Amendment No. 1 to Employment Agreement between RegeneRx Biopharmaceuticals, Inc. and C. Neil Lyons
This amendment updates the employment agreement between RegeneRx Biopharmaceuticals, Inc. and C. Neil Lyons. It changes the severance terms so that if Mr. Lyons is terminated before April 18, 2008, he will receive six months of severance pay, including salary and medical and dental insurance. If terminated after that date, he will receive twelve months of severance. Both parties have agreed to these new terms as of December 17, 2007.
Exhibit 10.1
Amendment No. 1 to Employment Agreement
By and between RegeneRx Biopharmaceuticals, Inc. and C. Neil Lyons
Dated April 12, 2007
Section 12.2. (b) is replaced in its entirety with the following:
| 12.2 |
| Severance. |
(b) Severance with respect to any termination under 12.2 (a) shall include and be calculated as follows: six (6) months Severance upon termination at any time through April 18, 2008, the third anniversary of Executive’s employment with the Company, twelve (12) months Severance upon termination thereafter. Severance shall include salary and medical and dental insurance payments as describe herein.
Acknowledged and agreed:
RegeneRx Biopharmaceuticals, Inc.
| /s/ J.J. Finkelstein |
| J.J. Finkelstein |
| President and Chief Executive Officer |
Dated: December 17, 2007
| /s/ C. Neil Lyons |
| C. Neil Lyons |
Dated: December 17, 2007
