Document:

EX-10.2

 

Barr Pharmaceuticals, Inc.

400 Chestnut Ridge Road, Woodcliff Lake, NJ 07677-7668

October 5, 2006

Ms. Carole Ben-Maimon 
359
Brookway Road 
Merion
Station, PA 19066

Dear Carole:

     This letter agreement (the “Letter Agreement”) sets forth certain amendments to the employment
agreement between you and Barr Pharmaceuticals, Inc. (“BPI”), Barr Laboratories, Inc. and Duramed
Research Inc. dated as of August 19, 2005 (the “Employment Agreement”). If you agree to these
amendments and the other provisions set forth below in this Letter Agreement, and that they are
supported by valuable consideration which you have received and will receive, please sign this
Letter Agreement where indicated below and return it to me, whereupon it will become immediately
binding upon you and the other signatories to the Employment Agreement. The duplicate is for your
files.

1.
Section 2 of the Employment Agreement is hereby amended to read in its entirety as follows:

“The
term of this Agreement shall commence on August 19, 2002 (the “Commencement Date”) and shall terminate at 5 P.M. on August 31,2006.”

2. Section 5 of the Employment Agreement is hereby amended to read in its entirety as
follows:

	 	“(a)	 	Provided that the Employee (i) terminates her employment effective at 5
P.M. on August 31, 2006, and (ii) promptly tenders to the Senior Vice President, Human
Resources her written resignation from all of her offices and other positions with the
Company and its Affiliates (other than her membership on the BPI Board) effective at 5
P.M. on August 31, 2006, and (iii) executes and delivers to the Company a release of
claims in form and substance satisfactory to the Company (the “Release”) and does not
revoke said release within the seven day revocation period applicable thereto, and (iv)
fulfills her duties and obligations under this Agreement and assists in an orderly
transition of her duties until August 31, 2006, the Company will pay the Employee the
portion of her Base Salary accrued through August 31, 2006 and any other amounts to
which she is entitled by law or pursuant to the terms of any compensation or benefit
plan of the Company in which she participated prior to September 1, 2006 and, in
addition, subject to compliance by the Employee with the provisions of sections 6 and 7
below, relating to confidential information, non-solicitation and disparaging remarks,
the Company will pay the Employee, in consideration of her services under this
Agreement and as additional consideration for the Employee’s undertakings under
sections 6 and 7 below and for her execution of the Release, the sum of $1,500,000 (one
million five hundred thousand dollars) (the “Severance Benefit”).

 

 

	 	 	 	The Severance Benefit shall be paid, subject to applicable tax withholding, six
months and one day after the date of the Employee’s separation of service (within
the meaning of Section 409A(a)(2)(B)(i) of the Internal Revenue Code as amended by
the American Jobs Creation Act of 2004), or, if earlier, as soon as practicable
after the death of the Employee.

	 	“(b)	 	The Severance Benefit is in lieu of any and all other amounts in the nature
of severance pay that may be payable under any plan or practice of BPI or any
Affiliate, but is in addition to (and not in lieu of) any payments to which the
Employee may be entitled under sections 8, 9 and 10 below. The Employee shall not be
required to mitigate the amount of any payment or benefit provided for in this
Agreement (including but not limited to the payment provided for in paragraph 5(a)
above) by seeking other employment or otherwise, nor shall any compensation earned by
the Employee in other employment or otherwise reduce the amount of any payment or
benefit provided for in this Agreement.”

3. For the avoidance of doubt, the Severance Benefit provided by this Letter Agreement
supersedes the payments and benefits referred to in section 5 of the Employment Agreement,
including the Severance Payment that is referred to in section 5(a)(i)(C) of the Employment
Agreement (the “Superseded Severance Payment”). The Severance Benefit is not intended to be
paid any sooner than the corresponding amount of the Superseded Severance Payment would
have been paid if this Letter Agreement had not been entered into and the Employee had been
entitled to receive the Superseded Severance Payment in connection with her termination of
employment on August 31, 2006, and, except as necessary to comply with section
409A(a)(2)(B)(i) of the Internal Revenue Code as amended by the American Jobs Creation Act
of 2004 (the “Code”), the Severance Benefit is not intended to be paid any later than the
corresponding amount of the Superseded Severance Payment would have been paid if this Letter
Agreement had not been entered into and the Employee had been entitled to the Superseded
Severance Payment in connection with her termination of employment on August 31, 2006.

4. This Letter Agreement shall be administered, interpreted and construed in a manner that
will avoid inclusion of any amounts or benefits in the Employee’s income pursuant to section
409A(a)(l)(A) of the Code.

5. Except for the amendments and provisions made above, all of the terms and conditions of
the Employment Agreement will continue in full force and effect without change.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	/s/ Catherine F Higgins
	 	 	 
	 
	 	 	 	 
	 

	 	Title:
	 	V.P., Human Resources
	 

	 	 	 	 
	 	 	on behalf of BARR PHARMACEUTICALS, INC.

	 	 	 
	I agree to all of the foregoing:
	 	 
	 
	 	 
	/s/ Carole Ben-Maimon
 

	 	 
	Carole Ben-MaimonEX-10.3

 

Release of Claims

     In consideration of the $1.5 million Severance Benefit to be paid to me pursuant to section 5
of the employment agreement between me and Barr Pharmaceuticals, Inc., Barr Laboratories, Inc. and
Duramed Research Inc. dated as of August 19, 2005 as amended by a letter agreement dated August
28, 2006 (the “Employment Agreement”), I hereby agree as follows:

          1. I release and forever discharge Barr Pharmaceuticals, Inc. and its past, present and
future subsidiaries and affiliates (collectively, the “Company”), and any and all of their
officers, directors, agents and employees (collectively with the Company, the “Releases”), from
any and all claims and/or causes of action that I had, have or may have relating to my employment
with the Company and/or the termination of that employment, whether presently known or unknown,
including, but not limited to, any claim under Title VII of the Civil Rights Act of 1964, as
amended; the Civil Rights Act of 1991, as amended; 42 U.S.C. § 1981; the Age Discrimination in
Employment Act of 1967, as amended (“ADEA”); the Older Workers Benefit Protection Act, 29 U.S.C.
§626, as amended (“OWBPA”); the Americans With Disabilities Act of 1990, as amended; the Family
Medical Leave Act of 1993, as amended; the Fair Labor Standards Act, as amended; the Occupational
Safety and Health Act of 1970, as amended; the Civil Rights Act of 1966, as amended; the Employee
Retirement Income Security Act of 1974, as amended; the Worker Adjustment and Retraining
Notification Act, 29 U.S.C. Sections 2101-2109 (“WARN”); New Jersey State Human Rights Law; New
Jersey State Labor Law; Pennsylvania State Wage and Hour Law; the Pennsylvania Law Against
Discrimination; workers compensation provisions; and any and all claims of wrongful discharge,
breach of contract, breach of covenant of good faith and fair dealing, violation of public policy,
retaliatory termination, fraud, defamation, physical injury, emotional distress, or any other
claims arising out of or relating to any other aspect of federal or state statutory or common law,
including claims for attorneys’ fees and costs incurred in litigation. The foregoing release
excludes—

               (a) any claims for any amounts to which I am entitled pursuant to the
terms of any compensation or benefit plan of the Company or by law on account of my
participation in any such plan prior to September 1, 2006, including (i) the portion of my
Base
Salary accrued through August 31, 2006, (ii) stock options and stock appreciation rights
granted
to me before that date, (iii) amounts payable to me under the Company’s qualified 401(k) plan
and its excess 401(k) plan, and (iv) medical and dental insurance benefits, including (if
applicable) flexible spending account benefits,

               (b) any claims for indemnification or advancement of expenses pursuant
to section 145 of the Delaware General Corporation Law, section 8 of the Employment
Agreement or pursuant to any similar provision of (i) any other statute, law or regulation of
any
jurisdiction, or (ii) any agreement, bylaw, certificate of incorporation, or vote of
stockholders or
directors,

Page 1 of  3 Pages

 

               (c) any claims under section 9 or section 10 of the Employment

Agreement,

               (d) any claims for un-reimbursed business expenses incurred prior to
September 1, 2006 in accordance with past practice, and

               (e) any claims that arise after the date on which I execute this release;
provided that the foregoing release does NOT exclude any claims for bonuses.

          I also expressly waive and forever relinquish the right to assert any statutory provision or
common law principle that would or might otherwise invalidate the release of claims unknown at the
time of the execution of the Agreement.

          I further agree, to the fullest extent permitted by law, never to sue or grieve or commence
any judicial or administrative proceeding or participate in any action, suit or proceeding against
any of the Releases with respect to any right or claim released above and I agree to immediately
withdraw and dismiss with prejudice any such suits, charges and grievances that may be pending as
of the date on which I sign this Release; provided that the foregoing provisions of this sentence
shall not prevent me from filing a charge or complaint with, or participating in an investigation
or proceeding conducted by, the Equal Employment Opportunity Commission (“EEOC”), or from otherwise
challenging the release of claims under ADEA and related agreement not to sue. However, the
foregoing release shall bar me from receiving any recovery resulting from any lawsuit brought by me
or by the EEOC on my behalf under ADEA.

          2. Before signing this document, I have been advised by Barr of my right to
consult with an attorney and have been encouraged to do so. I also acknowledge that I have
read
this document, that I understand all of its terms, and that I have entered into it of my own
free
will. I acknowledge that I am receiving consideration beyond what I would otherwise be
entitled
to if I do not sign this agreement. I understand that I have up to twenty-one (21) days to
review
this document prior to signing it and that I have a period of seven days to revoke my
agreement
after I sign the document. I understand that in order to revoke this agreement after signing
it, I
must deliver to Catherine F. Higgins, Sr. Vice-President of Human Resources, Barr
Laboratories,
Inc, 400 Chestnut Ridge Road, Woodcliff Lake, New Jersey 07644, within seven days after I
sign this agreement, a signed letter or other written notice stating that I am revoking this
agreement.

          3. I will not at any time engage in any form of conduct or make any
statements or representations that disparage or otherwise impair the reputation, goodwill or
commercial interests of Barr, its management or any company related to Barr; and I will
refrain
from using in any way or disclosing to others any trade secrets or other confidential
information
acquired by me in the course of my employment with Barr.

Page 2 of  3 Pages

 

          4. I agree that this Agreement and the terms of this Agreement are
confidential and that I shall accord it the utmost confidentiality. I agree that I will not
disclose
this Agreement or the terms of this Agreement to any third party except for my tax or legal
advisor(s) to the extent necessary to perform services, or except as applicable law may
require
disclosure of such matters. This Agreement contains the entire agreement between me and Barr
relating to my release of claims and supersedes all prior and/or contemporaneous written or
oral
agreements relating to my release of claims.

          5. This Agreement may not be modified except by a written document,
signed by me and a duly authorized officer of Barr.

	 	 	 	 	 
	 

	 	AGREED:
	 	Carole Ben-Maimon
	 

	 	 	 	 
	 

	 	 	 	Carole Ben-Maimon
	 
	 	 	 	 
	 

	 	DATE:
	 	10/5/06

Page 3 of  3 Pages

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