Document:

Exhibit
10.9

 

EON LABS, INC.

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT, dated as of this 11th
day of February, 2005 (the “Effective Date”), between Eon Labs, Inc. (the “Company”)
and Rathnam Kumar (the “Executive”).

 

R E C I T A L S:

 

WHEREAS, the Company recognizes that the
future growth, profitability and success of the Company’s business will be
substantially and materially enhanced by the continued employment of the
Executive by the Company; and

 

WHEREAS, the Company desires to employ the
Executive and the Executive has indicated his willingness to continue to
provide his services, on the terms and conditions set forth herein.

 

NOW, THEREFORE, on the basis of the foregoing
premises and in consideration of the mutual covenants and agreements contained
herein, the parties hereto agree as follows:

 

Section 1.                                            Employment.  The Company hereby agrees to employ the
Executive and the Executive hereby accepts employment with the Company, on the
terms and subject to the conditions hereinafter set forth.  During the Employment Term (as hereinafter
defined), the Executive shall serve as Vice
President, Manufacturing of the Company, and in such other positions
with the Company and its subsidiaries commensurate with the Executive’s title
as Vice President, Manufacturing as the
Board of Directors of the Company (the “Board”) or its designee shall from time
to time specify.  During the Employment
Term, the Executive shall have the duties, responsibilities and obligations
customarily assigned to individuals serving in the position or positions in
which Executive serves hereunder, together with other duties, responsibilities
and obligations commensurate with the Executive’s title as the Board or its
designee shall from time to time specify.

 

Section 2.                                            Term.  Unless sooner terminated pursuant to Section 6
hereof, the Executive’s employment hereunder shall be deemed to have commenced
on February 11th, 2005 (the “Effective Date) and shall continue
during the period ending on the third anniversary of the Effective Date (the “Employment
Term”).

 

Section 3.                                            Compensation.  During the Employment Term, the Executive
shall be entitled to the following compensation and benefits:

 

(a)                                  Salary.  As compensation for the performance of the
Executive’s services hereunder, the Company shall pay to the Executive a salary
of $176,400 per annum with increases, if
any, as may be approved in writing by the Board (the “Salary”).  The Salary shall be payable in accordance
with the payroll practices of the Company as the same shall exist from time to time.

 

 

(b)                                 Annual Bonus.  In the sole discretion of the Board, the
Executive shall be eligible to receive an annual cash bonus (“Bonus”).

 

(c)                                  Benefits.  The Executive shall be entitled to
participate in health, insurance, pension and other benefits provided to other
similarly situated employees of the Company. 
The Executive shall also be entitled to the same number of vacation
days, holidays, sick days and other benefits as are generally allowed to other
similarly situated employees of the Company in accordance with the Company
policy in effect from time to time.

 

Section 4.                                            Exclusivity.  During the Employment Term, the Executive
shall devote his full working time to the business of the Company, shall
faithfully serve the Company, shall in all respects conform to and comply with
the lawful and reasonable directions and instructions given to him in
accordance with the terms of this Agreement, shall use his best efforts to
promote and serve the interests of the Company, and shall not engage in any
other business activity, whether or not such activity shall be engaged in for
pecuniary profit, except that the Executive may (i) participate in the
activities of professional trade organizations related to the business of the
Company, (ii) engage in personal investing activities and/or charitable
activities consistent with the Company’s policy regarding investments (which
may change from time to time) or (iii) with the consent of the Board, serve as
a member of the board of directors or advisory boards (or their equivalents in
the case of a non-corporate entity) of non-competing businesses and charitable
organizations, provided that activities set forth in these clauses (i), (ii),
or (iii) either singly or in the aggregate, do not interfere in any material
respect with the services to be provided by the Executive hereunder.

 

Section 5.                                            Reimbursement
for Expenses.  The Executive is
authorized to incur reasonable expenses in the discharge of the services to be
performed hereunder, including expenses for travel, entertainment, lodging and
similar items in accordance with the Company’s expense reimbursement policy, as
the same may be modified by the Board from time to time.  The Company shall reimburse the Executive for
all such proper expenses upon presentation by the Executive of itemized
accounts of such expenditures in accordance with the financial policy of the
Company, as in effect from time to time.

 

Section 6.                                            Termination
and Default.

 

(a)                                  Early Termination
of the Employment Term.  The
Employment Term shall earlier terminate upon the earliest to occur of (i) a
termination of Executive’s employment due to the Executive’s death, (ii) a
termination by reason of a Disability, where “Disability” shall mean any
physical or mental disability or infirmity that prevents the performance of
Executive’s duties hereunder for a period of 120 consecutive days or 180 days
during any 12-month period, (iii) a termination by the Company with or without
Cause (as defined below), or (iv) a termination voluntary resignation by
the Executive.

 

(b)                                 Termination due to
Death or Disability.  The Executive’s
employment shall terminate upon his death, or in the event of a Disability,
upon delivery of written notice to the Executive of such termination by reason
of the Executive’s Disability.  Upon such
event, the Executive, or Executive’s estate, as applicable, shall be entitled
to receive the amounts specified in Section 6(e) below.  The Board’s reasoned and good faith judgment
of Disability shall be

 

 

final, binding and conclusive and shall be based on such competent
medical evidence as shall be presented to it by Executive and/or by any
physician or group of physicians or other competent medical expert employed by
Executive or the Company to advise the Board.

 

(c)                                  Termination by the
Company with or without Cause.  The
Company may terminate the Executive’s employment at any time, with or without
Cause.  Termination of the Executive’s
employment hereunder shall be effective upon delivery of written notice of such
termination.  For purposes of this
Agreement, “Cause” shall mean: (i) the Executive’s failure (except where due to
sickness or other Disability), neglect or refusal to perform his duties
hereunder which failure, neglect or refusal shall not have been corrected by
the Executive within 10 days of receipt by the Executive of written notice from
the Company of such failure, neglect or refusal, which notice shall with
reasonable specificity set forth the nature of said failure, neglect or
refusal; (ii) any willful or intentional act of the Executive that has the
effect of injuring the reputation or business of the Company or its affiliates
in any material respect; (iii) public or consistent drunkenness by the
Executive or his illegal use of narcotics which is, or could reasonably be
expected to become, materially injurious to the reputation or business of the
Company or which impairs, or could reasonably be expected to impair, the
performance of the Executive’s duties hereunder; (iv) conviction of, or plea of
guilty or nolo contendere to, the commission of a felony by the
Executive; (v) the commission by the Executive of an act of fraud or
embezzlement against the Company; or (vi) the Executive’s breach of any of the
covenants provided in Section 7 hereof.

 

(d)                                 Resignation by the
Executive.  The Executive shall have
the right to terminate his employment at any time by giving thirty (30) days
written notice of his resignation.

 

(e)                                  Payments upon
Termination.  (i)  In the event that the Executive’s employment
terminates for any reason, the Company shall pay to the Executive all amounts
accrued but unpaid hereunder through the date of
termination in respect of Salary, any unpaid Bonus in respect to any completed
fiscal year which has ended prior to the date of termination, accrued but
unused vacation and any unreimbursed expenses. 
Amounts owed by the Company in respect of the payments under Section 6(e)(i)
hereof or reimbursement for expenses under the provisions of Section 5
hereof shall be paid within five (5) business days of any termination , except
amounts payable with respect to unpaid Bonus, which shall be paid at such time
bonus amounts are paid to other senior executives.

 

(ii)                                  In the event that
prior to a Change in Control, the Executive’s employment is terminated by the
Company without Cause (other than upon expiration of the Employment Term
pursuant to Section 2 hereof or a termination under Section 6(b)
above), in addition to the amounts specified in subsection (i) above, (A)
the Executive shall be entitled to an amount equal to twelve (12) months Salary
(less any applicable withholding or similar taxes) at the rate in effect
hereunder on the date of such termination, such amount to be payable in
substantially equal monthly installments from the date of such termination
through the date two months from end of the Company’s fiscal year following the
year of such termination (the “Severance Term”); (B the Company shall pay the
Executive an aggregate amount equal to one times the Bonus payable or paid to
the Executive in respect of the completed fiscal year which has ended prior to
the date of termination, payable in substantially equal monthly installments
during the Severance Term; (C) a lump-sum payment equal to twelve (12) times the monthly

 

 

cost of health continuation coverage for the Executive and his
dependents, as provided under COBRA and as determined on the date of
termination, whether or not the Executive elects such COBRA coverage; and (D)
all outstanding options then held by the Executive shall immediately vest as to
the number of covered shares which would otherwise have vested during the
Severance Term, assuming no termination of employment had occurred.  Payment of any amounts pursuant to this Section 6(e)
shall be expressly conditioned upon the Executive’s execution of a general
waiver and release of claims against the Company and its officers, directors,
agents, and affiliates.

 

(iii)                               In the event that in
connection with or following a Change in Control, the Executive’s employment is
terminated by the Company without Cause (other than upon expiration of the
Employment Term pursuant to Section 2 hereof or a termination under Section 6(b)
above), in lieu of amounts payable and benefits provided to the Executive
pursuant to subsection (ii) above, the Executive shall be entitled to receive (A) a lump-sum cash payment equal to two
(2) times (x) the Executive’s then-current Salary and (y) the Bonus payable or
paid to the Executive in respect of the completed fiscal year which has ended
prior to the date of termination; (B) a lump-sum payment equal to twenty four
(24) times the monthly cost of health continuation coverage for the Executive
and his dependents, as provided under COBRA and as determined on the
date of termination, whether or not the Executive elects such COBRA coverage;
and (C) all outstanding options then held by the Executive shall immediately
vest and be fully exercisable as of the date of such termination.  For purposes of this Agreement, the term “Change
in Control” shall have the same meaning as “Change in Control of the Company”
as provided in the Company’s Stock Option Plan (the “Option Plan”).

 

(iv)                              Payment of any amounts
pursuant to this Section 6(e) shall be expressly conditioned upon the
Executive’s execution of a general waiver and release of claims against the Company
and its officers, directors, agents, and affiliates.

 

(f)                                    Payment In Lieu.  In the event of termination of the Executive’s
employment due to the voluntary resignation by the Executive, the Company may,
in its sole and absolute discretion, at any time after notice of termination
has been given by the Executive, terminate this Agreement, provided that the
Company shall pay to the Executive his then current Salary and continue
benefits provided pursuant to Section 3(c) for the duration of the
unexpired notice period.

 

(g)                                 Survival of
Operative Sections.  Upon any
termination of the Executive’s employment, the provisions of Section 6(e),
Section 6(f), and Section 7 through Section 19 of this Agreement
shall survive to the extent necessary to give effect to the provisions thereof.

 

Section 7.                                            Restrictive
Covenants.  The Executive
acknowledges and agrees that the agreements and covenants contained in this Section 7
are (i) reasonable and valid in geographical and temporal scope and in all
other respects, and (ii) essential to protect the value of the Company’s
business and assets and by his employment with the Company, the Executive will
obtain knowledge, contacts, know-how, training and experience and there is a
substantial probability that such knowledge, know-how, contacts, training and
experience could be used to the substantial advantage of a competitor of the
Company and to the Company’s substantial

 

 

detriment.  For purposes of this Section 7,
references to the Company shall be deemed to include its subsidiaries.

 

(a)                                  Confidential
Information.  At any time during and
after the end of the Employment Term, without the prior written consent of the
Board, except to the extent required by an order of a court having
jurisdiction or under subpoena from an appropriate government agency, in which
event, the Executive shall use his best efforts to consult with the Board prior
to responding to any such order or subpoena, and except as required in the
performance of his duties hereunder, the Executive shall not disclose any
confidential or proprietary trade secrets, customer lists, drawings, designs,
information regarding product development, marketing plans, sales plans,
manufacturing plans, management organization information, operating policies or
manuals, business plans, financial records, packaging design or other
financial, commercial, business or technical information (i) relating to
the Company, or (ii) that the Company or any of its affiliates may receive
belonging to suppliers, customers or others who do business with the Company (“Confidential
Information”).  Executive’s obligation
under this Section 7(a) shall not apply to any information which (i) is
known publicly; (ii) is in the public domain or hereafter enters the public
domain without the breach of the Executive of this Section 7(a); (iii) is
known to the Executive prior to the Executive’s receipt of such information
from the Company any of its subsidiaries, as evidenced by written records of
the Executive; or (iv) is disclosed after termination of the Executive’s
employment to the Executive by a third party not under an obligation of
confidence to the Company.

 

(b)                                 Non-Competition.  The Executive covenants and agrees that
during the Employment Term and for a period extending to the first anniversary
of the Executive’s termination of employment for any reason (the “Restricted
Period”), with respect to any State in which the Company is engaged in business
at the time of such termination, the Executive shall not, directly or
indirectly, individually or jointly, own any interest in, operate, join,
control or participate as a partner, director, principal, officer, or agent of,
enter into the employment of, act as a consultant to, or perform any services
for (i) any entity which competes to a material extent with the business
activities in which the Company is engaged at the time of such termination or
in which business activities the Company has documented plans to become engaged
in and as to which Executive has knowledge at the time of Executive’s
termination of employment, or (ii) any entity in which any such relationship
with the Executive would result in the inevitable use or disclosure of
Confidential Information. 
Notwithstanding anything herein to the contrary, this Section 7(b)
shall not prevent the Executive from acquiring as an investment securities
representing not more than three percent (3%) of the outstanding voting
securities of any publicly-held corporation.

 

(c)                                  Non-Solicitation;
Non-Interference.  During the
Restricted Period, the Executive shall not, directly or indirectly, for his own
account or for the account of any other individual or entity (i) solicit or
induce, or in any manner attempt to solicit or induce, any person employed by,
an agent of, or a service provider to, the Company to terminate such person’s
employment, agency or service, as the case may be, with the Company; or (ii)
divert, or attempt to divert, any person, concern, or entity from doing
business with the Company or any of its subsidiaries, or attempt to induce any
such person, concern or entity to cease being a customer or supplier of the
Company.

 

 

(d)                                 Non-Disparagement.  The Executive agrees that, except as required
by applicable law, or compelled by process of law, at any time following the
date hereof, neither he, nor anyone acting on his behalf, shall hereafter
(i) make any derogatory, disparaging or critical statement about the
Company, or any of the Company’s current officers, directors, employees,
shareholders or lenders or any persons who were officers, directors, employees,
shareholders or lenders of the Company; or (ii) without the Company’s
prior written consent, communicate, directly or indirectly, with the press or
other media, concerning the past or present employees or business of the
Company.

 

(e)                                  Return of
Documents; Company Property.  In the
event of the termination of Executive’s employment for any reason, the
Executive shall deliver to the Company all of (i) the property of the
Company and (ii) the documents and data of any nature and in whatever
medium of the Company in his possession, and he shall not take with him any
such property, documents or data or any reproduction thereof, or any documents
containing or pertaining to any Confidential Information.

 

(f)                                    Works for Hire.  The Executive agrees that the Company shall
own all right, title and interest (including patent rights, copyrights, trade
secret rights, mask work rights and other rights throughout the world) in any
inventions, works of authorship, mask works, ideas or information made or
conceived or reduced to practice, in whole or in part, by the Executive (either
alone or with others) during the Employment Term (“Developments”); provided,
however, that the Company shall not own Developments for which no equipment,
supplies, facility, trade secret information or Confidential Information of the
Company was used and which were developed entirely on Executive’s time, and
(i) which do not relate (A) to the business of the Company or its affiliates or
(B) to the Company’s or its affiliates actual or demonstrably anticipated
research or development, and (ii) which do not result from any work performed
by the Executive for the Company. 
Subject to the foregoing, Executive will promptly and fully disclose to
the Company, or any persons designated by it, any and all Developments made or
conceived or reduced to practice or learned by the Executive, either alone or
jointly with others during the Employment Term. 
The Executive hereby assigns all right, title and interest in and to any
and all of these Developments to the Company. 
The Executive agrees to assist the Company, at the Company’s expense, to
further evidence, record and perfect such assignments, and to perfect, obtain,
maintain, enforce, and defend any rights specified to be so owned or
assigned.  The Executive hereby
irrevocably designates and appoints the Company and its agents as
attorneys-in-fact to act for and on the Executive’s behalf to execute and file
any document and to do all other lawfully permitted acts to further the
purposes of the foregoing with the same legal force and effect as if executed
by the Executive.  In addition, and not
in contravention of any of the foregoing, the Executive acknowledges that all
original works of authorship which are made by him (solely or jointly with
others) within the scope of employment and which are protectable by copyright
are “works made for hire,” as that term is defined in the United States
Copyright Act (17 USC ‘ 101).  To the
extent allowed by law, this Section 7(f) includes all rights of paternity,
integrity, disclosure and withdrawal and any other rights that may be known as
or referred to as “moral rights” (“Moral Rights”).  To the extent Executive retains any such
Moral Rights under applicable law, the Executive hereby waives such Moral
Rights and consents to any action consistent with the terms of this Agreement
with respect to such Moral Rights, in each case, to the full extent of such
applicable law.  The Executive will
confirm any such waivers and consents from time to time as requested by the
Company.

 

 

(g)                                 Blue Pencil.  If any court of competent jurisdiction shall
at any time deem the duration or the geographic scope of any of the provisions
of this Section 7 unenforceable, the other provisions of this Section 7
shall nevertheless stand and the duration and/or geographic scope set forth
herein shall be deemed to be the longest period and/or greatest size
permissible by law under the circumstances, and the parties hereto agree that
such court shall reduce the time period and/or geographic scope to permissible
duration or size.

 

Section 8.                                            Injunctive
Relief.  Without intending to limit
the remedies available to the Company, the Executive acknowledges that a breach
of any of the covenants contained in Section 7 hereof may result in
material irreparable injury to the Company or its subsidiaries or affiliates
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 thereof, the Company shall be entitled to obtain a temporary
restraining order and/or a preliminary or permanent injunction, without the
necessity of proving irreparable harm or injury as a result of such breach or
threatened breach of Section 7 hereof, restraining the Executive from
engaging in activities prohibited by Section 7 hereof or such other relief
as may be required specifically to enforce any of the covenants in Section 7
hereof.  Notwithstanding any other
provision to the contrary, the Restricted Period shall be tolled during any
period of violation of any of the covenants in Section 7(b) or Section 7(c)
hereof and during any other period required for litigation during which the
Company seeks to enforce this covenant against the Executive if it is
ultimately determined that such person was in breach of such covenants.

 

Section 9.                                            Representations
and Warranties of the Executive.  The
Executive represents that:

 

(a)                                  the Executive is
entering into this Agreement voluntarily and that his employment hereunder and
compliance with the terms and conditions hereof will not conflict with or
result in the breach by him of any agreement to which he is a party or by
which he may be bound,

 

(b)                                 he has not, and in
connection with his employment with the Company will not, violate any
non-solicitation or other similar covenant or agreement by which he is or may
be bound, and

 

(c)                                  in connection with
his employment with the Company he will not use any confidential or proprietary
information he may have obtained in connection with employment with any prior
employer.

 

Section 10.                                      Taxes.  The Company may withhold from any payments
made under this Agreement all applicable taxes, including but not limited to
income, employment and social insurance taxes, as shall be required by law.

 

Section 11.                                      Indemnification.  The Company shall indemnify the Executive
(and his legal representatives or other successors) to the fullest extent
permitted (including payment of expenses in advance of final disposition of the
proceeding) by the laws of the State of New York, as in effect at the time of
the subject act or omission, or the Certificate of Incorporation and By-Laws of
the Company as in effect at such time or on the date of this

 

 

Agreement, whichever affords or afforded greater protection to the Executive,
and the Executive shall be entitled to the protection of any insurance policies
the Company may elect to maintain generally for the benefit of its directors
and officers, against all costs, charges and expenses whatsoever incurred or
sustained by him or his legal representatives in connection with any action,
suit or proceeding to which he (or his legal representatives or other
successors) may be made a party by reason of his being or having been a
director, officer or employee of the Company or any of its subsidiaries.  If any action, suit or proceeding is brought
or threatened against the Executive in respect of which indemnity may be sought
against the Company pursuant to the foregoing, the Executive shall notify the
Company promptly in writing of the institution of such action, suit or
proceeding and the Company shall assume the defense hereof and the employment
of counsel and payment of all fees and expenses.

 

Section 12.                                      Binding
Arbitration.  Without limiting the
remedies available to the Company pursuant to Section 8, any controversy
arising out of or relating to this Agreement or the breach hereof shall be
settled by binding arbitration in accordance with the Employment Dispute
Resolution Rules of the American Arbitration Association (with the exception
that there will be a panel of three arbitrators rather than a single
arbitrator) and judgment upon the award rendered may be entered in any court
having jurisdiction thereof.  The costs of any such arbitration proceedings
shall be borne equally by the Company and Executive, and neither party shall be
entitled to recover attorney’s fee or costs expended in the course of such
arbitration or enforcement of the awarded rendered thereunder. The location for
the arbitration shall be New York City, New York.  Any award made by such arbitrator
shall be final, binding and conclusive on the parties for all purposes, and
judgment upon the award rendered by the arbitrators may be entered in any court
having jurisdiction thereof.

 

Section 13.                                      Successors
and Assigns; No Third-Party Beneficiaries.

 

(a)                                  The Company.
This Agreement shall inure to the benefit of and be enforceable by, and may be
assigned by the Company to, any purchaser of all or substantially all of the
Company’s business or assets, any successor to the Company or any assignee
thereof (whether direct or indirect, by purchase, merger, consolidation or
otherwise).  The Company will require any
such purchaser, successor or assignee to expressly assume and agree to perform
this Agreement in the same manner and to the same extent that the Company would
be required to perform it if no such purchase, succession or assignment had
taken place.

 

(b)                                 The Executive.  The Executive’s rights and obligations under
this Agreement shall not be transferable by the Executive by assignment or
otherwise, without the prior written consent of the Company; provided, however,
that if the Executive shall die, all amounts then payable to the Executive
hereunder shall be paid in accordance with the terms of this Agreement to the Executive’s
devisee, legatee or other designee or, if there be no such designee, to the
Executive’s estate.

 

Section 14.                                      Waiver
and Amendments.  Any waiver,
alteration, amendment or modification of any of the terms of this Agreement
shall be valid only if made in writing and signed by the parties hereto; provided,
however, that any such waiver, alteration, amendment or modification is
consented to on the Company’s behalf by the Board.  No waiver by either of the parties hereto of
their rights hereunder shall be deemed to constitute a waiver with respect to
any

 

 

subsequent occurrences or transactions hereunder unless such waiver
specifically states that it is to be construed as a continuing waiver.

 

Section 15.                                      Severability
and Governing Law.  If any covenants
or such other provisions of this Agreement are found to be invalid or
unenforceable by a final determination of a court of competent jurisdiction (a)
the remaining terms and provisions hereof shall be unimpaired and (b) the
invalid or unenforceable term or provision hereof shall be deemed replaced by a
term or provision that is valid and enforceable and that comes closest to
expressing the intention of the invalid or unenforceable term or provision
hereof.  THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT
GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES THEREOF) APPLICABLE TO CONTRACTS
MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE.

 

Section 16.                                      Notices.

 

(a)                                  Every notice or other
communication relating to this Agreement shall be in writing, and shall be
mailed to or delivered to the party for whom it is intended at such address as
may from time to time be designated by it in a notice mailed or delivered to
the other party as herein provided, provided that, unless and until some other
address be so designated, all notices or communications by the Executive to the
Company shall be mailed or delivered to the Company at its principal executive
office, and all notices or communications by the Company to the Executive may
be given to the Executive personally or may be mailed to Executive at the
Executive’s last known address, as reflected in the Company’s records.

 

(b)                                 Any notice so
addressed shall be deemed to be given: 
(i) if delivered by hand, on the date of such delivery; (ii) if mailed
by courier, on the first business day following the date of such mailing; and
(iii) if mailed by registered or certified mail, on the third business day
after the date of such mailing.

 

Section 17.                                      Section Headings.  The headings of the sections and subsections
of this Agreement are inserted for convenience only and shall not be deemed to
constitute a part thereof, affect the meaning or interpretation of this
Agreement or of any term or provision hereof.

 

Section 18.                                      Entire
Agreement.  This Agreement
constitutes the entire understanding and agreement of the parties hereto
regarding the employment of the Executive. 
This Agreement supersedes all prior negotiations, discussions,
correspondence, communications, understandings and agreements between the
parties relating to the subject matter of this Agreement.

 

Section 19.                                      Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which
together shall be considered one and the same agreement.

 

 

*                                         *                                         *                                         *                                         *

 

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first above written.

 

 

	
   

  	
  EON LABS,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William
  F. Holt

  	
   

  
	
   

  	
   

  	
  Name:
  William F. Holt

  
	
   

  	
   

  	
  Title: Vice
  President, Finance & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Rathnam
  Kumar

  	
   

  
	
   

  	
  Rathnam KumarExhibit 10.10

 

EON LABS, INC.

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT
AGREEMENT, dated as of this 11th day of February, 2005 (the “Effective Date”),
between Eon Labs, Inc. (the “Company”) and Shashank
Upadhye (the “Executive”).

 

R E C I T A L S:

 

WHEREAS, the Company
recognizes that the future growth, profitability and success of the Company’s
business will be substantially and materially enhanced by the employment of the
Executive by the Company; and

 

WHEREAS, the
Company desires to employ the Executive and the Executive has indicated his
willingness to provide his services, on the terms and conditions set forth
herein.

 

NOW, THEREFORE, on
the basis of the foregoing premises and in consideration of the mutual
covenants and agreements contained herein, the parties hereto agree as follows:

 

Section 1.                                            Employment.  The Company hereby agrees to employ the
Executive and the Executive hereby accepts employment with the Company, on the
terms and subject to the conditions hereinafter set forth.  During the Employment Term (as hereinafter
defined), the Executive shall serve as Vice
President and Intellectual Property Counsel of the Company, and in such
other positions with the Company and its subsidiaries commensurate with the
Executive’s title as Vice President and Intellectual
Property Counsel as the Board of Directors of the Company (the “Board”)
or its designee shall from time to time specify.  During the Employment Term, the Executive
shall have the duties, responsibilities and obligations customarily assigned to
individuals serving in the position or positions in which Executive serves
hereunder, together with other duties, responsibilities and obligations
commensurate with the Executive’s title as the Board or its designee shall from
time to time specify.

 

Section 2.                                            Term.  Unless sooner terminated pursuant to Section 6
hereof, the Executive’s employment hereunder shall be deemed to have commenced
on February 11th, 2005 (the “Effective Date) and shall continue
during the period ending on the third anniversary of the Effective Date (the “Employment
Term”).

 

Section 3.                                            Compensation.  During the Employment Term, the Executive
shall be entitled to the following compensation and benefits:

 

(a)                                  Salary.  As compensation for the performance of the
Executive’s services hereunder, the Company shall pay to the Executive a salary
of $215,000 per annum with increases, if
any, as may be approved in writing by the Board (the “Salary”).  The Salary shall be payable in accordance
with the payroll practices of the Company as the same shall exist from time to
time.

 

 

(b)                                 Annual Bonus.  In the sole discretion of the Board, the
Executive shall be eligible to receive an annual cash bonus (“Bonus”).

 

(c)                                  Benefits.  The Executive shall be entitled to
participate in health, insurance, pension and other benefits provided to other
similarly situated employees of the Company. 
The Executive shall also be entitled to the same number of vacation
days, holidays, sick days and other benefits as are generally allowed to other
similarly situated employees of the Company in accordance with the Company
policy in effect from time to time.

 

Section 4.                                            Exclusivity.  During the Employment Term, the Executive
shall devote his full working time to the business of the Company, shall
faithfully serve the Company, shall in all respects conform to and comply with
the lawful and reasonable directions and instructions given to him in
accordance with the terms of this Agreement, shall use his best efforts to
promote and serve the interests of the Company, and shall not engage in any
other business activity, whether or not such activity shall be engaged in for
pecuniary profit, except that the Executive may (i) participate in the
activities of professional trade organizations related to the business of the
Company, (ii) engage in personal investing activities and/or charitable
activities consistent with the Company’s policy regarding investments (which
may change from time to time) or (iii) with the consent of the Board, serve as
a member of the board of directors or advisory boards (or their equivalents in
the case of a non-corporate entity) of non-competing businesses and charitable
organizations, provided that activities set forth in these clauses (i), (ii),
or (iii) either singly or in the aggregate, do not interfere in any material
respect with the services to be provided by the Executive hereunder.

 

Section 5.                                            Reimbursement
for Expenses.  The Executive is
authorized to incur reasonable expenses in the discharge of the services to be
performed hereunder, including expenses for travel, entertainment, lodging and
similar items in accordance with the Company’s expense reimbursement policy, as
the same may be modified by the Board from time to time.  The Company shall reimburse the Executive for
all such proper expenses upon presentation by the Executive of itemized
accounts of such expenditures in accordance with the financial policy of the
Company, as in effect from time to time.

 

Section 6.                                            Termination
and Default.

 

(a)                                  Early Termination
of the Employment Term.  The Employment
Term shall earlier terminate upon the earliest to occur of (i) a termination of
Executive’s employment due to the Executive’s death, (ii) a termination by
reason of a Disability, where “Disability” shall mean any physical or mental
disability or infirmity that prevents the performance of Executive’s duties
hereunder for a period of 120 consecutive days or 180 days during any 12-month
period, (iii) a termination by the Company with or without Cause (as defined
below), or (iv) a termination voluntary resignation by the Executive.

 

(b)                                 Termination due to
Death or Disability.  The Executive’s
employment shall terminate upon his death, or in the event of a Disability,
upon delivery of written notice to the Executive of such termination by reason
of the Executive’s Disability.  Upon such
event, the Executive, or Executive’s estate, as applicable, shall be entitled
to receive the amounts specified in Section 6(e) below.  The Board’s reasoned and good faith judgment
of Disability shall be

 

 

final, binding and conclusive and shall be based on such competent
medical evidence as shall be presented to it by Executive and/or by any
physician or group of physicians or other competent medical expert employed by
Executive or the Company to advise the Board.

 

(c)                                  Termination by the
Company with or without Cause.  The
Company may terminate the Executive’s employment at any time, with or without
Cause.  Termination of the Executive’s
employment hereunder shall be effective upon delivery of written notice of such
termination.  For purposes of this
Agreement, “Cause” shall mean: (i) the Executive’s failure (except where due to
sickness or other Disability), neglect or refusal to perform his duties
hereunder which failure, neglect or refusal shall not have been corrected by
the Executive within 10 days of receipt by the Executive of written notice from
the Company of such failure, neglect or refusal, which notice shall with
reasonable specificity set forth the nature of said failure, neglect or
refusal; (ii) any willful or intentional act of the Executive that has the
effect of injuring the reputation or business of the Company or its affiliates
in any material respect; (iii) public or consistent drunkenness by the
Executive or his illegal use of narcotics which is, or could reasonably be
expected to become, materially injurious to the reputation or business of the
Company or which impairs, or could reasonably be expected to impair, the
performance of the Executive’s duties hereunder; (iv) conviction of, or plea of
guilty or nolo contendere to, the commission of a felony by the
Executive; (v) the commission by the Executive of an act of fraud or
embezzlement against the Company; or (vi) the Executive’s breach of any of the
covenants provided in Section 7 hereof.

 

(d)                                 Resignation by the
Executive.  The Executive shall have
the right to terminate his employment at any time by giving thirty (30) days
written notice of his resignation.

 

(e)                                  Payments upon
Termination.  (i)  In the event that the Executive’s employment
terminates for any reason, the Company shall pay to the Executive all amounts
accrued but unpaid hereunder through the date of
termination in respect of Salary, any unpaid Bonus in respect to any completed
fiscal year which has ended prior to the date of termination, accrued but
unused vacation and any unreimbursed expenses. 
Amounts owed by the Company in respect of the payments under Section 6(e)(i)
hereof or reimbursement for expenses under the provisions of Section 5
hereof shall be paid within five (5) business days of any termination , except
amounts payable with respect to unpaid Bonus, which shall be paid at such time
bonus amounts are paid to other senior executives.

 

(ii)                                  In the event that
prior to a Change in Control, the Executive’s employment is terminated by the Company
without Cause (other than upon expiration of the Employment Term pursuant to Section 2
hereof or a termination under Section 6(b) above), in addition to the
amounts specified in subsection (i) above, (A) the Executive shall be
entitled to an amount equal to twelve (12) months Salary (less any applicable
withholding or similar taxes) at the rate in effect hereunder on the date of
such termination, such amount to be payable in substantially equal monthly
installments from the date of such termination through the date two months from
end of the Company’s fiscal year following the year of such termination (the “Severance
Term”); (B) the Company shall pay the Executive an aggregate amount equal to
one times the Bonus payable or paid to the Executive in respect of the
completed fiscal year which has ended prior to the date of termination, payable
in substantially equal monthly installments during the Severance Term; (C) a
lump-sum payment equal to twelve (12)
times the monthly

 

 

cost of health continuation coverage for the Executive and his
dependents, as provided under COBRA and as determined on the date of
termination, whether or not the Executive elects such COBRA coverage; and (D)
all outstanding options then held by the Executive shall immediately vest as to
the number of covered shares which would otherwise have vested during the
Severance Term, assuming no termination of employment had occurred.  Payment of any amounts pursuant to this Section 6(e)
shall be expressly conditioned upon the Executive’s execution of a general
waiver and release of claims against the Company and its officers, directors,
agents, and affiliates.

 

(iii)                               In the event that in
connection with or following a Change in Control, the Executive’s employment is
terminated by the Company without Cause (other than upon expiration of the
Employment Term pursuant to Section 2 hereof or a termination under Section 6(b)
above), in lieu of amounts payable and benefits provided to the Executive
pursuant to subsection (ii) above, the Executive shall be entitled to receive (A) a lump-sum cash payment equal (x)
the Executive’s then-current Salary and (y) the Bonus payable or paid to the
Executive in respect of the completed fiscal year which has ended prior to the
date of termination; (B) a lump-sum payment equal to twelve (12) times the
monthly cost of health continuation coverage for the Executive and his
dependents, as provided under COBRA and as determined on the date of
termination, whether or not the Executive elects such COBRA coverage; and (C)
all outstanding options then held by the Executive shall immediately vest and
be fully exercisable as of the date of such termination.  For purposes of this Agreement, the term “Change
in Control” shall have the same meaning as “Change in Control of the Company”
as provided in the Company’s Stock Option Plan (the “Option Plan”).

 

(iv)                              Payment of any amounts
pursuant to this Section 6(e) shall be expressly conditioned upon the
Executive’s execution of a general waiver and release of claims against the Company
and its officers, directors, agents, and affiliates.

 

(f)                                    Payment In Lieu.  In the event of termination of the Executive’s
employment due to the voluntary resignation by the Executive, the Company may,
in its sole and absolute discretion, at any time after notice of termination
has been given by the Executive, terminate this Agreement, provided that the
Company shall pay to the Executive his then current Salary and continue
benefits provided pursuant to Section 3(c) for the duration of the
unexpired notice period.

 

(g)                                 Survival of
Operative Sections.  Upon any
termination of the Executive’s employment, the provisions of Section 6(e),
Section 6(f), and Section 7 through Section 19 of this Agreement
shall survive to the extent necessary to give effect to the provisions thereof.

 

Section 7.                                            Restrictive
Covenants.  The Executive
acknowledges and agrees that the agreements and covenants contained in this Section 7
are (i) reasonable and valid in geographical and temporal scope and in all
other respects, and (ii) essential to protect the value of the Company’s
business and assets and by his employment with the Company, the Executive will
obtain knowledge, contacts, know-how, training and experience and there is a
substantial probability that such knowledge, know-how, contacts, training and
experience could be used to the substantial advantage of a competitor of the
Company and to the Company’s substantial

 

 

detriment. 
For purposes of this Section 7, references to the Company shall be
deemed to include its subsidiaries.

 

(a)                                  Confidential
Information.  At any time during and
after the end of the Employment Term, without the prior written consent of the
Board, except to the extent required by an order of a court having
jurisdiction or under subpoena from an appropriate government agency, in which
event, the Executive shall use his best efforts to consult with the Board prior
to responding to any such order or subpoena, and except as required in the
performance of his duties hereunder, the Executive shall not disclose any
confidential or proprietary trade secrets, customer lists, drawings, designs,
information regarding product development, marketing plans, sales plans,
manufacturing plans, management organization information, operating policies or
manuals, business plans, financial records, packaging design or other
financial, commercial, business or technical information (i) relating to
the Company, or (ii) that the Company or any of its affiliates may receive
belonging to suppliers, customers or others who do business with the Company (“Confidential
Information”).  Executive’s obligation
under this Section 7(a) shall not apply to any information which (i) is
known publicly; (ii) is in the public domain or hereafter enters the public
domain without the breach of the Executive of this Section 7(a); (iii) is
known to the Executive prior to the Executive’s receipt of such information
from the Company any of its subsidiaries, as evidenced by written records of
the Executive; or (iv) is disclosed after termination of the Executive’s
employment to the Executive by a third party not under an obligation of
confidence to the Company.

 

(b)                                 Non-Competition.  The Executive covenants and agrees that
during the Employment Term and for a period extending to the first anniversary
of the Executive’s termination of employment for any reason (the “Restricted
Period”), with respect to any State in which the Company is engaged in business
at the time of such termination, the Executive shall not, directly or
indirectly, individually or jointly, own any interest in, operate, join,
control or participate as a partner, director, principal, officer, or agent of,
enter into the employment of, act as a consultant to, or perform any services
for (i) any entity which competes to a material extent with the business
activities in which the Company is engaged at the time of such termination or
in which business activities the Company has documented plans to become engaged
in and as to which Executive has knowledge at the time of Executive’s
termination of employment, or (ii) any entity in which any such relationship
with the Executive would result in the inevitable use or disclosure of
Confidential Information. 
Notwithstanding anything herein to the contrary, this Section 7(b)
shall not prevent the Executive from acquiring as an investment securities
representing not more than three percent (3%) of the outstanding voting
securities of any publicly-held corporation.

 

(c)                                  Non-Solicitation;
Non-Interference.  During the
Restricted Period, the Executive shall not, directly or indirectly, for his own
account or for the account of any other individual or entity (i) solicit or
induce, or in any manner attempt to solicit or induce, any person employed by,
an agent of, or a service provider to, the Company to terminate such person’s
employment, agency or service, as the case may be, with the Company; or (ii)
divert, or attempt to divert, any person, concern, or entity from doing
business with the Company or any of its subsidiaries, or attempt to induce any
such person, concern or entity to cease being a customer or supplier of the
Company.

 

 

(d)                                 Non-Disparagement.  The Executive agrees that, except as required
by applicable law, or compelled by process of law, at any time following the
date hereof, neither he, nor anyone acting on his behalf, shall hereafter
(i) make any derogatory, disparaging or critical statement about the
Company, or any of the Company’s current officers, directors, employees,
shareholders or lenders or any persons who were officers, directors, employees,
shareholders or lenders of the Company; or (ii) without the Company’s
prior written consent, communicate, directly or indirectly, with the press or
other media, concerning the past or present employees or business of the
Company.

 

(e)                                  Return of
Documents; Company Property.  In the
event of the termination of Executive’s employment for any reason, the
Executive shall deliver to the Company all of (i) the property of the
Company and (ii) the documents and data of any nature and in whatever
medium of the Company in his possession, and he shall not take with him any
such property, documents or data or any reproduction thereof, or any documents
containing or pertaining to any Confidential Information.

 

(f)                                    Works for Hire.  The Executive agrees that the Company shall
own all right, title and interest (including patent rights, copyrights, trade
secret rights, mask work rights and other rights throughout the world) in any
inventions, works of authorship, mask works, ideas or information made or
conceived or reduced to practice, in whole or in part, by the Executive (either
alone or with others) during the Employment Term (“Developments”); provided,
however, that the Company shall not own Developments for which no equipment,
supplies, facility, trade secret information or Confidential Information of the
Company was used and which were developed entirely on Executive’s time, and
(i) which do not relate (A) to the business of the Company or its affiliates or
(B) to the Company’s or its affiliates actual or demonstrably anticipated
research or development, and (ii) which do not result from any work performed
by the Executive for the Company. 
Subject to the foregoing, Executive will promptly and fully disclose to
the Company, or any persons designated by it, any and all Developments made or
conceived or reduced to practice or learned by the Executive, either alone or
jointly with others during the Employment Term. 
The Executive hereby assigns all right, title and interest in and to any
and all of these Developments to the Company. 
The Executive agrees to assist the Company, at the Company’s expense, to
further evidence, record and perfect such assignments, and to perfect, obtain,
maintain, enforce, and defend any rights specified to be so owned or
assigned.  The Executive hereby
irrevocably designates and appoints the Company and its agents as
attorneys-in-fact to act for and on the Executive’s behalf to execute and file
any document and to do all other lawfully permitted acts to further the
purposes of the foregoing with the same legal force and effect as if executed
by the Executive.  In addition, and not
in contravention of any of the foregoing, the Executive acknowledges that all
original works of authorship which are made by him (solely or jointly with
others) within the scope of employment and which are protectable by copyright
are “works made for hire,” as that term is defined in the United States
Copyright Act (17 USC ‘ 101).  To the
extent allowed by law, this Section 7(f) includes all rights of paternity,
integrity, disclosure and withdrawal and any other rights that may be known as
or referred to as “moral rights” (“Moral Rights”).  To the extent Executive retains any such
Moral Rights under applicable law, the Executive hereby waives such Moral
Rights and consents to any action consistent with the terms of this Agreement
with respect to such Moral Rights, in each case, to the full extent of such
applicable law.  The Executive will
confirm any such waivers and consents from time to time as requested by the
Company.

 

 

(g)                                 Blue Pencil.  If any court of competent jurisdiction shall
at any time deem the duration or the geographic scope of any of the provisions
of this Section 7 unenforceable, the other provisions of this Section 7
shall nevertheless stand and the duration and/or geographic scope set forth
herein shall be deemed to be the longest period and/or greatest size
permissible by law under the circumstances, and the parties hereto agree that
such court shall reduce the time period and/or geographic scope to permissible
duration or size.

 

Section 8.                                            Injunctive
Relief.  Without intending to limit
the remedies available to the Company, the Executive acknowledges that a breach
of any of the covenants contained in Section 7 hereof may result in
material irreparable injury to the Company or its subsidiaries or affiliates
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 thereof, the Company shall be entitled to obtain a temporary
restraining order and/or a preliminary or permanent injunction, without the
necessity of proving irreparable harm or injury as a result of such breach or
threatened breach of Section 7 hereof, restraining the Executive from
engaging in activities prohibited by Section 7 hereof or such other relief
as may be required specifically to enforce any of the covenants in Section 7
hereof.  Notwithstanding any other
provision to the contrary, the Restricted Period shall be tolled during any
period of violation of any of the covenants in Section 7(b) or Section 7(c)
hereof and during any other period required for litigation during which the
Company seeks to enforce this covenant against the Executive if it is
ultimately determined that such person was in breach of such covenants.

 

Section 9.                                            Representations
and Warranties of the Executive.  The
Executive represents that:

 

(a)                                  the Executive is
entering into this Agreement voluntarily and that his employment hereunder and
compliance with the terms and conditions hereof will not conflict with or
result in the breach by him of any agreement to which he is a party or by
which he may be bound,

 

(b)                                 he has not, and in
connection with his employment with the Company will not, violate any
non-solicitation or other similar covenant or agreement by which he is or may
be bound, and

 

(c)                                  in connection with
his employment with the Company he will not use any confidential or proprietary
information he may have obtained in connection with employment with any prior
employer.

 

Section 10.                                      Taxes.  The Company may withhold from any payments
made under this Agreement all applicable taxes, including but not limited to
income, employment and social insurance taxes, as shall be required by law.

 

Section 11.                                      Indemnification.  The Company shall indemnify the Executive
(and his legal representatives or other successors) to the fullest extent
permitted (including payment of expenses in advance of final disposition of the
proceeding) by the laws of the State of New York, as in effect at the time of
the subject act or omission, or the Certificate of Incorporation and By-Laws of
the Company as in effect at such time or on the date of this

 

 

Agreement, whichever affords or afforded
greater protection to the Executive, and the Executive shall be entitled to the
protection of any insurance policies the Company may elect to maintain
generally for the benefit of its directors and officers, against all costs,
charges and expenses whatsoever incurred or sustained by him or his legal
representatives in connection with any action, suit or proceeding to which he
(or his legal representatives or other successors) may be made a party by
reason of his being or having been a director, officer or employee of the
Company or any of its subsidiaries.  If
any action, suit or proceeding is brought or threatened against the Executive
in respect of which indemnity may be sought against the Company pursuant to the
foregoing, the Executive shall notify the Company promptly in writing of the
institution of such action, suit or proceeding and the Company shall assume the
defense hereof and the employment of counsel and payment of all fees and
expenses.

 

Section 12.                                      Binding
Arbitration.  Without limiting the
remedies available to the Company pursuant to Section 8, any controversy
arising out of or relating to this Agreement or the breach hereof shall be
settled by binding arbitration in accordance with the Employment Dispute
Resolution Rules of the American Arbitration Association (with the exception
that there will be a panel of three arbitrators rather than a single
arbitrator) and judgment upon the award rendered may be entered in any court
having jurisdiction thereof.  The costs of any such arbitration proceedings
shall be borne equally by the Company and Executive, and neither party shall be
entitled to recover attorney’s fee or costs expended in the course of such
arbitration or enforcement of the awarded rendered thereunder. The location for
the arbitration shall be New York City, New York.  Any award made by such arbitrator
shall be final, binding and conclusive on the parties for all purposes, and
judgment upon the award rendered by the arbitrators may be entered in any court
having jurisdiction thereof.

 

Section 13.                                      Successors
and Assigns; No Third-Party Beneficiaries.

 

(a)                                  The Company.
This Agreement shall inure to the benefit of and be enforceable by, and may be
assigned by the Company to, any purchaser of all or substantially all of the
Company’s business or assets, any successor to the Company or any assignee
thereof (whether direct or indirect, by purchase, merger, consolidation or
otherwise).  The Company will require any
such purchaser, successor or assignee to expressly assume and agree to perform
this Agreement in the same manner and to the same extent that the Company would
be required to perform it if no such purchase, succession or assignment had
taken place.

 

(b)                                 The Executive.  The Executive’s rights and obligations under
this Agreement shall not be transferable by the Executive by assignment or
otherwise, without the prior written consent of the Company; provided, however,
that if the Executive shall die, all amounts then payable to the Executive
hereunder shall be paid in accordance with the terms of this Agreement to the
Executive’s devisee, legatee or other designee or, if there be no such
designee, to the Executive’s estate.

 

Section 14.                                      Waiver
and Amendments.  Any waiver,
alteration, amendment or modification of any of the terms of this Agreement
shall be valid only if made in writing and signed by the parties hereto; provided,
however, that any such waiver, alteration, amendment or modification is
consented to on the Company’s behalf by the Board.  No waiver by either of the parties hereto of
their rights hereunder shall be deemed to constitute a waiver with respect to
any

 

 

subsequent occurrences or transactions
hereunder unless such waiver specifically states that it is to be construed as
a continuing waiver.

 

Section 15.                                      Severability
and Governing Law.  If any covenants
or such other provisions of this Agreement are found to be invalid or
unenforceable by a final determination of a court of competent jurisdiction (a)
the remaining terms and provisions hereof shall be unimpaired and (b) the
invalid or unenforceable term or provision hereof shall be deemed replaced by a
term or provision that is valid and enforceable and that comes closest to
expressing the intention of the invalid or unenforceable term or provision
hereof.  THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT
GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES THEREOF) APPLICABLE TO CONTRACTS
MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE.

 

Section 16.                                      Notices.

 

(a)                                  Every notice or other
communication relating to this Agreement shall be in writing, and shall be
mailed to or delivered to the party for whom it is intended at such address as
may from time to time be designated by it in a notice mailed or delivered to
the other party as herein provided, provided that, unless and until some other
address be so designated, all notices or communications by the Executive to the
Company shall be mailed or delivered to the Company at its principal executive
office, and all notices or communications by the Company to the Executive may
be given to the Executive personally or may be mailed to Executive at the
Executive’s last known address, as reflected in the Company’s records.

 

(b)                                 Any notice so
addressed shall be deemed to be given: 
(i) if delivered by hand, on the date of such delivery; (ii) if mailed
by courier, on the first business day following the date of such mailing; and
(iii) if mailed by registered or certified mail, on the third business day
after the date of such mailing.

 

Section 17.                                      Section Headings.  The headings of the sections and subsections
of this Agreement are inserted for convenience only and shall not be deemed to
constitute a part thereof, affect the meaning or interpretation of this
Agreement or of any term or provision hereof.

 

Section 18.                                      Entire
Agreement.  This Agreement
constitutes the entire understanding and agreement of the parties hereto
regarding the employment of the Executive. 
This Agreement supersedes all prior negotiations, discussions,
correspondence, communications, understandings and agreements between the
parties relating to the subject matter of this Agreement.

 

Section 19.                                      Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which
together shall be considered one and the same agreement.

 

*    *    *   *    *

 

 

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of the date first
above written.

 

 

	
   

  	
  EON LABS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Bernhard Hampl

  	
   

  
	
   

  	
   

  	
  Name: Bernhard Hampl

  
	
   

  	
   

  	
  Title: President and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   /s/ Shashank
  Upadhye

  	
   

  
	
   

  	
  Shashank Upadhye

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