Document:

EXHIBIT
      10.3.2

    PAR
      PHARMACEUTICAL COMPANIES, INC.

    

    TERMS
      OF STOCK OPTION 

    

    

    This
      document sets forth the terms of an Option (as defined below) granted by PAR
      PHARMACEUTICAL COMPANIES, INC. (the “Company”) pursuant to a Certificate of
      Stock Option (the “Certificate”) displayed at the website of Smith Barney
      Benefits Access®. The Certificate, which specifies the director of the Company
      (who is not an employee of the Company or any Subsidiary, the “Eligible
      Director”) to whom the Stock Option has been granted, other specific details of
      the grant, and the electronic acceptance of the Certificate at the website
      of
      Smith Barney, are incorporated herein by reference.

    

    WHEREAS,
      the
      Board of Directors of the Company (the “Board”) has authorized and approved the
      Par Pharmaceutical Companies, Inc. 1997 Directors’ Stock and Deferred Fee Plan
      (the “Plan”), which has been approved by the stockholders of the Company;
      and

    

    WHEREAS,
      the
      Plan, in part, provides for the annual grant of an option (the “Option”) under
      the Plan to the Eligible Director to purchase Five Thousand (5,000) shares
      of
      the Company's Common Stock, par value $.01 per share (the "Common
      Stock");

    

    WHEREAS,
      pursuant to the Plan, the award to the Eligible Director of the Option is
      subject to the terms and conditions specified on the Certificate and as set
      forth in the Plan and in these Terms; and 

    

    WHEREAS,
      capitalized terms not otherwise defined herein shall have the meanings assigned
      to them under the Plan.

    

    NOW,
      THEREFORE,
      in
      consideration of the mutual covenants contained herein, the parties hereto
      agree
      as follows:

    

    1.
      Incorporation
      of the Plan.
      The
      Option is granted pursuant to the provisions of the Plan and the terms and
      definitions of the Plan are incorporated by reference in these Terms.

    

    2.
      Grant
      of Option.
      (a)
      Subject
      to the terms and conditions of the Plan, the Company hereby grants on the date
      of grant (the “Date of Grant”) to the Eligible Director the right and option
      (the "Option") to purchase all or any part of an aggregate number of shares
      of
      the Common Stock of the Company (the "Option Shares"), as specified on the
      Certificate and on the terms and conditions set forth herein and therein.

    

    (b)
      This
      Option shall not be deemed an “Incentive Stock Option” under the Internal
      Revenue Code (“Code”). Accordingly, the Eligible Director acknowledges that,
      under existing laws and regulations, exercise of this Option would be a taxable
      event under the Code. The Eligible Director will be subject to a withholding
      tax
      on the difference between the purchase price of the Option Shares and their
      market value on the date of the taxable event. Any such tax shall be paid to
      the
      Company by the Eligible Director within two days of receipt of a notice from
      the
      Company specifying the amount thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.
      Purchase
      Price.
      The
      price per share to be paid by the Eligible Director for the Option Shares shall
      be the grant price specified on the Certificate. 

    

    4.
      Exercise
      Terms.

    

    (a)
      The
      Option shall be exercisable in full commencing on the first anniversary of
      the
      Date of Grant (the “Exercise Date”), provided that the Eligible Director has not
      been removed “for cause”, as a member of the Board on or prior to the first
      anniversary of the Date of Grant, and shall expire and not be exercisable after
      5:00 P.M. on the tenth anniversary of the Date of Grant (the “Exercise Period”).
      An Option shall remain exercisable after the Exercise Date at all times during
      the Exercise Period, regardless of whether the Eligible Director thereafter
      continues to serve as a member of the Board. 

    

    (b)
      The
      Option may be exercised at any time or from time to time during the term of
      the
      Option as to any or all full shares which have become exercisable in accordance
      with this Section, but not as to less than 100 shares of Common Stock unless
      the
      remaining shares of Common Stock that are so exercisable are less than 100
      shares of Common Stock. The Option price is to be paid in full upon the exercise
      of the Option. The holder of an Option shall not have any of the rights of
      a
      stockholder with respect to the shares of Common Stock subject to the Option
      until such shares of Common Stock have been issued or transferred to him upon
      the exercise of his Option.

     

    (c)
      The
      Option may be exercised with respect to a specified number of shares of Common
      Stock by written notice of exercise to the Company stating that (i) the option
      price for the shares and any withholding tax due thereon will be paid to the
      Company directly by a broker-dealer designated by the Eligible Director and
      irrevocable instructions to such effect have been furnished by the Eligible
      Director to such broker-dealer, and (ii) an advice from the broker-dealer
      confirming payment to the Company will be promptly delivered to the Company.
      The
      exercise of such Option shall be irrevocable at the time of notice to the
      Company; provided, however, that the Company shall not be required to deliver
      certificates for shares of Common Stock with respect to the exercise of the
      Option until the Company has confirmed the receipt of good and sufficient funds
      in payment of the purchase price hereof.

    

    (d)
      Upon a
      Sale (as defined below), the Board may elect either (i)
      to
      continue the Option without any payment or (ii) to cause to be paid to the
      Eligible Director upon consummation of the Sale, a payment equal to the excess,
      if any, of the sale consideration receivable by the holders of shares of Common
      Stock in such a Sale (the “Sale Consideration”) over the purchase price for this
      Option for each share of Common Stock the Eligible Director shall then be
      entitled to acquire under these Terms. If the Board elects to continue the
      Option, then the Company shall cause effective provisions to be made so that
      the
      Eligible Director shall have the right, by exercising the Option prior to the
      end of the Exercise Period, to purchase the kind and amount of shares of stock
      and other securities and property receivable upon such a Sale by a holder of
      the
      number of shares of Common Stock which might have been purchased upon exercise
      of the Option immediately prior to the Sale. The value of the Sale Consideration
      receivable by the holder of a share of Common Stock, if it shall be other than
      cash, shall be determined, in good faith, by the Board. Upon payment to the
      Optionee of the Sale Consideration, the Eligible Director shall have no further
      rights in connection with the Option, the Option shall be terminated and
      surrendered for cancellation and the Option shall be null and void.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (e)
“Sale”
      shall mean any single transaction or series of related transactions, upon the
      consummation of the following events: (i) a definitive agreement for the merger
      or other business combination of the Company with or into another corporation
      pursuant to which the shareholders of the Company do not own, immediately after
      the transaction, more than 50% of the voting power of the corporation that
      survives and is a publicly owned corporation and not a subsidiary of another
      corporation, or (b) a definitive agreement for the sale, exchange, or other
      disposition of all or substantially all of the assets of the Company (other
      than
      to any wholly-owned subsidiary of the Company); provided, that a Sale shall
      not
      be deemed to have occurred if there shall be an affirmative vote of a majority
      of the Board to suspend the provisions of Section 4.3 of the Plan with respect
      to any such event.

    

    5.
      Option
      Non-Transferable.
      This
      Option may not be transferred by the Eligible Director otherwise than by will
      or
      the laws of descent and distribution, or by a Qualified Domestic Relations
      Order
      during the lifetime of the Eligible Director. This Option may be exercised
      only
      by him (or by his guardian or legal representative, should one be appointed)
      or
      by his spouse to whom the Option has been transferred pursuant to a Qualified
      Domestic Relations Order. The Option shall not be subject to execution,
      attachment or similar process, and any attempted assignment, transfer, pledge,
      hypothecation or other disposition of the Option contrary to the provisions
      hereof shall be null and void and without legal effect.

    

    6.
      Notice
      of Exercise of Option.
      (a)
      The
      Option may be exercised by delivery of a written notice to the Company at its
      principal place of business, signed by the Eligible Director or by such other
      person as is authorized to affect such exercise. Any such notice shall
      (i)
      specify
      the number of shares of Common Stock which such person then elects to purchase
      hereunder and (ii)
      be
      accompanied by full payment of the total price applicable to such shares of
      Common Stock as provided herein. Payment of the purchase price shall be made
      in
      U.S. dollars, by delivery of securities of the Company, or by a combination
      of
      U.S. dollars and securities, as provided in Section 4(c) above. In addition,
      prior to the issuance of a certificate for shares of Common Stock pursuant
      to
      any Option exercise, the Eligible Director shall pay to the Company the full
      amount of any federal and state withholding or other taxes applicable to the
      taxable income of such Eligible Director resulting from such
      exercise.

    

    (b)
      Upon
      receipt of any such notice and accompanying payment, and subject to the terms
      hereof, the Company agrees to cause to be issued one or more stock certificates
      for the aggregate number of shares of Common Stock specified in such notice
      registered in the name of the person exercising the Option. In the event the
      Option is being exercised by any person other than the Eligible Director, the
      notice shall be accompanied by appropriate proof of the right of such person
      to
      exercise the Option.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    7.
      Anti-Dilution
      Provisions.
      (a)
      If,
      after the Date of Grant and prior to the complete exercise of the Option, the
      outstanding shares of the Common Stock of the Company are changed into or
      exchanged for a different number or kind of shares or other securities of the
      Company or of another corporation by reason of merger, consolidation,
      reorganization, recapitalization, reclassification, combination of shares,
      stock
      split, or stock dividend, the Board of Directors will, in accordance with the
      terms of the Plan, appropriately adjust the rights under this Option pertaining
      to any unexercised portion thereof.

    

    (b)
      In the
      event the Company is dissolved or liquidated or involved in any merger or
      combination in which the Company is not a surviving corporation, the Option
      shall terminate, but the Eligible Director shall have the right, immediately
      prior to such dissolution, liquidation, merger or combination, to exercise
      this
      Option, in whole or in part, to the extent that it shall not have been
      exercised, without regard to the date on which the Option would otherwise become
      exercisable pursuant to Section 4 hereof.

    

    8.
      Representations
      of the Company.
      The
      Company hereby represents and warrants to the Eligible Director
      that:

    

    (a)
      the
      Company, by appropriate and all required action, is duly authorized to enter
      into these Terms and consummate all of the transactions contemplated hereunder;
      and

    

    (b)
      the
      Option Shares to be issued upon the exercise of the Option, when issued and
      delivered by the Company to the Eligible Director in accordance with the terms
      and conditions hereof, will be duly and validly issued and fully paid and
      non-assessable.

    

    9.
      Representations
      of the Eligible Director.
      The
      Eligible Director hereby represents and warrants to the Company that:

    

    (a)
      the
      Company has made available to the Eligible Director a copy of all reports and
      documents required to be filed by the Company with the Securities and Exchange
      Commission pursuant to the Securities Exchange Act of 1934 within the last
      twelve months and all reports issued by the Company to its shareholders during
      such period;

    

    (b)
      the
      Eligible Director is acquiring the Option and will acquire the Option Shares
      for
      Eligible Director's own account and not with a view towards the distribution
      thereof;

    

    (c)
      the
      Eligible Director must bear the economic risk of the investment in the Option
      Shares, which cannot be sold by him unless they are registered under the
      Securities Act of 1933, as amended (the "Act"), or an exemption therefrom is
      available thereunder; 

    

    (d)
      in
      Eligible Director's position with the Company, Optionee has had both the
      opportunity to ask questions of and receive answers from the officers and
      directors of the Company and all persons acting on its behalf concerning the
      terms and conditions of the offer made hereunder and to obtain any additional
      information to the extent the Company possesses or may possess such information
      or can acquire it without unreasonable effort or expense necessary to verify
      the
      accuracy of the information obtained pursuant to clause (a) above;
      and

    

    (e)
      the
      Eligible Director is aware that the Company shall place stop-transfer orders
      with its transfer agent against the transfer of the Option Shares in the absence
      of registration under the Act or an exemption therefrom as provided
      herein.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    10.
      Restriction
      on Transfer of Option Shares.
      Anything in these Terms to the contrary notwithstanding, the Eligible Director
      hereby agrees that he shall not sell, transfer by any means or otherwise dispose
      of the Option Shares acquired by him without registration under the Act, or
      in
      the event that they are not so registered, unless (a)
      an
      exemption from the Act is available thereunder, and (b)
      the
      Eligible Director has furnished the Company with notice of such proposed
      transfer and the Company's legal counsel, in its reasonable opinion, shall
      deem
      such proposed transfer to be so exempt.

    

    11.
      Amendments
      to Plan; Conflicts.
      No
      amendment or modification of the Plan shall be construed as to terminate the
      Option under these Terms. In the event of a conflict between the provisions
      of
      the Plan and the provisions of these Terms, the provisions of the Plan shall
      in
      all respects be controlling.

    

    12.
      Miscellaneous.

    

    (a)
      Notices.
      All
      notices, requests, deliveries, payments, demands and other communications
      required or permitted to be given under these Terms shall be in writing and
      shall be either delivered personally or sent by registered or certified mail,
      or
      by private courier, return receipt requested, postage prepaid to the parties
      at
      their respective addresses set forth below, or to such other address as either
      shall have specified by notice in writing to the other. Notice shall be deemed
      duly given hereunder when so delivered or mailed as provided
      herein.

     

    
      	 	If to Company:	Par Pharmaceutical Companies,
              Inc.
	 	 	
              300
                Tice Boulevard

              Woodcliff
                Lake, NJ 07677

              Attn:
                General Counsel

            
	 	 	 
	 	If to Director: 	
              Address
                of Director on file with the
                Company

            

    

     

    (b)
      Waiver.
      The
      waiver by any party hereto of a breach of any provision of these Terms shall
      not
      operate or be construed as a waiver of any other or subsequent
      breach.

    

    (c)
      Entire
      Agreement.
      These
      Terms constitutes the entire agreement between the parties with respect to
      the
      subject matter hereof.

    

    (d)
      Binding
      Effect; Successors.
      These
      Terms shall inure to the benefit of and be binding upon the parties hereto
      and,
      to the extent not prohibited herein, their respective heirs, successors, assigns
      and representatives. Nothing in these Terms, expressed or implied, is intended
      to confer on any person other than the parties hereto and as provided above,
      their respective heirs, successors, assigns and representatives, any rights,
      remedies, obligations or liabilities.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    

    (e)
      Governing
      Law.
      These
      Terms shall be governed by and construed in accordance with the laws of the
      State of Delaware.

    

    (f)
      Headings.
      The
      headings contained herein are for the sole purpose of convenience of reference,
      and shall not in any way limit or affect the meaning of or interpretation of
      any
      of the terms or provisions of these Terms.

     

    IN
      WITNESS WHEREOF, the parties hereunto set their hands as of the date the
      Certificate is accepted on the website of Smith Barney. 

     

    
      
        	 	PAR PHARMACEUTICAL COMPANIES,
                INC.
	 	 
	 	
                Thomas
                  J. Haughey

                Executive
                  Vice President and General Counsel

              
	 	 
	 	ELIGIBLE
                DIRECTOR
	 	 
	 	
                (Acceptance
                  designated electronically at the

                website
                  of Smith Barney)

              

      

    

     

    
      
        
        

      

      
        6EXHIBIT
      10.3.3

    PAR
      PHARMACEUTICAL COMPANIES, INC.

    

    TERMS
      OF RESTRICTED STOCK UNIT AWARD

    

    

    This
      document sets forth the terms of the award of Restricted Stock Units (as defined
      below) granted by PAR PHARMACEUTICAL COMPANIES, INC. (the “Company”) pursuant to
      a Certificate of Restricted Stock Units (the “Certificate”) displayed at the
      website of Smith Barney Benefits Access® (“Smith Barney”). The Certificate,
      which specifies the director (the “Director”) to whom the Restricted Stock Units
      have been awarded, other specific details of the award, and the electronic
      acceptance of the Certificate at the website of Smith Barney are incorporated
      herein by reference.

    

    W
      I T N E S S E T H:

     

    WHEREAS,
      the Board of Directors of the Company (the “Board”) has authorized and approved
      the Par Pharmaceutical Companies, Inc. Amended and Restated 1997 Directors’
Stock and Deferred Fee Plan (the “Plan”), which has been approved by the
      stockholders of the Company; 

    

    WHEREAS,
      the Plan provides for the annual grant of restricted Stock Units (“Restricted
      Stock Units”) to Directors of the Company who are not employees of the Company
      or any of its subsidiaries, having an aggregate Fair Market Value, determined
      as
      of the Date of Grant, equal to One Hundred Thousand Dollars
      ($100,000);

    

    WHEREAS,
      pursuant to the Plan, the award to the Eligible Director of Restricted Stock
      Units is subject to the terms and conditions specified on the Certificate and
      as
      set forth in the Plan and in this Agreement; and 

    

    WHEREAS,
      capitalized terms not otherwise defined herein shall have the meanings assigned
      to them under the Plan.

    

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

     

    
      
        	 1. 	RESTRICTED STOCK
                UNITS

      

    

     

    1.1 Grant
      of Restricted Stock Units.

    

    (a) Subject
      to the terms and conditions hereinafter set forth and set forth in the Plan,
      the
      Company grants to the Eligible Director that number of Restricted Stock Units
      (the “Units”) as specified on the Certificate, which represent an equivalent
      number of shares of the Company’s common stock, par value $.01 per share
      (“Common Stock”), having an aggregate Fair Market Value, determined as of the
      Date of Grant, of $100,000. The Units are subject to the restrictions set forth
      in the Certificate, Section 1.2 of this Agreement, the terms and conditions
      of
      the Plan and the other terms and conditions contained in this Agreement.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    (b) The
      Units
      granted under this Agreement shall be reflected in the Director’s Stock Account
      maintained by the Company during the Restricted Period (as defined in Section
      1.3 hereof). If and when the restrictions set forth in Section 1.2 expire in
      accordance with the terms of this Agreement, and upon the satisfaction of all
      other applicable conditions as to the Units, such Units (and any related
      Dividend Units described in Section 1.1(c) below) not forfeited pursuant to
      Section 1.4 hereof shall be settled in shares of Common Stock or cash as
      provided in Section 1.1(e) of this Agreement and otherwise in accordance with
      the Plan.

    

    (c)
       With
      respect to each Unit, whether or not vested, that has not been forfeited (but
      only to the extent such award of Units has not been settled for cash or Common
      Stock), the Company shall, with respect to any cash dividends or distributions
      paid on the Common Stock, accrue and credit to the Director’s Stock Account a
      number of Units (or fractional Unit) having a Fair Market Value as of the date
      such dividend or distribution is paid equal to the cash dividends or
      distributions that would have been paid with respect to such Unit if it were
      an
      outstanding share of Common Stock (the “Dividend Units”). Fractional Units
      accruing under this provision shall be credited cumulatively to the Director’s
      Stock Account. These Dividend Units thereafter shall (i) be treated as Units
      for
      purposes of future dividend accruals pursuant to this Section 1.1(c); and (ii)
      vest in such amounts at the same time as the Units with respect to which such
      Dividend Units were received. Any dividends or distributions on Common Stock
      paid other than in cash shall accrue in the Director’s Stock Account and shall
      vest at the same time as the Units in respect of which they are made (in each
      case in the same form as such dividend or other distribution is paid on such
      Common Stock). 

     

    (d) The
      Company’s obligations under this Agreement shall be unfunded and unsecured, and
      no special or separate fund shall be established and no other segregation of
      assets shall be made. The rights of the Director under this Agreement shall
      be
      no greater than those of a general unsecured creditor of the Company.
In
      addition, the Units shall be subject to such restrictions as the Company may
      deem advisable under the rules, regulations and other requirements of the
      Securities and Exchange Commission, any stock exchange upon which Common Stock
      is then listed, and any applicable federal or state securities law.

    

    (e) Except
      as
      otherwise provided in this Agreement, upon the satisfaction of all applicable
      conditions as to the Units (including the payment by the Director of all
      applicable required withholding taxes, if any) settlement of the vested Units
      shall occur as soon as practicable after the later of (i) the first day of
      the
      seventh month following the month in which the Restricted Period ends and (ii)
      the first anniversary of the Date of Grant, and otherwise shall be made in
      accordance with the provisions of Section 6.7 of the Plan. At such time, the
      Company shall issue to the Director one share of Common Stock (or, in the
      discretion of the Company, cash equal to the Fair Market Value of one share
      of
      Common Stock) for each Unit (with any fractional Unit being rounded up to the
      nearest whole Unit) credited to the Director’s Stock Account. Settlement of the
      Director’s Stock Account may be accelerated in accordance with Section 6.8 of
      the Plan and otherwise in compliance with the requirements of Section 409A
      of
      the Code. 

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    1.2 Restrictions.

    

    (a) The
      Director shall have no rights as a stockholder of the Company by virtue of
      any
      Unit unless and until such Unit vests and resulting shares of Common Stock
      are
      issued to the Director.

     

    (b) 
       None
      of
      the Units may be sold, transferred, assigned, pledged or otherwise encumbered
      or
      disposed of during the Restricted Period, except as otherwise permitted by
      the
      Board in its sole discretion or pursuant to rules adopted by the Board in
      accordance with the Plan.

     

    (c) Any
      attempt to dispose of the Units or any interest in the Units in a manner
      contrary to the restrictions set forth in this Agreement shall be void and
      of no
      effect.

     

    1.3 Restricted
      Period and Vesting. 

    

    (a) Subject
      to the provisions contained in Sections 1.4, 1.5 and 1.6 hereof, the
      restrictions set forth in Section 1.2 hereof shall apply for a period beginning
      on the Date of Grant and ending on the date the Director terminates service
      as a director of the Company for any reason (the “Restricted
      Period”). 

    

    (b) Notwithstanding
      the provisions of Section 1.3(a) hereof, the Units shall be deemed vested and
      no
      longer subject to forfeiture under Section 1.4 hereof (but still subject to
      the
      restrictions set forth in Section 1.2 hereof) on the first anniversary of the
      Date of Grant. 

    

    (c) Notwithstanding
      Section 1.3(b) above, upon a Sale of the Company, all rights of the Director
      to
      the Units that have not vested shall immediately vest and no longer be subject
      to forfeiture under Section 1.4 hereof (but still subject to the restrictions
      set forth in Section 1.2 hereof). The Director shall be entitled to payment
      of
      the value of the Units in cash credited to the Director’s Stock Account in
      accordance with Section 4.3 of the Plan; provided,
      however,
      that
      a
      Sale shall not be deemed to have occurred if there shall be an affirmative
      vote
      of a majority of the Board to suspend the provisions of Section 4.3 of the
      Plan
      with respect to any such event. 

     

    1.4 Forfeiture. 

    

    Subject
      to Section 1.6 hereof, if
      during
      the Restricted Period (i) the Director is removed “for cause” as a member of the
      Board, (ii) there occurs a material breach of this Agreement by the
      Director or (iii) the Director fails to meet the tax withholding obligations
      described in Section 1.5(b) hereof, all rights of the Director to the Units
      that
      have not vested in accordance with Section 1.3(b) or 1.3(c) hereof as of the
      date of such event shall terminate immediately and be forfeited in their
      entirety. 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    1.5 Withholding.

     

    (a) The
      Board
      shall determine the amount of any withholding or other tax required by law
      to be
      withheld or paid by the Company with respect to any income recognized by the
      Director with respect to the Units.

    

    (b) The
      Director shall be required to meet any applicable tax withholding obligation
      in
      accordance with the provisions of Section 10.4 of the Plan.

    

    (c) The
      Board
      shall be authorized, in its sole discretion, to establish such rules and
      procedures relating to the use of shares of Common Stock to satisfy tax
      withholding obligations as it deems necessary or appropriate to facilitate
      and
      promote the conformity of the Director’s transactions under the Plan and this
      Agreement with Rule 16b-3 under the Securities Exchange Act of 1934, as amended,
      if such Rule is applicable to transactions by the Director.

    

    1.6 Board’s
      Discretion. Notwithstanding
      any provision of this Agreement to the contrary, the
      Board
      shall have discretion to waive any forfeiture of the Units as set forth in
      Section 1.4 hereof, the Restricted Period and any other conditions set forth
      in
      this Agreement.

    

    1.7 Incorporation
      of the Plan.
      This
      award is granted pursuant to the provisions of the Plan and the terms and
      definitions of the Plan are incorporated by reference in this Agreement and
      made
      a part hereof. 

     

    
      	2.  	REPRESENTATIONS OF THE
              COMPANY AND
              THE DIRECTOR

    

     

    2.1 Representations
      of the Company.
      The
      Company hereby represents and warrants to the Director that the Company, by
      appropriate and all required action, is duly authorized to enter into this
      Agreement and consummate all of the transactions contemplated hereunder.
      Further, the Company represents and warrants that any shares of Common Stock
      to
      be issued upon settlement of the Units, when issued and delivered by the Company
      to the Director in accordance with the terms and conditions hereof, will be
      duly
      and validly issued and fully paid and non-assessable.

    

    2.2 Representations
      of the Director.
      The
      Director hereby represents to the Company that the Director has read and fully
      understands the provisions of this Agreement and the Plan and his or her
      decision to participate in the Plan is completely voluntary. Further, the
      Director acknowledges that he or she is relying solely on his or her own
      advisors with respect to the tax consequences of this award of
      Units.

     

    
      	3. 	AMENDMENTS TO PLAN;
              CONFLICTS 

    

     

    No
      amendment or modification of the Plan shall be construed as to terminate the
      award under this Agreement. In the event of a conflict between the provisions
      of
      the Plan and the provisions of this Agreement, the provisions of the Plan shall
      in all respects be controlling.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	4. 	
              MISCELLANEOUS

            

    

     

    4.1 Notices.
      All
      notices, requests, deliveries, payments, demands and other communications
      required or permitted to be given under this Agreement shall be in writing
      and
      shall be either delivered personally or sent by registered or certified mail,
      or
      by private courier, return receipt requested, postage prepaid to the parties
      at
      the address stated below, or to such other address as either shall have
      specified by notice in writing to the other. Notice shall be deemed duly given
      hereunder when so delivered or mailed as provided herein.

     

    
      
        	 	If to Company: 	
                Par Pharmaceutical Companies, Inc.

                300 Tice Boulevard

                Woodcliff Lake, NJ 07677

                Attn: General
                  Counsel

              

      

    

     

    If
      to
      Director: Address
      to Director on file with the Company

    

    4.2 Waiver.
      The
      waiver by any party hereto of a breach of any provision of this Agreement shall
      not operate or be construed as a waiver of any other or subsequent
      breach.

    

    4.3 Entire
      Agreement.
      This
      Agreement constitutes the entire agreement between the parties with respect
      to
      the subject matter hereof.

    

    4.4 Binding
      Effect; Successors.
      This
      Agreement shall inure to the benefit of and be binding upon the parties hereto
      and, to the extent not prohibited herein, their respective heirs, successors,
      assigns and representatives. Nothing in this Agreement, expressed or implied,
      is
      intended to confer on any person other than the parties hereto and as provided
      above, their respective heirs, successors, assigns and representatives, any
      rights, remedies, obligations or liabilities.

    

    4.5 Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Delaware.

    

    4.6 Headings.
      The
      headings contained herein are for the sole purpose of convenience of reference,
      and shall not in any way limit or affect the meaning of or interpretation of
      any
      of the terms or provisions of this Agreement.

    

    4.7 Severability.
      Whenever
      possible, each provision in this Agreement shall be interpreted in such manner
      as to be effective and valid under applicable law, but if any provision of
      this
      Agreement shall be held to be prohibited by or invalid under applicable law,
      then (a) such provision shall be deemed amended to accomplish the
      objectives of the provision as originally written to the fullest extent
      permitted by law and (b) all other provisions of this Agreement shall
      remain in full force and effect.

    

    4.8 Effect
      on Other Plans.
      Payments
      received by the Director pursuant to this Agreement shall not be included in
      the
      determination of benefits under any pension, group insurance or other benefit
      plan of the Company, its affiliates or any of its subsidiaries in which the
      Director may be enrolled or for which the Director may become eligible, except
      as may be provided under the terms of such plans or determined by the
      Board.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    4.9 No
      Strict Construction.
      No rule
      of strict construction shall be implied against the Company, the Board or any
      other person in the interpretation of any of the terms of the Plan, this
      Agreement or any rule or procedure established by the Board.

    

    4.10 Use
      of the Word “Director”.
      Wherever
      the word “Director” is used in any provision of this Agreement under
      circumstances where the provision should logically be construed to apply to
      the
      executors, the administrators, or the person or persons to whom the Units may
      be
      transferred by will or the laws of descent and distribution, the word “Director”
shall be deemed to include such person or persons.

    

    4.11 Further
      Assurances.
      The
      Director agrees, upon demand of the Company or the Board, to do all acts and
      execute, deliver and perform all additional documents, instruments and
      agreements (including, without limitation, stock powers with respect to shares
      of Common Stock issued or otherwise distributed in relation to the Units) which
      may be reasonably required by the Company or the Board, as the case may be,
      to
      implement the provisions and purposes of this Agreement and the Plan.

     

    IN
      WITNESS WHEREOF, the parties hereunto set their hands as of the date the
      Certificate is accepted on the website of Smith Barney. 

     

     

    
      	 	PAR PHARMACEUTICAL COMPANIES,
              INC.
	 	 
	 	
              Thomas
                J. Haughey

              Executive
                Vice President and General Counsel

            
	 	 
	 	DIRECTOR
	 	 
	 	
              (Acceptance
                designated electronically at the

              website
                of Smith Barney)

            

    

     

    
      
        
        

      

      
        6

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