SEC Contract Filing

Filing Date: 2017-03-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.19
<SEQUENCE>10
<FILENAME>ipxl-12x31x2016x10kxexx1019.htm
<DESCRIPTION>EXHIBIT 10.19
<TEXT>
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<div><a name="s7218b4811bea4727a1ff5405a7bc480a"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Exhibit 10.19</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;"><img src="logo.jpg" alt="logo.jpg" style="height:94px;width:164px;"></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">December 19, 2016</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">J. Kevin Buchi</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Re:</font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;Interim President and Chief Executive Officer Agreement</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dear Kevin:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">On behalf of Impax Laboratories, Inc. (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;), I am pleased to offer you the position of Interim President and Chief Executive Officer of the Company (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Interim Chief Executive Officer</font><font style="font-family:inherit;font-size:12pt;">&#8221;) on the terms and conditions set forth in this letter agreement (this &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;). You have agreed to accept this role while we engage in a search for a permanent President and Chief Executive Officer. While acting as Interim Chief Executive Officer, you will also continue to serve as a member of the Board of Directors of the Company (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Board</font><font style="font-family:inherit;font-size:12pt;">&#8221;). You may accept this Agreement by signing and returning a copy of this Agreement to the Company as provided below. </font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">1. Term of Agreement.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Your services as Interim Chief Executive Officer under this Agreement shall commence as of December 19, 2016 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Start Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and, subject to Section 6 hereof, your service as Interim Chief Executive Officer shall continue until the earliest to occur of: (i) the appointment of a permanent President and Chief Executive Officer, or (ii) your resignation from this position or the termination of your service by us (the date of the earliest to occur, the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Separation Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;). Your termination of employment as Interim Chief Executive Officer will not affect your service on the Board, which will remain subject to the Company&#8217;s bylaws. </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2. Position and Duties. </font><font style="font-family:inherit;font-size:12pt;">During the term of this Agreement, you shall serve as Interim Chief Executive Officer of the Company. Your duties and authority as Interim Chief Executive Officer shall be prescribed by the Board and shall be commensurate with those of a chief executive officer of a company of comparable size and with a similar business as the Company. You agree that while serving as Interim Chief Executive Officer under this Agreement you shall use best efforts and devote such business time to the Company as reasonably necessary to manage the business as