Document:

Form of Nonqualified Stock Option Agreement for grants to directors

 Exhibit 10.15 
 NONQUALIFIED STOCK OPTION AGREEMENT 
 PURSUANT TO

 K-V PHARMACEUTICAL COMPANY 
 2001 INCENTIVE STOCK OPTION PLAN 
 * * * 
 NONQUALIFIED STOCK OPTION AGREEMENT (the “Agreement”) made as of the      day of
            , 20    , (the “Grant Date”) between K-V PHARMACEUTICAL COMPANY, a Delaware corporation (the “Company”), and
                    , a member of the Company’s Board of Directors (the “Optionee”). 
 W I T N E S S E T H: 
 WHEREAS, the Company desires, by affording the Optionee an opportunity to purchase shares of its Class A Common Stock, $.01 par value per share (the “Common Stock”), as hereinafter
provided, to carry out the purpose of the Company’s 2001 Incentive Stock Option Plan (the “Plan”): 
 NOW
THEREFORE, in consideration of the premises and of the mutual covenants and agreements hereinafter contained, the parties hereto mutually covenant and agree as follows: 
  

	1.	Grant of Option. The Company hereby grants to the Optionee a nonqualified stock option (the “Option”) to purchase all or any part of an aggregate of
         shares of Common Stock (such number being subject to adjustment as provided in Paragraph 6) on the terms and conditions hereinafter set forth. 

  

	2.	Purchase Price. The purchase price of the shares of Common Stock issuable upon exercise of the Option (the “Option Price”) shall be
$         per share, which is not less than one hundred percent (100%) of the Fair Market Value Per Share of Common Stock on the Grant Date. Payment shall be made in the form and manner prescribed
in Paragraph 7 hereof. 

  

	3.	Term of Option. The term of the Option shall be for a period of ten (10) years from the Grant Date, subject to earlier termination as provided in Paragraph
5. The Option is exercisable during its term only in accordance with the provisions of this Agreement, including Exhibit A attached hereto. Except as provided in Paragraph 5, the Option may not be exercised unless, at the time the Option is
exercised and at all times from the Grant Date, the Optionee shall then be and shall have been, a Director of the Company. 

  

	4.	Nontransferability. The Option shall not be transferable otherwise than by will or the laws of descent and distribution to the extent provided in Paragraph 5,
and the Option may be exercised, during the lifetime of the Optionee, only by the Optionee. More particularly (but without limiting the generality of the foregoing), the Option may not be assigned, transferred (except as provided above), pledged or
hypothecated in any way, shall not be assignable by operation of law, and shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Option contrary to the
provisions hereof and of the Plan, and the levy of any execution, attachment, or similar process upon the Option, shall be null and void and without effect; provided, however, that if the Optionee shall die while a Director of the Company, the
Optionee’s estate, personal representative, or beneficiary shall have the right to exercise the Option to the extent provided in Paragraph 5. 

	5.	Termination of Option. 

  

	 	(a)	If the Optionee shall cease to be a Director of the Company, then the Option, to the extent that it is exercisable by the Optionee at the time the Optionee ceases to be
a Director of the Company, and only to the extent that the Option is exercisable as of such time, may be exercised by the Optionee within three (3) years after such time, but in no event beyond ten (10) years after the Grant Date.

  

	 	(b)	If the Optionee shall cease to be a Director of the Company as the result of the Optionee’s disability, as such term is defined in the Plan, then the Option, to
the extent that it is exercisable by the Optionee at the time the Optionee ceases to be a Director of the Company, and only to the extent that the Option is exercisable as of such time, may be exercised by the Optionee within three (3) years
after such time, but in no event beyond ten (10) years after the Grant Date. 

  

	 	(c)	If the Optionee shall die while a Director of the Company, the Optionee’s estate, personal representative, or beneficiary shall have the right, subject to the
provisions of Paragraph 3, to exercise the Option (to the extent that the Optionee would have been entitled to do so at the time of the Optionee’s death) at any time within three (3) years from the date of the Optionee’s death, but in
no event beyond ten (10) years after the Grant Date. 

  

	 	(d)	Notwithstanding anything in this Paragraph 5 to the contrary, if, in the 12-month period following a Change of Control, Optionee shall cease to be a Director of the
Company, the Option shall become immediately exercisable in full, whether or not the dates set forth in Exhibit A have passed, and may be exercised by the Optionee within three (3) years after such termination of service, but in no event
beyond ten (10) years after the Grant Date. For the avoidance of doubt, if following a Change of Control, Optionee’s service shall terminate as a result of the Optionee’s death or disability, the provisions of (b) and
(c) above shall apply, respectively. For purposes of this Agreement, “Change of Control” will have the meaning set forth on Exhibit B. 

  

	6.	Changes in Capital Stock. Upon any readjustment or recapitalization of the Company’s capital stock whereby the character of the Common Stock shall be
changed, appropriate adjustments shall be made so that the capital stock issuable upon exercise of the Option after such readjustment or recapitalization shall be the substantial equivalent of the Common Stock issuable upon exercise of the Option.
In the case of a merger, sale of assets or similar transaction which results in a replacement of the Common Stock with stock of another corporation, the Company will make a reasonable effort, but shall not be required, to replace any outstanding
Options granted under the Plan with comparable options to purchase the stock of such other corporation, or will provide for immediate maturity of all outstanding Options, with all Options not being exercised within the time period specified by the
Company’s Board of Directors being terminated; provided, however, that in the event Optionee shall cease to be a Director as described in Paragraph 5(d), the terms set forth in Paragraph 5(d) shall control. 

  

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	7.	Method of Exercising Option. 

  

	 	(a)	Subject to the terms and conditions of this Agreement, the Option may be exercised by written notice to the Company at its offices at One Corporate Woods Drive,
Bridgeton, Missouri 63044 (Attention: VP, Human Resources). Such notice shall state that the Option is being exercised thereby and the number of shares of Common Stock in respect of which it is being exercised. It shall be signed by the person or
persons so exercising the Option and shall be accompanied by payment in full of the Option Price for such shares of Common Stock (1) in cash, (2) by certified check, (3) in shares of Common Stock (including shares issuable on exercise
of the Option), (4) by delivery (on a form prescribed by the Company) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell the shares issuable on exercise of the Option and to deliver all or part of the
sale proceeds to the Company in payment of the Option Price and any withholding taxes or (5) by delivery of such other documentation as the Company may reasonably request as a condition to the Optionee’s exercise of the Option on a
“cashless basis,” provided such exercise price is paid promptly thereafter. 

  

	 	(b)	If shares of Common Stock are tendered as payment of the Option Price (or are withheld from the shares issuable on exercise of the Option), the value of such shares
shall be their Fair Market Value Per Share as of the date of exercise. If such tender would result in the issuance of fractional shares of Common Stock, the Company shall instead return the balance in cash or by check to the Optionee. The Company
shall issue, in the name of the person or persons exercising the Option, and deliver a certificate or certificates representing such shares as soon as practicable after notice and payment shall be received. 

  

	 	(c)	In the event the Option shall be exercised by any person or persons other than the Optionee, pursuant to Paragraph 5, such notice shall be accompanied by appropriate
proof of the right of such person or persons to exercise the Option. 

  

	 	(d)	The Optionee shall have no rights of a stockholder with respect to shares of Common Stock to be acquired by the exercise of the Option until a certificate or
certificates representing such shares are issued to the Optionee. All shares of Common Stock purchased upon the exercise of the Option as provided herein shall be fully paid and non-assessable. 

  

	8.	No Holding Period. The Option shall not be subject to the provisions of Section 14 of the Plan, entitled “Holding Period and Forfeiture of Stock,”
including the holding period restrictions and related provisions therein. Such Section 14 of the Plan shall have no applicability or effect with respect to the Options. 

  

	9.	General. The Company shall at all times during the term of the Option reserve and keep available such number of shares of Common Stock as will be sufficient to
satisfy the requirements of this Agreement, shall pay all original issue taxes, if any, with respect to the issuance of shares of Common Stock pursuant hereto and all other fees and expenses necessarily incurred by the Company in connection
therewith, and shall, from time to time, use its best efforts to comply with all laws and regulations which, in the opinion of counsel for the Company, shall be applicable thereto. 

  

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	10.	Notices. Each notice relating to this Agreement shall be in writing and delivered in person or by first class mail, postage prepaid, to the address as
hereinafter provided. Each notice shall be deemed to have been given on the date it is received. Each notice to the Company shall be addressed to it at its offices at One Corporate Woods Drive, Bridgeton, Missouri 63044 (Attention: VP, Human
Resources). Each notice to the Optionee or other person or persons then entitled to exercise the Option shall be addressed to the Optionee or such other person or persons at the Optionee’s last known address. 

  

	11.	Reimbursement of Expenses. If the Optionee is not a citizen or resident of the United States, the Optionee, as a condition hereof, agrees to reimburse the
Company at its request for any foreign exchange premiums or license, transfer taxes or similar sums of money payable outside the United States by the Company in connection with the exercise of the Option under this Agreement.

  

	12.	Incorporation of Plan. A copy of the Plan has been delivered to the Optionee and is hereby incorporated by reference. 

  

	13.	Interpretation. The interpretation and construction of any terms or conditions of the Plan, or of this Agreement or other matters related to the Plan by the
Compensation Committee shall be final and conclusive. 

  

	14.	Enforceability. This Agreement shall be binding upon the Optionee, the Optionee’s estate, the Optionee’s personal representatives and beneficiaries.

 *    *    *    *    *

  

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 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly exercised by its
officer thereunto duly authorized, and the Optionee has hereunto set his or her hand all as of the day and year first above written. 
  

									
	 K-V PHARMACEUTICAL COMPANY
	 		 	OPTIONEE
					
	By:	 	  
	 		 	By:	 	  

					
	Name:	 	  
	 		 	Printed Name:	 	  

					
	Title:	 	  
	 		 	Address:	 	  

					
		 		 		 		 	  

					
		 		 		 		 	  

  

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 EXHIBIT A 
 TO 
 NONQUALIFIED STOCK OPTION AGREEMENT

 The Option is exercisable during its term only in accordance with the provisions of the Agreement, including the following: 

 

					
	 	  	 Percentage Exercisable

	 Date
	  	 Per Time Period
	  	 Cumulative

	 March 31, 20    
	  	25% =              shares	  	  25% =              shares
			
	 June 30, 20    
	  	25% =              shares	  	  50% =              shares
			
	 September 30, 20    
	  	25% =              shares	  	  75% =              shares
			
	 December 31, 20    
	  	25% =              shares	  	100% =              shares

  

 A-1 

 EXHIBIT B 
 TO 
 NONQUALIFIED STOCK OPTION AGREEMENT

 A “Change of Control” shall mean the occurrence of any of the following: 
 (1) an acquisition by any individual, entity or group (within the meaning of Section 13d-3 or 14d-1 of the Securities Exchange Act of
1934, as amended (the “Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Act) of more than 50% of the combined voting power of the then outstanding voting securities
of the Company entitled to vote generally in the election of directors to the Board (the “Outstanding Company Voting Securities”); provided, however, that “Change of Control” shall not include (i) the acquisition by
any corporation pursuant to a reorganization, merger, consolidation or similar corporate transaction (in each case, a “Corporate Transaction”) if, pursuant to such Corporate Transaction, the conditions described in
(A) and (B) of clause (3) below are satisfied, and (ii) for the avoidance of doubt, any acquisition after the Grant Date by any Person who beneficially owned 50% or more of the combined voting power of the Outstanding Company
Voting Securities prior to the Grant Date; 
 (2) a change in the composition of the Board such that the individuals who, as of
the Grant Date, constitute the Board (the Board as of the Grant Date shall be hereinafter referred to as the (“Incumbent Board”)) cease for any reason to constitute at least a majority of the Board; provided that, for purposes of
this clause (2), any individual who becomes a member of the Board subsequent to the Grant Date and whose election, or nomination for election by the Company’s stockholders, was approved by a majority of the members of the Board who also are
members of the Incumbent Board (or so deemed to be pursuant to this proviso) shall be deemed a member of the Incumbent Board; but, provided further, that any such individual whose initial assumption of office is in connection with a Change of
Control described in clause (1), (3) or (4) or whose initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a
Person other than the Board shall not be so deemed a member of the Incumbent Board; or 
 (3) the consummation of a Corporate
Transaction; excluding, however, such a Corporate Transaction pursuant to which (A) the beneficial owners of the outstanding shares of the Company’s common stock, par value of $.01 per share (the “Shares”) and Outstanding
Company Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than fifty-one percent (51%) of, respectively, the outstanding shares of common stock of the corporation resulting
from such Corporate Transaction and the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors, in substantially the same proportions as their ownership, immediately
prior to such Corporate Transaction, of the outstanding Shares and Outstanding Company Voting Securities, as the case may be, and (B) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the
board of directors of the corporation resulting from such Corporate Transaction; or 
  

 B-1 

 (4) the approval of the stockholders of the Company of (A) a complete liquidation or
dissolution of the Company or (B) the sale or other disposition of all or substantially all the assets of the Company; excluding, however, such a sale or other disposition to a corporation with respect to which, following such sale or other
disposition, (y) more than fifty-one percent (51%) of the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in
the election of directors will be then beneficially owned, directly or indirectly, by the individuals and entities who were the beneficial owners, respectively, of the outstanding Shares and Outstanding Company Voting Securities immediately prior to
such sale or other disposition in substantially the same proportion as their ownership, immediately prior to such sale or other disposition, of the outstanding Shares and Outstanding Company Voting Securities, as the case may be, and
(z) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of such corporation. 
  

 B-2Separation Agreement and General Release

 Exhibit 10.30 
 SEPARATION AGREEMENT 
 AND GENERAL RELEASE

 This Separation Agreement and General Release (“Agreement”) is entered into effective as of the 2nd day of
September, 2009, by and between Ronald J. Kanterman (“Executive”) and KV Pharmaceutical Company, a Delaware corporation (the “Company” or “KV”, and, together with Executive, the “Parties”). 
 RECITALS 
 WHEREAS, Executive has been employed by the Company as Vice President, Chief Financial Officer, and Treasurer of the Company pursuant to the Employment and Confidential Information Agreement, dated January 26, 2004, as amended
March 23, 2008 (the “Employment Agreement”); 
 WHEREAS, Executive tendered his resignation on
September 2, 2009 (i) as Vice President, Chief Financial Officer and Treasurer of KV, (ii) from all other officer, committee, and employee positions with KV and each of its affiliates and (iii) as KV’s representative to any
corporate, industry or trade association, or their boards (his “Resignation”), and the Company has accepted Executive’s Resignation, and, in connection with such termination, settle any and all related agreements between the Executive
and the Company and their affiliates (the “Parties”) in the manner set forth herein; 
 WHEREAS, The Company in
part is entering into this Agreement in recognition of the positive contributions made by Executive as Vice President, Chief Financial Officer, and Treasurer of the Company; and in part because Executive will provide services to the Company on a
prospective basis; 
 WHEREAS, The Company and the Executive have entered into a separate Indemnification Agreement dated
October 24, 2008, which is and remains in effect; 
 WHEREAS, The Company and the Executive have entered into a
separate Consulting Agreement of even date herewith, pursuant to which Executive has become a consultant to the Company at an annual compensation rate equal to his final salary at the Company; and, 
 NOW THEREFORE, in consideration of the promises and mutual covenants contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are expressly acknowledged, the Parties agree and promise as follows: 
  

	1.	TERMINATION. Executive’s Resignation is effective as of September 2, 2009 (the “Separation Date”). The period from the Separation Date
through and including September 2, 2010 is hereinafter referred to as the “Consulting Period.” 

  

	2.	PAYMENTS. 

  

	 	a.	The Company shall immediately pay to Executive an amount equal to three weeks and three days of accrued but unpaid vacation pay due on September 2, 2009. At the
same time, or as soon as practicable thereafter, the Company shall pay to Executive an amount equal to any unpaid expense reimbursements due to Executive (subject, however, to Executive’s obligation to provide adequate documentation of such
expenses in the normal course). All of Executive’s expenses were submitted current through September 3, 2009. 

	 	b.	With respect to any benefits or rights that Executive has accrued or earned under any of the Company’s employee benefit plans as of the Separation Date, Executive
shall be entitled to such benefits pursuant to the terms of such plans. 

  

	3.	TERMINATION BENEFITS. Subject to Executive abiding by the terms of this Agreement and in consideration of Executive’s release of claims and Executive’s
other covenants and agreements contained herein, Executive shall be entitled to the following benefits: 

  

	 	a.	The Company shall enter into a Consulting Agreement with Executive at an annual compensation rate equal to his final annual salary, payable in equal monthly
installments as more fully set out therein. 

  

	 	b.	The Company shall pay Executive the additional sum of Forty Thousand Dollars ($40,000), representing the Retention Bonus to which Executive would have become entitled
had his employment continued. It shall be payable on 30 June 2010, and upon the condition that the Executive satisfactorily performs his duties under this Agreement, the Consulting Agreement, and Company’s policies; the approval for
payment of this sum shall not be unreasonably withheld; 

  

	 	c.	The Company shall continue to provide, or cause its affiliates to provide, health (including medical, vision and dental), life, and disability insurance to Executive
and his family on terms and conditions available to the executive officers of the Company through the Consulting Period (which terms and conditions may change as and when the terms of any applicable plan change). 

  

	 	d.	Except as set forth in this Agreement, and with respect to any benefits or rights under any of the Company’s “employee benefit plans” within the meaning
of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), Executive acknowledges and agrees that he is not entitled to receive any other compensation or benefits of any sort from the Company or any
of its plans, direct or indirect subsidiaries, or other entities controlled by the Company, including, without limitation, salary, vacation, bonuses, annual incentives, stock options, short-term or long-term disability benefits.

  

	4.	SETTLEMENT OF EQUITY BASED AWARDS. Executive waives any and all right to stock options held by Executive immediately prior to the Separation Date. In lieu
thereof Executive shall receive a payment of $50,000] (“Initial Payment”) plus an additional payment (the “Gross-Up Payment”) in an amount such that after payment by Executive of all taxes, including federal, state, local,
foreign and employment taxes, (collectively the “Taxes”) imposed on the Initial Payment and Gross-Up Payment, the Executive retains an amount equal to the Initial Payment. The Gross-Up Payment shall be made at the same time as the Initial
Payment, and the amount of applicable Taxes shall be based on the assumption that Executive pays taxes at the highest applicable marginal rate, and shall not be later adjusted. The determination of the Company as to the amount of the Gross-Up
Payment shall be final and conclusive and binding on the Executive and his beneficiaries, successors and assigns. 

  

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	5.	COMPENSATION AS A DIRECTOR. Executive shall waive all cash compensation as a member of the Board to which he is entitled during the period of his Board service
from September 2, 2009 until the date this Agreement is executed, as provided in the directors’ compensation plan. Executive shall resign from the Board effective as of the date this Agreement is executed. 

  

	6.	INDEMNITY. The Company and the Executive have entered into a separate Indemnification Agreement dated October 24, 2008, which is and will remain in effect.
The existing rights of the Executive with regard to indemnification, advancement of expenses, insurance, and exculpation from liability as described in the October 24, 2008 Indemnification Agreement are unaffected by this Agreement.

  

	7.	COMPLETE RELEASE. The Parties intend to release and discharge each other from any and all claims they have or may have one against the other, and that such
releases and discharges extend to themselves and to the Released Parties, as defined below. Therefore, the Parties agree: 

  

	 	a.	For purposes of this Agreement, the “Released Parties” of Executive are Executive and his heirs, successors, assigns and attorneys, and the “Released
Parties” of the Company are the Company and all related and affiliated entities of the Company (including corporations, limited liability companies, partnerships, and joint ventures) as well as, with respect to the Released Parties of the
Company, each of their respective predecessors and successors, and past, present and future employees, officers, directors, stockholders, owners, partners, members, representatives, assigns, attorneys, agents, insurers, employee benefit programs and
plans (and the trustees, administrators, fiduciaries, and insurers of such programs and/or plans), and any other persons acting by, through, under, or in concert with any of the foregoing identified Released Parties. 

  

	 	b.	Except as otherwise provided in this Agreement, the Executive voluntarily releases all claims, promises, causes of action, or similar rights of any type, whether known
or unknown, unforeseen, unanticipated, unsuspected or latent he has or may have against the Released Parties of Company, and the Company voluntarily releases all claims, promises, causes of action, or similar rights of any type, whether known or
unknown, unforeseen, unanticipated, unsuspected or latent it has or may have against the Released Parties of Executive. 

  

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	 	c.	This release specifically extends to, without limitation, claims or causes of action for wrongful termination, failure by either Party to provide notice of termination
pursuant to the Employment Agreement, impairment of ability to compete in the open labor market, breach of an express or implied contract, breach of any collective bargaining agreement, breach of the covenant of good faith and fair dealing, breach
of fiduciary duty, fraud, misrepresentation, defamation, slander, infliction of emotional distress, disability, loss of future earnings, and claims under the Missouri Constitution, the United States Constitution, and applicable state and federal
fair employment laws, federal equal employment opportunity laws, and federal and state labor statutes and regulations, and other federal and state laws, including, but not limited to, the Civil Rights Act of 1964, as amended, the Sarbanes-Oxley Act
of 2002, the Securities Act Of 1933, the Securities Exchange Act of 1934, any federal or state corporation or securities laws, the Fair Labor Standards Act, as amended, the National Labor Relations Act, as amended, the Labor-Management Relations
Act, as amended, the Worker Retraining and Notification Act of 1988, as amended, the Americans with Disabilities Act of 1990, as amended, the Rehabilitation Act of 1973, as amended, ERISA, and the Age Discrimination in Employment Act of 1967, as
amended. 

  

	 	d.	Notwithstanding the foregoing, the parties are not releasing or waving any right to enforce the terms of this Agreement. 

  

	 	e.	Executive understands that Executive is releasing claims of which Executive may not be aware. Likewise, the Company understands that it is releasing claims of which
Company may not be aware. It is further understood and agreed that both Executive and Company are waiving all rights under any statute or common law principle which otherwise limit application of a general release to claims which the releasing party
does not know or suspect to exist in his favor at the time of signing the release which, if known by him, would have materially affected his settlement with the party being released/releasee. 

  

	 	f.	Neither the Executive nor the Company, nor his or its respective heirs, successors, agents, representatives or attorneys has filed or caused to be filed any lawsuit,
complaint, or charge with respect to any claim that such party/entity is releasing in this Agreement. Except as prohibited by law or public policy, each party promises never (i) to file or prosecute a lawsuit or complaint based on the claims
released by it in this Agreement, or (ii) to seek any damages, remedies, or other relief for him or it by filing or prosecuting a claim or charge with any administrative, judicial, or other governmental body, or in any arbitration proceeding
with respect to any claim released by such party/entity in this Agreement. Each Party hereto promises to request any governmental body or arbitration tribunal assuming jurisdiction of any such lawsuit, complaint, or charge to withdraw from the
matter or dismiss the matter against any and all Released Parties with prejudice against it. Neither the Executive nor the Company has assigned or transferred any claim that it is releasing, nor has such party/entity purported to do so.

  

	 	g.	Revocation Period. Executive acknowledges: (a) that Executive has hereby been advised in writing to consult with an attorney before signing this Release,
and (b) that Executive has had at least twenty-one (21) days after receipt of this Release to consider whether to accept or reject this Release. Executive understands that Executive may sign this Release prior to the end of such twenty-one
(21) day period, but is not required to do so. In addition, under ADEA, Executive has seven (7) days after Executive signs this Release to revoke it. Such revocation must be in writing and delivered either by hand or mailed and postmarked
within the seven (7) day period. If sent by mail, it is requested that it be sent by certified mail, return receipt. 

  

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	8.	RETURN OF THE COMPANY’S DOCUMENTS AND PROPERTY. Executive agrees to return all records, documents, proposals, notes, lists, files, and any and all other
materials including, without limitation, computerized and/or electronic information (collectively, “Information”) that refers, relates or otherwise pertains to the Company and its affiliates, and/or their respective partners, principals,
officers, directors, stockholders, managers, employees, agents, representatives, or insurance companies, or their respective predecessors, successors or assigns at any time. In addition, Executive shall return to the Company all property or
equipment of the Company that he has been issued during the course of his employment or which he otherwise currently possesses. At Executive’s expense, Executive shall deliver to the Company at its St. Louis offices immediately following the
date hereof all of the Company’s Information and property and equipment that are in his possession. Executive is not authorized to retain any copies of any such Information in any format, whether physical or electronic. Notwithstanding the
forgoing, KV acknowledges and consents to the retention, by the law firm of Dowd Bennet LLP, of such documents as are reasonably necessary for the defense of lawsuits arising from Executives’ prior employment with KV. Material so retained by
counsel shall be returned when no longer required for pending or threatened litigation. 

  

	9.	CONFIDENTIALITY; NON-DISPARAGEMENT. 

  

	 	a.	Executive acknowledges and agrees that he is subject to the terms and conditions of the “Confidential Information” and “Publication” and “Right
to Work Product” provisions set forth in Sections 6 – 8 of the Employment Agreement and agrees to continue to be bound by those terms and conditions in accordance therewith. 

  

	 	b.	The parties agree that their professional and personal reputations are important and should not be impaired by either party after this Agreement is executed. Executive
therefore agrees to not make any oral or written communication to any person or entity which disparages, or has the effect of damaging the reputation of, or otherwise working in any way to the detriment of, the Company, its officers, shareholders,
directors, or management. The Company agrees that it will likewise not make any oral or written communication to any person or entity which disparages, or has the effect of damaging the reputation of, or otherwise working in any way to the detriment
of Executive’s professional or personal reputation. 

  

	 	c.	Nothing in Sections 6 – 8 of the Employment Agreement or this Section 9 shall prevent either Party from giving truthful testimony or information to law
enforcement entities, administrative agencies or courts or in any other legal proceedings as required by law, including, but not limited to, assisting in an investigation or proceeding brought by any governmental or regulatory body or official
related to alleged violations of any law relating to fraud or any rule or regulation of the Securities and Exchange Commission, or in asserting, enforcing, prosecuting or defending any rights or claims of Company or Executive under this Agreement or
otherwise. 

  

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	 	d.	Confidentiality. Executive and his attorneys agree that they will keep this Separation Agreement confidential, and will not disclose any of the terms of this
Separation Agreement, and any of the negotiations preceding or following it, to any third party, except (a) with the prior written consent of KV; (b) pursuant to an order or direction of court or agency or other governmental body having
jurisdiction to issue such order; (c) to tax advisors or accounting professionals themselves bound by ethical restraints of confidentiality; (e) to counsel from the firm of Dowd Bennett, LLP, or (d) as may be necessary for the Parties
to establish or enforce rights under this agreement. Executive and his attorneys warrant that as of the execution of this document, they have no recollection of having made any disclosures which would have violated this provision had it been in
force as of September 2, 2009. This confidentiality provision is a material provision of this agreement. 

  

	10.	COVENANT NOT TO COMPETE. Executive acknowledges and agrees that he is subject to the terms and conditions of the “Restrictive Covenants” provisions
contained in the Employment Agreement and agrees to continue to be bound by those terms and conditions until September 2, 2010, at which point Executive will be relieved of any and all Restrictive Covenants, including covenants to not compete.
However, if the Company fails to pay a timely monthly payment to Executive pursuant to this Agreement, then Executive shall be immediately released from any and all Restrictive Covenants, including covenants not to compete. 

 

	11.	COOPERATION BY EXECUTIVE. Executive will cooperate in all reasonable respects with the Company and its affiliates in connection with any and all existing or
future litigation, actions, investigations or proceedings (whether civil, criminal, administrative, regulatory or otherwise) brought by or against the Company or any of its affiliates or otherwise, to the extent the Company reasonably deems
Executive’s cooperation necessary. Executive shall be promptly reimbursed for all reasonable out-of-pocket expenses incurred by him as a result of such cooperation, including, without limitation, his attorneys’ fees and expenses.

  

	12.	NON-ADMISSION OF LIABILITY. Nothing in this Agreement shall be construed as an admission of liability by Executive, any member of the Company or any of the
Released Parties; rather, Executive, the Company and the Released Parties are resolving all matters arising out of their employer-employee relationship and all other relationships between them, as to which the Released Parties and the Company and
Executive each deny any liability. 

  

	13.	NECESSARY ACTIONS. The parties will take or cause to be taken such actions as are necessary to authorize, approve and take and/or carry out the actions
contemplated by this Agreement. 

  

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	14.	BINDING EFFECT. This Agreement shall be binding upon and inure to the benefit of the Parties, and their respective heirs, administrators, representatives,
executors, attorneys, successors and assigns. 

  

	15.	SEVERABILITY. While the provisions contained in this Agreement are considered by the Parties to be reasonable in all circumstances, it is recognized that some
provisions may fail for technical reasons. Accordingly, it is hereby agreed and declared that if any of such provisions shall, either by itself or themselves or taken with others, be adjudged to be invalid as exceeding what is reasonable in all
circumstances for the protection of the interests of the Company, but would be valid if any particular restrictions or provisions were deleted or restricted or limited in a particular manner, then said provisions shall apply with any such deletions,
restrictions, limitations, reductions, curtailments, or modifications as may be necessary to make them valid and effective, and the remaining provisions shall be unaffected thereby, so long as both parties obtain the essential benefits of this
Agreement notwithstanding such deletions, restrictions, limitations, reductions, curtailments, or modifications. 

  

	16.	ENTIRE AGREEMENT; MODIFICATION. Except as set out herein, this Agreement constitutes the entire understanding among the Parties with respect to the matters set
forth herein. This Agreement supersedes all prior written and/or oral and all contemporaneous oral agreements, understandings and negotiations regarding the subject matter hereof. 

  

	17.	INTERPRETATION; GOVERNING LAW. This Agreement shall be construed as a whole according to its fair meaning and shall not be construed strictly for or against
either Party. Any uncertainty or ambiguity shall not be construed against the drafter. Captions are intended solely for convenience of reference and shall not be used in the interpretation of this Agreement. This Agreement shall be governed by and
construed and enforced pursuant to the laws of the State of Missouri applicable to contracts made and entirely to be performed therein without regard to rules relating to conflicts of law. 

  

	18.	VOLUNTARY AGREEMENT; NO INDUCEMENTS. Each Party to this Agreement acknowledges and represents that he or it (a) has fully and carefully read this Agreement
prior to signing it, (b) has been, or has had the opportunity to be, advised by independent legal counsel of his or its own choice as to the legal effect and meaning of each of the terms and conditions of this Agreement, and (c) is signing
and entering into this Agreement as a free and voluntary act without duress or undue pressure or influence of any kind or nature whatsoever and has not relied on any promises, representations or warranties regarding the subject matter hereof other
than as set forth in this Agreement. 

  

	19.	EXPENSES. The Company shall pay Executive’s reasonably incurred expenses incurred in connection with any investigations and litigations as requested by the
Company. 

  

 7 

	20.	NOTICES. Any notice or other communications required or permitted to be given hereunder shall be in writing and shall be sufficiently given if delivered in
person or transmitted by facsimile or similar means of recorded electronic communication to the relevant Party as follows: 

  

	 	a.	In the case of the Executive, to the address set forth below: 

  

			
	Ronald J. Kanterman
	[Address intentionally omitted]
	Telephone:	 	[Intentionally omitted]
	E-Mail:	 	[Intentionally omitted]
	
	with a copy to:
	
	Edward L. Dowd, Jr.
	Dowd Bennett LLP
	7733 Forsyth Blvd., Suite 1410
	Clayton, MO 63105
	Telephone:	 	(314) 889-7311
	Fax:	 	(314) 863-2111
	Email:	 	edowd@dowdbennett.com

  

	 	b.	In the case of KV to: 

 KV Pharmaceutical Company 
 1 Corporate Woods 
 Bridgeton, Missouri 63044 
 Attn: General Counsel 
 Telephone:  (314) 645-6600

 Fax:  (314) 645-6732 
 With a Copy to: 
 Stephen H. Rovak 
 SONNENSCHEIN NATH & ROSENTHAL LLP

 One Metropolitian Sq., Ste 3000 
 Saint Louis, Missouri 63102 
 314 259 5886 
 Fax:  314 259 5959 
 Any such notice or other communication shall be deemed to have been given and received on the day on which it is delivered or faxed (or, if
day is not a business day or if the notice or other communication is not faxed during business hours, at the place of receipt, on the next following business day.) Any Party may change its address for the purposes of this Section by giving notice to
the other parties in accordance with the foregoing. 
  

 8 

 IN WITNESS WHEREOF, the Parties have set their hand as of the date first written above.

  

			
	EXECUTIVE
	
	 /s/ Ronald J. Kanterman

	Ronald J. Kanterman
	
	KV Pharmaceutical Company
	
	 /s/ David A. Van Vliet

		
	Title:	 	 Interim President/CEO

  

 9

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