Document:

Exhibit 10.94

 

THIRD ADDENDUM 

to

Employment Agreement 

of

Maureen Cavanaugh

 

This Third Addendum (the “Third Addendum”)
to the Employment Agreement of Maureen Cavanaugh is entered into as of this 17th day of January 2022, between Lannett
Company, Inc. (the “Company”) and Maureen Cavanaugh (“Ms. Cavanaugh”) (together, the Company
and Ms. Cavanaugh shall be known as the “Parties”).

 

RECITALS

 

WHEREAS, Ms. Cavanaugh entered into
an Employment Agreement with the Company as of May 7, 2018 (“Employment Agreement”);

 

WHEREAS, the Parties entered into an Addendum
to Employment Agreement of Maureen Cavanaugh (“First Addendum”) effective as of July 1, 2018, wherein the Parties clarified
that Section 10 of the Employment Agreement, which contains a confidentiality provision, shall not preclude Executive from voluntarily
disclosing confidential information to governmental officials or participating in investigations into suspected violations of law without
first notifying or obtaining the consent of the Company;

 

WHEREAS, the Parties entered into a Second
Addendum to the Employment Agreement (“Third Amendment”) effective as of August 24, 2020, wherein the Parties agreed
to include a provision granting the Board the authority to seek reimbursement of certain incentive compensation paid to Executive in the
event the Company is required to issue a material accounting restatement caused by fraud or other misconduct, and Executive is found to
have participated in, or knew or should have known about such fraud, and took no action to prevent it;

 

WHEREAS, the Parties wish to further amend
Section 9(b) (relating to the acceleration of certain benefits in the event of termination without Cause);

 

NOW THEREFORE, in consideration of the mutual
covenants and agreements hereinafter set forth, the Parties agree as follows:

 

		1.	Capitalized Terms. All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Employment
Agreement.

 

     

     

    

 

		2.	Paragraph 9(b) is deleted in its entirety and replaced with the following:

  

If Executive’s employment is terminated without Cause
by Company, other than as provided in 9(c), or if Executive resigns with Good Reason, in addition to the Standard Entitlements payable
in accordance with Section 9(a), Executive shall be entitled to the following amounts (collectively, the Severance Pay), the timing
and payment of which shall be subject to applicable Section 409A requirements, as more fully set forth in Section 20 below:
(i) the then-current base salary under Section 4 for a period of eighteen (18) months; (ii) insurance coverage provided
to Executive equal to such coverage provided on the date of termination or, if ineligible for continued coverage under Company policies,
reimbursement of the cost of comparable coverage for a period of eighteen (18) months; (iii) a pro-rated annual cash bonus for the
then current fiscal year based on a calculation for all categories that comprise the bonus at a “target” level; (iv) the
cash component of any Long Term Incentive Plan award accelerated to, and calculated on, the date of termination; (v) the Company
shall cause all outstanding Company stock options and restricted stock (including TSR) awards awarded to Executive prior to termination
of employment to be one hundred percent (100%) vested at termination.

 

For purposes of this provision, Executive resigns with “Good
Reason” if Executive provides written resignation within thirty (30) days after Executive has actual knowledge of the occurrence,
without the written consent of Executive, of one of the following events: (A) the assignment to Senior Vice President and Chief Commercial
Operations Officer or a material alteration in the nature of the duties, responsibilities and/or reporting obligations, (B) a reduction
in Executive’s Base Salary or a failure to pay any such amounts when due; or (C) the relocation of Company headquarters more
than thirty (30) miles from its current location.

 

Severance Pay will only be made if Executive executes
and delivers to Company, in a form prepared by Company, a release of all claims against Company and other appropriate parties,
excluding Company’s performance under the Section 9 and Executive’s vested rights under Company sponsored
retirement plans, 401K plan and stock ownership plans (the “General Release”). Payment or provision of Severance Pay
shall commence on the ninetieth (90th) day following the Termination Date (the “Commencement Date”), provided
that the payments required under clause 9(b)(i), 9(b)(iii) and 9(b)(iv) shall be made in equal monthly installments over a
twelve (12) month period starting on the Commencement Date (subject to the requirements of Section 409A). However, no payments
described under clause 9(b)(i), 9(b)(iii) and 9(b)(iv) shall be made at any time if the General Release is not executed
prior to the Commencement Date (or is executed and revoked prior to the Commencement Date, or is revocable after the Commencement
Date).

 

     

     

    

 

		3.	Paragraph 9(c) is deleted in its entirety and replaced with the following:

 

If Executive is notified that she is being terminated
by Company without Cause, or resigns for Good Reason, in connection with or within eighteen (18) months following a Change in
Control of Company, Executive will be entitled, in addition to the Standard Entitlements payable in accordance with
Section 9(a), the benefits set forth in Section 9(b)(i), (ii), (iii) and (iv). In connection with any Change in
Control of Company, any outstanding unvested Company stock options, restricted stock and TSRs awarded to Executive prior to the
Change in Control shall be treated in accordance with the applicable provision of the Company’s Long Term Incentive Plan
regarding a Change in Control of Company and any stock options, restricted stock and TSRs awarded subsequent to the Change in
Control shall be treated in accordance with Section 9(b). Executive shall also be entitled to the following additional amounts:
(i) the then current base salary under Section 4 for a period of 18 months (i.e., a total of up to 36 months of base
salary) (the “Additional Salary”), and (ii) insurance coverage provided to her equal to such coverage provided to
her on the date of termination at no cost or, if ineligible for continued coverage under Company policies, reimbursement of the cost
of comparable coverage for an additional period of 18 months (i.e., a total of up to 36 months of insurance coverage (the
 “Additional Insurance Coverage”). Notwithstanding the above, the time period for the purpose of calculating the amount
of Additional Salary and Additional Insurance Coverage shall be reduced a total of one month for each month up to 18 months in which
Executive remains employed following a Change in Control of Company, but in no event shall the Additional Salary and Additional
Insurance Coverage be less than six (6) months (for a total of not less than twenty four (24) months). (By way of example,
only, if Executive is terminated pursuant to this paragraph 9(c) within the first month of employment following a Change in
Control of Company, the time period for calculating the total amount of Additional Salary and Additional Insurance Coverage shall be
18 months; if Executive is terminated pursuant to this paragraph 9(c) within the second month following a Change in Control of
Company, the time period for calculating the total amount of Additional Salary and Additional Insurance Coverage shall be 17
months, etc.). For the purpose of Section 9(c) and Section 9(d) below, a written notice that
Executive’s employment term is not extended pursuant to Section 2 within the 18-month period following a Change in
Control of Company shall be deemed to be a termination without Cause, unless Executive and Company execute a new employment
agreement effective as of the date on which Agreement would otherwise have renewed. The term “Change in Control of
Company” shall mean the occurrence of a “change in ownership of the Company,” a “change in effective control
of the Company.,” or “a change in ownership of a substantial portion of the Company’s assets,: each within the
meaning of Section 409A and Treasury Regulation Section 1.409A-3(i)(5).

 

     

     

    

 

		4.	Paragraph 9(d) is deleted in its entirety and replaced with the following:

 

Executive also shall be deemed to have been terminated
by the Company without Cause, and shall be entitled, in addition to the Standard Entitlements payable in accordance
Section 9(a), to the additional benefits set forth in Section 9(b)(i), (ii) and (iii), and the additional Severance
Pay payable in accordance with Section 9(c), if a majority of the Company’s Abbreviated New Drug Applications (the
 “ANDAs”) are sold, other than for restructuring the Company’s intellectual property within its discretion through
or to a controlled entity, and the Company or the new organization owning the ANDAs terminates Executive’s employment without
Cause, or Executive resigns for Good Reason, in connection with such sale, or within eighteen (18) months of such sale. In event of
such sale, any outstanding unvested Company stock options, restricted stock and TSRs awarded to Executive prior to the Change in
Control shall be treated in accordance with the applicable provision of the Company’s Long Term Incentive Plan regarding a
Change in Control of Company and any stock options, restricted stock and TSRs awarded subsequent to the Change in Control shall be
treated in accordance with Section 9(b). In the event of such a sale of the ANDAs, the Company shall obtain a covenant of the
new organization that if the new organization terminates the Executive’s employment without Cause, or the Executive resigns
for Good Reason from the new organization, the Company and the new organization shall have the joint and several obligation to pay
the Severance Pay delineated in the Section 9. The agreement of sale will make clear that the parties (i.e., the Company and
the new organization) intend that Executive is a third party beneficiary of this obligation.

 

		5.	Miscellaneous. Except as set forth herein, all of the terms of the Employment Agreement, First Addendum and Second Addendum
remain in full force and effect. To the extent that there are inconsistencies between this Third Addendum and the First Addendum, Second
Addendum and/or Employment Agreement, the provisions of this Third Addendum shall control and shall supersede the applicable provisions
of the First Addendum, Second Addendum and/or Employment Agreement.

 

		6.	Counterparts. This Third Addendum may be executed in Counterparts, which together shall constitute one Agreement.

 

     

     

    

 

IN WITNESS WHEREOF, each of the Parties hereby
executes this Third Addendum to the Employment Agreement as of the date first written above.

 

	LANNETT COMPANY, INC.	 	 
	 	 	 	 
	By: 	/s/ Timothy Crew	 	/s/
    Maureen Cavanaugh
	 	Timothy Crew	 	Maureen Cavanaugh
	 	Chief Executive Officer	 	Senior Vice President and Chief Commercial Operations OfficerExhibit 10.95

 

THIRD ADDENDUM 

to

Employment Agreement 

of

Samuel H. Israel

 

This Third Addendum (the “Third Addendum”)
to the Employment Agreement of Samuel H. Israel is entered into as of this 17th day of January 2022, between Lannett Company, Inc.
(the “Company”) and Samuel H. Israel (“Mr. Israel”) (together, the Company and Mr. Israel shall
be known as the “Parties”).

 

RECITALS

 

WHEREAS, Mr. Israel entered into an
Employment Agreement with the Company as of July 15, 2017 (“Employment Agreement”);

 

WHEREAS, the Parties entered into an Addendum
to Employment Agreement of Samuel H. Israel (“First Addendum”) effective as of July 1, 2018, wherein the Parties clarified
that Section 10 of the Employment Agreement, which contains a confidentiality provision, shall not preclude Executive from voluntarily
disclosing confidential information to governmental officials or participating in investigations into suspected violations of law without
first notifying or obtaining the consent of the Company;

 

WHEREAS, the Parties entered into a Second
Addendum to the Employment Agreement (“Second Addendum”) effective as of August 24, 2020, wherein the Parties agreed
to include a provision granting the Board the authority to seek reimbursement of certain incentive compensation paid to Executive in the
event the Company is required to issue a material accounting restatement caused by fraud or other misconduct, and Executive is found to
have participated in, or knew or should have known about such fraud, and took no action to prevent it;

 

WHEREAS, the Parties wish to further amend
Section 9(b) (relating to the acceleration of certain benefits in the event of termination without Cause) and Section 9(c) (relating
to certain severance benefits awarded in connection with or following a Change in Control of Company);

 

NOW THEREFORE, in consideration of the mutual
covenants and agreements hereinafter set forth, the Parties agree as follows:

 

		1.	Capitalized Terms. All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Employment
Agreement.

 

     

     

    

 

		2.	Paragraph 9(b) in deleted in its entirety and replaced with the following:

 

If Executive’s employment is terminated without Cause
by Company, other than as provided in 9(c), or if Executive resigns with Good Reason, in addition to the Standard Entitlements payable
in accordance with Section 9(a), Executive shall be entitled to the following amounts (collectively, the Severance Pay), the timing
and payment of which shall be subject to applicable Section 409A requirements, as more fully set forth in Section 20 below:
(i) the then-current base salary under Section 4 for a period of eighteen (18) months; (ii) insurance coverage provided
to Executive equal to such coverage provided on the date of termination or, if ineligible for continued coverage under Company policies,
reimbursement of the cost of comparable coverage for a period of eighteen (18) months; (iii) a pro-rated annual cash bonus for the
then current fiscal year based on a calculation for all categories that comprise the bonus at a “target” level; (iv) the
cash component of any Long Term Incentive Plan award accelerated to, and calculated on, the date of termination; (v) the Company
shall cause all outstanding Company stock options and restricted stock (including TSR) awards awarded to Executive prior to termination
of employment to be one hundred percent (100%) vested at termination.

 

For purposes of this provision, Executive resigns with “Good
Reason” if Executive provides written resignation within thirty (30) days after Executive has actual knowledge of the occurrence,
without the written consent of Executive, of one of the following events: (A) the assignment to Executive of duties materially and
adversely inconsistent with Executive’s status of Vice President, Chief Legal Officer and General Counsel or a material alteration
in the nature of the duties, responsibilities and/or reporting obligations, (B) a reduction in Executive’s Base Salary or a
failure to pay any such amounts when due; or (C) the relocation of Company headquarters more than 100 miles from its current location.

 

Severance Pay will only be made if Executive executes
and delivers to Company, in a form prepared by Company, a release of all claims against Company and other appropriate parties,
excluding Company’s performance under the Section 9 and Executive’s vested rights under Company sponsored
retirement plans, 401K plan and stock ownership plans (the “General Release”). Payment or provision of Severance Pay
shall commence on the ninetieth (90th) day following the Termination Date (the “Commencement Date”), provided
that the payments required under clause 9(b)(i), 9(b)(iii) and 9(b)(iv) shall be made in equal monthly installments over a
twelve (12) month period starting on the Commencement Date (subject to the requirements of Section 409A). However, no payments
described under clause 9(b)(i), 9(b)(iii) and 9(b)(iv) shall be made at any time if the General Release is not executed
prior to the Commencement Date (or is executed and revoked prior to the Commencement Date, or is revocable after the Commencement
Date).

 

     

     

    

 

		3.	Paragraph 9(c) is deleted in its entirety and replaced with the following:

 

If Executive is notified that he is being terminated
by Company without Cause, or resigns for Good Reason, in connection with or within eighteen (18) months following a Change in
Control of Company, Executive will be entitled, in addition to the Standard Entitlements payable in accordance with
Section 9(a), the following benefits, the timing and payment of which shall be subject to applicable Section 409A
requirements, as more fully set forth in Section 20: (i) the then-current base salary under Section 4 for a period of
twenty four (24) months; (ii) insurance coverage provided to Executive equal to such coverage provided on the date of
termination or, if ineligible for continued coverage under Company policies, reimbursement of the cost of comparable coverage for a
period of twenty four (24) months; (iii) a pro-rated annual cash bonus for the then current fiscal year based on a calculation
for all categories that comprise the bonus at a “target” level; and (iv) the cash component of any Long Term
Incentive Plan award accelerated to, and calculated on the Termination Date. In connection with any Change in Control of Company,
any outstanding unvested Company stock options, restricted stock and TSRs awarded to Executive prior to the Change in Control shall
be treated in accordance with the applicable provision of the Company’s Long Term Incentive Plan regarding a Change in Control
of Company and any stock options, restricted stock and TSRs awarded subsequent to the Change in Control shall be treated in
accordance with Section 9(b). For the purpose of this Section 9(c), a written notice that Executive’s employment
term is not extended pursuant to Section 2 within the eighteen (18) month period following a Change in Control of Company shall
be deemed to be a termination without Cause, unless Executive and Company execute a new employment agreement effective as of the
date on which Agreement would otherwise have renewed. The term “Change in Control of Company” shall mean the occurrence
of a “change in ownership of the Company,” a “change in effective control of the Company,” or “a
change in ownership of a substantial portion of the Company’s assets, each within the meaning of Section 409A and
Treasury Regulation Section 1.409A-3(i)(5).

 

		4.	Paragraph 9(d) is deleted in its entirety and replaced with the following:

 

Executive also shall be deemed to have been terminated
by the Company without Cause, and shall be entitled, in addition to the Standard Entitlements payable in accordance with
Section 9(a), to the additional benefits in Section 9(c) above, if a majority of the Company’s Abbreviated New
Drug Applications (the “ANDAs”) are sold, other than for restructuring the Company’s intellectual property within
its discretion through or to a controlled entity, and the Company or the new organization owning the ANDAs terminates Executive
without Cause, or Executive resigns for Good Reason, in connection with such sale, or within eighteen (18) months of such sale. In
connection with any sale, any outstanding unvested Company stock options, restricted stock and TSRs awarded to Executive prior to
the Change in Control shall be treated in accordance with the applicable provision of the Company’s Long Term Incentive Plan
regarding a Change in Control of Company and any stock options, restricted stock and TSRs awarded subsequent to the Change in
Control shall be treated in accordance with Section 9(b).

 

		5.	Miscellaneous. Except as set forth herein, all of the terms of the Employment Agreement, the Addendum and Second Addendum thereto
shall remain in full force and effect. To the extent that there are inconsistencies between this Third Addendum and the Employment Agreement,
First Addendum and Second Addendum thereto, the provisions of this Third Addendum shall control and shall supersede the applicable provisions
of the Employment Agreement, First Addendum and Second Addendum thereto.

 

		6.	Counterparts. This Third Addendum may be executed in Counterparts, which together shall constitute one Agreement.

 

     

     

    

  

IN WITNESS WHEREOF, each of the Parties hereby
executes this Third Addendum to the Employment Agreement as of the date first written above.

 

	LANNETT COMPANY, INC.	 	 
	 	 	 	 
	By: 	/s/ Timothy Crew	 	/s/
    Samuel H. Israel
	 	Timothy Crew	 	Samuel H. Israel
	 	Chief Executive Officer	 	Vice President, Chief Legal Officer and General Counsel

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