February 9, 2005
OFFER OF EMPLOYMENT
This letter constitutes an offer of employment for you to join Impax Laboratories
, Inc. (IMPAX) as
the Senior Vice President, Finance. In this position you will report directly to Barry R. Edwards
Chief Executive Officer.
In this position your base salary will be $4,230.76 paid weekly ($220,000.00 annually). You will be
eligible to participate in the Executive Bonus Program for Sr. Vice Presidents in which a target
bonus of 45% of annual salary may be attained. You will also receive, pending Board of Directors
approval, an option to purchase 50,000 shares of IMPAX stock. Your employment start date with IMPAX
will be no later than Monday. February 14, 2005.
The company will provide you with medical and dental insurance for you and your eligible
dependents. As a member of the executive staff you will not be required to pay an employee
contribution for these benefits. The company will also provide you with group term life and group
long term disability coverage on a par to that which is provided to other executives. You will be
eligible for benefits on June 1, 2005. You will be eligible to participate in the 401K Plan on July
1, 2005. As a Senior Vice President you will be eligible to participate in the Non Qualified
Deferred Compensation Plan upon hire date. You will also receive twenty-one (21) days of Paid Time
off (PTO) that accrue on a weekly basis. You shall be entitled to participate in or receive
benefits under any other employee benefit plan made available by the company in the future to its
employees subject to, and on a basis consistent with, the terms, conditions and overall
administration of such plans.
Please note that this employment offer is contingent upon a successful completion of a drug test
and background check paid by the Company. A positive result will mandate the rescission of this
offer, unless, prior to the test, you provide a satisfactory, professionally verified medical
explanation for your use of any drug tested for substance.
To comply with the Department of Justice Immigration and Control Act you will need to provide
documentation that supports employment eligibility within the United States. A State issued drivers
license or State issued ID card with a picture and a Social Security card are acceptable forms of
documentation. Please bring both with you on your first day. If you need a list of other acceptable
documents please contact me. If you are interested in Payroll Direct Deposit, please bring a voided
check or savings account document with you as well.
Your employment is at will. According, either you or the company can terminate the employment
relationship at any time, with or without advance notice. This offer does not constitute any
obligation of any duration of employment nor severance package. If this offer is acceptable, please
return the signed original document to me immediately by confidential fax at 215 807-0230.
As a final note, we believe that you will contribute to the companys overall success and that
IMPAX will provide you the career environment and opportunities that you seek. We look forward to
welcoming you to the IMPAX team. If you have any questions please contact me at 215 289-2220 x
/s/ Lou Ann Carroll
Lou Ann Carroll
Associate Director, Human Resources