a6027877ex10_55b.htm


    Exhibit
10.55b

     

    AMENDMENT
OF

    
      


      ORE
PHARMACEUTICALS, INC.

      EXECUTIVE SEVERANCE PLAN

      


      As
Amended and Restated Effective September 29, 2008

      


      Pursuant to action of  the
Compensation Committee of the Board of Directors of Ore Pharmaceuticals, Inc.,
the Ore Pharmaceuticals, Inc. Executive Severance Plan, As Amended and Restated
Effective September 29, 2008 (the "Plan"), is hereby further amended effective
as of April 30, 2009, as provided below:

      


      I.           Section
2(a) of the Plan is amended in its entirety to read as follows:

      


      (a)           Eligible
Employees.  “Eligible Employees” are those current or former
employees of the Company who (i) became “Eligible Employees” under the terms and
conditions of the Plan as in effect prior to April 30, 2009 and (ii) are listed
on Schedule A(1) signed by the Chairman of the Compensation
Committee.  No other employees, officers, directors or consultants of
the Company are eligible to receive benefits under the Plan and no employees,
officers, directors or consultants of the Company shall become “Eligible
Employees” after April 30, 2009.

      


      II.           Exhibit A(1) “List of Eligible Employees” is
amended in its entirety to read as follows:

      


      The following is a list of the Eligible
Employees under the Ore Pharmaceuticals, Inc. Executive Severance Plan as of
April 30, 2009, which replaces and supercedes in its entirety any prior written
or unwritten listing or designation of such Eligible Employees:

      


      1.           Philip
L. Rohrer, Jr.

      2.           Dr.
Stephen Donahue

      3.           Christopher
T. Dunne

      4.           Charles
L. Dimmler

      


       

      
         

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              	
                                                       

                                                    	

                                                      Ore
      Pharmaceuticals, Inc.

                                                    	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                                                      By:

                                                    	
                                                      /s/ Benjamin L. Palleiko

                                                    	 
      
	 
      	
                                                      Name:

                                                    	
                                                      Benjamin L. Palleiko

                                                    	 
      
	 
      	
                                                      Title:

                                                    	
                                                      SVP & CFO

                                                    	 
      
	 
      	
                                                      Date:

                                                    	
                                                      August 6, 2009