Amendment to Employment Agreement between Tonix Pharmaceuticals Holding Corp. and Leland Gershell
Tonix Pharmaceuticals Holding Corp. and Leland Gershell have agreed to amend their employment agreement, originally dated April 1, 2012. Effective October 15, 2013, Dr. Gershell's base salary is set at $225,000 per year until the company completes a sale of at least $20 million in additional equity securities. All other terms of the original agreement remain unchanged.
Exhibit 10.02
TONIX PHARMACEUTICALS HOLDING CORP.
509 Madison Avenue, Suite 306
New York, New York 10022
October 15, 2013
VIA EMAIL
Leland Gershell
509 Madison Avenue, Suite 306
New York, New York 10022
| Re: | Amendment to Employment Agreement |
Dear Mr. Gershell:
This letter shall serve as an amendment to the employment agreement dated April 1, 2012 by and between Tonix Pharmaceuticals Holding Corp. and Leland Gershell (the “Agreement”). Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Agreement. Section 4(a) of the Agreement is hereby amended and replaced in its entirety with the following:
“From October 15, 2013 to the date on which the Company consummates the sale of at least Twenty Million Dollars ($20,000,000) in additional equity securities (the “Financing”) the Executive’s base salary shall be two hundred twenty-five thousand dollars ($225,000) per annum.”
The foregoing amendment shall be effective as of October 15, 2013.
TONIX PHARMACEUTICALS HOLDING CORP.
/s/ SETH LEDERMAN
By: Seth Lederman
Title: Chief Executive Officer
Accepted to and agreed this
15th day of October, 2013:
/s/ LELAND GERSHELL
Leland Gershell
