Exhibit 10.49

 

ADDENDUM TO EMPLOYMENT AGREEMENT OF TIMOTHY C. CREW

 

THIS ADDENDUM (the “Addendum”) to the Employment Agreement (as defined below) is
made and entered into as of March 28, 2018 (the “Effective Date”) by and between
Timothy C. Crew (“Executive”) and Lannett Company, Inc. (“Company”).

 

WHEREAS, Executive and Company are parties to that certain Employment Agreement
effective as of January 2, 2018 (the “Employment Agreement”);

 

WHEREAS, Executive and Company now wish to amend the Employment Agreement as set
forth below.

 

NOW THEREFORE, in consideration of the mutual promises contained herein and for
other good and valuable consideration of $1,000.00, receipt of which is hereby
acknowledged, it is hereby agreed that the Employment Agreement is amended as
follows:

 

1.             Section 9(b) is amended to remove the following sentence at the
end of the second paragraph of such section: “Executive also resigns with ‘Good
Reason’ if he provides written notice of his resignation within thirty (30) days
after a Change in Control (as defined below) in the event that such Change in
Control occurs on or before December 31, 2018.”

 

2.             For the sake of clarity, nothing in Section 9(c) is intended to
limit in any way Executive’s right to Severance Pay as set forth in
Section 9(b) if a Termination without Cause occurs more than 24 months after a
Change in Control.

 

3.             Except to the extent expressly modified by this Addendum, all
terms and conditions of the Employment Agreement shall remain the same and in
full force and effect.

 

4.             This Addendum, together with the Employment Agreement, represents
the complete agreement between the parties and cannot be altered or amended
except by a subsequent writing signed by all parties.

 

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IN WITNESS WHEREOF, this Addendum has been executed by the parties as of the
Effective Date.

 

 

 

 

/s/ Samuel H. Israel

 

/s/ Timothy C. Crew

Witness: Samuel H. Israel

 

Timothy C. Crew

 

 

 

 

 

 

March 28, 2018

 

March 28, 2018

Date

 

Date

 

 

 

 

 

 

 

 

LANNETT COMPANY, INC.

 

 

 

 

 

 

 

 

 

By:

/s/ Jeffrey Farber

 

 

 

Jeffrey Farber

 

 

 

Chairman of the Board of Directors

 

 

 

 

 

March 28, 2018

 

 

Date

 

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