Document:

Exhibit 10.92

 

FOURTH ADDENDUM 

to

Employment Agreement 

of

Timothy Crew

 

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

 

RECITALS

 

WHEREAS,
Mr. Crew entered into an Employment Agreement with the Company as of January 1, 2018 (“Employment Agreement”) and
a First Addendum as of March 28, 2018;

 

WHEREAS,
the Parties entered into a Second Addendum to the Restated Employment Agreement (“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 Third Addendum to the Employment Agreement to provide the Board the authority to seek reimbursement
of incentive compensation paid to Executive in certain instances as more fully set forth therein, in the event the Company is required
to restate its financial statements as a result of fraud or misconduct (the “Claw Back Provision”);

 

WHEREAS,
the Parties desire to enter into a further addendum in order to clarify certain rights to long term incentive compensation
in the event of a termination without cause from the 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) 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 thirty six (36) 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 calculated based on the actual results achieved by the
Company in the fiscal year in which the Termination Date occurs payable when such other executive officers of Company receive annual
bonuses with respect to such fiscal year; (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 Chief Executive 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 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 twenty four (24) 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). 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 twenty-four (24) 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.	Miscellaneous. Except as set forth herein, all of the terms of the Employment Agreement and the First Addendum, Second Addendum
and Third Addendum remain in full force and effect. To the extent that there are inconsistencies between this Fourth Addendum and the
First Addendum, Second Addendum, Third Addendum and/or Employment Agreement, the provisions of this Fourth Addendum shall control and
shall supersede the applicable provisions of the First Addendum, Second Addendum, Third Addendum and/or Employment Agreement.

 

		5.	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 Fourth Addendum to the Employment Agreement as of the date first written above.

 

	LANNETT COMPANY, INC.	 	TIMOTHY CREW
	 	 	 	 
	By: 	/s/ Patrick LePore	 	/s/ Timothy
    Crew
	 	Patrick LePore,	 	Timothy Crew
	 	Chairman of Board of Directors	 	Chief Executive OfficerExhibit 10.93

 

FOURTH AMENDMENT 

to 

Restated Employment Agreement

of 

John Kozlowski

 

This Fourth Amendment (the “Fourth Amendment”)
to the Restated Employment Agreement of John Kozlowski, is entered into as of this 17th day of January 2022, between Lannett
Company, Inc. (the “Company”) and John Kozlowski (“Mr. Kozlowski”) (together, the Company and
Mr. Kozlowski shall be known as the “Parties”).

 

RECITALS

 

WHEREAS, Mr. Kozlowski entered into
a Restated Employment Agreement with the Company as of October 26, 2017 (“Employment Agreement”);

 

WHEREAS, the Parties entered into two separate
amendments to the Employment Agreement based on changes in Mr. Kozlowski’s job titles and duties;

 

WHEREAS, the Parties entered into an Addendum
to the Employment Agreement 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 Third
Amendment 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) 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 Financial 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 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 is amended to include the following subpart (d):

 

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 First Amendment, Second Amendment
and Third Amendment remain in full force and effect. To the extent that there are inconsistencies between this Fourth Amendment and the
First Amendment, Second Amendment Third Amendment and/or Employment Agreement, the provisions of this Fourth Amendment shall control and
shall supersede the applicable provisions of the First Amendment, Second Amendment, Third Amendment and/or Employment Agreement.

 

		6.	Counterparts. This Fourth Amendment may be executed in Counterparts, which together shall constitute one Agreement.

 

     

     

    

  

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

 

	LANNETT COMPANY, INC.	 	 
	 	 	 	 
	By: 	/s/ Timothy Crew	 	/s/
    John Kozlowski
	 	Timothy Crew,	 	John Kozlowski
	 	Chief Executive Officer	 	Chief Financial Officer

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