Amneal Pharmaceuticals, Inc. announced that In accordance with the Business Combination Agreement, on May 4, 2018, immediately prior to and effective upon the Closing, Bryan M. Reasons and Mark A. Schlossberg resigned from the company's board of directors and any respective committees of the company's board of directors to which they belonged, which resignations were not the result of any disagreements with the company relating to the company's operations, policies or practices. In addition, on May 4, 2018, immediately prior to and effective upon the Closing, Paul M. Bisaro resigned as the Chairman of the company's board of directors; however, Mr. Bisaro will continue in his capacity as a member of the company's board of directors. Also on May 4, 2018, immediately prior to and effective upon the Closing, Mark A. Schlossberg, the company's Vice President, General Counsel and Corporate Secretary, resigned from his position as an officer of the company and Mr. Reasons, the company's Chief Financial Officer and Senior Vice President, resigned from his position as Senior Vice President of the company; however, Mr. Reasons will continue in his capacity as the company's Chief Financial Officer.

In connection with the Closing, on May 4, 2018, Chirag Patel and Chintu Patel were appointed to and designated Co-Chairmen of the company's board of directors. In addition, the following individuals were also appointed as members of the company's board of directors, effective as of the Closing: Robert Stewart, Kevin Buchi, Bob Burr, Peter Terreri, Janet Vergis, Gautam Patel, Ted Nark, Emily Peterson Alva, Jean Selden Greene, and Dharmendra Rama. The following individuals appointed to the company's board of directors at the Closing have been determined by the company's board of directors to be an independent director for purposes of the NYSE's listing standards: Kevin Buchi, Bob Burr, Peter Terreri, Janet Vergis, Ted Nark, Emily Peterson Alva, Jean Selden Greene, and Dharmendra Rama.

As of the Closing, the Company established the Audit Committee, a nominating and corporate governance committee (the Nominating and Corporate Governance Committee), a compensation committee (the Compensation Committee), a conflicts committee (the Conflicts Committee) and an integration committee (the Integration Committee) of the company's board of directors, with the following compositions: Audit Committee members are Peter Terreri (Chair), Kevin Buchi and Emily Peterson Alva. Nominating and Corporate Governance Committee members are Bob Burr (Chair), Jean Selden Greene, Dharmendra Rama and Kevin Buchi. Compensation Committee members are Ted Nark (Chair), Janet Vergis, Bob Burr and Gautam Patel.

Conflicts Committee members are Janet Vergis (Chair), Kevin Buchi, Bob Burr and Peter Terreri. Integration Committee members are Chintu Patel (Chair), Chirag Patel, Paul Bisaro and Robert Stewart. Emily Peterson Alva, is a financial, strategic and business advisor to senior executives, founders and corporate boards of directors, and has focused on private company advisory projects and family office investing since 2013.

Prior to this time, Ms. Alva spent more than 15 years at Lazard as a senior Mergers & Acquisitions investment banker advising industry leading companies. More recently, Ms. Alva has served as a Board Member and Treasurer for the Alumnae Board of Directors of Barnard College. Kevin Buchi, served as Impax's Interim President and Chief Executive Officer from December 2016 until March 27, 2017 and as a member of the Impax board of directors from 2016 until the Closing.

Robert L. Burr, served as Chairman of the Impax board from 2008 until the Closing, having served as an independent director since 2001. Mr. Burr has been a self-employed investment manager since May 2008. Jean Selden Greene, 45, is currently a Managing Director at Lazard and has served in a variety of roles at the firm since 1999.

Throughout her tenure at Lazard, Ms. Greene has led financial and strategic advisory assignments for industrial clients across a wide range of sectors, with a focus on Capital Goods and Multi-Industry. Ted Nark, 59, has served as Managing Director of KRG Capital Partners since 2007. In that role, Mr. Nark has led the identification, negotiation and due diligence of new acquisitions and has worked with portfolio companies and maintained relationships with limited partners.

Gautam Patel, has served as Managing Director of Tarsadia Investments since 2012. In that role, Mr. Patel has led a team of investment professionals to identify, evaluate and execute principal control equity investments across sectors including life sciences, financial services and technology. Prior to joining Tarsadia, Mr. Patel served as Managing Director at Lazard from 2008 to 2012, where he led financial and strategic advisory efforts in sectors including transportation and logistics, private equity, and healthcare.

D.J. Rama, has served as President and CEO of Auro Hotels since 2017. Prior to the formation of Auro Hotels in 2017, Mr. Rama served as President of JHM Hotels. Peter R. Terreri, 60, served as a director on the Impax board from 2003 until the Closing and is President, Chief Executive Officer and director of CGM, Inc. He previously served as Senior Vice President and Chief Financial Officer of Teva Pharmaceuticals USA from 1985 through 2000 and as an auditor at PricewaterhouseCoopers LLP from 1981 to 1984.

Janet S. Vergis, 53 served as a director on the Impax board from 2015 until the Closing and has served as an Executive Advisor for private equity firms since January 2013, where she identifies and evaluates healthcare investment opportunities. In connection with the Closing, each of the following individuals were appointed to the office set forth beside his or her name in the table below and designated as an officer for purposes of Section 16 of the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act) and an executive officer of the company for purposes of Rule 3b-7 under the Exchange Act, effective as of the Closing. Robert Stewart as President and Chief Executive Officer, Paul M. Bisaro as Executive Chairman, Andrew Boyer as Executive Vice President, Commercial Operations, Sheldon Hirt as Senior Vice President, General Counsel and Corporate Secretary and Nikita Shah as Senior Vice President and Chief Human Resources Officer.

Bryan Reasons will continue to serve as the Chief Financial Officer of the Company following the Closing.