First Amendment to the Employment Agreement of Robert J. Bitterman, dated March 25, 2025, by and between the Company and Robert Bitterman
Exhibit 10.30
FIRST AMENDMENT TO THE
EMPLOYMENT AGREEMENT OF ROBERT J. BITTERMAN
This First Amendment to the Employment Agreement of Robert J. Bitterman (the “Amendment”) is entered into this 25th day of March, 2025, by and between Robert J. Bitterman (“Executive”) and Phio Pharmaceuticals Corp., a Delaware corporation (the “Company”).
Recitals
WHEREAS, the Company and Executive have entered into that certain Employment Agreement dated February 20, 2023 (the “Executive Agreement”); and
WHEREAS, the Company and Executive wish to amend the Executive Agreement as set forth in this Amendment.
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valid consideration, the sufficiency of which is acknowledged, the parties hereto agree as follows:
Agreement
| 1. | Amendment to Section 10(c). Section 10(c) of the Executive Agreement is hereby amended by replacing Section 10(c) in its entirety with the following: |
(c) If the Executive’s employment is terminated by the Company other than as a result of the Executive’s death or Disability or other than for reasons specified in Section 10(b), then in addition to the Accrued Benefits, the Executive shall receive (i) continued Base Salary, for the three (3) months from date of separation plus an additional one (1) month of continued Base Salary for each completed year of service, not to exceed a total severance of six (6) months (the “Severance Period”) (ii) any earned but unpaid Annual Incentive Bonus for completed fiscal years and (iii) if, and only if, such termination as described in this Section 10(c) occurs within one (1) year following a Change in Control (as defined in the 2020 LTIP) and during the Term, all outstanding equity awards held by the Executive as of such termination and not then exercisable shall immediately become exercisable in full.
| 2. | Except as modified or amended in this Amendment, no other term or provision of the Executive Agreement is amended or modified in any respect. The Executive Agreement and this Amendment set forth the entire understanding between the parties with regard to the subject matter hereof and supersedes any prior oral discussions or written communications and agreements. This Amendment cannot be modified or amended except in writing signed by Executive and an authorized officer of the Company. |
The parties have executed this First Amendment to the Employment Agreement of Robert J. Bitterman on the day and year first written above.
PHIO PHARMACEUTICALS CORP.
/s/ Robert L. Ferrara
Name: Robert L. Ferrara
Title: Lead Independent Director, Phio Pharmaceuticals Corp.
EXECUTIVE
/s/ Robert J. Bitterman
Robert J. Bitterman
