Document:

EX-10.13

 Exhibit 10.13 

UNSECURED PROMISSORY NOTE 
  

			
	 $77,200,000
	 	May 7, 2018

 FOR VALUE RECEIVED, AMNEAL PHARMACEUTICALS LLC, a Delaware limited liability company (together with its
successor and assigns, “Buyer”), hereby unconditionally promises to pay to the order of Vikram Patel, in his capacity as the Sellers’ Representative under the Purchase Agreement (as defined below) (the “Sellers’
Representative”), for the benefit of the Sellers (as defined in the Purchase Agreement) (the “Sellers”), in lawful money of the United States of America and in immediately available funds, the aggregate principal sum of
Seventy Seven Million Two Hundred Thousand Dollars ($77,200,000), together with accrued and unpaid interest thereon, payable on the dates and in the manner set forth below (the “Loan”) in this unsecured note (the
“Note”) to the Sellers’ Representative, for the benefit of, and further distribution to, the Sellers, in the principal amount per Seller set forth opposite each such Seller’s name on Schedule A hereto. Following
receipt of any payment hereunder, Buyer shall have no obligation or liability to the Sellers with respect to the distribution of such payment to them by the Sellers’ Representative. 

This Note is being issued in accordance with that certain Purchase and Sale Agreement entered into by and among Buyer, Gemini Laboratories, LLC, a Delaware
limited lability company (the “Company”), Sellers and the other parties identified therein dated as of May 7, 2018 (the “Purchase Agreement”), pursuant to which, among other things, a portion of the Purchase
Price for the acquisition of 98% of the issued and outstanding equity interest in the Company will be paid by Buyer to the Sellers’ Representative, for the benefit of, and further distribution to, the Sellers, through the issuance of this Note.
Capitalized terms used herein without definition that are defined in the Purchase Agreement shall have the same meanings herein as therein. 

1.    Principal Payment and Interest Payment. Interest shall accrue on the unpaid principal
balance at the rate of 3% per annum, computed on the basis of the actual number of calendar days elapsed and a year of 365 calendar days, from the date of this Note until the principal amount and all interest accrued thereon are paid. This Note
shall automatically mature and be due on the earlier of November 7, 2018 (the “Maturity Date”) and the occurrence of an Event of Default (as defined in Section 4). On the Maturity Date, Buyer shall pay to the Sellers’
Representative, for the benefit of, and further distribution to, the Sellers based on each such Sellers’ Pro-Rata Share as reflected on Schedule A hereto, all then outstanding principal and all unpaid
interest accrued thereon. If any payment described above shall be due on a date that banks in New York, New York are not open for business, such payment shall be due on the first business day thereafter that banks in New York, New York are open for
business. 
 In no event shall the amount of interest due or payable under this Note exceed the maximum rate of interest allowed by
applicable law and, in the event any such payment is inadvertently paid by Buyer or inadvertently received by the Sellers’ Representative, then such excess sum shall be credited as a payment of principal, unless Buyer shall notify the
Sellers’ Representative in writing that Buyer elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto that Buyer not pay and the Sellers’ Representative shall not receive, directly or
indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by Buyer under applicable law. 

  
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 Borrower may prepay this Note in whole or in part without penalty or premium, with any such
payments being applied first to interest and then to principal. 
 2.    Place of Payment.
All amounts payable hereunder shall be payable to the Sellers’ Representative, for the benefit of the Sellers, by wire transfer of immediately available funds to an account of the Sellers’ Representative designated in writing by the
Sellers’ Representative to Buyer prior to the Maturity Date. 
 3.    Application of
Payments. Except as otherwise expressly set forth herein, payment on this Note shall be applied first to accrued interest, and thereafter to the outstanding principal balance hereof. 

4.    Events of Default; Remedies 

(a)    Events of Default. Each of the following events shall constitute an “Event of
Default” under this Note: 
 (1)     failure of Buyer to pay any principal, interest or other
amount due hereunder when due, or Buyer shall in any way fail to comply with the other terms, covenants or conditions contained in this Note, if any such failure is not remedied by Buyer within thirty (30) days after written notice from
Sellers’ Representative to Buyer; 
 (2)     Buyer shall (a) commence a voluntary case under the
Bankruptcy Code of 2005, as amended or other federal bankruptcy law (as now or hereafter in effect); (b) file a petition seeking to take advantage of any other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization,
winding up or composition for adjustment of debts; (c) consent to or fail to contest in a timely and appropriate manner any petition filed against it in an involuntary case under such bankruptcy laws or other laws; (d) apply for or consent
to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (e) admit in
writing its inability to pay its debts as they become due; (f) make a general assignment for the benefit of creditors; or (g) make a conveyance fraudulent as to creditors under any state, federal or foreign law; 

(3)     a case or other proceeding shall be commenced against Buyer in any court of competent jurisdiction
seeking (a) relief under the Bankruptcy Code of 2005, as amended or other federal bankruptcy law (as now or hereafter in effect) or under any other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up or
adjustment of debts or (b) the appointment of a trustee, receiver, custodian, liquidator or the like for Buyer or all or any substantial part of the assets, domestic or foreign, of Buyer; provided that any such action described in (a) or
(b) above is consented to by Buyer or is not dismissed within ninety (90) days of the date upon which it was instituted; or 

(4)    a Change of Control shall have occurred in which a successor to Buyer does not assume all obligations under
this Note. 
 As used herein, a “Change of Control” shall mean a transaction where (A) Buyer shall sell or otherwise convey all or any
substantial part of its properties and assets to a third party (for this purpose, “substantial part” shall mean assets and properties which account for more than 50% of the cash revenues generated by Buyer in its most recently completed
fiscal year) or (B) Buyer or its equity owners shall consummate any transaction that results in a person or group of persons who are not, on the date of this Note, an equity owner of Buyer acquiring voting equity securities in Buyer
constituting in the aggregate more than 51% of the outstanding voting securities of Buyer. 

  
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 (b)    Remedies. Upon the occurrence of an Event
of Default, the Loan and the other obligations of Buyer hereunder, at the option of Sellers’ Representative, and without demand or notice of any kind, may be immediately declared, and thereupon shall immediately become in default and due and
payable and Sellers’ Representative and Sellers may exercise any and all rights and remedies available to them at law, in equity or otherwise. 

(c) Costs of Collection. If this Note is collected by or through an attorney-at-law, Buyer shall pay all reasonable expenses incurred by Sellers’ Representative and Sellers in the collection of this Note, including, without limitation, the reasonable fees and
disbursements of counsel to Sellers’ Representative and Sellers. 
 5.    Offset. This Note
has been given as partial consideration pursuant to the Purchase Agreement. By acceptance of this Note, Sellers agrees that with respect to any claim for Losses made by Buyer pursuant to Section 9.2 of the Purchase Agreement, Buyer may satisfy
any such claim, upon final resolution thereof, by setoff against this Note in accordance with Section 9.2(e) of the Purchase Agreement; provided, however, that with respect to any good faith pending claim for indemnification arising
under Section 9.2 of the Purchase Agreement that has not been finally resolved, Buyer may deduct from any amounts payable under this Note an amount equal to the estimated amount of indemnifiable Losses for such claim with such amount deducted
being placed into escrow until such pending claim is finally resolved. Prior to a deduction of any amounts for a pending claim, Buyer shall deliver written notice of Buyer’s good faith claim for indemnification to Sellers, specifying the basis
and the estimated amount of indemnifiable Losses for such claim in good faith and in reasonable detail. To the extent that such claim is finally resolved and it is determined that Buyer was not entitled under Article IX of the Purchase Agreement to
all or any portion of any such amount deducted from payment under this Note, such amount or portion thereof shall be promptly released to the Sellers’ Representative, for the benefit of, and further distribution to, Sellers based on each
Seller’s Pro-Rata Share. In the case of any such setoff or deduction, there shall be a reduction, first, in any accrued and unpaid interest on this Note and, thereafter, in the outstanding principal
balance of this Note, in an aggregate amount equal to such setoff or deducted amount. 
 6.    Miscellaneous.

 (a)    Members, Officers, and Managers Not Liable. In no event shall any member, officer,
manager, director or equityholder of Buyer be liable for any amounts due or payable pursuant to this Note. 

(b)    Waivers. No delay or failure on the part of the Sellers’ Representative in the
exercise of any right or remedy, for and on behalf of the Sellers, shall operate as a waiver thereof, and no single or partial exercise by the Sellers’ Representative, for and on behalf of the Sellers, of any right or remedy shall preclude
other or further exercise thereof or the exercise of any other right or remedy. No modification or waiver of any provision of this Note or consent to departure therefrom shall be effective unless in writing and signed by Buyer and the Sellers
beneficially entitled to at least a majority of the principal amount outstanding under this Note. Buyer hereby waives presentment and demand for payment, notice of dishonor, protest and notice of protest of this Note. 

  
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 (c)    Binding Agreement; Assignment. The terms and
conditions of this Note shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the parties. Nothing in this Note, express or implied, is intended to confer upon any third party any rights, remedies,
obligations, or liabilities under or by reason of this Note, except as expressly provided in this Note. This Note may not be assigned by any party hereto except with the prior written consent of the other party hereto or in accordance with the terms
of the Purchase Agreement. 
 (d)    Governing Law. Notwithstanding any other provision of this
Note, this Note shall be governed by, and construed in accordance with, the laws of the State of Delaware and no conflicts of law principles will apply to this Note. 

(e)    Titles and Subtitles. The titles and subtitles used in this Note are used for convenience only
and are not to be considered in construing or interpreting this Note. 
 (f)    Notices. Any notice
to be given hereunder shall be in writing, and shall be sent to Sellers’ Representative or Buyer, as the case may be, at the addresses set forth below each of their respective signatures hereto, as the case may be, and shall be deemed received
(i) on the earlier of the date of receipt or the date three (3) business days after deposit of such notice in the United States mail, if sent postage prepaid, certified mail, return receipt requested, (ii) one (1) business day after
dispatch if sent for overnight delivery by a nationally recognized overnight courier, (iii) when actually received, if personally delivered, or (iv) upon confirmation of receipt of electronic mail or a facsimile transmission. 

(g)    Counterparts. This Note may be executed in counterparts, each of which shall be deemed
an original, but both of which together shall constitute one and the same instrument. For the purposes of executing this Note, (a) a document signed and transmitted by facsimile, telecopier or electronic mail shall be treated as an original
document; (b) the signature of any party on such document shall be considered as an original signature; and (c) the document transmitted shall have the same effect as a counterpart thereof containing original signatures. 

(h)    Severability. It is the desire and intent of the parties that the provisions of this Note be
enforced to the fullest extent permissible under the law and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, in the event that any provision of this Note would be held in any jurisdiction to be invalid,
prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Note or affecting the validity or enforceability of such provision in any jurisdiction.
Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining
provisions of this Note or affecting the validity or enforceability of such provision in any other jurisdiction. 

(i)    Submission to Jurisdiction. Each of the parties hereto hereby agrees to submit to the
exclusive jurisdiction of the courts of the State of Delaware and the federal courts within the State of Delaware and agrees that venue in New Castle County shall be proper, and hereby agrees that any claim or dispute arising out of or relating to
this Note may only be brought in such courts, which shall be the exclusive venue for any such adjudication, and each party hereto waives (i) any objection to jurisdiction or venue with respect to any action brought in such courts and
(ii) any defense claiming lack of jurisdiction or improper venue, in any action brought in such courts. 
 [Signatures follow on next
page] 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Note as of the date first written above.

  

					
		 	 “Buyer:”

 
 AMNEAL PHARMACEUTICALS
LLC

			
		 	By:	 	/s/ Robert Stewart
		 	Name:	 	 Robert Stewart

		 	Title:	 	President and Chief Executive Officer
		 	  
 Address: 400 Crossing Boulevard, Third Floor,
Bridgewater, NJ 08807-2863; Attention: General Counsel; Email: legaldept@amneal.com
  

“Sellers Representative:”
  

/s/ Vikram Patel
 Vikram
Patel
  
 Address:

 
 “SELLERS:”

 
 PELICAN GL INVESTOR, LLC,

a Delaware limited liability company

	  

By:    
	 	  
 Cepheid Capital,
LLC, its Manger
  

		 	By	 	 /s/ Gautam Patel

		 	Name:	 	Gautam Patel
		 	Title:	 	Member
		 	  
 PGL, LLC,

a Delaware limited liability company
  

		 	By:	 	 /s/ Priti Patel

		 	Name:	 	Priti Patel
		 	Title:	 	Manager
		 	  
 FGL, LLC,

a Delaware limited liability company
  

		 	By:	 	 /s/ Falguni Patel

		 	Name:	 	Falguni Patel
		 	Title:	 	Manager

  
 SIGNATURE PAGE TO UNSECURED
PROMISSORY NOTE 

 IN WITNESS WHEREOF, the undersigned have executed this Note as of the date first written above.

  

					
		 	 “SELLERS:”
  

GLI One, LLC,
 a Delaware limited liability
company

			
		 	By:	 	/s/ Gautam Patel
		 	Name:	 	Gautam Patel
		 	Title:	 	Manager
		 	  
 GLI Two, LLC,

a Delaware limited liability company
  

		 	By:	 	 /s/ Vikram Patel

		 	Name:	 	Vikram Patel
		 	Title:	 	Manager
		 	  
 GLI Three, LLC,

a Delaware limited liability company
  

		 	By:	 	 /s/ Edward Coss

		 	Name:	 	Edward Coss
		 	Title:	 	Manager
		 	  
 GL CLASS B MEMBER, LLC,

a Delaware limited liability company
  

	 By:    
	 	 Michael P. Turnamian,
 its
General Manager
  

		 	By:	 	 /s/ Michael P. Turnamian

		 	Name:	 	Michael P. Turnamian

 SIGNATURE PAGE TO UNSECURED PROMISSORY NOTE 

 Schedule A 

Pro-Rata Share 
  

									
	Seller	  	Principal Amount of Notes	 	  	Pro-Rata Share	 
	 PELICAN GL INVESTOR, LLC
	  	$	36,693,160.00	 	  	 	47.530	% 
	 PGL, LLC
	  	$	18,346,580.00	 	  	 	23.765	% 
	 FGL, LLC
	  	$	18,346,580.00	 	  	 	23.765	% 
	 GLI One, LLC
	  	$	1,134,840.00	 	  	 	1.470	% 
	 GLI Two, LLC
	  	$	567,420.00	 	  	 	0.74	% 
	 GLI Three, LLC
	  	$	567,420.00	 	  	 	0.74	% 
	 GL CLASS B MEMBER, LLC
	  	$	1,544,000.00	 	  	 	2.00	%EX-10.14

 Exhibit 10.14 
  

 
 AMNEAL PHARMACEUTICALS LLC SEVERANCE PLAN AND 

SUMMARY PLAN DESCRIPTION 
 Introduction

 This Amneal Pharmaceuticals LLC Severance Plan (the “Plan”) is established to provide for payment of severance benefits by Amneal
Pharmaceuticals LLC (the “Company”) to eligible Participants whose employment with the Company Group (defined below) is terminated for reasons described under the conditions below. Participants who (i) terminate their
employment for any reason other than for Good Reason, or (ii) are terminated for Cause, death, or disability, or (iii) are indirect equity owners of the Company (for purposes hereof, profit participation unitholders shall not be included
within the term “equity owners”), are not eligible for any severance benefits pursuant to this Plan (collectively, “Excluded Employees”). 

No employee or representative of the Company is authorized to modify, add to or subtract from these terms and conditions, except in accordance with the
amendment and termination procedures set forth below. 
 This document constitutes both the Plan document and the Summary Plan Description for the Plan.

 The Plan is intended to constitute an “employee welfare benefit plan” under Section 3(1) of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”). To the extent not preempted by ERISA or other federal law, the Plan shall be construed, administered and governed under the laws of the State of New York, without reference to rules relating to conflicts
of law. 
  

	A.	Effectiveness 

  

	 	1.	This Plan has been approved by Company management, but will be of no force or effect until immediately prior to the consummation of the Impax Transaction. 

 

	 	2.	The “Impax Transaction” shall mean the transactions contemplated in the Business Combination Agreement by and among the Company, Impax Laboratories, Inc. (“Impax”), Atlas Holdings, Inc.
and K2 Merger Sub Corporation, dated October 17, 2017, as may be amended. 

  

	B.	Eligibility 

  

	 	1.	A “Participant” in this Plan means any individual (other than temporary employees) employed by any of the Company, Amneal Pharmaceutical of NY LLC or Amneal Biosciences LLC (collectively, the
“Company Group”) as of immediately prior to the effective date of the Impax Transaction, but shall not include any Excluded Employees. 

  

	 	2.	A “Qualifying Termination” means a Participant’s termination of employment (A) by a member of the Company Group (or a successor entity) without Cause, or (B) by the Participant for Good
Reason, in either case, on or within 12 months after the effective date of the Impax Transaction.  

 

 
  

	 	a)	“Cause” means (i) any material failure or neglect by the Participant to perform his or her duties or responsibilities to the Company Group (other than any such failure resulting from the
Participant’s disability or any such actual or anticipated failure after the issuance of a notice of termination for Good Reason by the Participant) after written notice for performance is delivered to the Participant by the Company Group,
which notice specifically identifies the manner in which the Company Group believes that the Participant has not substantially performed such Participant’s duties, (ii) any act of fraud, embezzlement, theft, misappropriation, or material
dishonesty by the Participant relating to the Company Group or its business or assets, (iii) the Participant’s commission of a felony or other crime involving moral turpitude, (iv) any gross negligence or intentional misconduct on the
part of the Participant in the conduct of his or her duties and responsibilities or services, as applicable, with the Company Group or its affiliates or which adversely affects the image, reputation or business of the Company Group or its
affiliates, or (v) any material breach by the Participant of any written agreement between the Company Group and the Participant or any written policy applicable generally to employees of the Company Group. 

 

	 	b)	“Good Reason” with respect to a Participant, means (i) a material diminution in the Participant’s authority, duties or responsibilities with the Company Group, (ii) the Company
Group’s material reduction of the Participant’s Base Pay, as the same may be increased from time to time, or (iii) the Participant being required to relocate his principal place of employment with the Company Group more than 50 miles
from his or her principal place of employment as of the effective date of the Impax Transaction, without the Participant’s written consent. A termination of employment by the Participant shall not be deemed to be for Good Reason unless
(a) the Participant gives the Company Group written notice describing the event or events which is/are the basis for such termination within 60 days after the event or events occur, (b) such grounds for termination (if susceptible to
correction) are not corrected by the Company Group within 30 days of the Company Group’s receipt of such notice (“Correction Period”), and (c) the Participant terminates his or her employment no later than 30 days
following the Correction Period. 

  

	 	3.	An otherwise eligible Participant shall not receive a severance benefit under this Plan unless the Participant timely executes and does not revoke (if applicable) such documents, including a general waiver and release
of claims, as the Company Group may deem necessary or appropriate in connection with the payment of such severance benefit and remains employed by the Company in good standing (as determined in the sole discretion of the Plan Administrator) until
the Participant’s scheduled date of termination. 

  
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	 	4.	A Participant who is eligible to participate in another plan, program or arrangement maintained or offered by a member of the Company Group (or a successor entity) which provides cash severance benefits, or who is party
to a written employment agreement or employment offer letter with defined cash severance benefits, in any case, shall receive only the better of severance benefits provided in this Plan or the written employment agreement or employment offer letter.

  

	C.	Amount of Payment of Severance Benefits 

 If the Company determines that a
Participant is eligible to receive a severance benefit under this Plan, the amount of the severance benefit payable to the Participant generally will be determined as set forth in Appendix A; provided, however, that the total amount of a
Participant’s severance benefits payable under the Plan shall not exceed the lesser of two times (i) the Participant’s base salary during the calendar year immediately preceding the year in which the Participant’s termination of
employment occurs, and (ii) the maximum amount that may be taken into account under a qualified pension plan pursuant to Code Section 401(a)(17). 
  

	 	1.	Cash Severance Benefits 

 For purposes of determining the amount of cash severance
benefits payable pursuant to Appendix A: 
  

	 	a)	“Base Pay” means the following, as determined without regard to any reduction in a Participant’s regular weekly rate of salary or hourly wage rate, as applicable, that occurs on or after the
effective date of the Impax Transaction: 

  

	 	(i)	with respect to a salaried Participant, the regular weekly rate of salary payable to such Participant in effect immediately prior to his or her date of termination; and 

 

	 	(ii)	with respect to an hourly Participant, an amount equal to (A) such Participant’s straight time hourly wage rate as in effect immediately preceding his or her date of termination, exclusive of overtime,
multiplied by (B) the number of such Participant’s standard hours per week. 

  

	 	b)	A Participant’s length of employment shall be measured by the Participant’s continuous employment from the date of the Participant’s most recent commencement of employment with the Company Group until his
or her date of employment termination. 

  

	 	c)	The amount of cash severance benefits, if any, will be reduced by the Participant’s outstanding loan and cash advance amounts outstanding at the time of his or her termination. 

  
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 The amount of cash severance benefits will be paid in a single lump sum within 60 days
following a Participant’s date of termination, provided that the Participant timely executes and does not revoke the separation agreement and release as set forth in Section B.3. of this Plan. 

Any entity in the Company Group may cause such amounts to be withheld from payment under this Plan as it determines necessary to fulfill any
federal, state, or local wage or compensation withholding requirements and any applicable withholdings required by law. 
 Notwithstanding
the date of payment of cash severance benefits, a Participant’s last date of coverage under the Company Group’s medical, dental, and/or vision benefit plans shall be determined in accordance with the applicable benefit plan documents.
Notification to the Participant of the Participant’s rights to coverage under COBRA shall be provided to Participant as required by law. 
  

	 	2.	Partially Subsidized COBRA Premiums 

 The Company Group will partially subsidize the
premium cost for continued group medical, dental, and/or vision coverage during the COBRA Period for the Participant and the Participant’s legal dependents who are participating in such coverages as of a Participant’s termination of
employment, provided, in any case, that such Participant properly elects continuation coverage under the Company Group medical, dental, and/or vision plans under Section 4980B of the Internal Revenue Code of 1986, as amended (the
“Code”), and the regulations promulgated thereunder (“COBRA”). During the COBRA Period, (a) the Participant will pay the same amount toward the premium cost for his/her and his/her dependents’ medical and
dental coverage that he/she would pay for that same level of coverage as an active employee, and the Company Group will pay the balance of the premium cost, and (b) the Participant will pay the full cost of the premium for vision coverage and
the Company Group will pay the applicable two percent (2%) COBRA administrative fee; provided, however, that (x) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation
coverage to be, exempt from the application of Code Section 409A under Treasury Regulation Section 1.409A-1(a)(5) or (y) the Company Group is otherwise unable to continue to cover the
Participant under its group health plans without incurring penalties (including, without limitation, pursuant to the Patient Protection and Affordable Care Act or Section 2716 of the Public Health Service Act), then, in either case, an amount
equal to the premium contribution amount that would have been paid by the Company Group for each remaining COBRA premium under such plans shall thereafter be paid to the Participant in substantially equal monthly installments over the continuation
coverage period (or the remaining portion thereof). 

  
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 The “COBRA Period” means, with respect to a Participant, a period beginning
on the date of the Participant’s Qualifying Termination (or, if later, date of loss of eligibility under the terms of the Company Group health plan), and continuing until the earliest to occur of (i) the end of the calendar month in which
the Severance Period ends, (ii) the expiration of the Participant’s (or his or her legal dependent’s, as applicable) eligibility for benefits under COBRA, and (iii) such time as the Participant becomes eligible to receive medical
benefits under a “group health plan” (within the meaning of COBRA) maintained by a subsequent employer of the Participant (provided that the Participant is eligible to continue his/her COBRA coverages by paying the full cost of the
applicable COBRA premiums after eligibility for such other group health plan until such COBRA coverage is otherwise terminated). 
 The
“Severance Period” means the period expressed as a number of weeks for which severance is determined pursuant to Appendix A (notwithstanding that the actual severance payment would be payable in a lump sum). 

 

	 	3.	Outplacement Services 

 An eligible Participant will receive outplacement and career
counseling services provided by a vendor selected by the Company. Outplacement services are available for the lesser of duration of the Severance Period (as defined above) or 26 weeks pursuant to Appendix A. 

 

	D.	Amendment or Termination of Plan 

 Prior to the effective date of the Impax
Transaction, this Plan may be amended or terminated by the Severance Plan Benefits Committee at any time and from time to time, in its sole discretion. For a period of 12 months from and after the effective date of the Impax Transaction, this Plan
may not be amended, modified, suspended or terminated except with the express written consent of each Participant who would be adversely affected by any such amendment, modification, suspension or termination. After the expiration of such 12-month period, this Plan may be amended or terminated by the Severance Plan Benefits Committee at any time and from time to time, in its sole discretion (provided, that no such amendment or termination shall
materially and adversely affect the rights of any Participant who has experienced a Qualifying Termination on or prior to such amendment or termination). 
  

	E.	General Rules 

  

	 	1.	Neither this Plan nor any action taken with respect to it shall confer upon any person the right to continue in the employ of the Company Group, nor are any contractual obligations created. 

 

	 	2.	Benefits under this Plan may not be assigned. 

  

	 	3.	Although the Company makes no guarantee with respect to the tax treatment of benefits provided under this Plan and shall not be responsible in any event with regard to non-compliance with Section 409A and the
Treasury Regulations promulgated thereunder (“Code Section 409A”), to the fullest extent applicable, severance benefits payable under the Plan are intended to be exempt from the definition of “nonqualified
deferred 

  
 5 

 

 
  

	 	
compensation” under Code Section 409A in accordance with one or more of the exemptions available under Code Section 409A, including the short-term deferral exception in Treas. Reg.
§1.409A-1(b)(4) and the separation pay exception in Treas. Reg. §1.409A-1(b)(9)(iii). To the extent that any benefit payable or provided under this Plan is or
becomes subject to Code Section 409A, the Plan shall be interpreted and administered to the maximum extent possible to comply with Code Section 409A. For purposes of any provision of this Plan providing for the payment of any amount or
benefit upon or following a termination of employment that constitutes “nonqualified deferred compensation” under Code Section 409A, a termination of employment shall not be deemed to have occurred unless such termination is also a
“separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Plan, references to a “termination,” “termination of employment” or like terms shall mean
“separation from service.” 

  

	F.	ERISA Information 

 The following information is required to be provided to you
under ERISA: 
  

			
	OFFICIAL NAME OF THE PLAN:	  	Amneal Pharmaceuticals LLC Severance Plan, which is a component plan of the Amneal Pharmaceuticals LLC and Subsidiaries Health and Welfare Benefits Plan
		
	SPONSOR:	  	Amneal Pharmaceuticals LLC
		  	400 Crossing Boulevard, 3rd Floor
		  	Bridgewater, New Jersey 08807
		
	EMPLOYER IDENTIFICATION NUMBER (EIN):	  	90-0186021
		
	PLAN NUMBER:	  	501
		
	TYPE OF PLAN:	  	Welfare Severance Benefit Plan
		
	PLAN YEAR:	  	The Plan Year is the calendar year.
		
	TYPE OF ADMINISTRATION:	  	Company Administered
		
	PLAN ADMINISTRATOR:	  	Benefits Manager
		  	Amneal Pharmaceuticals LLC
		  	400 Crossing Boulevard, 3rd Floor
		  	Bridgewater, New Jersey 08807
		  	Telephone: 908-409-6854

  
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	G.	Plan Administrator 

 The Plan Administrator has the sole authority and discretion
to control and manage the operation and administration of the Plan. The Plan Administrator shall have all of the powers necessary or appropriate to enable it to carry out its duties in connection with the operation and administration of the Plan,
including, without limitation thereto, the power to construe the terms of the Plan, to determine eligibility for benefits, make all legal and factual determinations and to make and establish (and thereafter change) rules, regulations and procedures
with respect to the operations of the Plan, and shall also have all of the powers elsewhere herein conferred upon it. 
 Subject to the
limitations of applicable law, the Plan Administrator may delegate any and all of its powers and responsibilities hereunder to other persons. The Plan Administrator and its designees shall not be liable for any action or determination made in good
faith with respect to the Plan. The Company shall, to the fullest extent permitted by law, indemnify and hold harmless the Plan Administrator (and, if applicable, each member of the committee comprising the Plan Administrator) and each director,
officer and employee of the Company for liabilities or expenses that they and each of them incur in carrying out their respective duties under the Plan, other than for any liabilities or expenses arising out of such individual’s willful
misconduct or fraud. 
 The Plan Administrator keeps records of the Plan and is responsible for the administration of the Plan. The Plan
Administrator or its designee will also answer any questions you may have about the Plan. Service of legal process may be made upon the Plan Administrator. If the position designated above as Plan Administrator no longer exists or is not filled at
any particular time (or the person filling such position is incapacitated), the Company shall appoint another person or position to act as Plan Administrator hereunder. 

All severance pay and other benefits under the Plan are paid out of the general assets of the Company. The Plan is not funded and has no
assets. 
  

	H.	Claims Procedure 

 If you are a Participant in the Plan, you will automatically
receive the benefits to which you are entitled under the Plan. If you (or your beneficiary, if applicable) believe you have not been provided with all benefits to which you are entitled under the Plan, you may file a written claim with the Claim
Administrator, who is the Benefits Manager, at Amneal Pharmaceuticals LLC, 400 Crossing Boulevard, 3rd Floor, Bridgewater, NJ 08807; Telephone: 908-409-6854, with respect to your rights to receive benefits from the Plan. You will be informed of the Claim Administrator’s decision with respect to your claim within 90 days after it is filed. Under
special circumstances, the Claim Administrator may require an additional period of not more than 90 days to review your claim. If that happens, you will receive a written notice of that fact, which will also indicate the special circumstances
requiring the extension of time and the 

  
 7 

 

 
  

 
date by which the Claim Administrator expects to make a determination with respect to the claim. If the extension is required due to your failure to submit information necessary to decide the
claim, the period for making the determination will be tolled from the date on which the extension notice is sent until the date on which you respond to the Plan’s request for information to the extent required by law. 

If a claim is denied in whole or in part, or any adverse benefit determination is made with respect to the claim, you will be provided with a
written notice setting forth the reason for the determination, along with specific references to Plan provisions on which the determination is based. This notice will also provide an explanation of what additional information is needed to evaluate
the claim (and why such information is necessary), together with an explanation of the Plan’s claims review procedure and the time limits applicable to such procedure, as well as a statement of your right to bring a civil action under
Section 502(a) of ERISA following an adverse benefit determination on review. 
 If your claim has been denied, or an adverse benefit
determination has been made, you may request that the Severance Plan Benefits Committee (who acts on behalf of the Plan Administrator with respect to appeals under the Plan) review the denial. The request must be in writing, must be made within 60
days after written notification of denial, and must be sent to the following address: Severance Plan Benefits Committee, c/o Benefits Manager, Amneal Pharmaceuticals LLC, 400 Crossing Boulevard,
3rd Floor, Bridgewater, NJ 08807; Telephone: 908-409-6854. In connection with this request, you (or your duly
authorized representative) are entitled to (i) be provided, upon written request and free of charge, with reasonable access to (and copies of) all documents, records, and other information relevant to the claim; and (ii) submit to the
Severance Plan Benefits Committee written comments, documents, records, and other information related to the claim. 
 The review by the
Severance Plan Benefits Committee will take into account all comments, documents, records, and other information you submit relating to the claim. The Severance Plan Benefits Committee will make a final written decision on a claim review, in most
cases within 60 days after receipt of a request for a review. In some cases, the claim may take more time to review, and an additional processing period of up to 60 days may be required. If that happens, you will receive a written notice of that
fact, which will also indicate the special circumstances requiring the extension of time and the date by which the Severance Plan Benefits Committee expects to make a determination with respect to the claim. If the extension is required due to your
failure to submit information necessary to decide the claim, the period for making the determination will be tolled from the date on which the extension notice is sent to you until the date on which you respond to the Plan’s request for
information to the extent required by law. 
 The Severance Plan Benefits Committee’s decision on the claim for review will be
communicated to you in writing. If an adverse benefit determination is made with respect to the claim, the notice will include: (i) the specific reason(s) for any adverse benefit determination, with references to the specific Plan provisions on
which the determination is 

  
 8 

 

 
  

 
based; (ii) a statement that you are entitled to receive, upon request and free of charge, reasonable access to (and copies of) all documents, records and other information relevant to the
claim; and (iii) a statement of your right to bring a civil action under Section 502(a) of ERISA. The decision of the Severance Plan Benefits Committee is final, conclusive and binding on all parties. 

The foregoing procedures must be exhausted before you bring a legal action seeking payment of benefits under the Plan, clarification of a right
to future benefits under the Plan, or enforcement of rights under the Plan’s terms. In addition, you may not bring such a legal action more than 180 days after your receipt of the notice of decision on your request for review. 

 

	I.	ERISA Rights 

 As a Participant in the Plan you are entitled to certain rights and
protections under ERISA. ERISA provides that all Plan participants shall be entitled to: 
 Receive Information About Your Plan and
Benefits 
  

	 	•	 	Examine, without charge, at the Plan Administrator’s office and at other specified locations, such as worksites, all documents governing the Plan, including a copy of the latest annual report (Form 5500 Series), if
any, filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. 

  

	 	•	 	Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, including copies of the latest annual report (Form 5500 Series), if any, and an updated summary plan
description. The Plan Administrator may make a reasonable charge for the copies. 

  

	 	•	 	Receive a summary of the Plan’s annual financial report (if any). The Plan Administrator is required by law to furnish each participant with a copy of any summary annual report. 

Prudent Actions by Plan Fiduciaries 

In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan.
The people who operate your Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other Plan participants and beneficiaries. No one, including your employer, or any other person, may fire you
or otherwise discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your rights under ERISA. 

  
 9 

 

 
  

 Enforce Your Rights 

If your claim for a benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of
documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. 
 Under ERISA, there are
steps you can take to enforce the above rights. For instance, if you request a copy of Plan documents or the latest annual report, if any, from the Plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case,
the court may require the Plan Administrator to provide materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim
for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court subsequent to exhausting the Plan’s claims procedures. If you are discriminated against for asserting your rights, you may seek
assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful the court may order the person you have sued to pay these costs and fees.
If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. 
 Assistance with
Your Questions 
 If you have any questions about the Plan, you should contact the Benefits Manager. If you have any questions about this
statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Benefits Manager, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your
telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your
rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. 

  
 10 

 APPENDIX A* 
  

											
	 Level
	 	 Positional

Severance
	 	 Standard

Severance
	 	 Bonus/Incentive
	 	 Partially
Subsidized
COBRA
Coverage
	 	 Outplacement

	Below Manager	 	6 weeks Base Pay	 	6 weeks Base Pay plus 2 weeks per year of service from date of commencement of employment with the Company Group, up to a maximum 26 weeks	 	Prorated bonus for # days worked during the performance year	 	Duration of Severance Period	 	Duration of Severance Period, but not to exceed 26 weeks.
	Manager	 	8 weeks Base Pay	 	 	 	 
	Senior Manager, Associate Director	 	12 weeks Base Pay	 	 	 	 
	Director	 	18 weeks Base Pay	 	 	 	 
	Senior Director	 	26 weeks Base Pay	 	 	 
	Vice President	 	39 weeks Base Pay	 	 	 
	SVP / EVP	 	52 weeks Base Pay	 	12 months target bonus	 	 

  

	*	Participants eligible to receive (i) the greater of (A) Positional Severance and (B) Standard Severance; (ii) Bonus/Incentive; (iii) Partially subsidized COBRA coverage; and
(iv) Outplacement. 

  
 11

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