Document:

beardcagree.htm

    
      

    

    Exhibit
10.1

    CONSULTING
AGREEMENT

    

    

    THIS
AGREEMENT is entered into effective January 1, 2009 (the "Effective Date")
between Stanley S. Beard ("Beard") and Clayton Williams Energy, Inc., a Delaware
corporation ("Company").

    

    Beard has
served as a member of the Board of Directors of Company since September 27,
1991. Beard has resigned his position as a director of
Company.  Company desires to retain the services of Beard as a
consultant so that Beard's knowledge and expertise concerning the operations and
prospects of Company and of the oil and gas industry will continue to be
available to Company management. Beard is willing to provide such services upon
the terms and subject to the conditions of this Agreement.

    

    The
parties agree as follows:

    

    1.           Beard
agrees to provide consulting services to Company described on Schedule A hereto
and such other services as may be mutually agreed to by Beard and
Company.

    

    2.           Beard
is engaged for a term commencing on the Effective Date and continuing until
December 31, 2011 or such later date as the parties may mutually agree. Company
may terminate this Agreement or any or all of the services of Beard under the
Agreement upon breach of this Agreement by Beard by giving written notice to
Beard setting forth the effective date of termination. Beard shall stop work
hereunder to the extent and on the date specified in such notice,

    

    3.           Company
shall pay Beard a consulting fee equal to $8,750 per calendar quarter during the
term of this Agreement, which fee shall be payable in arrears on March 31, 2009
and on each successive June 30, September 30, December 31 and March 31 during
the term of this Agreement (or the next succeeding business day if such day is
not a business day). Company shall also pay Beard a commission as described on
Schedule A
hereto. Company shall reimburse Beard for reasonable out-of-pocket expenses
incurred by Beard in performing his duties under this Agreement provided that
Beard submits appropriate documentation of such expenses to
Company.

    

    4.           In
performing services hereunder, Beard shall not use any information or materials
in which Beard or any third party claims a proprietary interest without the
express prior written consent of Company. Beard will indemnify, defend and hold
Company and its subsidiaries and their respective affiliates, partners,
directors, officers, employees and agents harmless from and against any and all
losses, liabilities, claims, damages, fines, penalties, settlements, judgments,
costs and expenses (including reasonable attorneys' fees) (collectively, "Losses") arising out
of or in connection with a claim that the use of any such information or
materials by Company or its subsidiaries (a) infringes a patent, copyright,
trademark, trade name, service mark, or similar proprietary right, (b)
constitutes misuse or misappropriation of any confidential or proprietary
information or trade secret or (c) violates any other rights of a third party.
Company and its subsidiaries shall have the right to participate in such defense
and negotiations to the extent of its potential liabilities and
responsibilities.

    

    5.           Company
will indemnify, defend and hold Beard harmless from and against any and all
Losses arising out of or in connection with the performance by Beard of his
services under this Agreement, except for (a) such Losses arising out of or in
connection with the gross negligence, recklessness, intentional misconduct or a
knowing violation of law by Beard and (b) such Losses for which Beard is
required to indemnify Company pursuant to this Agreement.

    
      
        
           

           

        

         

      

      
        1 

        
          

        

      

      
         

      

    

    COMPANY
AND BEARD INTEND THAT BEARD BE INDEMNIFIED AND HELD HARMLESS FOR BEARD'S OWN
NEGLIGENCE EXCEPT AS EXPRESSLY PROVIDED ABOVE.

    

    6.           During
the term of this Agreement and thereafter, Beard agrees to keep confidential all
information received or obtained by Beard from Company or its subsidiaries,
including without limitation information concerning the financial condition or
results of operation, oil and gas reserves, customers, suppliers, processes,
business and marketing plans, pricing, purchases, products and personnel of
Company or its subsidiaries. Beard will not use or disclose such information
except as authorized in writing by Company. Upon expiration or termination of
this Agreement, Beard shall promptly return to Company all copies (in whatever
form) of confidential information in Beard's possession and, at Company's
request, shall execute and deliver to Company written confirmation that Beard
has complied with this requirement.

    

    7.           During
the term of this Agreement and thereafter, Beard, individually or in a capacity
as a representative of another entity, shall not (a) hire or solicit any
existing or former employee of Company or its subsidiaries to terminate his
employment with Company or its subsidiaries (an employee of Company or it
subsidiaries shall cease to be considered a former employee if his employment
with Company or its subsidiaries terminated more than 12 months prior to the
conduct in question) or (b) solicit any existing or former customer or supplier
of Company or it subsidiaries to terminate his or its relationship with Company
or its subsidiaries or become a customer or supplier of another entity if such
other entity offers products or services which are or may be competitive with
those offered by Company or its subsidiaries.

    

    8.           Beard
shall be an independent contractor and not an agent or employee of Company or
its subsidiaries. Beard shall indemnify, defend and hold Company and its
subsidiaries and their respective affiliates, partners, directors, officers,
employees and agents harmless, from and against any and all Losses (a) arising
out of or in connection with any personal injury, death or property damage
caused by or arising from any acts or omissions of Beard while performing
services hereunder and (b) arising out of or in connection with any breach of
this Agreement by Beard. Beard hereby expressly waives for itself and its
successors and assigns any and all claims to receive any benefits under benefit
plans of Company or its subsidiaries, including, without limitation, vacation,
disability, life insurance, bonus, leave, pension and annuity, accidental death
and dismemberment, hospital, surgical or medical benefits.

    

    9.           Company
will not make deductions from any payments to Beard hereunder for withholding or
other taxes, unless otherwise required to do so by law or governmental
regulation. Beard shall be responsible for and shall withhold or pay any
federal, state or local tax with respect to compensation, wages or other
remuneration for any services performed pursuant to this Agreement and shall
indemnify, defend and hold Company and its subsidiaries and their respective
affiliates, partners, directors, officers, employees and agents harmless from
and against all such taxes and shall comply with all governmental regulations
with respect thereto, including the filing of all necessary reports and
returns.

    

    10.           Beard
agrees that he will use reasonable efforts to not intentionally make any
derogatory or disparaging statements about Company, its subsidiaries, or its or
their past, present and future affiliates, partners, directors, officers,
employees and agents that may adversely affect their current or potential
business reputation. Company agrees that it will not, and will use reasonable
efforts to cause its officers, directors and senior managers to not
intentionally make any derogatory or disparaging statements with respect to
Beard or Beard's service as a director of Company that may adversely affect his
current or potential business reputation (including informing its officers,
directors and senior managers that they shall not intentionally make such
statements).

    

    

    
      
        
           

        

      

      
        2

        
          

        

      

      
        
        

      

    

    11.           Beard
acknowledges that he is aware of the restrictions imposed by the United States
securities laws on the purchase or sale of a security of any issuer on the basis
of material, non-public information about that security or issuer in breach of a
duty of trust or confidence that is owed directly, indirectly or derivatively to
that issuer or the shareholders of that issuer or to any other person who is the
source of the material, non-public information.  Beard agrees not to
trade, and not to allow any of his representatives to trade, in Company's
securities when he is prohibited from trading in Company's securities under
applicable securities laws.  Company will cooperate with Beard in the
filing of documents required by the Securities and Exchange Commission relating
to his resignation as a member of the Board of Directors of Company and/or the
sale of Company securities made in accordance with this paragraph
11.

    

    12.           This
Agreement shall not be assigned by Beard nor shall Beard subcontract any
services to be performed under this Agreement without Company's prior written
consent.

    

    13.           Any
notice required hereunder shall be hand delivered or be sent by U.S. Certified
Mail, Return Receipt Requested to the parties as follows:

    

    
      	
              Clayton
      Williams Energy, Inc.

            
	
              Attn:
      L. Paul Latham

            
	
              6
      Desta Drive, Suite 6500

            
	
              Midland,
      Texas 79705

            
	 
      
	
              Stanley
      Beard

            
	
              500
      W. Texas Avenue, Suite 705

            
	
              Midland,
      Texas 79701

            

    

    

    14.           This
Agreement shall be governed by the laws of the State of 'Texas without regard to
the conflicts of law provisions thereof. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof. The
prevailing party in any action to enforce this Agreement shall be entitled to
costs and attorneys' fees. No waiver or modification of this Agreement will be
binding upon either party unless made in writing and signed by a duly authorized
representative of such party and no failure or delay in enforcing any right will
be deemed a waiver. This Agreement shall be construed as to its fair meaning and
not strictly for or against either party.

    

    

    [SIGNATURE
PAGE FOLLOWS]

    
      
        
           

           

        

         

      

      
         3

        
          

        

      

      
         

      

    

    The
parties have executed this Agreement on December 1, 2008 to be effective on the
Effective Date.

    

    
      	 
      	 
      	
              BEARD:

            
	 
      	 
      	 
      
	 
      	 
      	
              By: 
      /s/ Stanley S. Beard

            
	 
      	 
      	
              Stanley
      S. Beard

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              COMPANY:

            
	 
      	 
      	 
      
	 
      	 
      	
              CLAYTON
      WILLIAMS ENERGY, INC.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              By: 
      /s/ L. Paul Latham

            
	 
      	 
      	
              L.
      Paul Latham

            
	 
      	 
      	
              Executive
      Vice President

            

    

    

    

    
      
        
          Clayton
Williams Energy, Inc.

          Consulting
Agreement

           

        

         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
A

    

    

    

    
      	
               
      

            	
              Provision of Advice
      and Expertise.

            

    

    

    Beard
shall be available from time to time to consult with officers of the Company as
to financing, drilling programs, strategy and related issues associated with
building values for the shareholders of the Company.

    

    
      	
               
      

            	
              Presentation of
      Prospects.

            

    

     

    Beard
shall identify in writing to Company any prospective production, drilling or
acreage block prospect (“Prospect”) which Beard develops prior to providing any
information as to a Prospect to any other party.  Said Prospect
information shall be delivered to L. Paul Latham, or his designee, in
writing.  The Prospect information shall include the owner, location,
pro-forma budget and brief analysis of the Prospect.  Unless Company
has already identified such Prospect, Company will acknowledge in writing to
Beard within ten (10) days of receipt of Beard’s presentation of the Prospect
that Beard has identified that Prospect.  Should Company have already
identified the Prospect, Company shall notify Beard in writing within five (5)
days after receipt of Beard’s presentation of the Prospect and advise Beard if
the Company has already been approached on the Prospect or has the Prospect
under consideration.  In such event, Beard will not be entitled to
register or receive a commission for that Prospect, and such Prospect shall not
be subject to this agreement.

    

    Company
will have sixty (60) days from the date of receipt of Beard’s presentation of a
Prospect to elect to participate in such Prospect. If Company does not elect, in
writing, to participate in such Prospect within the sixty (60) day period,
Company will be deemed to have elected not to participate in such Prospect and
such Prospect shall not be subject to this agreement.

    

    During
the sixty (60) day review period and thereafter if Company elects to participate
in a Prospect, all information related to such Prospect shall be confidential
information, subject to the provisions of paragraph 6 of the
Agreement.  Company agrees that should it make a final determination
not to participate in the Prospect prior to the end of the sixty (60) day
period, it will notify Beard of such decision, and such Prospect shall not be
subject to this agreement.

    

    
      	
               
      

            	
              As
      to each Prospect in which Company elects to participate (whether by
      drilling, purchase, merger, acquisition or otherwise), Company will pay
      Beard a commission as set forth
below:

            

    

    

    
      	 
      	
              Drilling
      deal - $10,000 per well drilled, plus 1% ORR

            
	 
      	
              Acreage
      block purchase (no well commitment) —5% commission and 1%
    ORR

            
	 
      	
              Production
      Acquisition                  
      First $0 to 10 mm — 3%

            
	 
      	
              Next $10+ to 25 mm —
      2%

            
	 
      	
              Next $25 to 50mm —
      1.5%

            
	 
      	
              Next $50 to 100 mm —
      1%

            
	 
      	
              All over $100 mm
      —.5%

            

    

    

    No commission will be payable unless
Company actually closes and funds the transaction.

    Clayton
Williams Energy, Inc.

    Schedule
Aexv10w1w1

EXHIBIT 10.1.1

FIRST AMENDMENT TO AMENDED AND RESTATED

LOAN AND SECURITY AGREEMENT

     THIS FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (the “Amendment”) is
made effective as of the 14th day of October, 2008, by and among IMPAX LABORATORIES, INC., a
Delaware corporation (“Borrower”), and WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking
association (together with its successors and assigns, (“Bank”).

BACKGROUND

     A. Pursuant to that certain Amended and Restated Loan and Security Agreement dated December
15, 2005 by and between Borrower and Bank, as the same may hereafter be further amended, modified,
supplemented or restated from time to time, being referred to herein as the “Loan Agreement”), Bank
agreed, inter alia, to amend and restate an existing revolving line of credit in the maximum
principal amount of Thirty-Five Million Dollars ($35,000,000.00).

     B. Borrower has requested and Bank has agreed to amend the Loan Agreement in accordance with
the terms and conditions contained herein.

     C. All capitalized terms contained herein and not otherwise defined herein shall have the
meanings set forth in the Loan Agreement.

     NOW, THEREFORE, intending to be legally bound hereby, the parties hereto agree as follows:

     1. Waiver of Covenant Default.

          (a) Bank hereby waives any Default or Event of Default that exists or may arise under the Loan
Agreement as a result of Borrower’s failure to deliver to Lender audited annual financial
statements within ninety (90) days of Borrower’s fiscal years ended December 31, 2004, December 31,
2005, December 31, 2006 and December 31, 2007, as required by Section 5.6(d) and Section
5.18 of the Loan Agreement (collectively, the “Outstanding Annual Statements” and each an
“Outstanding Annual Statement”).

          (b) Bank hereby waives any Default or Event of Default that exists or may arise under the Loan
Agreement as a result of Borrower’s failure to deliver to Lender quarterly or monthly financial
statements within thirty (30) days of each month or fiscal quarter ending on or after December 31,
2005, as required by Section 5.6(c) of the Loan Agreement.

          (c) Bank hereby waives any Default or Event of Default that exists or may arise under the Loan
Agreement as a result of Borrower’s failure to comply with the Fixed Charge Coverage Ratio set
forth in Section 7.1 of the Loan Agreement for the Applicable Fiscal Period ended June 30,
2006.

     The foregoing waivers apply solely with respect to the covenants and periods referenced in
subsections (a), (b) and (c) above and do not apply to or constitute a waiver of any other
Default or Event of Default that exists or may exist under the Loan Agreement or any of the other
Loan

 

 

Documents, including, without limitation, Borrower’s failure to comply with the covenants set
forth in Sections 5.6 and 7.1 of the Loan Agreement as of any other date.

     2. Termination Date. The reference to “October 31, 2008” contained in the definition
of “Termination Date” in Section 1.1 of the Loan Agreement is hereby deleted and replaced
with “December 31, 2008”.

     3. Unused Line Fee. Section 2.11.2 of the Loan Agreement is hereby amended to
read, in its entirety, as follows:

“2.11.2 Unused Line Fee. Borrower shall pay to Bank an Unused Line Fee for
each day equal to the product of (i) 50 basis points per annum multiplied by (ii)
the difference between (A) the Revolver Commitment and (B) the aggregate average
monthly outstanding principal amount of the Revolver Loans and Letter of Credit
Obligations on such day, payable monthly on the first day of each month with respect
to the immediately preceding month.”

     4. Loans and Other Investments. Section 6.4 of the Loan Agreement is hereby
amended to read, in its entirety, as follows:

“6.4 Loans and Other Investments. Shall not make or permit
to exist any advances or loans to, or guarantee or become
contingently liable, directly or indirectly, in connection with the
obligations, leases, stock or dividends of, or own, purchase or make
any commitment to purchase any stock, bonds, notes, debentures or
other securities of, or any interest in, or make any capital
contributions to (all of which are sometimes collectively referred
to herein as “Investments”) any Person, except for (a) cash and Cash
Equivalents (b) existing Investments in Subsidiaries, (c)
endorsement of negotiable instruments for collection in the ordinary
course of business, (d) advances to employees for business travel
and other expenses incurred in the ordinary course of business which
do not at any time exceed Five Hundred Thousand Dollars
($500,000.00) in the aggregate, (e) any Swap Agreements with Bank
(or with any of its Affiliates), (f) Permitted Acquisitions and (g)
Investments in Borrower’s Subsidiary located in Taiwan in an amount
not to exceed Nineteen Million Dollars ($19,000,000.00) Borrower’s
fiscal year ended December 31, 2008 and Six Million Dollars
($6,000,000.00) during Borrower’s fiscal year ended December 31,
2009.”

     5. Capital Expenditures. Section 7.2 of the Loan Agreement is hereby amended
to read, in its entirety, as follows:

“7.2 Capital Expenditures. Borrower shall not, directly or
indirectly, make total Capital Expenditures in excess of (a) Fifty
Million Dollars ($50,000,000.00) for the period from January 1, 2005
through December 31, 2006, (b) Twenty-Five Million Dollars
($25,000,000.00) for the period from January 1, 2007 through
December 31, 2007, and (c) Thirty-Four Million Dollars

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($34,000,000.00) for the period from January 1, 2008 through December
31, 2008.”

     6. Past Due Financial Statements. The Borrower agrees that, on or before October 31,
2008, the Borrower will furnish to Lender the Outstanding Annual Statements. Notwithstanding
anything to the contrary in the Loan Agreement, each Outstanding Annual Statement shall consist of
an audited financial report of Borrower and its Subsidiaries and shall contain, for the applicable
period, a consolidated balance sheet, a consolidated income statement and statement of cash flows,
setting forth in comparative form the figures for the preceding fiscal year, together with
footnotes, and containing an unqualified audit opinion of independent certified public accountants
that the financial statements were prepared in accordance with GAAP. Failure to comply with this
Section 6 shall constitute an Event of Default under the Loan Agreement.

     7. Updated Schedules. Borrower and Bank agree that the schedules attached hereto
shall replace each of the corresponding schedules to the Loan Agreement (collectively, the “Updated
Schedules”).

     8. Amendment Fee. Upon execution of this Amendment, Borrower shall pay to Bank an
amendment fee in the amount of Twenty-Five Thousand Dollars ($25,000.00) (the “Amendment Fee”),
which fee may be charged as a Revolver Loan or charged to any bank account of Borrower maintained
with Bank. The foregoing Amendment Fee is in addition to the interest and other amounts which
Borrower is required to pay under the Loan Documents, and is fully earned and nonrefundable.

     9. Amendment/References. The Loan Agreement and the Loan Documents are hereby amended
to be consistent with the terms of this Amendment. All references in the Loan Agreement and the
Loan Documents to (a) the “Loan Agreement” shall mean the Loan Agreement as amended hereby; and (b)
the “Loan Documents” shall include this Amendment and all other instruments or agreements executed
pursuant to or in connection with the terms hereof.

     10. Release. Borrower acknowledges and agrees that it has no claims, suits or causes
of action against Bank and hereby remises, releases and forever discharges Bank, their officers,
directors, shareholders, employees, agents, successors and assigns, and any of them, from any
claims, suits or causes of action whatsoever, in law or at equity, which Borrower has or may have
arising from any act, omission or otherwise, at any time up to and including the date of this
Amendment.

     11. Additional Documents; Further Assurances. Borrower covenants and agrees to
execute and deliver to Bank, or to cause to be executed and delivered to Bank contemporaneously
herewith, at the sole cost and expense of Borrower, the Amendment and any and all documents,
agreements, statements, resolutions, searches, insurance policies, consents, certificates, legal
opinions and information as Bank may require in connection with the execution and delivery of this
Amendment or any documents in connection herewith, or to further evidence, effect, enforce or
protect any of the terms hereof or the rights or remedies granted or intended to be granted to Bank
herein or in any of the Loan Documents, or to enforce or to protect Bank’s interest in the
Collateral. All such documents, agreements, statements, etc., shall be in form and content
acceptable to Bank in its sole discretion. Borrower hereby authorizes Bank to file, at Borrower’s
cost and expense, financing statements, amendments thereto and other items as Bank may require to
evidence or perfect Bank’s continuing security interest and liens in and against the Collateral.
Borrower agrees to join with Bank in notifying any third party with possession of any Collateral of
Bank’s security interest

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therein and in obtaining an acknowledgment from the third party that it is holding the
Collateral for the benefit of Bank. Borrower will cooperate with Bank in obtaining control with
respect to Collateral consisting of deposit accounts, investment property, letter-of-credit rights
and electronic chattel paper.

     12. Further Agreements and Representations. Borrower does hereby:

          (a) ratify, confirm and acknowledge that the statements contained in the foregoing Background
are true and complete and that, as amended hereby, the Loan Agreement and the other Loan Documents
are in full force and effect and are valid, binding and enforceable against Borrower and its assets
and properties, all in accordance with the terms thereof, as amended;

          (b) covenant and agree to perform all of Borrower’s obligations under the Loan Agreement and
the other Loan Documents, as amended;

          (c) acknowledge and agree that as of the date hereof, Borrower has no defense, set-off,
counterclaim or challenge against the payment of any of the Obligations or the enforcement of any
of the terms of the Loan Agreement or of the other Loan Documents, as amended;

          (d) acknowledge and agree that all representations and warranties of Borrower contained in the
Loan Agreement and/or the other Loan Documents, as amended (including, without limitation as
modified by the Updated Schedules), are true, accurate and correct on and as of the date hereof as
if made on and as of the date hereof;

          (e) represent and warrant that no Default or Event of Default exists;

          (f) covenant and agree that Borrower’s failure to comply with any of the terms of this
Amendment or any other instrument or agreement executed or delivered in connection herewith, shall
constitute an Event of Default under the Loan Agreement and each of the other Loan Documents; and

          (g) acknowledge and agree that nothing contained herein, and no actions taken pursuant to the
terms hereof, are intended to constitute a novation of the Note, the Loan Agreement or of any of
the other Loan Documents and does not constitute a release, termination or, except as expressly set
forth in Section 1 above, waiver of any existing Event of Default or of any of the liens,
security interests, rights or remedies granted to the Bank in any of the Loan Documents, which
liens, security interests, rights and remedies are hereby expressly ratified, confirmed, extended
and continued as security for all of the Obligations.

     Borrower acknowledges and agrees that Bank is relying on the foregoing agreements,
confirmations, representations and warranties of Borrower and the other agreements, representations
and warranties of Borrower contained herein in agreeing to the amendments contained in this
Amendment.

     13. Fees, Cost, Expenses and Expenditures. Borrower will pay all of Bank’s
reasonable, out-of-pocket expenses in connection with the review, preparation, negotiation,
documentation and closing of this Amendment and the consummation of the transactions contemplated
hereunder, including without limitation, fees, disbursements, expenses and disbursements of counsel
retained by Bank and all fees related to filings, recording of documents,

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searches, environmental assessments and appraisal reports, whether or not the transactions
contemplated hereunder are consummated.

     14. No Waiver. Nothing contained herein constitutes an agreement or obligation by
Bank to grant any further amendments to the Loan Agreement or any of the other Loan Documents.
Except as expressly set forth in Section 1 hereof, nothing contained herein constitutes a
waiver or release by Bank of any Event of Default or of any rights or remedies available to Bank
under the Loan Documents or at law or in equity.

     15. Inconsistencies. To the extent of any inconsistencies between the terms and
conditions of this Amendment and the terms and conditions of the Loan Agreement or the other Loan
Documents, the terms and conditions of this Amendment shall prevail. All terms and conditions of
the Loan Agreement and other Loan Documents not inconsistent herewith shall remain in full force
and effect and are hereby ratified and confirmed by Borrower.

     16. Binding Effect. This Amendment, upon due execution hereof, shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns.

     17. Governing Law. This Amendment shall be governed and construed in accordance with
the laws of the Commonwealth of Pennsylvania without regard to conflict of law principles.

     18. Severability. The provisions of this Amendment and all other Loan Documents are
deemed to be severable, and the invalidity or unenforceability of any provision shall not affect or
impair the remaining provisions which shall continue in full force and effect.

     19. Modifications. No modification of this Amendment or any of the Loan Documents
shall be binding or enforceable unless in writing and signed by or on behalf of the party against
whom enforcement is sought.

     20. Headings. The headings of the Articles, Sections, paragraphs and clauses of this
Amendment are inserted for convenience only and shall not be deemed to constitute a part of this
Amendment.

     21. Counterparts. This Amendment may be executed in multiple counterparts, each of
which shall constitute an original and all of which together shall constitute the same agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have caused this
Amendment to be executed the day and year first above written.

	 	 	 	 	 	 	 
	 	 	IMPAX LABORATORIES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Arthur A. Koch, Jr.	 	 
	 

	 	 	 	 	 	 
	 

	 	Name/Title:
	 	Arthur A. Koch, Jr.

Senior Vice President and

Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Margaret A. Byrne	 	 
	 

	 	 	 	 	 	 
	 

	 	Name/Title:
	 	Margaret A. Byrne	 	 
	 

	 	 	 	Director

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