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Exhibit 10.1

Execution Copy

AMENDMENT TO EMPLOYMENT AGREEMENT

This AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made as of this
14th day of November 2018 (the “Effective Date”), by and between Douglas J.
Swirsky (the “Executive”) and Rexahn Pharmaceuticals, Inc., a Delaware
corporation (the “Company”), and amends the EMPLOYMENT AGREEMENT dated January
2, 2018 (the “Employment Agreement”), by and between the Executive and the
Company.

RECITALS

WHEREAS, effective as of the Effective Date, the Board of Directors of the
Company has promoted the Executive to the office of Chief Executive Officer of
the Company.

WHEREAS, as a result of this promotion, the Company and the Executive wish to
amend the Employment Agreement on the term and subject to the conditions set
forth in this Amendment to address certain modifications to the terms of the
Executive’s employment.

NOW, THEREFORE, in consideration of the foregoing, and the mutual covenants and
agreements set forth herein, the parties hereto agree as follows:

1.            Defined Terms.  Capitalized terms used in this Amendment without
definition shall have the meanings given those terms in the Employment
Agreement.

2.            Amendment to Section 2 (Title).  Section 2 of the Employment
Agreement is deleted in its entirety and in its place the following sentence
shall be inserted:

“The Executive will serve as the President and Chief Executive Officer (the
“CEO”) of the Company.”

3.            Amendment to Section 3 (Duties).  The first sentence of Section 3
of the Employment Agreement is deleted and in its place the following sentence
shall be inserted:

“The Executive is responsible for duties commensurate with his position as the
President and CEO of the Company and such other duties as may be assigned to him
from time to time by the Company’s Board of Directors (the “Board”).

4.            Amendment to Section 4 (Reporting).  Section 4 of the Employment
Agreement is deleted in its entirety and in its place the following sentence
shall be inserted:
 

“The Executive will report directly to the Board.”

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Execution Copy

5.           Amendment to Section 6 (Compensation).  Commencing on the Effective
Date, the Executive’s Base Salary shall be increased to Four Hundred and
Twenty-Five Thousand Dollars ($425,000.00).  For calendar year 2019 and each
year thereafter, the Executive’s Target Bonus percentage shall be increased from
forty percent (40%) to fifty percent (50%).  For clarity, the Executive’s Target
Bonus percentage for calendar year 2018 shall remain forty percent (40%).

6.            Additional Stock Option Award.

a.          On the Effective Date, the Company shall grant the Executive an
option to purchase up to Five Hundred Thousand (500,000) shares of the Company’s
common stock (the “CEO Option Grant”).  The CEO Option Grant shall vest as
follows: twenty-five percent (25%) of the shares subject to the CEO Option Grant
shall vest on the first anniversary of the Effective Date; and thereafter one
forty-eighth (1/48th) of the shares subject to the CEO Option Grant shall vest
in monthly installments on the first business day of each month (beginning on
the first business day of December 2019), until the CEO Option Grant is fully
vested.  The CEO Option Grant shall be subject to such other terms and
conditions as are set forth in the Stock Option Agreement and the Company’s
Stock Option Plan.

b.          The CEO Option Grant shall be included within the provisions of
Sections 8(b)(vii) and 8(b)(viii) of the Employment Agreement.

7.            Amendments to Section 7 (Termination of Employment).  Section
7(c)(iv) of the Employment Agreement is deleted in its entirety and in its place
the following clause shall be inserted:

“the Executive’s material failure, neglect or refusal to perform his duties
under this Agreement, or to follow the lawful written directions of the Board;”

8.            No Other Amendments; Employment Agreement still in Effect.  Except
as specifically set forth in this Amendment, or as the context of this Amendment
may require, the terms and conditions of the Employment Agreement shall remain
in full force and effect.

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signatures follow

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Execution Copy

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first written above.

on behalf of
   
REXAHN PHARMACEUTICALS, INC.
EXECUTIVE
       
By:
/s/ Peter Brandt
 
/s/ Douglas J. Swirsky
 

Name:
Peter Brandt
Name: Douglas J. Swirsky
Title:
Chairman of the Board of Directors
 

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