SEC Contract Filing

Filing Date: 2022-01-20

Document Content:
<DOCUMENT>
<TYPE>EX-10.95
<SEQUENCE>5
<FILENAME>tm223336d1_ex10-95.htm
<DESCRIPTION>EXHIBIT 10.95
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 181.35pt; text-align: right"><B>Exhibit&nbsp;10.95</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THIRD ADDENDUM&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>to</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Employment Agreement&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Samuel H. Israel</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Third Addendum (the &#8220;Third Addendum&#8221;)
to the Employment Agreement of Samuel H. Israel is entered into as of this 17<SUP>th</SUP> day of January&nbsp;2022, between Lannett Company,&nbsp;Inc.
(the &#8220;Company&#8221;) and Samuel H. Israel (&#8220;<U>Mr.&nbsp;Israel</U>&#8221;) (together, the Company and Mr.&nbsp;Israel shall
be known as the &#8220;Parties&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECITALS</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, Mr.&nbsp;Israel entered into an
Employment Agreement with the Company as of July&nbsp;15, 2017 (&#8220;Employment Agreement&#8221;);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS, </B>the Parties entered into an Addendum
to Employment Agreement of Samuel H. Israel (&#8220;First Addendum&#8221;) effective as of July&nbsp;1, 2018, wherein the Parties clarified
that Section&nbsp;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;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS, </B>the Parties entered into a Second
Addendum to the Employment Agreement (&#8220;Second Addendum&#8221;) effective as of August&nbsp;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;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS, </B>the Parties wish to further amend
Section&nbsp;9(b)&nbsp;(relating to the acceleration of certain benefits in the event of termination without Cause) and Section&nbsp;9(c)&nbsp;(relating
to certain severance benefits awarded in connection with or following a Change in Control of Company);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>NOW THEREFORE</B>, in consideration of the mutual
covenants and agreements hereinafter set forth, the Parties agree as follows:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD><U>Capitalized Terms</U>. All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Employment
Agreement.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Paragraph 9(b)&nbsp;in deleted in its entirety and replaced with the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">If Executive&#8217;s employment is terminated without Cause
by Company, other than as provided in 9(c), or if