United States

Securities and Exchange Commission

Washington, DC 20549

 

Form 8-K

 

Current Report

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

 

Date of Report:  August 8, 2011

 

Lannett Company, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

DE

 

001-31298

 

23-0787699

(State or other

Jurisdiction of

Incorporation)

 

(Commission File Number)

 

(IRS Employer
Identification

No.)

 

9000 State Road, Philadelphia, PA 19136

(Address of Principal Executive Offices)

 

Registrant’s telephone number, including area code: (215) 333-9000

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


 

ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

 

(e)    Compensatory Arrangement with Chief Financial Officer

 

Martin P. Galvan, the chief financial officer of Lannett Company, Inc. (“the Company”), entered into an Employment Agreement with the Company dated August 8, 2011, pursuant to which he will receive a base salary of $250,000 per year, options to acquire 40,000 shares of common stock of the Company, a severance payment of between 12-18 months of base salary if he is terminated without cause and other benefits.  The Employment Agreement provides for an initial term of one year with additional one year terms until terminated.

 

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

 

(d)   Exhibits

 

10.1  Employment Agreement dated August 8, 2011

 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Lannett Company, Inc.

 

(Registrant)

 

 

 

By:

/s/ Arthur P. Bedrosian

 

 

Arthur P. Bedrosian

Dated August 10, 2011

 

President and Chief Executive Officer

 

EXHIBIT INDEX

 

Exhibit:

 

Description:

 

 

 

10.1

 

Employment Agreement dated August 8, 2011

 

2