Item 1.01. Entry into a Material Definitive Agreement.
On December 31, 2007, Mylan Inc., a Pennsylvania corporation (the "Company"), entered into an agreement (the "Agreement") with N. Prasad, a member of its Board of Directors, MP Laboratories (Mauritius) Ltd, a subsidiary of the Company, and G2 Corporate Services Limited, an affiliate of Mr. Prasad. The agreement terminates Mr. Prasad's employment relationship with the Company (and its January 8, 2007 Executive Employment Agreement and Transition and Succession Agreement with him) and appoints Mr. Prasad as a consultant to the Company, for a three-year term (subject to mutual agreement to extend the term). The Agreement sets forth the terms of the consultancy (including a monthly fee of $20,833.33 payable to Mr. Prasad) and also amends the Shareholders Agreement between the parties to extend by one year the term during which Mr. Prasad and his affiliates will continue to hold shares of Matrix Laboratories Limited and to vote such shares in accordance with the Company's directions (in each case subject to the exceptions set forth in the Shareholders Agreement). The foregoing summary is qualified in its entirety by reference to the Agreement. Item 1.02. Termination of a Material Definitive Agreement.
As described in Item 1.01 above, the Executive Employment Agreement and Transition and Succession Agreement, in each case by and between the Company and Mr. Prasad and dated as of January 8, 2007, terminated on December 31, 2007, upon Mr. Prasad's transition to service as a consultant for the Company.