# EDGAR Filing Document

**Accession Number:** 0001497504
**File Stem:** 0001193805-23-000207
**Filing Date:** 2023-2
**Character Count:** 91613
**Document Hash:** 070bd9add950d520ea9024476bbb8695
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193805-23-000207.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001193805-23-000207

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230207

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PLx Pharma Inc.
- **CENTRAL INDEX KEY:** 0001497504
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 271707962
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36351
- **FILM NUMBER:** 23619942

**BUSINESS ADDRESS:**
- **STREET 1:** 9 FISHERS LANE
- **STREET 2:** SUITE E
- **CITY:** SPARTA
- **STATE:** NJ
- **ZIP:** 07871
- **BUSINESS PHONE:** (713) 842-1249

**MAIL ADDRESS:**
- **STREET 1:** 9 FISHERS LANE
- **STREET 2:** SUITE E
- **CITY:** SPARTA
- **STATE:** NJ
- **ZIP:** 07871

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Dipexium Pharmaceuticals, Inc.
- **DATE OF NAME CHANGE:** 20140313

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Dipexium Pharmaceuticals, LLC
- **DATE OF NAME CHANGE:** 20100726

?xml version="1.0" encoding="utf-8"?

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of report (Date of earliest event reported): <u>February 7, 2023</u>

**PLx Pharma Inc.**

(Exact Name of Registrant as Specified in Its Charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-36351** | **46-4995704** |
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

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| | |
|:---|:---|
| **9 Fishers Lane, Suite E, Sparta, New Jersey** | **07871** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code: (<u>973</u>) 409-6541

  <br> (Former name or former address if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the follow provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock, $0.001 par value | PLXP | The NASDAQ Capital Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 3.01** | **Notice of Delisting or Failure To Satisfy a Continued Listing Rule or Standard; Transfer of Listing.** |

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On February 7, 2023, PLx Pharma Inc. (the "Company") received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") regarding its noncompliance with Nasdaq Listing Rule 5605(c)(2), which requires, among other things, that the Audit Committee (the "Audit Committee") of the Board of Directors of the Company (the "Board") be comprised of a minimum of three independent directors. As previously disclosed, John W. Hadden II ceased serving on the Board and its committees as of January 19, 2023, and as a result, the Company's Audit Committee is currently comprised of only two independent directors resulting in the noncompliance. In accordance with Nasdaq Listing Rule 5605(c)(4), the Company is granted a cure period in order to regain compliance with Nasdaq Listing Rule 5605 lasting until the earlier of the Company's next annual stockholders' meeting or January 19, 2024 or, if the next annual stockholders' meeting is held before July 18, 2023, then no later than July 18, 2023.

The Company's common stock will continue to be listed and traded on the Nasdaq Capital Market during the compliance period, subject to the Company's compliance with the other continued listing requirements of the Nasdaq Capital Market.

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| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

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<u>Executive Chairman Transition</u>

On February 9, 2023, the Company and Michael J. Valentino, Executive Chairman of the Board, entered into a Severance and Settlement Agreement and Release of All Claims (the "Separation Agreement") pursuant to which Mr. Valentino will cease serving as an executive of the Company effective February 14, 2023. Thereafter, he will remain on the Company's Board as its non-executive Chairman.

In connection with his departure and pursuant to the Separation Agreement, the Company has agreed, in return for a customary general release and waiver in favor of the Company and customary post-employment covenants to pay Mr. Valentino a lump sum payment of $91,875.

As non-executive Chairman of the Board, Mr. Valentino will be entitled to receive compensation for his Board service in accordance with the Company's Board compensation policies. As non-executive Chairman of the Board, Mr. Valentino will receive an annual retainer fee of $90,000.

This forgoing summary of the material terms of the Separation Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the complete text of the Separation Agreement, which is filed as Exhibit 10.1 to this Current Report and incorporated herein by reference.

<u>Key Executive Retention Program</u>

On February 8, 2023, following consultation with the Company's independent compensation consultant, the Board approved the material terms of a retention program for certain of the Company's employees, including the Company's Chief Executive Officer and Chief Financial Officer (the "Key Executive Retention Plan"). The Key Executive Retention Plan recognizes that, as the Company completes its review of strategic alternatives, which may include liquidation, and conducts necessary corporate operations, it is important for the Company to provide meaningful retention awards to help retain essential executive officers and employees. The retention awards granted pursuant to award notices (each an "Award Notice") under the Key Executive Retention Plan will be paid in advance, subject to full repayment of the award, less taxes and withholdings, if the employment of the applicable employee terminates for Cause (as defined in the Key Executive Retention Plan) or as a result of the employee's voluntary resignation prior to the Retention Date (as defined in the Key Executive Retention Plan) or if the employee revokes his or her general release prior to the Retention Date. The retention awards approved for the Company's named executive officers were as follows: Natasha Giordano, Chief Executive Officer and President, $610,000; and Rita O'Connor, Chief Financial Officer and Head of Manufacturing and Supply Chain, $511,500. The Award Notice for each of Ms. Giordano and Ms. O'Connor amends their respective employment agreements to cancel and rescind the Company's severance obligation set forth in their respective employment agreements.

The above summary of the Company's retention program is qualified in its entirety by reference to the complete terms and conditions as set forth in the Key Executive Retention Plan and the Award Notice. The Key Executive Retention Plan, the form of Award Notice, Ms. Giordano's Award Notice and Ms. O'Connor's Award Notice are filed as Exhibits 10.2, 10.3, 10.4 and 10.5, respectively, to this Current Report and incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| (d) | Exhibits |  |
|  | <u>Exhibit No.</u> | <u>Description</u> |
|  | 10.1 | Severance and Settlement Agreement and Release of All Claims, dated February 9, 2023, by and between the Company and Michael Valentino. |
|  | 10.2 | PLx Pharma Inc. 2023 Key Executive Retention Plan. |
|  | 10.3 | Form of Award Notice under PLx Pharma Inc. 2023 Key Executive Retention Plan. |
|  | 10.4 | Award Notice, by and between PLx Pharma Inc. and Natasha Giordano, dated February 13, 2023. |
|  | 10.5 | Award Notice, by and between PLx Pharma Inc. and Rita O'Connor, dated February 13, 2023. |
|  | 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  | **PLX PHARMA INC.** | **PLX PHARMA INC.** | **PLX PHARMA INC.** |
| Dated: February 13, 2023 | By: | /s/ Natasha Giordano | /s/ Natasha Giordano |
|  |  | Name: | Natasha Giordano |
|  |  | Title: | President and Chief Executive Officer |

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| 10.1 | [Severance and Settlement Agreement and Release of All Claims, dated February 9, 2023, by and between the Company and Michael Valentino.](e618271_ex10-1.htm) |
| 10.2 | [PLx Pharma Inc. 2023 Key Executive Retention Plan](e618271_ex10-2.htm). |
| 10.3 | [Form of Award Notice under PLx Pharma Inc. 2023 Key Executive Retention Plan](e618271_ex10-3.htm). |
| 10.4 | [Award Notice, by and between PLx Pharma Inc. and Natasha Giordano, dated February 13, 2023.](e618271_ex10-4.htm) |
| 10.5 | [Award Notice, by and between PLx Pharma Inc. and Rita O'Connor, dated February 13, 2023.](e618271_ex10-5.htm) |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). |

---

## Exhibit 10.1

**<u>SEVERANCE AND SETTLEMENT AGREEMENT AND RELEASE OF ALL CLAIMS</u>**

THIS SEVERANCE AND SETTLEMENT AGREEMENT AND RELEASE OF ALL CLAIMS is by and between MICHAEL J. VALENTINO ("Employee") and PLX PHARMA INC., its affiliates (including, without limitation, PLx Opco Inc.), directors, officers, managers, supervisors, other employees, agents, and representatives (collectively referred to as "Company").

Employee's employment with Company, which employment was subject to that one certain Amended and Restated Employment Agreement, dated May 13, 2016, by and between the parties, as amended by Amendment dated March 7, 2019, and as the same may have been further amended (the "Employment Agreement"), ended or will end by mutual agreement.Employee and Company, after negotiation and compromise, have agreed to the severancepayment set forth herein and to resolve any and all differences and disputes between them by entering into this Severance and Settlement Agreement and Release of All Claims("Agreement"), which they both acknowledge is to their mutual benefit and satisfaction.

NOW, THEREFORE, Employee and Company hereby agree:

1. Employee and Company hereby mutually agree to the termination of the Agreement,and to the termination of Employee's employment, effective as of February 14, 2023 (the Termination Date"), for all purposes.

2. Employee agrees to return all property of Company to Company on or before the Termination Date. Employee agrees to cooperate with Company in order to help ensure a smooth transition of Employee's responsibilities. Employee also specifically agrees to be available following the Termination Date to answer questions Company may have regarding matters under Employee's care or control during his/her employment, without any additional compensation from Company other than the payment described in Section 3 below. Employee agrees not to make, directly or indirectly, any disparaging oral or written statements aboutCompany or Employee's employment with or separation from employment with Company. Employee will not intentionally do anything that damages Company's reputation, financial status, or business relationships. Employee agrees not to disclose confidential information or trade secrets of Company, including, without limitation, any non-public information, knowledge,or data concerning any plan, procedure, process, apparatus, method, technology, or product manufactured, used, or developed by Company, information about suppliers and/or customers of Company, and information about Company's finances and personnel. The obligation set forth in the immediately preceding sentence is in addition to any obligation set forth in any separateagreement regarding confidentiality Employee may have entered into with Company or any obligation to which Employee may be subject by law.

3. As consideration for the covenants of Employee set forth in this Agreement and the release of claims granted by Employee in this Agreement, Company agrees to pay Employee a lump sum payment of Ninety-One Thousand Eight Hundred Seventy-Five Dollars ($91,875.00), less applicable payroll deductions, including withholding for state and federal taxes. Such payment will be paid within twenty (20) days of the later to occur of (i) the execution of this Agreement by Employee, or (ii) the expiration of any time period during which Employee has the right to rescind his/her acceptance of this Agreement.

4. This Agreement extinguishes all rights, if any, which Employee may have against Company, and all obligations, if any, which Company may have to Employee, whether contractual, statutory, common law or otherwise, including but not limited to those relating or arising out of the Employment Agreement or otherwise arising out of the employment of Employee by Company.

5. Employee agrees and does hereby release and discharge Company from any and all claims, charges, causes of action, and demands which he/she has or may have, of any kind or character, whether now known or unknown, including, but not limited to, any claim for salary, compensation, severance pay, or other benefits, expenses, actual or compensatory damages, exemplary or punitive damages, interest, attorneys' fees, costs, present or future employment, and any form of declaratory or injunctive relief not expressly provided in this Agreement, butexcepting claims, if any, relating specifically to retirement benefits under an Company-sponsored retirement plan or relating to benefits subject to COBRA. This release includes, without limitation, all claims arising from, attributable to, or related to (i) Employee's employment byCompany, (ii) Employee's severance of employment, and (iii) any and all acts or omissions related to these matters in any manner, which claims have accrued on or before the date ofhis/her execution of Agreement. This release includes but is not limited to claims of detrimental reliance; wrongful discharge; discrimination on the basis of age, sex, race, national origin, religion, disability, genetic information, or any other characteristic protected under federal, state, or local law; retaliation; failure to accommodate; failure to promote; negligent supervision; invasion of privacy; intentional infliction of emotional distress; and any other claim arising from any alleged unlawful or wrongful conduct, whether based on federal or state statute, regulation,or common law (contract, tort, equity, or other) of any jurisdiction, or on any municipal ordinance. Employee acknowledges that he/she is aware of any rights he/she may have under the Age Discrimination in Employment Act (ADEA), including the Older Workers Benefits Protection Act; Title VII of the Civil Rights Act (42 U.S.C. § 2000e, *et seq.*); the Americans with Disabilities Act; the Fair Labor Standards Act, including the Equal Pay Act; the Family and Medical Leave Act; and any applicable state labor law, statute, code, regulation, or order, but excepting Employee's rights, if any, to unemployment compensation. For clarity, this release does not release any rights to indemnification or any claims related thereto, including, without limitation, claims for coverage under any insurance policy, which may arise from any third party claims brought directly or indirectly against Employee arising from or relating to the actual or alleged actions or omissions of Employee as a director or officer of Company.

6. This Release shall be broadly construed so as to release, acquit and forever discharge Company, its successors, representatives and assigns, with regard to those claims described above and with regard to all claims of any nature whatsoever, arising out of Employee's employment by Company, from the beginning of time to the date of his/her execution of this Agreement.

7. Employee represents and confirms that he/she has not filed or otherwise initiated any lawsuit, complaint, charge, or other proceeding against Company in any local, state, or federal court or agency based on events occurring on or before the date of his/her execution of this Agreement. Employee also expressly waives any right to damages or other legal or equitable relief awarded by any governmental agency or court relating to any lawsuit, complaint, charge, or other proceeding (regardless by whom filed), that is pending or that is filed in the future, andwhich is based on events occurring on or before the date of his/her execution of this agreement.

8. Except as may otherwise be required by law or pursuant to a subpoena issued and served, Employee agrees not to disclose to any third person (except for a member of his/herimmediate family, or his/her attorney or tax advisor, whom he/she may consult regarding this Agreement), the terms or conditions of this document.

9. Employee acknowledges any claims he/she may have regarding his/her employment, severance from employment, or otherwise, are disputed and that, by entering into this Agreement, the parties will avoid the possibility of future expense and uncertainty. Employee further acknowledges that Company denies any unlawful conduct or other wrongdoing related to the employment of Employee, and that Company knows of no claim Employee may have against Company. This Settlement Agreement does not constitute any evidence of unlawful conduct or wrongdoing on the part of Company.

10. Employee is bound by this Agreement. Anyone who succeeds to Employee's rights and responsibilities, such as his/her heirs or executor of his/her estate, is also bound. The release of all claims is made for the benefit of Company and all who succeed to its rights and responsibility, such as its successors or assigns.

11. This Agreement supersedes, replaces, and merges all previous agreements, correspondence, negotiations, and discussions between Employee and Company or their respective attorneys or agents, relating to the same or similar subject matters and constitutes the entire agreement between Employee and Company. This Agreement may not be changed or terminated orally, and no change, termination, or waiver of this Agreement or any of its provisions shall be binding unless made in writing and signed by both parties.

12. Employee further states that he/she has carefully read this Agreement, that he/she has had the opportunity to review it with his/her attorney; that he/she fully understands the provisions and their final and binding effects; that this Agreement is the only agreement of any kind between him/her and Company relating to the subject matter hereof; and that he/she is signing this Agreement knowingly and voluntarily. Employee acknowledges, represents, warrants, and agrees that in entering into this Agreement, Employee has not received and is not relying on any advice, statement, representation, warranty, or covenant of Company or any other person or entity that is not expressly set forth herein.

13. In addition to releasing claims as set forth above, Employee agrees never to sue Company in any forum for any reason covered by any release contained in this Agreement. If Employee sues Company in violation of this Agreement, Employee shall be liable to Companyfor Company's reasonable attorneys' fees and other litigation costs incurred in defending against such a suit. Employee acknowledges that Company would be irreparably injured if Employeeviolates his/her obligations under this Section 13 and therefore Employee agrees that if he/sheviolates or attempts to violate this section, Company shall, in addition to any other available remedies, be entitled to temporary/preliminary and permanent injunctive relief to restrainEmployee from violating this section.

14. Employee acknowledges that, because he/she is age 40 or older, he/she has specific rights under the Older Worker Benefits Protection Act (OWBPA), an amendment to the Age Discrimination in Employment Act (ADEA), and that this Agreement is intended to release anyright to damages Employee may have against Company based on any allegation of discrimination on the basis of age under the ADEA, including the OWBPA. Employee expressly acknowledges and agrees that by entering into this Agreement, he/she is waiving any and all rights or claims that he/she may have arising under ADEA, including the OWBPA. Employee further expressly acknowledges and agrees that:

(a) The payment made to Employee under this Agreement is more than Company is
required to pay under the law, the Agreement, and under Company's standard policies and
procedures, and that Company is making the payment in consideration for Employee's waiver and release of all
claims;

(b) Employee was given a copy of this Agreement on February 9,
2023, and consistentwith the provisions of OWBPA, he/she has twenty-one (21) days (until March 2, 2023) to consider
the Agreement;

(c) Employee has been and is hereby advised to consult
with an attorney before signing this Agreement, and has had the opportunity to consult with an attorney before signing
this Agreement;

(d) Employee has seven (7) days following the date of his/her execution
of this Agreement to revoke or rescind his/her acceptance. To rescind this Agreement, Employee must, within the seven
(7) days after the date he/she signs thisAgreement, deliver a notice of rescission to Rita O'Connor,
PLx Pharma Inc., 9 Fishers Lane, Sparta, NJ 07871 . To
be effective, such notice of rescission must be physically delivered to Ms. O'Connor no later than the end of the seventh day
following the date of his/her execution of this Agreement; and

(e) If Employee revokes this
agreement, he/she will not be entitled to the payment setforth above.

15. Employee covenants and agrees that neither he/she, nor his/her successors or assigns, nor any related or affiliated person, firm, partnership or corporation, has assigned or conveyed to any person or entity not a signatory to this Agreement any right or cause of action, whether in whole or in part, that he/she may have against Company.

16. The parties understand and agree this Agreement may be executed in multiple originals, each of which shall be deemed an original and all of which shall constitute one and the same instrument.

17. This Agreement shall be interpreted and construed in accordance with, and shall be governed by and subject to, the laws of the State of New York, except to the extent federal law may apply. All actions relating to this Agreement shall be resolved exclusively in the state or federal courts located in New York, New York, to whose jurisdiction both Company and Employee expressly consent.

The parties acknowledge that they have read the foregoing Agreement, understand its contents, accept and agree to the provisions it contains, and hereby execute it voluntarily, knowingly, and with full understanding of its consequences.

PLEASE READ CAREFULLY. THIS AGREEMENT INCLUDES A RELEASE OF KNOWN AND UNKNOWN CLAIMS.

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| | |
|:---|:---|
| PLX PHARMA INC | PLX PHARMA INC |
| By: | /s/ Natasha Giordano |
|  | Natasha Giordano, President & CEO |

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<u>ACKNOWLEDGMENT OF RECEIPT BY EMPLOYEE</u>

I acknowledge I received a copy of this Settlement Agreement and Release of Claims for review and consideration on the date indicated below.

DATED this 9th day of February, 2023.

<u>/s/ Michael J. Valentino</u>

Michael J. Valentino

<u>ACCEPTANCE OF AGREEMENT BY EMPLOYEE</u>

After having the opportunity to consider this Severance and Settlement Agreement andRelease of Claims as stated above, I hereby accept the terms and conditions contained therein. Iunderstand I have seven (7) days from this date within which to revoke my acceptance of the Agreement.

ACCEPTED AND AGREED this 9th day of February, 2023.

<u>/s/ Michael J. Valentino</u>

Michael J. Valentino

## Exhibit 10.2

**PLX PHARMA INC.** <br>**2023 KEY EXECUTIVE RETENTION PLAN**

**Article 1**<br> PURPOSE

Section 1.01. *Purpose*. The purpose of the 2023 Key Executive Retention Plan (the "**Plan**") of PLx Pharma Inc. (the "**Company**") is to provide selected key executives of the Company and its affiliates (including PLx Opco Inc.) Retention Payments that are intended to provide an incentive to complete the restructure of the Company's operations and sell certain assets.

**Article 2**<br> DEFINITIONS

Section 2.01. For the purposes of the Plan, the following terms shall have the meanings indicated, unless the context clearly indicates otherwise:

"**Affiliate**" means any entity that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, the Company.

"**Award Notice**" means a written notice from the Company to a Participant evidencing the amount and terms of a Retention Payment pursuant to the Plan in the form provided by the Company to such Participant, the form of which is attached hereto as <u>Exhibit A</u>.

"**Board**" means the Company's Board of Directors.

"**Cause**" means, with respect to any Participant, "cause" or any similar term as defined in such Participant's employment agreement from the Company and/or an Affiliate thereof, if any, or if not so defined, such Participant's: (i) willful failure to perform her duties (other than any such failure resulting from incapacity due to physical or mental illness), and such failure has not been cured after a period of thirty (30) days' notice from the Company; (ii) willful failure to comply with any valid and legal directive of the Board; (iii) willful engagement in dishonesty, illegal conduct or gross misconduct, which is, in each case, materially injurious to the Company or its affiliates; (iv) embezzlement, misappropriation or fraud, whether or not related to the Participant's employment with the Company; (v) conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude; (vi) willful malfeasance or willful misconduct in connection with the Participant's duties to the Company or any act or omission which is materially injurious to the financial condition or business reputation of the Company; (vii) willful unauthorized disclosure of Confidential Information (as such term is defined by Company policy); (viii) material breach of any material obligation under this Agreement or any other written agreement between Participant and the Company, which breach, if curable, remains uncured for a period of thirty (30) days after receipt by the Participant of written notice from the Company of such breach, which notice shall contain the specific reasonable cure requested by the Company.

"**Code**" means the Internal Revenue Code of 1986, as amended from time to time.

"**Company**" has the meaning set forth in <u>Section 1.01</u>.

"**Participant**" means an executive of the Company selected by the Board to receive a Retention Payment under the Plan.

"**Payment Date**" means the later of (i) February 14, 2023 or (ii) the date on which Participant executes the general release attached to the Award Notice.

"**Plan**" has the meaning set forth in <u>Section 1.01</u>.

"**Retention Date**" means August 31, 2023.

"**Retention Payment**" means, with respect to a Participant, the amount set forth in the Participant's Award Notice.

**Article 3** <br> ADMINISTRATION

Section 3.01. *General*. The Plan shall be administered by the Board. Subject to the provisions of the Plan, the Board shall be authorized to (i) select Participants, (ii) determine the amount of the Retention Payment payable to a Participant under the Plan, (iii) adjust the terms and conditions applicable to any Retention Payment, (iv) determine the conditions and restrictions, if any, to which Retention Payments will be subject, (v) determine whether the conditions and restrictions set forth in the Plan and applicable to any Retention Payment have been met, (vi) interpret the Plan, (vii) adopt such rules and regulations for carrying out the Plan as it may deem appropriate and (viii) amend or rescind such rules and regulations, make such other determinations for carrying out the Plan, in each case, as it may deem appropriate. Decisions of the Board on all matters relating to the Plan shall be in the Board's sole discretion and shall be conclusive and binding upon all parties, including, without limitation, the Company and its Subsidiaries and Affiliates, each of the Participants and any beneficiary thereof. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with applicable federal and state laws and rules and regulations promulgated pursuant thereto. Determinations made by the Board under the Plan need not be uniform and may be made selectively among eligible individuals under the Plan, whether or not such individuals are similarly situated.

Section 3.02. *Plan Expenses*. The reasonable expenses of the Plan shall be borne by the Company.

Section 3.03. *Delegation*. The Board may, to the extent permissible by law, delegate any of its authority hereunder to one or more Company officers as it deems appropriate.

**Article 4** <br> PAYMENT OF RETENTION PAYMENTS

Section 4.01. *Payment of Retention Payments*. The Company shall pay to each Participant such Participant's Retention Payment in the form of a lump sum cash payment on the Payment Date.

Section 4.02. *Repayment of Retention Payment*. In the event of (i) a termination of a Participant's employment by the Company for Cause or as a result of the Participant's voluntary resignation or (ii) Participant's revocation of the general release attached to Participant's Award Notice, in either case prior to the Retention Date, the Participant shall promptly repay to the Company, and in no event than later than ten (10) days following the date of such termination of employment or revocation, the full amount of such Participant's Retention Payment (less taxes and withholdings).

**Article 5** <br> AMENDMENT AND TERMINATION OF THE PLAN

Section 5.01. The Board by written instrument may, in its sole discretion, at any time and from time to time amend, modify, suspend or terminate the Plan, in whole or in part; *provided*, *however*, that no such amendment, modification, suspension or termination that is not intended solely to comply with applicable law shall be made without the consent of the affected Participant if such action would adversely affect the rights of such Participant to retain an Retention Payment paid to the Participant.

**Article 6** <br> MISCELLANEOUS

Section 6.01. *No Contract of Employment*. The existence of the Plan, as in effect at any time or from time to time, shall not be deemed to constitute a contract of employment between the Company or any Affiliate thereof and any Participant or employee of the Company or any Affiliate thereof, nor shall it constitute a right to remain in the employ of the Company or any Affiliate thereof. Nothing in the Plan shall give a Participant the right to be retained in the service of the Company, the Employer of any Affiliate thereof or to interfere with the rights of the Company, the Employer of any Affiliate thereof to discipline or terminate a Participant at any time. The Company or an applicable Affiliate may terminate a Participant's employment at any time, for any reason, with or without Cause or notice; *provided*, *however*, that nothing in this Plan or any Award Notice shall amend, modify or supersede the provisions of a Participant's employment agreement or offer letter with the Company, the Employer and/or an Affiliate thereof, if any, except if the Plan or Award Notice expressly amends, modifies, or supersedes such provisions.

Section 6.02. *Successors*. The Plan shall be binding upon any successor or assignee of the Company, and any such successor or assignee shall be required to perform the Company's obligations under the Plan, in the same manner and to the same extent that the Company would be required to perform if no such succession or assignment had taken place. In such event, the term "Company," as used in this Plan, shall include the Company and any successor or assignee as described above which by reason hereof becomes bound by the terms and conditions of the Plan.

Section 6.03. *Non-Alienation Provision; Third Party Rights*. Subject to the provisions of applicable law, no interest of any person or entity in, or right to receive or retain a benefit or distribution under, the Plan shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind; nor may such interest or right to receive a distribution be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including, without limitation, claims for alimony, support, separate maintenance and claims in bankruptcy proceedings. Nothing express or implied in the Plan is intended or may be construed to give any person other than eligible Participants any rights or remedies under the Plan.

Section 6.04. *Applicable Law*. The validity, construction and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with applicable federal law and the laws of the State of New York, without giving effect to principles of conflicts of law. All actions relating to this Agreement shall be resolved exclusively in the state or federal courts located in New York, New York, to whose jurisdiction both Company and Participant expressly consent.

Section 6.05. *Taxes*. The Company and its Affiliates (or such other entities designated by the Company) shall be entitled to withhold from any Retention Payments made pursuant to the Plan (or secure payment from such Participant in lieu of withholding) such amounts as may be required by federal, state or local law.

Section 6.06. *Impact on Other Benefits*. Amounts paid under the Plan shall not be included in a Participant's compensation for purposes of calculating benefits under any other plan, program or arrangement sponsored by the Company or any Affiliates thereof, unless such plan, program or arrangement so provides by express reference to the Plan.

Section 6.07. *No Limitation on Corporate Actions*. Nothing contained in the Plan shall be construed to prevent the Company, the Employer of any Affiliate thereof from taking any corporate action that is deemed by it to be appropriate or in its best interest, whether or not such action would have an adverse effect on the Plan or any rights under the Plan. No Participant, employee or other person shall have any claim against the Company, the Employer of any Affiliate thereof as a result of any such action.

Section 6.08. *Limitation on Liability*. The liability of the Company under the Plan is limited to the obligations expressly set forth in the Plan, and no term or provision of the Plan may be construed to impose any further additional duties, obligations, or costs on the Company, the Employer of any Affiliate thereof or the Board or any other person or entity except as expressly set forth in the Plan.

Section 6.09. *Severability*. Each provision of the Plan shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of the Plan is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of the Plan.

Section 6.10. *Usage of Terms and Headings*. Words in the masculine gender shall include the feminine and the singular shall include the plural, and vice versa, unless qualified by the context. The headings and titles used in the Plan are for reference purposes only and shall not affect in any way the meaning or interpretation of the Plan.

Section 6.11. *Section 409A*. It is intended that the payments and benefits provided under the Plan shall be exempt from or comply with the application of the requirements of Section 409A of the Code ("**Section 409A**"). The Plan shall be construed, administered and governed in a manner that is intended to affect such intent. Specifically, each payment under the Plan, including each payment in a series of installment payments, is deemed to be a separate installment payment. Notwithstanding anything contained herein to the contrary, and to the extent required to comply with Section 409A, if a Participant is a "specified employee," as determined by the Company, as of his or her termination date, then all amounts due under the Plan that constitute a "deferral of compensation" within the meaning of Section 409A, that are provided as a result of a "separation from service" within the meaning of Section 409A, and that would otherwise be paid or provided during the first six months following the termination date, shall be accumulated through and paid or provided (without interest) on the first payroll date that immediately follows the date that is six months after the date of the termination date (or, if the Participant dies during such six-month period, the first payroll date following the Participant's death). In no event will the Company or an Affiliate thereof, or their respective employees, directors, officers, agents or shareholders have any liability, including, without limitation, for gross up or indemnity, for any failure of the Plan to satisfy the requirements of Section 409A or any exemption therefrom, and as a condition to the making of any Retention Payment under the Plan, all rights to seek such liability or indemnity are automatically waived, and there is no guarantee that such Retention Payments comply with or are exempt from Section 409A. All references to "termination of employment" (and similar terms) in the Plan shall mean a "separation from service" under Section 409A.

Section 6.12. *ERISA*. The Plan is intended to constitute a "cash bonus" plan that is exempt from the federal Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), is not intended and will not be construed to constitute a retirement, welfare or other benefit plan, is not intended to defer the receipt of payments to the termination of a Participant's employment or beyond, and will not be governed by or subject to ERISA. All interpretations and determinations hereunder will be made on a basis consistent with the Plan's status as a bonus program that is not an employee benefit plan subject to ERISA.

Section 6.13. *Notices*. Any notice or other communication required or permitted pursuant to the terms of the Plan shall be in writing and shall be deemed to have been duly given when delivered personally, or sent by certified or registered mail, postage prepaid, return receipt requested, or sent by facsimile or similar form of telecommunication within business hours on a business day, and shall be deemed to have been given when received. Any such notice shall be addressed as follows:

If to the Company:

Rita O'Connor,

PLx Pharma Inc.,

9 Fishers Lane, Suite E

Sparta, NJ 07871

If to a Participant, at the most recent address set forth in the Company's records.

## Exhibit 10.3

**PLX PHARMA INC.<br> 2023 KEY EXECUTIVE RETENTION PLAN**

**AWARD NOTICE**

PLx Pharma Inc. (the "***Company***"), pursuant to the Company's 2023 Key Executive Retention Plan ("***Plan***"), hereby grants to the Participant named below a Retention Payment (the "***Retention Payment***") in the amount set forth below. The award is subject to all of the terms and conditions as set forth in this notice (this "***Award Notice***") and the Plan, a copy of which is attached hereto and incorporated herein in its entirety. Except as otherwise indicated, any capitalized term used but not defined shall have the meaning ascribed to such term in the Plan.

---

| | |
|:---|:---|
| Participant: | _________ |
| Amount of Retention Payment | _________, less applicable taxes and withholdings. |

---

**Acknowledgement and Agreements**

&nbsp;&nbsp;&nbsp;&nbsp;1. In exchange for this Award Notice and the Retention Payment, Participant acknowledges and agrees that
the Company shall have no further obligation to provide the severance payments pursuant to Section _________ of that certain employment
agreement between Participant and Company, dated _________ (the "  ***Employment Agreement***") and Sections _________
are hereby cancelled and rescinded. All other terms and conditions of the Employment Agreement remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;2. Participant acknowledges and agrees that the Company's payment of the Retention Payment is contingent
upon and subject to Participant's execution of the general release of claims attached to this Award Notice as Exhibit 1.

&nbsp;&nbsp;&nbsp;&nbsp;3. Participant hereby acknowledges and agrees that Participant understands the Award Notice and the Plan
and that this Award Notice and Plan set forth the entire understanding between the Participant and the Company regarding this Award Notice
and the Retention Payment and supersedes all prior oral or written agreements, promises and/or representations on that subject.

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

---

| | |
|:---|:---|
| PLx Pharma Inc. | Participant |
| By: ___________________________ | By: ___________________________ |
| Title: | Name: |
| Date: __________________________ | Date: __________________________ |

---

Exhibit 1

**<u>AGREEMENT AND RELEASE OF ALL CLAIMS</u>**

THIS AGREEMENT AND RELEASE OF ALL CLAIMS is by and between _________ ("Employee") and PLX PHARMA INC., its affiliates (including, without limitation, PLx Opco Inc.), directors, officers, managers, supervisors, other employees, agents, and representatives (collectively referred to as "Company").

WHEREAS, the Employee was selected to be a participant in the Company's 2023 Key Executive Retention Plan (the "Plan");

WHEREAS, under the Plan, Employee is entitled to receive payment to which he/she would not otherwise be entitled;

WHEREAS, unless expressly provided by the Plan or the Award Notice, the terms and conditions of Employee's employment shall remain in effect;

NOW, THEREFORE, Employee and Company hereby agree:

1. (a) In consideration for the payment to be provided under the Plan, pursuant to the Plan Award Notice (the "Award Notice"), the Employee agrees and does hereby release and discharge Company from any and all claims, charges, causes of action, and demands which he/she has or may have, of any kind or character, whether now known or unknown, including, but not limited to, any claim for salary, compensation, severance pay, or other benefits, expenses, actual or compensatory damages, exemplary or punitive damages, interest, attorneys' fees, costs, present or future employment, and any form of declaratory or injunctive relief not expressly provided in this Agreement, but excepting claims, if any, relating specifically to retirement benefits under an Company-sponsored retirement plan or relating to benefits subject to COBRA. This release includes, without limitation, all claims arising from, attributable to, or related to (i) Employee's employment by Company, (ii) Employee's employment agreement with the Company dated ________ (the "Employment Agreement") and (iii) any and all acts or omissions related to these matters in any manner, which claims have accrued on or before the date of his/her execution of Agreement. This release includes but is not limited to claims of detrimental reliance; wrongful discharge; discrimination on the basis of age, sex, race, national origin, religion, disability, genetic information, or any other characteristic protected under federal, state, or local law; retaliation; failure to accommodate; failure to promote; negligent supervision; invasion of privacy; intentional infliction of emotional distress; and any other claim arising from any alleged unlawful or wrongful conduct, whether based on federal or state statute, regulation, or common law (contract, tort, equity, or other) of any jurisdiction, or on any municipal ordinance. Employee acknowledges that he/she is aware of any rights he/she may have under the Age Discrimination in Employment Act (ADEA), including the Older Workers Benefits Protection Act; Title VII of the Civil Rights Act (42 U.S.C. § 2000e, *et seq.*); the Americans with Disabilities Act; the Fair Labor Standards Act, including the Equal Pay Act; the Family and Medical Leave Act; and any applicable state labor law, statute, code, regulation, or order, but excepting Employee's rights, if any, to unemployment compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, nothing in this Agreement shall be construed to prevent Employee from filing a claim or suit to enforce his rights under this Agreement or to filing a charge with or participating in an investigation conducted by any governmental agency, including, without limitation, the United States Equal Employment Opportunity Commission ("EEOC"), the SEC, or any other federal, state, or local governmental regulatory or law enforcement agency (collectively with the EEOC and SEC, the "Government Agencies"). Employee further understands that nothing in this Agreement or the Offer Letter limits Employee's ability to communicate with the any Government Agencies or otherwise participate in or fully cooperate with any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information (including Confidential Information) to a Government Agency. Nevertheless, Employee understands and agrees that he is waiving any relief available (including, for example, monetary damages or reinstatement) under any of the claims and/or causes of action waived in Sections 1(a) and (b), including but not limited to financial benefit or monetary recovery from any lawsuit filed or settlement reached by the EEOC with respect to any claims released and waived in this Agreement. However, Employee may receive money properly awarded by the SEC or other Government Agency as a reward for providing information to that agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Release shall be broadly construed so as to release, acquit and forever discharge Company, its successors, representatives and assigns, with regard to those claims described above and with regard to all claims of any nature whatsoever, arising out of Employee's employment by Company, from the beginning of time to the date of his/her execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Employee represents and confirms that he/she has not filed or otherwise initiated any lawsuit, complaint, charge, or other proceeding against Company in any local, state, or federal court or agency based on events occurring on or before the date of his/her execution of this Agreement. Employee also expressly waives any right to damages or other legal or equitable relief awarded by any governmental agency or court relating to any lawsuit, complaint, charge, or other proceeding (regardless by whom filed), that is pending or that is filed in the future, and which is based on events occurring on or before the date of his/her execution of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as may otherwise be required by law or pursuant to a subpoena issued and served, Employee agrees not to disclose to any third person (except for a member of his/her immediate family, or his/her attorney or tax advisor, whom he/she may consult regarding this Agreement), the terms or conditions of this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Employee acknowledges any claims he/she may have regarding his/her employment, or otherwise, are disputed and that, by entering into this Agreement, the parties will avoid the possibility of future expense and uncertainty. Employee further acknowledges that Company denies any unlawful conduct or other wrongdoing related to the employment of Employee, and that Company knows of no claim Employee may have against Company. This Agreement does not constitute any evidence of unlawful conduct or wrongdoing on the part of Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Employee is bound by this Agreement. Anyone who succeeds to Employee's rights and responsibilities, such as his/her heirs or executor of his/her estate, is also bound. The release of all claims is made for the benefit of Company and all who succeed to its rights and responsibility, such as its successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Agreement supersedes, replaces, and merges all previous agreements, correspondence, negotiations, and discussions between Employee and Company or their respective attorneys or agents, relating to the same or similar subject matters and constitutes the entire agreement between Employee and Company. All terms of Employee's Employment Agreement, unless expressly modified herein, remain in effect. This Agreement may not be changed or terminated orally, and no change, termination, or waiver of this Agreement or any of its provisions shall be binding unless made in writing and signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Employee further states that he/she has carefully read this Agreement, that he/she has had the opportunity to review it with his/her attorney; that he/she fully understands the provisions and their final and binding effects; that this Agreement is the only agreement of any kind between him/her and Company relating to the subject matter hereof; and that he/she is signing this Agreement knowingly and voluntarily. Employee acknowledges, represents, warrants, and agrees that in entering into this Agreement, Employee has not received and is not relying on any advice, statement, representation, warranty, or covenant of Company or any other person or entity that is not expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. In addition to releasing claims as set forth above, Employee agrees never to sue Company in any forum for any reason covered by any release contained in this Agreement. If Employee sues Company in violation of this Agreement, Employee shall be liable to Company for Company's reasonable attorneys' fees and other litigation costs incurred in defending against such a suit. Employee acknowledges that Company would be irreparably injured if Employee violates his/her obligations under this Section 9 and therefore Employee agrees that if he/she violates or attempts to violate this section, Company shall, in addition to any other available remedies, be entitled to temporary/preliminary and permanent injunctive relief to restrain Employee from violating this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Employee acknowledges that, because he/she is age 40 or older, he/she has specific rights under the Older Worker Benefits Protection Act (OWBPA), an amendment to the Age Discrimination in Employment Act (ADEA), and that this Agreement is intended to release any right to damages Employee may have against Company based on any allegation of discrimination on the basis of age under the ADEA, including the OWBPA. Employee expressly acknowledges and agrees that by entering into this Agreement, he/she is waiving any and all rights or claims that he/she may have arising under ADEA, including the OWBPA. Employee further expressly acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The payment made to Employee under this Agreement is more than Company is required to pay under the law,
the Agreement, and under Company's standard policies and procedures, and that Company is making the payment in consideration for
Employee's waiver and release of all claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Employee was given a copy of this Agreement on February 13, 2023, and consistent with the provisions of
OWBPA, he/she has forty-five (45) days (until March 30, 2023) to consider the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Employee has been and is hereby advised to consult with an attorney before signing this Agreement, and
has had the opportunity to consult with an attorney before signing this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Employee has seven (7) days following the date of his/her execution of this Agreement to revoke or rescind
his/her acceptance. To rescind this Agreement, Employee must, within the seven (7) days after the date he/she signs this Agreement, deliver
a notice of rescission to Rita O'Connor, PLx Pharma Inc., 9 Fishers Lane, Suite E, Sparta, NJ 07871 . To be effective, such notice of rescission must be physically delivered to Ms. O'Connor no later than the end of the seventh day
following the date of his/her execution of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If Employee revokes this agreement, he/she will be required to repay the Retention Payment, which is the
consideration for this Agreement, pursuant to the Plan and the Award Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Employee covenants and agrees that neither he/she, nor his/her successors or assigns, nor any related or affiliated person, firm, partnership or corporation, has assigned or conveyed to any person or entity not a signatory to this Agreement any right or cause of action, whether in whole or in part, that he/she may have against Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The parties understand and agree this Agreement may be executed in multiple originals, each of which shall be deemed an original and all of which shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This Agreement shall be interpreted and construed in accordance with, and shall be governed by and subject to, the laws of the State of New York, except to the extent federal law may apply. All actions relating to this Agreement shall be resolved exclusively in the state or federal courts located in New York, New York, to whose jurisdiction both Company and Employee expressly consent.

The parties acknowledge that they have read the foregoing Agreement, understand its contents, accept and agree to the provisions it contains, and hereby execute it voluntarily, knowingly, and with full understanding of its consequences.

PLEASE READ CAREFULLY. THIS AGREEMENT INCLUDES A RELEASE OF KNOWN AND UNKNOWN CLAIMS.

PLX PHARMA INC.

By: _________________________________

Natasha Giordano, President & CEO

<u>ACKNOWLEDGMENT OF RECEIPT BY EMPLOYEE</u>

I acknowledge I received a copy of this Agreement and Release of Claims for review and consideration on the date indicated below.

DATED this ____ day of February, 2023.

_______________________________ [NAME]

<u>ACCEPTANCE OF AGREEMENT BY EMPLOYEE</u>

After having the opportunity to consider this Agreement and Release of Claims as stated above, I hereby accept the terms and conditions contained therein. I understand I have seven (7) days from this date within which to revoke my acceptance of the Agreement.

ACCEPTED AND AGREED this ____ day of February, 2023.

_______________________________ [NAME]

## Exhibit 10.4

**PLX PHARMA INC.<br> 2023 KEY EXECUTIVE RETENTION PLAN**

**AWARD NOTICE**

PLx Pharma Inc. (the "***Company***"), pursuant to the Company's 2023 Key Executive Retention Plan ("***Plan***"), hereby grants to the Participant named below a Retention Payment (the "***Retention Payment***") in the amount set forth below. The award is subject to all of the terms and conditions as set forth in this notice (this "***Award Notice***") and the Plan, a copy of which is attached hereto and incorporated herein in its entirety. Except as otherwise indicated, any capitalized term used but not defined shall have the meaning ascribed to such term in the Plan.

---

| | |
|:---|:---|
| Participant: | Natasha Giordano |
| Amount of Retention Payment | $610,000, less applicable taxes and withholdings. |

---

**Acknowledgement and Agreements**

&nbsp;&nbsp;&nbsp;&nbsp;1. In exchange for this Award Notice and the Retention Payment, Participant acknowledges and agrees that
the Company shall have no further obligation to provide the severance payments pursuant to Section 4.2 or 4.3 of that certain employment
agreement between Participant and Company, dated October 1, 2015 (the "  ***Employment Agreement***") and Sections 4.2(a)-(e)
and 4.3(b)(ii) are hereby cancelled and rescinded. All other terms and conditions of the Employment Agreement and March 7, 2019 amendment
thereto remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;2. Participant acknowledges and agrees that the Company's payment of the Retention Payment is contingent
upon and subject to Participant's execution of the general release of claims attached to this Award Notice as Exhibit 1.

&nbsp;&nbsp;&nbsp;&nbsp;3. Participant hereby acknowledges and agrees that Participant understands the Award Notice and the Plan
and that this Award Notice and Plan set forth the entire understanding between the Participant and the Company regarding this Award Notice
and the Retention Payment and supersedes all prior oral or written agreements, promises and/or representations on that subject.

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

---

| | | | |
|:---|:---|:---|:---|
| PLx Pharma Inc. | PLx Pharma Inc. | Participant | Participant |
| By: | /s/ Rita O'Connor | By: | /s/ Natasha Giordano |
| Title: | CFO | Name: | Natasha Giordano |
| Date: | 02/13/2023 | Date: | 02/13/2023 |

---

Exhibit 1

**<u>AGREEMENT AND RELEASE OF ALL CLAIMS</u>**

THIS AGREEMENT AND RELEASE OF ALL CLAIMS is by and between Natasha Giordano ("Employee") and PLX PHARMA INC., its affiliates (including, without limitation, PLx Opco Inc.), directors, officers, managers, supervisors, other employees, agents, and representatives (collectively referred to as "Company").

WHEREAS, the Employee was selected to be a participant in the Company's 2023 Key Executive Retention Plan (the "Plan");

WHEREAS, under the Plan, Employee is entitled to receive payment to which he/she would not otherwise be entitled;

WHEREAS, unless expressly provided by the Plan or the Award Notice, the terms and conditions of Employee's employment shall remain in effect;

NOW, THEREFORE, Employee and Company hereby agree:

1. (a) In consideration for the payment to be provided under the Plan, pursuant to the Plan Award Notice (the "Award Notice"), the Employee agrees and does hereby release and discharge Company from any and all claims, charges, causes of action, and demands which he/she has or may have, of any kind or character, whether now known or unknown, including, but not limited to, any claim for salary, compensation, severance pay, or other benefits, expenses, actual or compensatory damages, exemplary or punitive damages, interest, attorneys' fees, costs, present or future employment, and any form of declaratory or injunctive relief not expressly provided in this Agreement, but excepting claims, if any, relating specifically to retirement benefits under an Company-sponsored retirement plan or relating to benefits subject to COBRA. This release includes, without limitation, all claims arising from, attributable to, or related to (i) Employee's employment by Company, (ii) Employee's employment agreement with the Company dated October 1, 2015 as amended on March 7, 2019 (the "Employment Agreement") and (iii) any and all acts or omissions related to these matters in any manner, which claims have accrued on or before the date of his/her execution of Agreement. This release includes but is not limited to claims of detrimental reliance; wrongful discharge; discrimination on the basis of age, sex, race, national origin, religion, disability, genetic information, or any other characteristic protected under federal, state, or local law; retaliation; failure to accommodate; failure to promote; negligent supervision; invasion of privacy; intentional infliction of emotional distress; and any other claim arising from any alleged unlawful or wrongful conduct, whether based on federal or state statute, regulation, or common law (contract, tort, equity, or other) of any jurisdiction, or on any municipal ordinance. Employee acknowledges that he/she is aware of any rights he/she may have under the Age Discrimination in Employment Act (ADEA), including the Older Workers Benefits Protection Act; Title VII of the Civil Rights Act (42 U.S.C. § 2000e, *et seq.*); the Americans with Disabilities Act; the Fair Labor Standards Act, including the Equal Pay Act; the Family and Medical Leave Act; and any applicable state labor law, statute, code, regulation, or order, but excepting Employee's rights, if any, to unemployment compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, nothing in this Agreement shall be construed to prevent Employee from filing a claim or suit to enforce his rights under this Agreement or to filing a charge with or participating in an investigation conducted by any governmental agency, including, without limitation, the United States Equal Employment Opportunity Commission ("EEOC"), the SEC, or any other federal, state, or local governmental regulatory or law enforcement agency (collectively with the EEOC and SEC, the "Government Agencies"). Employee further understands that nothing in this Agreement or the Offer Letter limits Employee's ability to communicate with the any Government Agencies or otherwise participate in or fully cooperate with any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information (including Confidential Information) to a Government Agency. Nevertheless, Employee understands and agrees that he is waiving any relief available (including, for example, monetary damages or reinstatement) under any of the claims and/or causes of action waived in Sections 1(a) and (b), including but not limited to financial benefit or monetary recovery from any lawsuit filed or settlement reached by the EEOC with respect to any claims released and waived in this Agreement. However, Employee may receive money properly awarded by the SEC or other Government Agency as a reward for providing information to that agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Release shall be broadly construed so as to release, acquit and forever discharge Company, its successors, representatives and assigns, with regard to those claims described above and with regard to all claims of any nature whatsoever, arising out of Employee's employment by Company, from the beginning of time to the date of his/her execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Employee represents and confirms that he/she has not filed or otherwise initiated any lawsuit, complaint, charge, or other proceeding against Company in any local, state, or federal court or agency based on events occurring on or before the date of his/her execution of this Agreement. Employee also expressly waives any right to damages or other legal or equitable relief awarded by any governmental agency or court relating to any lawsuit, complaint, charge, or other proceeding (regardless by whom filed), that is pending or that is filed in the future, and which is based on events occurring on or before the date of his/her execution of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as may otherwise be required by law or pursuant to a subpoena issued and served, Employee agrees not to disclose to any third person (except for a member of his/her immediate family, or his/her attorney or tax advisor, whom he/she may consult regarding this Agreement), the terms or conditions of this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Employee acknowledges any claims he/she may have regarding his/her employment, or otherwise, are disputed and that, by entering into this Agreement, the parties will avoid the possibility of future expense and uncertainty. Employee further acknowledges that Company denies any unlawful conduct or other wrongdoing related to the employment of Employee, and that Company knows of no claim Employee may have against Company. This Agreement does not constitute any evidence of unlawful conduct or wrongdoing on the part of Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Employee is bound by this Agreement. Anyone who succeeds to Employee's rights and responsibilities, such as his/her heirs or executor of his/her estate, is also bound. The release of all claims is made for the benefit of Company and all who succeed to its rights and responsibility, such as its successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Agreement supersedes, replaces, and merges all previous agreements, correspondence, negotiations, and discussions between Employee and Company or their respective attorneys or agents, relating to the same or similar subject matters and constitutes the entire agreement between Employee and Company. All terms of Employee's Employment Agreement, unless expressly modified herein, remain in effect. This Agreement may not be changed or terminated orally, and no change, termination, or waiver of this Agreement or any of its provisions shall be binding unless made in writing and signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Employee further states that he/she has carefully read this Agreement, that he/she has had the opportunity to review it with his/her attorney; that he/she fully understands the provisions and their final and binding effects; that this Agreement is the only agreement of any kind between him/her and Company relating to the subject matter hereof; and that he/she is signing this Agreement knowingly and voluntarily. Employee acknowledges, represents, warrants, and agrees that in entering into this Agreement, Employee has not received and is not relying on any advice, statement, representation, warranty, or covenant of Company or any other person or entity that is not expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. In addition to releasing claims as set forth above, Employee agrees never to sue Company in any forum for any reason covered by any release contained in this Agreement. If Employee sues Company in violation of this Agreement, Employee shall be liable to Company for Company's reasonable attorneys' fees and other litigation costs incurred in defending against such a suit. Employee acknowledges that Company would be irreparably injured if Employee violates his/her obligations under this Section 9 and therefore Employee agrees that if he/she violates or attempts to violate this section, Company shall, in addition to any other available remedies, be entitled to temporary/preliminary and permanent injunctive relief to restrain Employee from violating this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Employee acknowledges that, because he/she is age 40 or older, he/she has specific rights under the Older Worker Benefits Protection Act (OWBPA), an amendment to the Age Discrimination in Employment Act (ADEA), and that this Agreement is intended to release any right to damages Employee may have against Company based on any allegation of discrimination on the basis of age under the ADEA, including the OWBPA. Employee expressly acknowledges and agrees that by entering into this Agreement, he/she is waiving any and all rights or claims that he/she may have arising under ADEA, including the OWBPA. Employee further expressly acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The payment made to Employee under this Agreement is more than Company is required to pay under the law,
the Agreement, and under Company's standard policies and procedures, and that Company is making the payment in consideration for
Employee's waiver and release of all claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Employee was given a copy of this Agreement on February 13, 2023, and consistent with the provisions of
OWBPA, he/she has forty-five (45) days (until March 30, 2023) to consider the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Employee has been and is hereby advised to consult with an attorney before signing this Agreement, and
has had the opportunity to consult with an attorney before signing this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Employee has seven (7) days following the date of his/her execution of this Agreement to revoke or rescind
his/her acceptance. To rescind this Agreement, Employee must, within the seven (7) days after the date he/she signs this Agreement, deliver
a notice of rescission to Rita O'Connor, PLx Pharma Inc., 9 Fishers Lane, Suite E, Sparta, NJ 07871 . To be effective, such notice of rescission must be physically delivered to Ms. O'Connor no later than the end of the seventh day
following the date of his/her execution of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If Employee revokes this agreement, he/she will be required to repay the Retention Payment, which is the
consideration for this Agreement, pursuant to the Plan and the Award Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Employee covenants and agrees that neither he/she, nor his/her successors or assigns, nor any related or affiliated person, firm, partnership or corporation, has assigned or conveyed to any person or entity not a signatory to this Agreement any right or cause of action, whether in whole or in part, that he/she may have against Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The parties understand and agree this Agreement may be executed in multiple originals, each of which shall be deemed an original and all of which shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This Agreement shall be interpreted and construed in accordance with, and shall be governed by and subject to, the laws of the State of New York, except to the extent federal law may apply. All actions relating to this Agreement shall be resolved exclusively in the state or federal courts located in New York, New York, to whose jurisdiction both Company and Employee expressly consent.

The parties acknowledge that they have read the foregoing Agreement, understand its contents, accept and agree to the provisions it contains, and hereby execute it voluntarily, knowingly, and with full understanding of its consequences.

PLEASE READ CAREFULLY. THIS AGREEMENT INCLUDES A RELEASE OF KNOWN AND UNKNOWN CLAIMS.

---

| | |
|:---|:---|
| PLX PHARMA INC. | PLX PHARMA INC. |
| By: | /s/ Rita O'Connor |
|  | Rita O'Connor, CFO |

---

<u>ACKNOWLEDGMENT OF RECEIPT BY EMPLOYEE</u>

I acknowledge I received a copy of this Agreement and Release of Claims for review and consideration on the date indicated below.

DATED this 10th day of February, 2023.

---

| |
|:---|
| /s/ Natasha Giordano |
| Natasha Giordano |

---

<u>ACCEPTANCE OF AGREEMENT BY EMPLOYEE</u>

After having the opportunity to consider this Agreement and Release of Claims as stated above, I hereby accept the terms and conditions contained therein. I understand I have seven (7) days from this date within which to revoke my acceptance of the Agreement.

ACCEPTED AND AGREED this 13th day of February, 2023.

---

| |
|:---|
| /s/ Natasha Giordano |
| Natasha Giordano |

---

## Exhibit 10.5

**PLX PHARMA INC.<br> 2023 KEY EXECUTIVE RETENTION PLAN**

**AWARD NOTICE**

PLx Pharma Inc. (the "***Company***"), pursuant to the Company's 2023 Key Executive Retention Plan ("***Plan***"), hereby grants to the Participant named below a Retention Payment (the "***Retention Payment***") in the amount set forth below. The award is subject to all of the terms and conditions as set forth in this notice (this "***Award Notice***") and the Plan, a copy of which is attached hereto and incorporated herein in its entirety. Except as otherwise indicated, any capitalized term used but not defined shall have the meaning ascribed to such term in the Plan.

---

| | |
|:---|:---|
| Participant: | Rita O'Connor |
| Amount of Retention Payment | $511,500, less applicable taxes and withholdings. |

---

**Acknowledgement and Agreements**

&nbsp;&nbsp;&nbsp;&nbsp;1. In exchange for this Award Notice and the Retention Payment, Participant acknowledges and agrees that
the Company shall have no further obligation to provide the severance payments pursuant to Section 4.2 or 4.3 of that certain employment
agreement between Participant and Company, dated May 1, 2017, as amended on March 16, 2018, March 7, 2019 and August 3, 2021 (as amended,
the "  ***Employment Agreement***") and Sections 4.2(a)-(e) and 4.3(b)(ii) are hereby cancelled and rescinded. All other
terms and conditions of the Employment Agreement remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;2. Participant acknowledges and agrees that the Company's payment of the Retention Payment is contingent
upon and subject to Participant's execution of the general release of claims attached to this Award Notice as Exhibit 1.

&nbsp;&nbsp;&nbsp;&nbsp;3. Participant hereby acknowledges and agrees that Participant understands the Award Notice and the Plan
and that this Award Notice and Plan set forth the entire understanding between the Participant and the Company regarding this Award Notice
and the Retention Payment and supersedes all prior oral or written agreements, promises and/or representations on that subject.

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

---

| | | | |
|:---|:---|:---|:---|
| PLx Pharma Inc. | PLx Pharma Inc. | Participant | Participant |
| By: | /s/ Natasha Giordano | By: | /s/ Rita O'Connor |
| Title: | CEO | Name: | Rita O'Connor |
| Date: | 02/13/2023 | Date: | 02/13/2023 |

---

Exhibit 1

**<u>AGREEMENT AND RELEASE OF ALL CLAIMS</u>**

THIS AGREEMENT AND RELEASE OF ALL CLAIMS is by and between Rita O'Connor ("Employee") and PLX PHARMA INC., its affiliates (including, without limitation, PLx Opco Inc.), directors, officers, managers, supervisors, other employees, agents, and representatives (collectively referred to as "Company").

WHEREAS, the Employee was selected to be a participant in the Company's 2023 Key Executive Retention Plan (the "Plan");

WHEREAS, under the Plan, Employee is entitled to receive payment to which he/she would not otherwise be entitled;

WHEREAS, unless expressly provided by the Plan or the Award Notice, the terms and conditions of Employee's employment shall remain in effect;

NOW, THEREFORE, Employee and Company hereby agree:

1. (a) In consideration for the payment to be provided under the Plan, pursuant to the Plan Award Notice (the "Award Notice"), the Employee agrees and does hereby release and discharge Company from any and all claims, charges, causes of action, and demands which he/she has or may have, of any kind or character, whether now known or unknown, including, but not limited to, any claim for salary, compensation, severance pay, or other benefits, expenses, actual or compensatory damages, exemplary or punitive damages, interest, attorneys' fees, costs, present or future employment, and any form of declaratory or injunctive relief not expressly provided in this Agreement, but excepting claims, if any, relating specifically to retirement benefits under an Company-sponsored retirement plan or relating to benefits subject to COBRA. This release includes, without limitation, all claims arising from, attributable to, or related to (i) Employee's employment by Company, (ii) Employee's employment agreement with the Company dated May 1, 2017, as amended on March 16, 2018, March 7, 2019 and August 3, 2021 (as amended, the "Employment Agreement") and (iii) any and all acts or omissions related to these matters in any manner, which claims have accrued on or before the date of his/her execution of Agreement. This release includes but is not limited to claims of detrimental reliance; wrongful discharge; discrimination on the basis of age, sex, race, national origin, religion, disability, genetic information, or any other characteristic protected under federal, state, or local law; retaliation; failure to accommodate; failure to promote; negligent supervision; invasion of privacy; intentional infliction of emotional distress; and any other claim arising from any alleged unlawful or wrongful conduct, whether based on federal or state statute, regulation, or common law (contract, tort, equity, or other) of any jurisdiction, or on any municipal ordinance. Employee acknowledges that he/she is aware of any rights he/she may have under the Age Discrimination in Employment Act (ADEA), including the Older Workers Benefits Protection Act; Title VII of the Civil Rights Act (42 U.S.C. § 2000e, *et seq.*); the Americans with Disabilities Act; the Fair Labor Standards Act, including the Equal Pay Act; the Family and Medical Leave Act; and any applicable state labor law, statute, code, regulation, or order, but excepting Employee's rights, if any, to unemployment compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, nothing in this Agreement shall be construed to prevent Employee from filing a claim or suit to enforce his rights under this Agreement or to filing a charge with or participating in an investigation conducted by any governmental agency, including, without limitation, the United States Equal Employment Opportunity Commission ("EEOC"), the SEC, or any other federal, state, or local governmental regulatory or law enforcement agency (collectively with the EEOC and SEC, the "Government Agencies"). Employee further understands that nothing in this Agreement or the Offer Letter limits Employee's ability to communicate with the any Government Agencies or otherwise participate in or fully cooperate with any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information (including Confidential Information) to a Government Agency. Nevertheless, Employee understands and agrees that he is waiving any relief available (including, for example, monetary damages or reinstatement) under any of the claims and/or causes of action waived in Sections 1(a) and (b), including but not limited to financial benefit or monetary recovery from any lawsuit filed or settlement reached by the EEOC with respect to any claims released and waived in this Agreement. However, Employee may receive money properly awarded by the SEC or other Government Agency as a reward for providing information to that agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Release shall be broadly construed so as to release, acquit and forever discharge Company, its successors, representatives and assigns, with regard to those claims described above and with regard to all claims of any nature whatsoever, arising out of Employee's employment by Company, from the beginning of time to the date of his/her execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Employee represents and confirms that he/she has not filed or otherwise initiated any lawsuit, complaint, charge, or other proceeding against Company in any local, state, or federal court or agency based on events occurring on or before the date of his/her execution of this Agreement. Employee also expressly waives any right to damages or other legal or equitable relief awarded by any governmental agency or court relating to any lawsuit, complaint, charge, or other proceeding (regardless by whom filed), that is pending or that is filed in the future, and which is based on events occurring on or before the date of his/her execution of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as may otherwise be required by law or pursuant to a subpoena issued and served, Employee agrees not to disclose to any third person (except for a member of his/her immediate family, or his/her attorney or tax advisor, whom he/she may consult regarding this Agreement), the terms or conditions of this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Employee acknowledges any claims he/she may have regarding his/her employment, or otherwise, are disputed and that, by entering into this Agreement, the parties will avoid the possibility of future expense and uncertainty. Employee further acknowledges that Company denies any unlawful conduct or other wrongdoing related to the employment of Employee, and that Company knows of no claim Employee may have against Company. This Agreement does not constitute any evidence of unlawful conduct or wrongdoing on the part of Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Employee is bound by this Agreement. Anyone who succeeds to Employee's rights and responsibilities, such as his/her heirs or executor of his/her estate, is also bound. The release of all claims is made for the benefit of Company and all who succeed to its rights and responsibility, such as its successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Agreement supersedes, replaces, and merges all previous agreements, correspondence, negotiations, and discussions between Employee and Company or their respective attorneys or agents, relating to the same or similar subject matters and constitutes the entire agreement between Employee and Company. All terms of Employee's Employment Agreement, unless expressly modified herein, remain in effect. This Agreement may not be changed or terminated orally, and no change, termination, or waiver of this Agreement or any of its provisions shall be binding unless made in writing and signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Employee further states that he/she has carefully read this Agreement, that he/she has had the opportunity to review it with his/her attorney; that he/she fully understands the provisions and their final and binding effects; that this Agreement is the only agreement of any kind between him/her and Company relating to the subject matter hereof; and that he/she is signing this Agreement knowingly and voluntarily. Employee acknowledges, represents, warrants, and agrees that in entering into this Agreement, Employee has not received and is not relying on any advice, statement, representation, warranty, or covenant of Company or any other person or entity that is not expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. In addition to releasing claims as set forth above, Employee agrees never to sue Company in any forum for any reason covered by any release contained in this Agreement. If Employee sues Company in violation of this Agreement, Employee shall be liable to Company for Company's reasonable attorneys' fees and other litigation costs incurred in defending against such a suit. Employee acknowledges that Company would be irreparably injured if Employee violates his/her obligations under this Section 9 and therefore Employee agrees that if he/she violates or attempts to violate this section, Company shall, in addition to any other available remedies, be entitled to temporary/preliminary and permanent injunctive relief to restrain Employee from violating this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Employee acknowledges that, because he/she is age 40 or older, he/she has specific rights under the Older Worker Benefits Protection Act (OWBPA), an amendment to the Age Discrimination in Employment Act (ADEA), and that this Agreement is intended to release any right to damages Employee may have against Company based on any allegation of discrimination on the basis of age under the ADEA, including the OWBPA. Employee expressly acknowledges and agrees that by entering into this Agreement, he/she is waiving any and all rights or claims that he/she may have arising under ADEA, including the OWBPA. Employee further expressly acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The payment made to Employee under this Agreement is more than Company is required to pay under the law,
the Agreement, and under Company's standard policies and procedures, and that Company is making the payment in consideration for
Employee's waiver and release of all claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Employee was given a copy of this Agreement on February 13, 2023, and consistent with the provisions of
OWBPA, he/she has forty-five (45) days (until March 30, 2023) to consider the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Employee has been and is hereby advised to consult with an attorney before signing this Agreement, and
has had the opportunity to consult with an attorney before signing this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Employee has seven (7) days following the date of his/her execution of this Agreement to revoke or rescind
his/her acceptance. To rescind this Agreement, Employee must, within the seven (7) days after the date he/she signs this Agreement, deliver
a notice of rescission to Rita O'Connor, PLx Pharma Inc., 9 Fishers Lane, Suite E, Sparta, NJ 07871 . To be effective, such notice of rescission must be physically delivered to Ms. O'Connor no later than the end of the seventh day
following the date of his/her execution of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If Employee revokes this agreement, he/she will be required to repay the Retention Payment, which is the
consideration for this Agreement, pursuant to the Plan and the Award Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Employee covenants and agrees that neither he/she, nor his/her successors or assigns, nor any related or affiliated person, firm, partnership or corporation, has assigned or conveyed to any person or entity not a signatory to this Agreement any right or cause of action, whether in whole or in part, that he/she may have against Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The parties understand and agree this Agreement may be executed in multiple originals, each of which shall be deemed an original and all of which shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This Agreement shall be interpreted and construed in accordance with, and shall be governed by and subject to, the laws of the State of New York, except to the extent federal law may apply. All actions relating to this Agreement shall be resolved exclusively in the state or federal courts located in New York, New York, to whose jurisdiction both Company and Employee expressly consent.

The parties acknowledge that they have read the foregoing Agreement, understand its contents, accept and agree to the provisions it contains, and hereby execute it voluntarily, knowingly, and with full understanding of its consequences.

PLEASE READ CAREFULLY. THIS AGREEMENT INCLUDES A RELEASE OF KNOWN AND UNKNOWN CLAIMS.

---

| | |
|:---|:---|
| PLX PHARMA INC. | PLX PHARMA INC. |
| By: | /s/ Natasha Giordano |
|  | Natasha Giordano, President & CEO |

---

<u>ACKNOWLEDGMENT OF RECEIPT BY EMPLOYEE</u>

I acknowledge I received a copy of this Agreement and Release of Claims for review and consideration on the date indicated below.

DATED this 10th day of February, 2023.

---

| |
|:---|
| /s/ Rita O'Connor |
| Rita O'Connor |

---

<u>ACCEPTANCE OF AGREEMENT BY EMPLOYEE</u>

After having the opportunity to consider this Agreement and Release of Claims as stated above, I hereby accept the terms and conditions contained therein. I understand I have seven (7) days from this date within which to revoke my acceptance of the Agreement.

ACCEPTED AND AGREED this 13th day of February, 2023.

---

| |
|:---|
| /s/ Rita O'Connor |
| Rita O'Connor |

---