First Amendment to Employment Agreement between MYMD Pharmaceuticals, Inc. and Chris Chapman, MD
MYMD Pharmaceuticals, Inc. and Chris Chapman, MD have amended their original employment agreement. The amendment sets the employment term to two years, unless either party ends it earlier with written notice. If the company terminates Dr. Chapman for cause, he will receive three months of base salary as severance. The company will also provide and pay for Dr. Chapman's health and disability insurance during his employment term.
Exhibit 10.14
First Amendment to Employment Agreement
WHEREAS, MYMD Pharmaceuticals. Inc (the “Company”) and Chris Chapman, MD (“Employee”) (collectively “the Parties”) entered into an Employment Agreement dated November 1, 2020 (“Agreement”); and
WHEREAS, for good and valuable consideration the Parties hereby amend the Agreement as follows:
Section 2 is replaced with the following Section 2 and new Section 3.1 is added as appears below.
| 2. | Term of Employment. This Employment Agreement shall commence on the Effective Date and shall continue for a period of two years (the “Term of Employment”) unless earlier terminated by either party, which termination shall be effective upon written Notice to the other party. In the event of a Notice of Termination issued by the Company for cause, the Employee shall be paid his normal monthly Base Salary for three months paid following Notice of Termination which shall constitute Employee’s full and complete entitlement to severance compensation. |
| 3.1. | Benefits. The Company will provide and cover the cost of health insurance and disability policies for Employee during the Term of Employment. |
| MYMD Pharmaceuticals, Inc. | |
/s/ James A. McNulty | |
| By: James A. McNulty, CEO | |
| Date: 12/18/20 | |
| /s/ Chris Chapman, M.D. | |
| Chris Chapman, MD |
| Date: December 18, 2020 |
| 1 |
