Document:

Exhibit 10.96

 

THIRD ADDENDUM 

to

Employment Agreement 

of

John Abt

 

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

 

RECITALS

 

WHEREAS, Mr. Abt entered into an Employment
Agreement with the Company as of March 30, 2015 (“Employment Agreement”);

 

WHEREAS, the Parties entered into an Addendum
to Employment Agreement of John Abt (“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 an accounting restatement caused by fraud, 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 Quality and 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 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 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/
    John Abt
	 	Timothy Crew	 	John Abt
	 	Chief Executive Officer	 	Chief Operations and Quality OfficerExhibit 4.1

 

DESCRIPTION OF THE COMPANY'S SECURITIES REGISTERED
PURSUANT TO

SECTION 12 OF THE SECURITIES EXCHANGE
ACT OF 1934

(Revised January 20, 2022)

 

The following is a brief
description of the common stock, $0.01 par value per share, of AMCON Distributing Company (the "Company"), which is the
only security of the Company registered pursuant to Section 12 of the Securities Exchange Act of 1934.

 

General

 

The total number of shares
of capital stock which the Company has authority to issue is 4,000,000 shares, consisting of 3,000,000 shares of Common Stock, par value
$0.01 per share (the "Common Stock"), and 1,000,000 shares of Preferred Stock, par value $0.01 per share (the "Preferred
Stock").

 

The following descriptions
of our Common Stock and Preferred Stock and of certain provisions of Delaware law do not purport to be complete and are subject to and
qualified in their entirety by reference to our (i) restated certificate of incorporation dated October 2, 2020, as amended
by the certificate of amendment dated January 20, 2022 ("Certificate of Incorporation"), and (ii) our amended
and restated by-laws dated January 20, 2022 ("Bylaws"). Copies of our Certificate of Incorporation and our Bylaws
have been filed with the Securities and Exchange Commission (the "SEC") and are included among the exhibits to our Annual
Report on Form 10-K.

 

Preferred Stock

 

The Board of Directors
is expressly authorized to provide for the issuance of all or any shares of the Preferred Stock in one or more series, and to establish
from time to time the number of shares to be included in each such series and to fix the designation, powers, preferences and rights of
shares of each such series and the qualifications, limitations and restrictions thereof, as shall be stated and expressed in the resolution
or resolutions adopted by the Board of Directors providing for the issuance of such series and as may be permitted by the General Corporation
Law of the State of Delaware (the "DGCL"). Without limiting the foregoing, the authority of the Board of Directors with
respect to each series includes (a) the designation of the series, which may be by distinguishing number, letter or title; (b) the
number of shares of the series, which number the Board of Directors may thereafter (except where otherwise provided in the applicable
Preferred Stock certificate of designation) increase or decrease (but not below the number of shares thereof then outstanding); (c) whether
dividends, if any, shall be cumulative or noncumulative and the dividend rate of the series; (d) the dates on which dividends, if
any, shall be payable; (e) the redemption rights and price or prices, if any, for shares of the series; (f) the terms and amount
of any sinking fund provided for the purchase or redemption of shares of the series; (g) the amounts payable on shares of the series
in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company; (h) whether the
shares of the series shall be convertible or exchangeable into shares of any other class or series, or any other security, of the Company
or any other corporation, and, if so, the specification of such other class or series or such other security, the conversion or exchange
price or prices or rate or rates, any adjustments thereof, the date or dates as of which such shares shall be convertible or exchangeable
and all other terms and conditions upon which such conversion or exchange may be made; (i) restrictions on the issuance of shares
of the same series or of any other class or series; and (j) the voting rights, if any, of the holders of shares of the series.

 

    1 

     

    

 

Common Stock

 

Voting
Rights. Except as otherwise provided in our Certificate of Incorporation (including any amendments to, restatements of or designations
regarding any series or class of Preferred Stock) or by applicable law, only the holders of Common Stock shall be entitled to vote on
each matter on which the stockholders of the Company shall be entitled to vote, and each holder of Common Stock shall be entitled to one
vote for each share of Common Stock held by such holder. The holders of Common Stock are not entitled to cumulative voting rights with
respect to the election of directors, which means that the holders of a majority of the shares voted can elect all of the directors then
standing for election.

 

Dividends.
Subject to the preferences and other rights of any class or series of Preferred Stock then outstanding, the Board of Directors of the
Company may cause dividends to be paid to the holders of shares of Common Stock out of funds legally available for the payment of dividends
by declaring an amount per share as a dividend. When and as dividends are declared, whether payable in cash, in property or in shares
of stock of the Company, the holders of Common Stock shall be entitled to share equally, share for share, in such dividends.

 

Conversion
and Preemptive Rights. Holders of shares of our Common Stock have no conversion, preemptive or similar rights, and there
is no redemption or sinking fund applicable to our Common Stock.

 

Fully
Paid. The issued and outstanding shares of our Common Stock are fully paid and non-assessable. This means the full purchase
price for the outstanding shares of Common Stock has been paid and the holders of such shares will not be assessed any additional amounts
for such shares.

 

Liquidation
Rights. Subject to the preferences and other rights of any class or series of Preferred Stock then outstanding, in the event
of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the holders of Common Stock shall
be entitled, to share, ratably according to the number of shares of Common Stock held by them, in all remaining assets of the Company
available for distribution to its stockholders, subject to any rights of the holders of Preferred Stock that the Company may issue in
the future.

 

Market
and Transfer Agent. Our Common Stock trades on NYSE American under the trading symbol "DIT". The transfer agent for
the Common Stock is Computershare.

 

    2 

     

    

 

Provisions that May Have The Effect of Delaying, Deferring
or Preventing a Change of Control of the Company

 

Some provisions in our
Certificate of Incorporation and Bylaws, incorporated herein by reference, may have the effect of delaying, deferring or preventing a
change of control of the Company and could make the following more difficult:

 

		·	acquisition of the Company by means of a tender offer,

 

		·	acquisition of the Company by means of a proxy contest or otherwise, or

 

		·	removal of the Company's incumbent officers and directors.

 

The provisions, summarized
below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage
persons seeking to acquire control of the Company to first negotiate with the Board. The Company believes that the benefits of increased
protection give it the potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure
us and outweigh the disadvantages of discouraging those proposals because negotiation of them could result in an improvement of their
terms.

 

Size
of Board and Vacancies. Our Certificate of Incorporation and Bylaws together provide that the number of members of the Board
of Directors shall be fixed from time to time by resolution of the Board of Directors. Our Board of Directors is comprised of a single
class of directors, with directors being elected annually for terms expiring at the next annual meeting of stockholders and until their
respective successors are duly elected and qualified or until their respective earlier resignation or removal. Directors are elected by
a plurality of the votes cast, in person or by proxy, by stockholders entitled to vote at a meeting of the stockholders called for that
purpose. The holders of a majority of the shares outstanding and entitled to vote generally for the election of directors may remove any
director or the entire Board of Directors, but only for cause. Newly created directorships resulting from any increase in the Company's
authorized number of directors or any vacancies in the Board resulting from death, resignation, retirement, disqualification, removal
from office or other cause may be filled by the majority vote of the Company's remaining directors in office, and any director so chosen
shall hold office for a term expiring at the next annual meeting of stockholders and until such director's successor shall have been duly
elected or qualified.

 

Advance
Notice Requirement. Our Certificate of Incorporation and Bylaws set forth advance notice procedures with regard to stockholder
nomination of persons for election to the Board of Directors or other business to be considered at meetings of stockholders. These procedures
provide that notice of such stockholder proposals must be timely given in writing to the Secretary of the Company prior to the meeting
at which the action is to be taken. Generally, to be timely, notice must be delivered to the Secretary at the principal executive offices
of the Company, in the case of an annual meeting of stockholder, not less than 35 days prior to the meeting and, in the case of a special
meeting of stockholders, not later than the close of business on the tenth day following the day on which (i) notice of the date
of the special meeting was mailed or (ii) public disclosure of the date of the special meeting was made, whichever occurs first.
The advance notice requirement does not give the Board of Directors any power to approve or disapprove stockholder director nominations
or proposals but may have the effect of precluding the consideration of certain business at a meeting if the proper notice procedures
are not followed.

 

Special
Meetings of Stockholders. Under our Bylaws, only the Board of Directors, pursuant to a resolution adopted by a majority of
the total number of authorized directors, the Company's Chairman of the Board, the Company's Lead Director (if one is appointed), or the
Company's President may call a special meeting of the stockholders.

 

    3 

     

    

 

Authorized
Blank Check Preferred. As more fully described under the heading "Preferred Stock" above, the Board of Directors
is expressly authorized to provide for the issuance of all or any shares of the Preferred Stock in one or more series, and to establish
from time to time the number of shares to be included in each such series and to fix the designation, powers, preferences and rights of
shares of each such series and the qualifications, limitations and restrictions thereof, as shall be stated and expressed in the resolution
or resolutions adopted by the Board of Directors providing for the issuance of such series and as may be permitted by the DGCL. The authorization
of the Company's undesignated Preferred Stock makes it possible for the Board to issue preferred stock with voting or other rights or
preferences that could impede the success of any attempt to change control of the Company.

 

No
Stockholder Action by Written Consent. Any action required or permitted to be taken at any annual or special meeting of stockholders
may be taken only upon the vote of stockholders at an annual or special meeting duly noticed and called in accordance with the DGCL, and
may not be taken by written consent of stockholders without a meeting (except with regard to election, removal and filling of vacancies
of directors by holders of Preferred Stock, voting separately, as and if so provided by the terms of the resolution or resolutions adopted
by the Board of Directors).

 

Amendment
of Certificate of Incorporation and Bylaws. The Board of Directors is expressly authorized to adopt, repeal, alter or amend
our Bylaws by the vote of a majority of the entire Board of Directors. The stockholders of the Company may adopt, repeal, alter or amend
most provisions of the Certificate of Incorporation, as well as any provision of the Bylaws, only with the affirmative vote of the holders
of 75% or more of the combined voting power of the then outstanding stock of the Company entitled to vote generally in the election of
directors, in addition to satisfying any requirements of law.

 

Indemnification of Directors and Officers;
Limitation of Liability

 

Our Certificate of Incorporation and our Bylaws
provide that the Company shall indemnify its directors and officers and provide for the advancement to them of expenses in connection
with actual or threatened proceedings and claims arising out of their status as such to the fullest extent permitted by the DGCL. These
provisions may be held not to be enforceable for violations of the federal securities laws of the United States.

 

Our Certificate of Incorporation provides that
no director shall be personally liable to the Company or its stockholders for monetary damages for breach of fiduciary duty as a director.
However, this does not eliminate or limit the liability of a director (i) for any breach of his duty of loyalty to the Company or
its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of
the law, (iii) under Section 174 of the DGCL or (iv) for any transaction from which the director derives an improper personal
benefit. If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then
the liability of a director of the Company will be eliminated or limited to the fullest extent permitted by the DGCL, as so amended.

 

    4 

     

    

 

Delaware Takeover Statute

 

The Company is subject to the DGCL, including
Section 203. In general, Section 203 restricts the ability of a public Delaware corporation from engaging in a "business
combination" with an "interested stockholder" for a period of three years after the date of the transaction in which the
person became an interested stockholder. An "interested stockholder" includes any person or entity who in the last three years
obtained 15% or more of any class or series of stock entitled to vote generally in the election of directors.  Generally, a "business
combination" includes a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder. 
However, the restriction does not apply if:

 

		·	the Board of Directors approved either the business combination or the transaction that resulted in the
stockholder becoming an interested stockholder, with approval taking place prior to such business combination or transaction;

 

		·	upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder,
the interested stockholder owned at least 85% of the Company's voting stock outstanding at the time the transaction commenced, excluding
certain shares;

 

		·	the business combination is approved by the Board of Directors and by the affirmative vote of holders
of at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder, with approval taking
place concurrently with or after the business combination.

 

Under certain circumstances, this provision may
make it more difficult for a person who would be an "interested stockholder" to effect various business combinations with the
Company for a three-year period. This provision may encourage companies interested in acquiring the Company to negotiate in advance with
the Board of Directors, because the stockholder approval requirement would be avoided if the Board of Directors were to approve either
the business combination or the transaction that results in the stockholder becoming an interested stockholder. These provisions also
may have the effect of preventing changes in the Board of Directors and may make it more difficult to accomplish transactions that stockholders
may otherwise deem to be in their best interest.

 

*     *     *

 

    5

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