reasonable discretion, require that Executive cease engaging in any activity if Employer deems that Executive’s participation in such activity interferes in any way with Executive’s ability to perform Executive’s duties for the Company. 
(e)    Executive represents and warrants that the execution and delivery by Executive of this Agreement do not, and the performance by Executive of Executive’s obligations hereunder will not: (i) violate any judgment, writ, injunction, or order of any court, arbitrator, or governmental agency applicable to Executive; or (ii) conflict with, result 

3

in the breach of any provisions of or the termination of, or constitute a default under, any agreement to which Executive is a party or by which Executive is or may be bound.
ARTICLE 4.     
COMPENSATION
4.1    Basic Compensation.  During the Employment Period, Executive shall be entitled to the following basic compensation (the “Basic Compensation”):
(a)    Salary.  Executive shall be paid a minimum annual base salary of Three Hundred Thousand Dollars ($300,000), less applicable payroll and tax deductions and subject to adjustment as provided below (the “Base Salary”), which will be payable in equal periodic installments according to Employer’s customary payroll practices, but no less frequently than monthly, and shall be prorated for partial employment during a payroll period.  The Base Salary shall be reviewed by the Board of Directors or the Compensation, Nominating and Governance Committee of the Board of Directors (the “CNG”) no less frequently than annually, and may be increased (but not decreased) in the sole discretion of the Board of Directors or the CNG.  
(b)    Benefits.  Executive may, during the Employment Period, participate in such pension, profit sharing, bonus, retirement, incentives, life insurance, hospitalization, health and welfare, medical, major medical, disability, and other employee benefit plans, programs, and arrangements maintained by Employer in which employees of Employer may participate as in effect from time to time, except to the extent that such plans, programs or arrangements are duplicative of benefits otherwise provided to Executive under this Agreement (e.g., severance pay) and to the extent Executive is eligible under the terms of those plans and pursuant to such policies as Employer may prescribe from time to time, and any other restrictions imposed by law (collectively, the “Benefits”).
4.2    Incentive Compensation.  Executive shall be entitled to the following incentive compensation (the “Incentive Compensation”):
(a)    Annual Bonus.  Subject to this Section 4.2(a) and Article 5, with respect to each calendar year during which Executive is employed hereunder, Executive shall be eligible to receive an annual bonus, paid in cash, equity or equity-based awards, or a combination thereof at the discretion of the CNG, in an amount determined by the CNG based on the Company’s achievement of specific annual corporate performance objectives determined by the CNG (each an “Annual Bonus”).  Subject to the provisions of Article 5 below regarding Termination Pay, to be eligible to receive the Annual Bonus for any performance period, Executive must otherwise be actively employed with Employer for the entirety of that performance period as well as at the time that the bonus is paid.  Any portion of the Annual Bonus that is paid in cash shall be paid within thirty (30) days following the completion of Tiptree’s accounting for the applicable year, but in no event later than March 15th immediately following the end of the calendar year to which the Annual Bonus relates.

4

(b)    Other Incentives.  Executive shall be eligible to participate in any stock option, restricted stock, equity compensation, or other long-term incentive plan of the Company pursuant to the terms and conditions of such plan in effect from time to time (the “Equity”).  Executive’s participation in any such plan shall be determined by the Board of Directors or the CNG in its sole discretion.
4.3    Expense Reimbursement.  The Company shall pay or reimburse Executive for all ordinary and necessary business expenses incurred by Executive in the course of performing Executive’s duties under this Agreement, consistent with the Company’s policy for payment and reimbursement of executive employees’ expenses and according to such Company guidelines as may be adopted from time to time.  Any reimbursements under this Section shall be made as soon as practicable after Executive’s submission of such expenses, but in no event later than the last day of Executive’s taxable year following the taxable year in which the expense was incurred.
ARTICLE 5.     
TERMINATION
5.1    Events of Termination.  The Employment Period, the Basic Compensation under Section 4.1 above, the Incentive Compensation under Section 4.2 above, and any and all other rights of Executive under this Agreement or otherwise as an employee of Employer shall terminate (except as otherwise provided in this Article 5):
(a)    upon the death of Executive;
(b)    upon the Disability of Executive (as defined in Section 5.2) immediately upon notice from the Employer to Executive;
(c)    upon termination of Executive's employment by Employer for any reason; or
(d)    upon resignation of Executive for any reason.
The date the Employment Period ends under this Agreement in accordance with the provisions of this Article 5 is hereinafter referred to as the “Date of Termination.”
5.2    Definition of Disability.  For purposes of termination under this Article 5, “Disability” means a physical or mental illness or injury suffered by Executive, (a) which causes Executive to be unable to, or to have failed to, perform the material and essential functions and responsibilities of Executive’s position as set forth in this Agreement for either ninety (90) consecutive days or one hundred eighty (180) days or more in any period of twelve (12) consecutive months; or (b) with respect to which a physician selected by Employer, and reasonably acceptable to Executive or Executive’s representative or guardian, advises Employer that Executive’s physical or mental condition will render Executive unable to perform Executive’s services required hereunder for either ninety (90) consecutive days or one hundred eighty (180) days or more in any period of twelve (12) consecutive months.  Executive agrees that should Executive be unable to perform, or be deemed unable to perform, the material and essential functions and responsibilities of Executive’s 

5

position as set forth in this Agreement for more than thirty (30) consecutive days, Employer may designate another person to act as interim Executive Chairman until Executive is able to return to work, unless Executive meets the definition of “Disability” as set forth in the first sentence of this Section 5.2, in which case the Employment Period, the Basic Compensation under Section 4.1, the Incentive Compensation under Section 4.2, and any and all other rights of Executive under this Agreement or otherwise as an employee of Employer or as a director on the Board of Directors shall terminate immediately upon notice from the Employer to Executive.  Nothing herein shall be deemed to waive any legal requirement to reasonably accommodate a disability under applicable law.
5.3    Definition of for “Cause”.  For purposes of this Agreement, the phrase for “Cause” shall mean only the occurrence of any of the following events or actions:
(a)    Executive’s indictment for, conviction of, or entrance of a plea of guilty or nolo contendere to, a felony under federal or state law; or
(b)    Executive’s violation of Employer’s policies and procedures (to the extent such policies or procedures are not inconsistent with applicable law), which has a materially adverse effect on the business or reputation of the Company, which, if curable, is not cured by Executive within thirty (30) calendar days after written notice to Executive of same; or
(c)    fraudulent conduct by Executive in connection with the business affairs of the Company which has an adverse effect on the business or reputation of the Company, which, if curable, is not cured by Executive within ten (10) business days after written notice to Executive of same; or
(d)    theft, embezzlement, or criminal misappropriation of Company funds by Executive which has an adverse effect on the business or reputation of the Company, which, if curable, is not cured by Executive within ten (10) business days after written notice to Executive of same; or
(e)    Executive’s misconduct, which has, or would have if generally known, a materially adverse effect on the business or reputation of Employer, which, if curable, is not cured by Executive within ten (10) business days after written notice to Executive of same; or
(f)    Executive’s material breach of the performance of Executive’s duties under Section 3.3 of this Agreement, which, if curable, is not cured by Executive within thirty (30) calendar days after written notice to Executive of same.
5.4    Definition of for “Good Reason”.  For purposes of this Agreement, the phrase for “Good Reason” shall mean only, and without Executive’s prior written consent, the occurrence of any of the following events or actions:
(a)    a material reduction of Executive’s Base Salary or Annual Bonus target; or

6

(b)    Executive being required to relocate Executive’s principal business location to an office that is outside of a 50 mile radius from both Executive’s then current work location and principal residence; or
(c)    the Company’s material breach of this Agreement (including, without limitation, a material diminution in Executive’s authority, duties or responsibilities (other than temporarily while physically or mentally incapacitated or as required by applicable law); or a requirement that Executive report to someone other than the Board of Directors; 
provided, however, that Executive has first notified the Board of Directors, in writing, of the event of Good Reason within sixty (60) days of said occurrence, and has given the Board of Directors the opportunity to cure (if curable) during the thirty (30)-day period immediately following written notification from Executive, and resigns Executive’s employment for Good Reason within ten (10) days following the last day of the applicable cure period.
5.5    Termination Pay.  Effective upon the Date of Termination, Employer will be obligated to pay or provide Executive (or, in the event of Executive’s death, Executive’s designated beneficiary as defined below) only such compensation and benefits as provided for in this Section 5.5, in lieu of all other amounts otherwise owed to Executive and in settlement and complete release of all claims Executive may have against Employer and the other parties named in the Separation Agreement (as defined below), other than with respect to any rights to be indemnified.  For purposes of this Section 5.5, Executive’s designated beneficiary will be such individual beneficiary or trust as Executive may designate from time to time by written notice that is provided to Employer prior to the death of Executive.  If Executive fails to give written notice to Employer of such a beneficiary, the beneficiary shall be Executive’s estate.  Notwithstanding the preceding sentence, Employer shall have no duty, in any circumstances, to attempt to open an estate on behalf of Executive, to determine whether any beneficiary designated by Executive is alive or to ascertain the address of any such beneficiary, to determine the existence of any trust, to determine whether any person or entity purporting to act as Executive’s personal representative (or the trustee of a trust established by Executive) is duly authorized to act in that capacity, or to locate or attempt to locate any beneficiary, personal representative, or trustee.
(a)    Termination by Employer for Cause or by Executive without Good Reason.  Upon termination of Executive’s employment by Employer for Cause or by Executive without Good Reason, Employer shall provide Executive the following payments and benefits: (i) Executive’s earned but unpaid Base Salary up through the Date of Termination; (ii) any unreimbursed business expenses properly and reasonably incurred prior to the Date of Termination (so long as the applicable documentation reflecting such business expenses is submitted by Executive to Employer within thirty (30) days after the Date of Termination); and (iii) any rights or benefits to which Executive is entitled under the terms of any employee benefit plan, program, or arrangement (subject to the terms of such plans, including the timing of payments or reimbursements provided therein).  Clauses (i) through (iii) of this Section 5.5 are referred to collectively as the “Accrued Amounts.”  The Accrued Amounts (other than the amounts described in subaragraph (ii) above, which 

7

shall be paid in accordance with the terms of Section 4.3) will be paid to Executive within thirty (30) days following the Date of Termination or such shorter period as required by law.
(b)    Termination by Employer without Cause or due to the Death or Disability of Executive or by Executive for Good Reason.  If Employer terminates Executive’s employment under this Agreement without Cause or due to Executive’s Disability or if Executive’s employment terminates due to Executive’s death or Executive terminates his or her employment under this Agreement for Good Reason, Executive shall be entitled to receive:
(i)    the Accrued Amounts; 
(ii)    as severance pay, a lump sum cash payment on the sixtieth (60th) day following the Date of Termination in an amount equal to (i) two (2) times the Base Salary as of the Date of Termination (without regard to any reduction in Base Salary that gave rise to an event of Good Reason) and (ii) (A) the average of the Annual Bonuses paid to Executive with respect to the two calendar years immediately preceding the year in which the Date of Termination occurs  multiplied by (B) one (1) plus a fraction, the numerator of which is the number of full months of employment Executive completed in the year in which the Date of Termination occurs and the denominator of which is twelve (12); provided, however that in the event that Executive’s employment terminates due to Executive’s death or is terminated by the Company due to Executive’s Disability, Executive’s severance pay will be reduced by the amount of any life insurance or disability benefits that Executive or Executive’s estate has received, or as of the Date of Termination is eligible to receive, from an employer-sponsored plan;
(iii)    Executive’s earned but unpaid Annual Bonus with respect to any performance period that ends in the calendar year preceding the calendar year in which the Date of Termination occurs, determined and paid in accordance with Section 4.2(a) of this Agreement; provided, that any such Annual Bonus will be paid solely in cash; 
(iv)    all of Executive's unvested Equity and (including any restricted stock units awarded as part of any Annual Bonus), shall become nonforfeitable and Executive (or in the event of Executive's death, Executive’s designated beneficiary) shall be fully vested in such Equity as of the Date of Termination; and
(v)    in the event Executive timely elects to continue Executive’s health insurance coverage pursuant to COBRA, payment of the monthly cost of Executive’s (and his or her dependents’) COBRA premiums that are above the active employee rate for eighteen (18) months or until such earlier date that Executive becomes eligible for comparable coverage with a subsequent employer, which amounts shall be paid in arrears on a monthly basis; provided that if Executive becomes eligible to receive comparable coverage from a subsequent employer the payments under this subsection (vi) shall immediately stop.

8

Provided, however, that any payments under Sections 5.5(b) (other than the Accrued Amounts) shall be made only if Executive, or in the case of Death, the beneficiary or executor of Executive’s estate, or in the case of Disability which renders Executive unable to sign Executive’s Power of Attorney, (1) signs, and does not revoke, if applicable, a confidential separation agreement and release of claims that contains restrictive covenants substantially similar to those contained in Article 7 hereof (the “Separation Agreement”) in a form reasonably satisfactory to the Company within sixty (60) days of the Date of Termination; and (2) complies with the restrictions set forth in Articles 6 and 7 of this Agreement.  For avoidance of doubt, if Executive violates any of the restrictions set forth in Articles 6 and 7 of this Agreement, no additional severance payments shall be made from and after the point of the breach or threatened breach.  Furthermore, it is expressly understood that any Separation Agreement signed by Executive shall not release Executive from Executive’s obligations under Articles 6 and 7 hereunder, which survive termination of this Agreement.
5.6    Notice and Board Resignations.  If Executive terminates his or her employment hereunder other than for Good Reason, notwithstanding the at-will nature of Executive’s employment hereunder, Executive shall provide Employer with thirty (30) days’ written notice of Executive’s intention to terminate his or her employment with Employer.  During any such period of required notice, Executive will continue to be an employee and will continue to be entitled to receive Basic Compensation for that period of time that Executive remains employed by the Company during the notice period.  Executive’s fiduciary duties and other obligations as an employee of Employer will continue, and Executive will cooperate in the transition of Executive’s responsibilities.  Employer shall, however, have the right, in its sole discretion, to direct that Executive no longer come in to work or to shorten the notice period.  If Employer shortens the required notice period Executive has provided, Employer reserves the right, in its sole discretion, to not pay Executive for any remaining period of notice.  Executive’s eligibility to participate in any incentive compensation plan during any period of notice shall be determined by the terms and conditions set forth in the applicable plan.  If Executive’s employment with Employer is terminated for any reason (other than due to Executive’s death), Executive agrees to resign immediately from the boards of directors of any subsidiaries or affiliated entities of the Company, as applicable, and provide corresponding letters of resignation.
5.7    Tax Matters.
(a)    For purposes of this Agreement, all references herein to the “IRC” are references to the Internal Revenue Code of 1986, as amended from time to time.  Reference to a section of the IRC includes all rulings, regulations, notices, announcements, decisions, orders, and other pronouncements that are issued by the United States Department of the Treasury, the Internal Revenue Service, or the precedents of, or applicable to, a court of competent jurisdiction authorized by this Agreement to determine issues arising under this Agreement that are lawful and pertinent to the interpretation, application, or effectiveness of such section.
(b)    Withholding.  Employer may withhold from any amounts payable under this Agreement such federal, state, and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

9

(c)    Section 409A.
(i)    Full Compliance.  It is the intent of the parties that all compensation and benefits payable or provided to Executive (whether under this Agreement or otherwise) shall fully comply with, or be exempt from, the requirements of IRC Section 409A, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted in accordance with the foregoing.  Employer and Executive agree that they shall cooperate in good faith so that Executive does not incur any tax (including interest and/or penalties) under IRC Section 409A.
(ii)    Separate Payments.  Notwithstanding anything contained in this Agreement to the contrary, each and every payment made under this Agreement shall be treated as a separate payment and not as a series of payments.  Whenever a payment under this Agreement may be paid within a specified period, the actual date of payment within the specified period shall be within the sole discretion of the Company.
(iii)    Specified Employee.  Notwithstanding anything contained in this Agreement to the contrary, if Executive is a “specified employee” (determined in accordance with IRC Section 409A and Treasury Regulation Section 1.409A-3(i)(2)) as of the Date of Termination, and if any payment, benefit, or entitlement provided for in this Agreement or otherwise both (A) constitutes a “deferral of compensation” within the meaning of IRC Section 409A (“Nonqualified Deferred Compensation”) and (B) cannot be paid or provided in a manner otherwise provided herein or otherwise without subjecting Executive to additional tax, interest, and/or penalties under IRC Section 409A, then any such payment, benefit, or entitlement that is payable during the first six (6) months following the Date of Termination shall be paid or provided to Executive in a lump sum cash payment (or, in the case of equity-based awards, in the form of payment specified in the award agreements evidencing such awards) to be made on the earlier of (1) Executive’s death or (2) the first business day of the seventh (7th) calendar month immediately following the month in which the Date of Termination occurs.
(iv)    Expense Reimbursements.  Notwithstanding anything contained in this Agreement to the contrary, (A) the amount of expenses eligible for reimbursement or the provision of any in-kind benefit (as defined in IRC Section 409A) to Executive during any calendar year will not affect the amount of expenses eligible for reimbursement or provided as in-kind benefits to Executive in any other calendar year, (B) the reimbursements for expenses for which Executive is entitled shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred, and (C) the right to payment or reimbursement or in-kind benefits may not be liquidated or exchanged for any other benefit.
(v)    Reimbursement of Expenses in Connection with a Separation from Service.  Notwithstanding anything contained in this Agreement to the contrary, any 

10

payment or benefit paid or provided under this Agreement or otherwise paid or provided due to a “separation from service” (as such term is described and used in IRC Section 409A and the Treasury Regulations promulgated thereunder, after giving effect to the presumptions contained therein) that is exempt from IRC Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)(v) shall be paid or provided to Executive only to the extent the expenses are not incurred or the benefits are not provided beyond the last day of the second taxable year of Executive following the taxable year of Executive in which the separation from service occurs; provided, however that Employer reimburses such expenses no later than the last day of the third taxable year following the taxable year of Executive in which the separation from service occurs.
(vi)    In no event shall the Company have any liability relating to the failure or alleged failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of IRC Section 409A. 
ARTICLE 6.     
NONDISCLOSURE COVENANT
6.1    Agreements of Executive.  In consideration of this Agreement, Executive covenants as follows:
(a)    Confidentiality.
(i)    During and following the Employment Period, Executive shall hold in confidence and shall not, directly or indirectly, communicate, divulge, or disclose to any person (other than in the regular course of the Company’s business) or use for Executive’s or any other person’s benefit, except with the specific prior written consent of the Company or except as otherwise expressly permitted by the terms of this Agreement, Confidential Information of the Company.  
(ii)    Any trade secrets of the Company shall be entitled to all of the protections and benefits under any applicable law.  If any information that the Company deems to be a trade secret is found by a court or tribunal of competent jurisdiction not to be a trade secret for purposes of this Agreement, such information shall, nevertheless, be considered Confidential Information for purposes of this Agreement.  Executive hereby waives any requirement that the Company submit proof of the economic value of any trade secret or post a bond or other security.
(iii)    None of the foregoing obligations and restrictions regarding Confidential Information applies to the disclosure and/or use of Confidential Information:
(A)    which may be required or necessary in connection with the good faith performance of Executive’s work as an employee of Employer;

11

(B)    subject to Section 6.2, when Executive is required to divulge such Confidential Information by a court of law, by any governmental agency having supervisory authority over the business of the Company, or by any administrative or legislative body (including a committee thereof) with jurisdiction to order Executive to divulge, disclose, or make accessible such information;
(C)    when otherwise Confidential Information becomes generally known to the public or trade without Executive’s violation of this Section 6.1(a);
(D)    when Executive divulges Confidential Information to Executive’s spouse, attorney, and/or her personal tax and financial advisors as reasonably necessary or appropriate to advance Executive’s tax planning (each an “Exempt Person”), so long as each such Exempt Person agrees not to disclose or use any trade secrets or proprietary or Confidential Information of the Company.
(iv)    Executive recognizes that, as between the Company and Executive, any document, record, notebook, plan, model, component, device, or computer software or code, whether embodied in a disk or in any other form (collectively, the “Proprietary Items”), whether or not developed by Executive, are the exclusive property of the Company.  Upon termination of Executive’s employment under this Agreement by either party, or upon the reasonable request of Employer during the Employment Period, Executive will return to the Company all of the Proprietary Items in Executive’s possession or subject to Executive’s control, and Executive shall not retain any copies, abstracts, sketches, or other physical embodiment of any of the Proprietary Items.
(v)    Executive cannot be held criminally or civilly liable under any federal, provincial or state law (including trade secret laws) for disclosing a trade secret or confidential information (i) in confidence to a federal, state, provincial or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed under seal in a lawsuit or other proceeding.  Notwithstanding this immunity from liability, Executive may be held liable if Executive unlawfully accesses trade secrets or confidential information by unauthorized means.  Nothing in this Agreement (i) limits, restricts or in any other way affects Executive’s communicating with any governmental agency or entity, or communicating with any official or staff person of a governmental agency or entity, concerning matters relevant to the governmental agency or entity or (ii) requires Executive to notify the Employer about such communication.
6.2    Confidentiality Despite Disputes or Controversies.  Executive recognizes that should a dispute or controversy arising from or relating to this Agreement be submitted for adjudication to any court, arbitration panel, or other third party, the preservation of the secrecy of 

12

Confidential Information may be jeopardized.  All pleadings, documents, testimony, and records relating to any such adjudication shall be maintained in secrecy and shall be available for inspection by the Company, Executive, and their respective attorneys and experts, who shall agree, in advance and in writing, to receive and maintain all such information in secrecy, except as may be limited by them in writing.
ARTICLE 7.     
NON-INTERFERENCE
7.1    Acknowledgements by Executive.  Executive acknowledges that: (a) the services to be performed by Executive under this Agreement are of a special, unique, unusual, extraordinary, and intellectual character; (b) the Company competes with other businesses that are or could be located in any part of the United States or elsewhere in the world; and (c) the provisions of this Article 7 are reasonable and necessary to protect the Company’s business.
7.2    Covenants of Executive. In consideration of this Agreement, Executive covenants that Executive shall not, directly or indirectly, engage in any of the following activities:
(a)    Non-Competition.  During the Employment Period, and for a period of one (1) year following the termination of Executive’s employment with Employer for any reason (the “Non-Competition Period”), Executive shall not engage in, participate in, carry on, own, or manage, directly or indirectly, either for himself or herself or as a partner, stockholder, officer, director, employee, agent, independent contractor, representative, co-venturer, or consultant (whether compensated or not) of/with any person, partnership, corporation, or other enterprise that is a Competitive Business in any geographic location where the Company or any of its subsidiaries or affiliates conducts or is actively planning to conduct business at any time during the Executive’s employment with the Company or, with respect to the portion of the Non-Competition Period that follows termination of Executive’s employment with the Company, at that time of termination.    
(b)    Non-Solicitation of Employees.  Whether on Executive’s own behalf or on behalf of any other person or entity, Executive shall not, at any time during the Employment Period and for a period of one (1) year following the termination of Executive’s employment with Employer for any reason (the “Non-Solicit Period”) directly or indirectly solicit, hire, recruit, encourage, induce, or attempt to induce any employee of the Company to terminate his or her employment with the Company, or otherwise directly or indirectly employ or engage such person as an employee, independent contractor, consultant, or otherwise; provided, however that this prohibition on solicitation shall not restrict general soliciting activity not specifically targeted at the Company (including the placement of general advertisements or the engagement of search firms that are not instructed to target the Company).
(c)    Non-disparagement.  
(i)    Subject to Section 6.1(a)(v), Executive agrees that Executive will not, during the duration of the Term and at any time thereafter, publish or communicate 

13

to any person or entity any Disparaging (as defined below) remarks, comments or statements concerning any of the Company, its subsidiaries and affiliates, and their respective present and former members, partners, directors, officers, shareholders, employees, agents, attorneys, successors and assigns.  "Disparaging" remarks, comments or statements are those that impugn the character, honesty, integrity or morality or business acumen or abilities in connection with any aspect of the operation of business of the individual or entity being disparaged.  Notwithstanding the foregoing, nothing in this Agreement shall be construed to preclude truthful disclosures in response to lawful process as required by applicable law, regulation, or order or directive of a court, governmental agency or regulatory organization.
(ii)    The Company agrees that it shall direct its members, partners, directors and officers to not, during the duration of the Term and at any time thereafter, publish or communicate to any person or entity any comments or statements that impugn the character, honesty, integrity or morality or business acumen or abilities of Executive.  Notwithstanding the foregoing, nothing in this Agreement shall be construed to preclude truthful disclosures in response to lawful process as required by applicable law, regulation, or order or directive of a court, governmental agency or regulatory organization.
(d)    If any covenant in this Section 7.2 is held to be unreasonable or otherwise unenforceable, that should not affect the remainder of such covenants, which shall be given full effect.  If any of the covenants, or any part thereof, in this Section 7.2 are held to be unenforceable due to the scope, duration, or geographic area set forth therein, the parties agree that the court or tribunal of competent jurisdiction as set forth in Section 8.1 shall determine the scope, duration and/or geographic area that is reasonable, and such covenant, in that modified form, shall be effective, binding, and enforceable against Executive.  So that the Company may enjoy the full benefit of the covenants contained in this Article 7, Executive further agrees that the Non-Competition Period and the Non-Solicit Period shall be tolled, and shall not run, during the period of any breach by Executive of any of the covenants contained in this Article 7.  Finally, no claimed breach of this Agreement or other violation of law attributed to the Company, or change in the nature or scope of Executive’s employment or other relationship with the Company, shall operate to excuse Executive from the performance of Executive’s obligations under Articles 6 or 7.
 

ARTICLE 8.     
GENERAL PROVISIONS
8.1    Injunctive Relief, Jurisdiction, Additional Remedy.  Executive acknowledges that the injury that would be suffered by the Company as a result of a breach of the provisions of this Agreement (including, but not limited to, any provision of Articles 6 and 7) could cause irreparable harm to the Company and that an award of monetary damages to the Company for such a breach could be, in and of itself, an inadequate remedy.  Consequently, Executive agrees that the Company 

14

shall be entitled to, in addition to any other rights it may have, (a) seek an injunction and/or specific performance, as well as to pursue any other legal or equitable remedy necessary in order to compel compliance, before a court or tribunal of competent jurisdiction, as necessary or appropriate, (b) restrain any breach or threatened breach, or (c) otherwise specifically enforce any provision of this Agreement, and the Company shall not be obligated to post bond or other security in seeking such relief.  Without limiting the Company’s rights under this Article 8 or any other remedies of the Company, if Executive breaches any of the provisions of Articles 6 or 7, Employer shall have the right to both cease making any payments otherwise due to Executive under this Agreement, and to recoup certain payments and benefits, as may be set forth in this Agreement.  
8.2    Covenants of Articles 6 and 7 Are Essential and Independent Covenants.
(a)    The covenants by Executive in Articles 6 and 7 are essential elements of this Agreement, and without Executive’s agreement to comply with such covenants, Employer would not have entered into this Agreement or employed or continued the employment of Executive.  Employer and Executive have independently consulted their respective counsel and have been advised in all respects concerning the reasonableness and propriety of such covenants, with specific regard to the nature of the business conducted by Employer.
(b)    Executive’s covenants in Articles 6 and 7 are independent covenants, and the existence of any claim by Executive against Employer under this Agreement or otherwise shall not excuse Executive’s breach of any covenants in Article 6 and 7.
(c)    If Executive’s employment hereunder is terminated, this Agreement shall continue in full force and effect as is necessary or appropriate to enforce the obligations of Executive in Articles 6 and 7.
8.3    Waiver.  The rights and remedies of the parties to this Agreement are cumulative and not alternative.  Neither the failure nor any delay by either party in exercising any right, power, or privilege under this Agreement shall operate as a waiver of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege shall preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege.  To the maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other party; (b) no waiver that may be given by a party will be applicable except in the specific instance for which it is given; and (c) no notice to or demand on one party will be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement.
8.4    Regulatory Issues.  Employer or one or more of its affiliated entities are or will be registered as an investment adviser with the Securities and Exchange Commission, as well as a public company registered with the Securities Exchange Act that files periodic reports pursuant to the Exchange Act.  As an employee of Employer, Executive acknowledges that Executive will be subject to a the Company’s lawful rules, practices and policies applicable to the Company’s senior executive employees, including but not limited to Tiptree’s Code of Business Conduct and Ethics, 

15

Code of Ethical Conduct and Securities Trading Policy, copies of which have been provided to Executive.  Executive must execute acknowledgement of and abide by Tiptree’s Code of Business Conduct and Ethics, Code of Ethical Conduct and Securities Trading Policy and the restrictions and other information contained therein.  Executive acknowledges that Executive is also required to be familiar with, and abide by, specific policies and procedures set forth in the Company’s compliance manual(s).  A copy of each such policy and procedure governing Executive’s employment responsibilities in these areas will be provided to Executive or made available for Executive’s review.  The Company, in its sole discretion, may at any time modify or supplement its compliance policies and procedures.
8.5    Recoupment.  The Executive hereby acknowledges and agrees that the Annual Bonus under Section 4.2(a) above and all other payments of incentive-based compensation payable to the Executive by the Company (whether under this Agreement or otherwise) shall be subject to any applicable clawback or recoupment policy of the Company, as such policy may be amended and in effect from time to time, and shall be subject to recoupment as otherwise required by applicable law or applicable stock exchange listing standards, including, without limitation, Section 10D of the Securities Exchange Act of 1934, as amended.
8.6    Binding Effect and Assignment.  This Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto and their respective successors, assigns, heirs, and legal representatives, including any entity with which Employer may merge or consolidate or to which all or substantially all of its assets may be transferred, except that in the event of an asset sale or transfer, in no event would the liability be greater than the amount set forth in Section 5.5(b) regarding a termination of Executive without Cause or for Good Reason.  The duties and covenants of Executive under this Agreement, being personal, may not be delegated or assigned by Executive.  Employer may assign this Agreement to any of its affiliates, parents, subsidiaries, or successors.
8.7    Notices.  All notices, consents, waivers, and other communications under this Agreement must be in writing and will be deemed to have been duly given when (a) delivered by hand (with written confirmation of receipt), (b) sent by facsimile (with written confirmation of receipt), provided that a copy is mailed by overnight delivery service, receipt requested, or (c) when received by the addressee, if sent by a nationally recognized overnight delivery service (receipt requested), in each case to the appropriate addresses and facsimile numbers set forth below (or to such other addresses and facsimile numbers as a party may designate by notice to the other parties):

		
	If to Employer:
	Chair of the Compensation, Nominating and Governance Committee of the Board

Tiptree Inc.
780 Third Avenue, 21st Floor
New York, New York 10017

		
	With a copy to:
	General Counsel 
Tiptree Inc. 

16

780 Third Avenue, 21st Floor 
New York, New York 10017

		
	If to Executive:
	To the address on file with the books 
and records of Employer

8.8    Entire Agreement; Amendments.  This Agreement (and the documents referenced herein) and the Indemnification Agreement, dated as of July 1, 2013, between Tiptree and Executive, contain the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, between the parties hereto with respect to the subject matter hereof.  This Agreement may not be amended orally, but only by an agreement in writing signed by the parties hereto.
8.9    Governing Law, Jurisdiction, and Mandatory Mediation.  This Agreement will be governed by the laws of the State of New York without regard to conflict of laws principles, and Executive and Employer consent to personal jurisdiction in the state and federal courts of the State of New York in any proceeding concerning this Agreement.  In the event that either party files, and is allowed by the courts to prosecute, a court action against the other, the parties in such action agree not to request, and hereby waive, any right to a trial by jury.  Notwithstanding the foregoing, Executive and Employer agree that, prior to submitting a dispute under this Agreement to the courts, the parties shall submit, for a period of sixty (60) days, to voluntary mediation before a jointly selected neutral third party mediator under the auspices of JAMS, New York City, New York, Resolution Center (or any successor location), pursuant to the procedures of JAMS International Mediation Rules conducted in the State of New York.  However, such mediation or obligation to mediate shall not suspend or otherwise delay any termination or other action of Employer or affect any other right of Employer, including the right to seek immediate injunctive relief under Article 8 of this Agreement.
8.10    Controlling Document. If any provision of any agreement, plan, program, policy, arrangement, or other written document between or relating to Employer and Executive conflicts with any provision of this Agreement, the provision of this Agreement shall control and prevail.
8.11    Section Headings, Construction.  The headings of Articles and Sections in this Agreement are provided for convenience only and will not affect its construction or interpretation.  All references to “Article” or “Articles” or to “Section” or “Sections” refer to the corresponding Article(s) or Section(s) of this Agreement unless otherwise specified.  All words used in this Agreement will be construed to be of such gender or number as the circumstances require.  Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms.
8.12    Severability.  If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement shall remain in full force and effect.  Any provision of this Agreement held invalid or unenforceable only in part or degree shall remain in full force and effect to the extent not held invalid or unenforceable.

17

8.13    Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original copy of this Agreement and all of which, when taken together, shall be deemed to constitute one and the same agreement.

18

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and year first above written.

TIPTREE OPERATING COMPANY, LLC

By:    __/s/ Jonathan Ilany___ 
Name:    Jonathan Ilany 
Title:    Chief Executive Officer

EXECUTIVE:

/s/ Michael Barnes_______ 
Michael Barnes

Acknowledged and Agreed:

TIPTREE INC.

By:    /s/ Jonathan Ilany_____ 
Name:    Jonathan Ilany 
Title:    Chief Executive Officer

    

19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}]]