Document:

Exhibit 10.1

 

RESIGNATION FROM EMPLOYMENT

 

AND

 

CONSULTING AGREEMENT

 

BETWEEN

 

DONALD S. DOODY (“EXECUTIVE”)

 

AND

 

IEC ELECTRONICS CORP

Including its Directors, Officers, Agents,
Employees and Subsidiaries (“IEC”)

 

Whereas Executive has tendered his resignation from employment
with IEC in a letter dated January 3, 2014; and

 

 

Whereas, Executive and IEC desire to confirm the terms of such
resignation and establish a consulting arrangement; now, therefore,

 

IT IS AGREED BY AND BETWEEN EXECUTIVE AND IEC AS FOLLOWS:

 

		1.	Executive resigns from his employment and from all positions as an officer or director of IEC effective January 10, 2014. This
resignation is voluntary and for the purpose of achieving a work-life balance and pursuing other career opportunities.

 

 

		2.	Executive will be paid his salary and benefits, and be reimbursed for any legitimate business expenses incurred, through his
resignation date, and he agrees that this satisfies all financial obligations of IEC to Executive. Executive also agrees that he
has no claims for employment related discrimination under federal, state or local laws, rules or regulations and he releases IEC
from any liability for any such claims.

 

 

		3.	Executive shall be provided with the required notices under the federal law known as COBRA, which allows Executive to obtain
continued coverage under IEC group health insurance plans at his own expense. Executive will also be entitled to coverage under
his Indemnity Agreement with IEC dated November 15, 2004 according to its terms.

 

    	 

    	 

    

		4.	Executive recognizes and confirms his obligations under his Salary Continuation and Non-Competition Agreement dated October
1, 2010, including the Restrictive Covenants in Section 3 thereof.

 

 

		5.	Following his resignation from employment, Executive agrees to be available to act as a consultant to IEC on an hourly basis
at the rate of $500.00 per hour to perform such duties as IEC may assign, to include assistance with ongoing matters and specifically
to assist with the integration of Celmet. The duration and extent of such consulting arrangement will be in the sole discretion
of IEC, except that (a) it is anticipated that such duties will require at least twenty (20) hours per month for the next (6) months
(from January 11,2014 through July 11, 2014); (b) Executive may cancel the consulting arrangement if he does not receive at least
5 hours of work in each of two (2) consecutive months during which the agreement is in effect during the six (6) months period,
and in such case the cancelation shall be considered a termination by IEC at the end of the second month under subsection “(c)”
of this Section 5; (c) in the event IEC terminates such consultant relationship prior to the expiration of the six (6) months,
and the agreement has not been canceled under subsection “(b)” of this Section 5, Executive shall nevertheless be paid
for all hours approved and worked to the date of termination, but for not less than twenty (20) hours for the month during which
such termination by IEC occurs; (d) in scheduling and assigning work to Executive, IEC will reasonably accommodate Executive’s
scheduling requirements and his pursuit of full-time employment, which may require time for travel and/or interviews; (e) Executive
shall not be required to perform such duties beyond a period of six (6) months following his separation from employment, except
with his consent. Executive agrees that during this consulting arrangement he will be acting and treated as an independent contractor,
and Executive shall work independently on specific tasks. As an independent contractor, Executive will not be covered by any IEC
benefit plans or insurances, and Executive will be responsible for all taxes and other requirements of employment. IEC will issue
Executive an IRS Form 1099 for his consulting work.

 

 

		6.	On or before his date of resignation Executive will make arrangements to return all IEC property to the human resources director.
Executive will ensure that all IEC information is preserved on IEC computers and that he returns all electronic and documentary
information of IEC, except that IEC may allow Executive to retain such property and information that it determines may be necessary
for Executive to perform his duties as a consultant. At all times Executive shall preserve and protect any property and information
and shall promptly return it when his consultancy ends.

 

 

		7.	During the term of this agreement, Executive will notify IEC immediately if he has accepted or accepts employment with any
other entity, or if he engages in self-employment and he will inform IEC of the nature and extent of such employment.

 

    	 

    	 

    

		8.	This agreement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together
shall constitute a single agreement.

 

 

 

In Witness Whereof, the parties hereto have caused this agreement
to be executed on the dates indicated below.

 

 

[Signature Page Follows]

 

    	 

    	 

    

IEC ELECTRONICS CORP.

 

 

 

	/s/  W Barry Gilbert	/s/ Donald S. Doody
	W. Barry Gilbert	Donald S. Doody
	(Chairman and CEO)	(Executive)
	 	 
	Dated: January 9, 2014	Dated: January 9, 2014Exhibit 4.1

 

THIS CONVERTIBLE PROMISSORY NOTE AND THE
SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE
BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION
MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

 

 

 

CONVERTIBLE PROMISSORY NOTE

 

 

	$________	 	January 7, 2014
	 	 	Rockville, Maryland

 

 

For value received,
RegeneRx Biopharmaceuticals, Inc., a Delaware corporation (the “Company”), promises to pay to ____________ (the
“Holder”), the principal sum of $________. Interest shall accrue from the date of this Convertible Promissory
Note (this “Note”) on the unpaid principal amount at a rate equal to five percent (5%) per annum.  This
Note is one of a series of Convertible Promissory Notes containing substantially identical terms and conditions issued pursuant
to that certain Convertible Note Purchase Agreement dated as of January 7, 2014. Such Notes are referred to herein as the “Notes”
and the holders thereof are referred to herein as the “Holders”. This Note is subject to the following terms
and conditions.

 

1.Maturity.
Unless converted or repaid pursuant to Section 2 or Section 3, the entire unpaid principal sum of this Note, together with accrued
and unpaid interest thereon, will be payable upon the written demand of the Holder at any time after January 6, 2019 (the “Maturity
Date”). Subject to Section 3, interest shall accrue on this Note but shall not be due and payable until the written demand
of the Holder on or after the Maturity Date.  Notwithstanding the foregoing, the entire unpaid principal sum of this Note,
together with accrued and unpaid interest thereon, shall become immediately due and payable upon the commission of any act of bankruptcy
by the Company, the execution by the Company of a general assignment for the benefit of creditors, the filing by or against the
Company of a petition in bankruptcy or any petition for relief under the federal bankruptcy act or the continuation of such petition
without dismissal for a period of ninety (90) days or more, or the appointment of a receiver or trustee to take possession of the
property or assets of the Company.

 

 

    	 

    	 

    

 

 

2.Conversion.

 

(a)Optional
Conversion. At any time prior to repayment of this Note, the outstanding principal amount of this Note and accrued but
unpaid interest on this Note (the “Conversion Amount”) may, at the option of the Holder, be voluntarily converted
into shares of common stock, $0.001 par value per share (the “Common Stock”) of the Company or such other securities
or property for which this Note may become convertible as a result of any adjustment described in Section 2(b). The number of shares
of Common Stock to be issued upon such conversion shall be equal to (i) the Conversion Amount divided by (ii) the Conversion Price
(as defined below). The Conversion Price shall initially be equal to $0.06 per share.

 

(b)Adjustment.

 

(i)So long as this
Note is outstanding, if the Company shall issue any Common Stock (including any accompanying warrant) prior to the complete conversion
or payment of this Note, for a consideration per share that is less than the Conversion Price that would be in effect at the time
of such issue, then, and thereafter successively upon each such issuance, the Conversion Price shall be reduced to such other lower
issue price and Note Holder shall also receive a warrant, if any, on the same terms (including, but not limited to, ratio of shares
under the warrant to dollars invested and exercise price) as the participants in the lower price transaction triggering the Conversion
Price adjustment.  For purposes of this adjustment, the issuance of any security or debt instrument of the Company carrying
the right to convert such security or debt instrument into Common Stock shall result in an adjustment to the Conversion Price upon
the issuance of the above-described security if such issuance is at a price lower than the then applicable Conversion Price.

 

(ii) In the event of
changes in the outstanding Common Stock of the Company by reason of stock dividends, split-ups, recapitalizations, reclassifications,
combinations or exchanges of shares, separations, reorganizations, liquidations, consolidation, acquisition of the Company, or
the like, the number, class and type of shares available upon conversion of this Note and the Conversion Price shall be correspondingly
adjusted to give the Holder of the Note, on conversion for the same aggregate Conversion Amount, the total number, class, and type
of shares or other property as the Holder would have owned had the Note been converted prior to the event and had the Holder continued
to hold such shares until the event requiring adjustment. The form of this Note need not be changed because of any such adjustment.

 

(iii) If at any time
following delivery by Holder to the Company of a Notice of Conversion but prior to issuance of the applicable shares upon conversion,
the holders of Common Stock of the Company (or any shares of stock or other securities at the time receivable upon the conversion
of this Note) shall have received or become entitled to receive, without payment therefor:

 

    	 

    	 

    

 

(A)Common Stock
or any shares of stock or other securities which are at any time directly or indirectly convertible into or exchangeable for Common
Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other
distribution (other than a dividend or distribution covered in Section 2(b)(i) above),

 

(B)any cash
paid or payable otherwise than as a cash dividend, or

 

(C)Common Stock
or additional stock or other securities or property (including cash) by way of spinoff, split-up, reclassification, combination
of shares or similar corporate rearrangement (other than shares of Common Stock pursuant to Section 2(b)(i) above),

 

then and in each such case, the Holder
hereof will be entitled to receive, in addition to the number of shares of Common Stock receivable pursuant to the Notice of Conversion,
and without payment of any additional consideration therefor, the amount of stock and other securities and property (including
cash in the cases referred to in clauses (B) and (C) above) which such Holder would hold on the date of such exercise had such
Holder been the holder of record of such Common Stock as of the date on which holders of Common Stock received or became entitled
to receive such shares or all other additional stock and other securities and property.

  

 (iv)Upon the occurrence of each
adjustment pursuant to this Section 2(b), the Company at its expense will, at the written request of the Holder, promptly compute
such adjustment in accordance with the terms of this Note and prepare a certificate setting forth such adjustment, including a
statement of the adjusted Conversion Price and adjusted number or type of shares or other securities issuable upon conversion of
this Note (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which
such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder.

  

(c)Mechanics
and Effect of Conversion. No fractional shares of the Company’s Common Stock will be issued upon conversion of this
Note. In lieu of any fractional share to which the Holder would otherwise be entitled, the Company will pay to the Holder in cash
the amount of the unconverted principal and interest balance of this Note that would otherwise be converted into such fractional
share. Upon conversion of this Note pursuant to this Section 2, the Holder shall surrender this Note at the principal offices of
the Company, along with a duly executed Conversion Notice in the form attached as Appendix A hereto. At its expense, the Company
will, as soon as practicable thereafter, cause to be issued and delivered to such Holder a certificate or certificates for the
number of shares to which such Holder is entitled upon such conversion, together with a check payable to the Holder for any cash
amounts payable as described herein. Upon conversion of this Note, the Company will be forever released from all of its obligations
and liabilities under this Note with regard to that portion of the principal amount and accrued interest being converted including
without limitation the obligation to pay such portion of the principal amount and accrued interest.

 

    	 

    	 

    

  

3.Payment
Terms. All payments shall be made in lawful money of the United States of America at such place as the Holder hereof may
from time to time designate in writing to the Company. Payment shall be credited first to the accrued interest then due and payable
and the remainder applied to principal. Prepayment of this Note may be made only upon the written consent of a Majority in Interest
(as defined below); provided, that all of the Notes shall be prepaid on a pro rata basis.

 

4.Transfer;
Successors and Assigns. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Notwithstanding the foregoing, the Holder may not assign, pledge, or otherwise transfer
this Note without the prior written consent of the Company, except for transfers to affiliates. Subject to the preceding sentence,
this Note may be transferred only upon surrender of the original Note for registration of transfer, duly endorsed, or accompanied
by a duly executed written instrument of transfer in form satisfactory to the Company. Thereupon, a new convertible promissory
note for the same principal amount and interest will be issued to, and registered in the name of, the transferee. Interest and
principal are payable only to the registered holder of this Note.

 

5.Governing
Law. This Note and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall
be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles
of conflicts of law.

 

6.Notices.
Any notice required or permitted by this Note shall be in writing and shall be deemed sufficient upon receipt, when delivered personally
or by courier, overnight delivery service or confirmed facsimile or e-mail, or forty-eight (48) hours after being deposited in
the U.S. mail as certified or registered mail with postage prepaid, if such notice is addressed to the party to be notified at
such party’s address, facsimile number or e-mail as set forth below or as subsequently modified by written notice.

 

7.Amendments
and Waivers. Any term of this Note may be amended or waived only with the written consent of the Company and the holders
of a majority of the aggregate principal amount of the Notes then outstanding (a “Majority in Interest”).
Any amendment or waiver effected in accordance with this Section 7 shall be binding upon the Company, the Holder and each
transferee of this Note.

 

8. Stockholders,
Officers and Directors Not Liable. In no event shall any stockholder, officer or director of the Company be liable for
any amounts due or payable pursuant to this Note.

 

    	 

    	 

    

 

 

9.Counterparts.
This Note may be executed in two or more counterparts, all of which together shall constitute one and the same instrument. This
Note may also be executed and delivered by facsimile or other electronic delivery of signature.

 

10.Titles
and Subtitles. The titles and subtitles used in this Note are used for convenience only and are not to be considered
in construing or interpreting this Note.

 

[Signature Page Follows]

 

 

    	 

    	 

    

 

This Note is executed
and delivered as of the date first set forth above.

 

 

COMPANY:

 

REGENERX BIOPHARMACEUTICALS, INC.

 

 

By:                                                                       

J. J. Finkelstein

President and Chief Executive Officer

 

RegeneRx Biopharmaceuticals, Inc.

15245 Shady Grove Road

Suite 470

Rockville, MD 20850

 

 

 

 

AGREED TO AND ACCEPTED:

 

___________________________

 

 

___________________________

(signature)

 

Address:

 

 

    	 

    	 

    

 

Appendix
A

 

Conversion
Notice

 

 

 

To convert this Note in accordance with Section 2(a), check
this box: o

 

If you want the stock certificate made out in another person’s
name fill in the form below:

 

 

	Print or type other person’s name, address and zip code:				
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

	Date: _______________________	 	Your signature:	 	
	 	 	(Sign exactly as your name appears on the Note)

 

 

Deliver this Notice with the original Note to the offices of
the Company in accordance with Section 2(c) of the Note.

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