Document:

Exhibit
10.3

    

    Amended and
Restated Employment Agreement with 
Robert Dickey IV dated August 3,
2010

    

    EXECUTIVE
EMPLOYMENT AGREEMENT BETWEEN

    HEMISPHERX BOIOPHARMA, INC.
AND ROBERT DICKEY IV

    

    This
Agreement is effective as of September 1, 2010 ("Effective Date") between
Hemispherx Biopharma, Inc. ("Hemispherx” or the “Company") and Robert Dickey IV
("Executive").

    

    WHEREAS,
the Company currently employs Executive as Senior Vice President;

    

    WHEREAS,
Company and Executive desire for Executive’s employment to continue on a
month-to-month basis exclusively under the terms of this Agreement and the
Confidentiality, Rights to Work, Covenant Not to Compete Agreement dated June
23, 2009, and incorporated by reference;

    

    NOW
THEREFORE, in consideration of the foregoing recitals incorporated herein and of
the mutual promises and covenants set forth herein, the parties intending to be
legally bound do hereby agree as follows:

    

    1.           Position, Term, Duties, and
Representations.

    (a)           Company
continues to hire Executive and Executive accepts employment as Company's Senior
Vice President.  The term of such employment shall be month-to-month,
with a 30 day termination notice.

    

    (b)           In
consideration for his continuing engagement, Executive shall devote his full
time and best efforts to the position of Senior Vice
President.  Executive shall comply with the policies of the Company
and shall faithfully and to the best of his ability perform and render such
services and perform such duties for the Company as it may reasonably request,
or as may be necessary or desirable in performing or carrying out the intentions
of this engagement.  Executive shall perform his duties at the
Company’s office.

    

    (c)           Executive
represents and warrants that he is free to continue his engagement under this
Agreement for employment with the Company and that he is not bound by any other
employment agreement, nondisclosure agreement, noncompetition agreement or any
other agreement, document or obligation that may infringe on his ability to, in
any manner, prevent Executive from performing any of the duties that may be
required of Executive during the course of his employment with the Company, or
that may result in liability to the Company in any matter, action, suit or
proceeding concerning Executive.

    

    2.           Compensation;
Benefits.

    (a)           Company
will pay Executive at an annual salary rate of $302,500.00, less applicable
withholding and taxes, payable in accordance with Company's standard payroll
policy.

    

    (b)           
Executive shall be entitled to continue to participate in the customary benefits
normally made available by the Company.

    

    (c)           
Executive shall be entitled to paid holidays as outlined in the Company's
employee handbook.

    
      
         

      

      
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    (d)           Executive
acknowledges and agrees that he has been paid all compensation due to him prior
to the commencement of this Agreement (through September 1, 2010), whether in
the form of salary, bonus or benefits of employment, and that there are no other
agreements between Executive and Company surviving this Agreement in which any
consideration of any kind whatsoever is due and owing to
Executive.  Executive agrees that he is not entitled to receive and
will not claim, any additional compensation, wages, bonuses or benefits, other
than what is expressly set forth herein, and hereby expressly waives any right
to additional compensation, wages, bonuses, and benefits.

    

    3.           Unrelated Business
Activities.  Executive shall work full-time for the
Company.  Executive shall not, directly or indirectly, alone or as a
member of any company, partnership, entity or organization, be actively engaged
in or concerned with any other duties or pursuits which interfere, in the
reasonable determination of the Company, with the performance of his duties for
the Company.

    

    4.           Company Policies;
Non-Competition, Confidentiality; No Other Agreements.

    (a)           Executive
is familiar with and has reviewed and shall comply with Company's personnel
policies except to the extent that such policies conflict with the terms of this
Agreement, in which event this Agreement shall control.

    

    (b)           Executive
has entered into that certain Confidentiality, Rights to Work, Covenant Not to
Compete Agreement, attached hereto as Exhibit A and incorporated herein by
reference. Executive acknowledges and agrees that said Agreement continues to be
in force and shall survive the execution and termination of this Agreement, and
that, in the event Executive breaches or violates his obligations thereunder
Company shall have the right, in addition to any other remedies available to it,
to cease making payments under this Agreement and to recover all consideration
previously tendered under this Agreement by Company.

    

    (c)           Executive
acknowledges and agrees that any and all agreements, whether oral or written,
between Company and Executive are hereby terminated and shall be deemed null and
void except for this Agreement and Executive’s obligations under that certain
Confidentiality, Rights to Work, Covenant Not to Compete Agreement dated as of
June 23, 2009 (collectively, the “Surviving Agreements”).

    

    5.           Termination

    (a)           In
the event of the death of Executive, this Agreement shall terminate immediately
and any and all compensation then due Executive shall be paid to his
estate.

    

    (b)           In
the event Executive is unable to perform his duties under this Agreement due to
reasonably verifiable physical or mental disability, for a period in excess of
sixty (60) days, or for a total sixty (60) days, consecutive or not, within the
term of this Agreement, the Company shall be permitted to terminate this
Agreement without further liability to Executive.  “Disability” shall
mean that Executive shall have been unable to perform services contemplated due
to a physical or mental disability.

    

    (c)           Definition
of Terms.  The following terms referred to in this Section shall have
the following meanings:

    
      
         

      

      
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    “Disability:
shall mean that Executive shall have been unable to perform services
contemplated due to a physical or mental disability.

    

    (d)           Upon
the termination date of this Agreement, Executive agrees that he shall return to
the Company within one (1) day prior to said termination date all property of
Company in his possession, custody or subject to his control, including, but not
limited to, keys, equipment, machines, or personal items provided for his use,
credit and identification cards, customer lists, all tangible property of the
Company, Company work product, any and all other files and documents relating to
the Company and its business, together with all written or recorded materials,
documents, computer discs, plans, records, notes or other papers belonging to
Company, including electronic versions. Executive further agrees that he shall
not make, distribute, retain copies or destroy any such information or property
and shall maintain as confidential any information of the Company which cannot
be returned.

    

    6.           General.

    (a)           Parties Bound by
Agreement. This Agreement shall be binding on and inure to the benefit of
the parties hereto and their respective legal representatives, heirs, executors
and administrators, and successors.  This Agreement shall not be
assignable in whole or in part by either party, except that the Company may
assign this Agreement to and it shall be binding upon any subsidiary or
affiliate of the Company or any person, firm or corporation with which the
Company may be merged or consolidated or which may acquire all or substantially
all of the assets of the Company.

    

    (b)           Entire Agreement.
This Agreement and the exhibits hereto contain the entire
agreement of the parties with respect to employment and the subject matter
hereof.  Executive agrees that he has not relied on any
representations, promises, or agreements of any kind made to him in connection
with this Agreement or his employment except those expressly set forth in this
Agreement. The parties acknowledge and agree that this Agreement has been
negotiated between and among them, and in the event of a dispute about the
meaning, construction, or interpretation of this Agreement, no presumption shall
apply so as to construe the language of the Agreement for or against any party
to this Agreement.

    

    (c)           Modification and
Waiver. No modification or waiver of this Agreement or any provision
hereof shall be binding upon the party against whom enforcement of such
modification or waiver is sought unless it is made in writing and signed by or
on behalf of both parties hereto.  The waiver of either party of a
breach of any provision of this Agreement by the other party shall not operate
and be construed as a waiver or a continuing waiver by that party of the same or
any subsequent breach of any provision of this Agreement by the other
party.

    

    (d)           Severability. If any
provision of this Agreement or the application thereof is held invalid, illegal,
void or unenforceable, in whole or in part, such determination will not affect
any other provision of this Agreement or the remaining portion of a partially
invalid provision, which shall remain in full force and effect and shall be in
no way affected, impaired, or invalidated, and the provision in question shall
be modified, as appropriate, so as to be rendered enforceable.

    

    (e)           Governing Law. This
Agreement shall be governed by and construed according to the laws of the
Commonwealth of Pennsylvania.

    
      
         

      

      
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    (f)           Confidential. Absent
the written consent of the parties this Agreement shall be kept confidential
except that the Company may disclose the agreement to the extent necessary to
meet its Securities and Exchange Commission disclosure filing
requirements.

    

    (g)           Dispute
Resolution.  Executive and Company agree that, if a dispute
arises concerning or relating to Executive's employment with Company, or any
dispute or controversy concerning the interpretation, construction or
performance of this Agreement, the dispute shall be submitted to binding
arbitration under the employment rules of the American Arbitration Association
then in effect.  The arbitration shall take place in the city and
county of Philadelphia, Pennsylvania (unless otherwise mutually agreed), and
both Executive and Company agree to submit to the jurisdiction of the arbitrator
selected in accordance with American Arbitration rules and
procedures.  Executive and Company agree that any arbitration held in
accordance with this paragraph shall be governed as follows: (1) the arbitration
shall take place before a single arbitrator; and (2) each party shall be
entitled to present no more than one day of evidence to the
arbitrator.  Executive and Company agree that this arbitration
procedure will be the exclusive means of redress for any disputes relating to or
arising out of Executive's employment with Company, including disputes over
rights provided by federal, state, or local statutes, regulations, ordinances,
and common law, including all laws that prohibit discrimination based on any
protected classification.  The parties expressly waive their right to
a jury trial, and agree that the arbitrator's award shall be final, binding, and
conclusive on both parties, and nonappealable.  The arbitrator shall
have discretion to award monetary and other damages, or to award no damages, and
to fashion any other relief the arbitrator deems appropriate, including
injunctive relief.  The arbitrator shall award the prevailing party
reasonable costs and attorney's fees incurred in bringing or defending an action
under this paragraph.  Judgment may be entered on the arbitrator's
decision in any court having jurisdiction.

    

    (h)           Counsel.  The
parties to this Agreement expressly agree and represent that they and/or their
counsel have reviewed this Agreement, that the parties hereto have thoroughly
discussed all aspects of this Agreement with their counsel, or, if Executive is
not represented by counsel in relation to his entering into this Agreement, that
he has had an opportunity to have counsel of his choice review the terms of this
Agreement, that the parties have read and fully understand all of the provisions
of this Agreement, and that the parties enter into this Agreement voluntarily
and of their own volition.

    

    (i)           Counterparts. This
Agreement may be executed in one or more counterparts, each of which will for
all purposes be deemed to be an original and all of which shall constitute the
same instrument.  A telefax copy of this Agreement shall have the same
effect as an original.

    

    IN WITNESS WHEREOF, the undersigned
have set their hands on the dates indicated.

    

    
      	
              HEMISPHERX
      BOIPHARMA, INC.

            	 
      	
              ROBERT
      DICKEY IV

            
	 
      	 
      	 
      	 
      
	
              By:

            	
              /s/ Thomas K. Equels

            	 
      	
              /s/ Robert Dickey IV

            
	 
      	 
      	 
      	 
      	 
      
	
              Title:

            	
              Vice Chairman & General
      Counsel

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Dated: 

            	
              August
      3, 2010

            	 
      	
              Dated: 

            	
              August 2,
2010

            

    

    
      
         

      

      
        4Unassociated Document

    Exhibit
10.4

    

    Amended Advisors
Agreement with The Sage Group, Inc. dated July 15 2010

    

    AMENDED
ADVISER’S AGREEMENT

    

    This Amended Advisers Agreement (the
"Agreement") is entered into as of July 15, 2010 by and between HemispherX
BioPharma, Inc., a Delaware Corporation ("Company"), and The Sage Group, Inc.
and its employees, Principals, and Senior Directors (“Adviser”), a New Jersey
corporation, with respect to the following:

    

    A.           Adviser
represents that it has knowledge of and contacts with companies which have the
potential to become partners of various types with Company and that Adviser
represents that it has experience and expertise that can be used to facilitate
and help close such transactions for the benefit of the Company.

    

    B.           Company
is agreeable to having Adviser act in such capacities and Company and Adviser
hereby agree that Company appoints Adviser and Adviser agrees to use all
reasonable efforts to help increase the value of the Company.

    

    C.           Definitions:

    

    Transaction means a licensing,
partnering, distribution, alliance, or similar transaction pertaining to and
promoting the sale of the company’s products and technologies, including but not
limited to, any and all uses for Ampligen, Alferon, and related intellectual
property.   A Transaction also means the acquisition of companies
in whole or in part and the sale or the merger of Company. For clarity,
non-revenue producing agreements such as an MTA, a clinical research agreement
or feasibility study is not a Transaction hereunder.  Should a
Transaction not be introduced to Company by Adviser and/or should Company decide
for whatever reason, to not involve Adviser in a possible Transaction, then such
transaction will not be a Transaction herein under.   However, it
is the intention of the parties that the Adviser be an active participant in all
material transactions of the company. A Transaction is any transaction that
occurs during the Term or 18 months thereafter.

    

    Consideration means any
monies, securities and/or other valuable consideration that Company and/or its
Affiliates receives as a result of a Transaction including but not limited to
upfront and milestone payments, the purchase of securities related to a
Transaction, the gain (payments, less out of pocket related expenses) on funded
R&D and clinical development, product purchases, royalties, etc. no matter
when received by Company.

    

    D.           Independent
Contractor.  Adviser is and at all times shall be an independent
contractor in all matters relating to this Amended Adviser’s
Agreement.  Adviser and his employees are not agents of Company for
any purposes and have no power or authority, whether apparent, actual,
ostensible or otherwise, to bind or commit Company in any
way.   Transactions shall first be approved in writing by the
company, so as to avoid any dispute as to Adviser’s entitlement to payment of
its fees, and Adviser efforts toward such approved Transactions will be as
directed and agreed by the Company.

    
      
         

      

      
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    E.Adviser's Fee.  In
consideration for the Services to be performed by Adviser hereunder, Company
shall pay to Adviser a fee ("Adviser's Fee") of:

    

    1.           Monthly
Fee: A monthly fee of $15,000 payable, at Company’s option incash or liquid
shares for the Amended Term of this Agreement.

     

    2.           Success
Fees

     

    a.           Five
(5%) of all Consideration with such Success Fees capped at $5 million per
annum.

    

    3.           Options:
Company will grant, upon execution of this Amended Adviser’s Agreement, the
following fully vested options to the following Sage personnel under the
Company’s Equity Incentive Plan of 2009.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    Wayne
      Pambianchi

                                  	
                                    250,000

                                  
	 	 
	
                                    Doug
      Hulse

                                  	
                                    50,000

                                  
	 	 
	
                                    Chuck
      Casamento

                                  	
                                    50,000

                                  
	 	 
	
                                    Gordon
      Ramseier

                                  	
                                    50,000

                                  
	 	 
	
                                    Bill
      Mason

                                  	
                                    50,000

                                  
	 	 
	
                                    Dan
      Tripodi

                                  	
                                    50,000

                                  
	 	 
	
                                    Bob
      Nance

                                  	
                                    25,000

                                  
	 	 
	
                                    Kathy
      Hudkins

                                  	
                                    10,000

                                  
	 	 
	
                                    Cheryl
      Weeks

                                  	
                                    10,000

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    4.           In
addition Company will grant an option to Yoshi Mizuta to acquire 50,000 shares
of Company at a price equal to the average of the 20 days prior to a new
Collaboration Agreement (or the like) being executed between Company and Biken
or related parties providing that the terms are substantively superior to those
in December, 2007 agreement between Company and Biken.

    

    5.           At
the sole and absolute discretion of the Board of Directors of the Company,
Adviser may receive bonuses for extraordinary performance or special projects
which may include, withoutlimitation, efforts to gain security analyst coverage,
connections to financing sources, assessment of unique business opportunities
and the like, as determined by Company, providing such bonuses do not exceed
$250,000 per year.

    

    F.          Expenses.   Company
shall reimburse Adviser for reasonable out-of pocket expenses that are
pre-approved by Company.

    

    G.          No
Obligation.  Adviser acknowledges that the decision to enter into any
Transaction rests solely with the Company and the Company is NOT obliged to
enter any transaction proffered by Adviser.

    
      
         

      

      
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    H. Prohibitions; Compliance
with Laws.  Adviser shall not make any representations or warranties
on behalf of Company to any third party, it being understood that such
representations and warranties will be made only by the
Company.

    

    I. Amended Term and
Termination.  This Amended Adviser’s Agreement is effective as of the
date hereof and shall continue for 18 months from the Effective Date and will be
automatically renewed for 18 month unless terminated 180 days prior to the
expiration of the Term.  This Amended Adviser’s Agreement cannot be
terminated by Company except if Adviser fails to remedy failures to perform
within 30 days after receiving written notice from company of failure to perform
with specifics of such failure clearly set out.

    

    J. Reliance.  Company
acknowledges that all opinions and advice (oral or written) given by Adviser to
Company in connection with Adviser’s engagement hereunder, are intended solely
for the benefit and use of Company in considering the matters to which they
relate, and Company agrees that no such opinion or advice shall be used for any
other purpose or reproduced, disseminated, quoted or referred to at any time, in
any manner or be made by the Company (or such persons), without Adviser’s
express written consent, which consent shall not be unreasonably
withheld.

    

    K.
General Provisions.

    

    1.Governing
Law; Severability.  This Agreement shall be governed by and under the
laws of the State of Pennsylvania without giving effect to conflicts of law
principles.  If any provision hereof is found invalid or
unenforceable, that part shall be amended to achieve as nearly as possible the
same effect as the original provision and the remainder of this Agreement shall
remain in full force and effect.

    

    2.           Disputes.  Any
dispute arising under or in any way related to this Agreement shall be submitted
to binding arbitration by the American Arbitration Association in accordance
with the Association's commercial rules then in effect.

    3.           Confidential
Information.  Adviser acknowledges that, in the course of performing
its duties under this Agreement, it may obtain information relating to Company
that is not available to the public ("Confidential Information"). Adviser shall
execute the customary form of Confidentiality or Non-Disclosure Agreement used
by Company.

    

    4.           Entire
Agreement.  This Agreement constitutes the entire agreement and final
understanding of the parties with respect to the subject matter hereof and
terminates all prior and/or contemporaneous understandings, agreements and/or
discussions between the parties, whether written or verbal, express or implied,
relating in any way to the subject matter hereof including, but not limited any
other arrangements between the parties for contingency fees.  This
Agreement may not be altered, amended, modified or otherwise changed in any way
except by a written agreement, signed by both parties and prior approval of the
Board of Directors of the Company.

    
      
         

      

      
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    5.           Notices.  Any
notice or other communication pursuant hereto shall be given to a party at its
address below its signature hereto by (i) personal delivery, (ii) commercial
overnight delivery service with written verification of receipt, or (iii)
registered or certified mail.  If so mailed or delivered, a notice
shall be deemed given on the earlier of the date of actual receipt or three days
after the date of transmission by authorized means.

    

    6.           Nonassignability.  Neither
this Agreement, nor any rights, duties or interest herein, shall be assigned,
transferred, pledged, hypothecated or otherwise conveyed by either party without
the prior written consent of the other party.  Any such attempted
conveyance in violation of this paragraph shall be void and shall constitute a
default entitling the other party to terminate this Agreement.

    

    IN WITNESS WHEREOF, the Company and
Adviser have executed this Agreement effective as of the date set forth
above.

    

    
      	
              HEMISPHERX
      BIOPHARMA, INC.

            	 
      	
              THE
      SAGE GROUP,  INC.

            
	
              1617
      JFK Boulevard

            	 
      	
              1802
      Route 31 North, Suite 381

            
	
              6th
      Floor

            	 
      	
              Clinton,
      NJ  08809

            
	
              Philadelphia,
      PA  19103

            	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              By: 

            	
              /s/ William Carter 

            	 
      	
              By: 

            	
              /s/ Wayne Pambianchi 

            
	 
      	 
      	 
      	 
      	 
      
	
              Dr.
      William Carter, MD

            	 
      	
              Wayne
      Pambianchi

            
	
              Chairman
      and CEO

            	 
      	
              Executive
      Director

            
	 
      	 
      	 
      
	
              Date:  July
      15, 2010

            	 
      	
              Date:  July
      15, 2010

            

    

    
      
         

      

      
        4

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