Document:

Exhibit 10.16

 

[Date]

 

Dear [Name]:

 

I am happy to notify you that pursuant
to our 2004 Equity and Incentive Awards Plan (the “Plan”), you have been granted the number of shares of “restricted”
common stock outlined below. These shares are referred to as “restricted” because you will enjoy many of the benefits
of owning these shares (e.g., you will receive dividends and benefit from stock splits), but you will not be able to sell these
shares until they “vest.” In addition, your restricted shares will be subject to forfeiture under certain circumstances
set forth in the attached Restricted Stock Agreement (including if your employment ends, other than as a result of your death,
retirement or permanent disability, before some or all of your restricted common stock vests).

  

	Granted To:	___________ (“Participant”)
	Grant Date:	___________
	Restricted Shares Granted:	___________

	 	 

	Vesting Schedule:	Ÿ	50% if you are still employed by us after 3 years;
	 	Ÿ	The remaining 50% if you are still employed by us after 5 years; or
	 	Ÿ	100% upon your retirement, permanent disability or death (as set forth in paragraph 3(a) of the attached Restricted Stock Agreement)

 

The stock certificates representing your
restricted shares will be held by the company until the portion thereof vests.

 

Important
Tax Considerations. Because these restricted shares will vest upon your retirement, they will be taxable immediately
upon your retirement eligibility. This means that you will need to include the fair market value of any shares that have not vested
when you become retirement eligible as taxable income when you become retirement eligible, even though you will not be able to
sell the shares until the shares become vested.

 

In addition, unless you make the so-called
“IRC Section 83(b)” election described in the following paragraph: (i) you will not recognize taxable income at
the time of the grant of your restricted common stock; (ii) you will recognize ordinary taxable income at the time each portion
of your restricted common stock vests (or when you become retirement eligible) in an amount equal to the then fair market value
of such vesting shares; (iii) thereafter any otherwise taxable disposition of your vested shares of restricted common stock (including
any sale of such shares or transfer of such shares to the company in connection with an exercise of stock options, but not including
a gift of the shares) will generally result in capital gain or loss (long-term or short-term depending upon the length of time
the restricted common stock is held after the time the shares vest); (iv) dividends paid in cash and received by you prior
to the time the restrictions lapse will constitute ordinary income to you in the year paid (but will not constitute qualified
dividend income subject to the 15% tax rate); and (v) any dividends paid in stock will be treated as an award of additional restricted
common stock subject to the tax treatment described above.

 

    	 

    	 

    

 

If you desire, within 30 days after
the Grant Date, you may elect to recognize ordinary income as of such date in an amount equal to the fair market value of all
of your restricted common stock on the Grant Date. If this so-called “IRC Section 83(b)” election is made, then
you will not recognize ordinary income at the time each portion of your restricted common stock vests. In addition, if you make
this IRC Section 83(b) election, then the disposition of your restricted common stock will result in a long-term capital gain or
loss unless you retire and make a taxable disposition within 1 year after the grant of the restricted common stock (in which
case your disposition will result in a short-term capital gain or loss). If you make this IRC Section 83(b) election and subsequently
forfeit the restricted common stock, however, you will not be entitled to deduct any loss. If you wish to make this IRC Section 83(b)
election, please contact me as soon as possible. You should consult with your tax advisor to determine the tax consequences
of acquiring the restricted common stock and the advantages and disadvantages of filing the IRC Section 83(b) election. By accepting
this award letter and signing below, you acknowledge that it is your sole responsibility, and not ours, to file a timely election
under IRC Section 83(b), even if you request that we or our representatives make this filing on your behalf.

 

	 	Sincerely,
	 	 
	 	THE MARCUS CORPORATION
	 	 
	 	By: 	 
	 	Title:	 

 

By your signature below, you acknowledge
receipt of the attached Restricted Stock Agreement granted on the date shown above, which has been issued to you under the terms
and conditions of the Plan, you further acknowledge having read this letter, the attached Restricted Stock Agreement and the Plan
and you agree to conform to all of the terms and conditions of this letter, the Restricted Stock Agreement and the Plan.

 

	Signature: 	 	 	Date: 	 
	 	[Name] 	 	 	 

 

Note: If there are any discrepancies in
the name shown above, please make the appropriate corrections on this form.Exhibit 10.2

 

 

July 2,
2012

 

 

Mr. J.J. Finkelstein

3910 East-West Highway

Chevy Chase, MD 20815

 

Re:Temporary Employment Terms

 

Dear J.J.:

 

Due to the Company’s current financial situation, it is
necessary for the Company to reduce its labor costs. Accordingly, the Company is reducing all salaries and work hours. You are
being offered the opportunity to continue your employment with RegeneRx Biopharmaceuticals, Inc. (the “Company”)
at its Rockville, Maryland location as part-time, temporary employee. Your position will remain as President and Chief Executive
Officer, performing such duties as are normally associated with this position and such duties as are assigned to you from time
to time. Commencing on July 1, 2012, will receive a salary at a rate of $50.00 per hour for work related
to the May 2010 grant from the National Institutes of Health’s National Heart Lung & Blood Institute (the “NIH
Grant”), and at a rate of $50.00 per hour for all other work. Such payments will be subject to payroll deductions
and all required withholdings and payable in accordance with the Company’s standard payroll practices.

 

Your typical work schedule will be up to 100 hours per month;
however, you will be scheduled according to the Company’s needs, and the Company does not guarantee you any minimum number
of hours of work per month. You may be asked to work additional hours; however, you should not work
beyond your scheduled work hours for the month unless Allan L. Goldstein has expressly requested you to do so or you have received
the written approval of Allan L. Goldstein prior to working the additional time. If you work beyond your scheduled work hours without
permission, you will be subject to disciplinary action up to and including termination. You must record your hours worked
on a daily basis, including your start and stop times, and meal periods.

 

You will not be eligible for any Company benefits, including
but not limited to: health coverage, holidays, paid vacation, sick leave, and other insurance coverage. You will be eligible for
certain minimum benefits required by law, such as workers’ compensation, unemployment, and Social Security. 

 

You acknowledge your continuing obligations under your Proprietary
Information, Non-Competition and Inventions Assignment Agreement dated November 4, 2005, which remains in full force and effect.
Additionally, your employment continues to be subject to the Company’s personnel policies and procedures as they may be interpreted,
adopted, revised or deleted from time to time in the Company’s sole discretion.

 

 

RegeneRx
Biopharmaceuticals, Inc. · 15245 Shady Grove Road, Suite 470, Rockville, MD 20850

PHONE
301.208.9191 · FAX 301.208.9194 · WEB www.regenerx.com

 

    	 

    	 	

    
 

Your employment with the Company is temporary. The Company anticipates
that your employment will continue until December 31, 2012, which will be your employment termination date unless your employment
is terminated earlier by you or by the Company. Continued work beyond December 31, 2012, does not automatically convert your employment
to regular status.

 

Your employment relationship with the Company will continue
to be at-will. You may terminate your employment with the Company at any time and for any reason whatsoever simply by notifying
the Company. Likewise, the Company may terminate your employment at any time, with or without cause or advance notice. Your employment
at-will status can only be modified in a written agreement signed by you and by an officer of the Company.

 

By signing this letter, you acknowledge that the terms described
in this letter, together with the your Proprietary Information, Non-Competition and Inventions Assignment Agreement, set forth
the entire understanding between us and supersede any other representations or agreements, whether written or oral, including,
but not limited to your Second Amended and Restated Employment Agreement dated March 12, 2009, as amended; there are no terms,
conditions, representations, warranties or covenants other than those contained herein. No term or provision of this letter may
be amended waived, released, discharged or modified except in writing, signed by you and an authorized officer of the Company,
except that the Company may, in its sole discretion, adjust salaries, incentive compensation, stock plans, benefits, job titles,
locations, duties, responsibilities, and reporting relationships.

 

Please indicate your acceptance of this offer by signing below
and returning it to me.

 

Sincerely,

 

/s/Allan L. Goldstein

Allan Goldstein

Chairman

 

ACCEPTED AND AGREED TO:

 

/s/ J.J. Finkelstein

J.J. Finkelstein

 

July 2, 2012

DateExhibit 10.4

 

 

 

 

July 2,
2012 

 

 

Dr. Allan L. Goldstein

800 25th Street, NW

Apartment 1005

Washington, DC 20037

 

 

Re:  Temporary Employment Terms

 

Dear Allan:

 

Due to the Company’s current financial situation, it is
necessary for the Company to reduce its labor costs. Accordingly, the Company is reducing all salaries and work hours. You are
being offered the opportunity to continue your employment with RegeneRx Biopharmaceuticals, Inc. (the “Company”)
at its Rockville, Maryland location as part-time, temporary employee. Your position will remain as Chairman of the Company’s
Board of Directors, performing such duties as are normally associated with this position and such duties as are assigned to you
from time to time. Commencing on July 1, 2012, your salary will be at the rate of $50.00 per hour, subject to payroll deductions
and all required withholdings and payable in accordance with the Company’s standard payroll practices.

 

Your typical work schedule will be up to 32 hours per month;
however, you will be scheduled according to the Company’s needs, and the Company does not guarantee you any minimum number
of hours of work per month. You may be asked to work additional hours; however, you should not work
beyond your scheduled work hours for the month unless J.J. Finkelstein has expressly requested you to do so or you have received
the written approval of J.J. Finkelstein prior to working the additional time. If you work beyond your scheduled work hours without
permission, you will be subject to disciplinary action up to and including termination. You must record your hours worked
on a daily basis, including your start and stop times, and meal periods.

 

You will not be eligible for any Company benefits, including
but not limited to: health coverage, holidays, paid vacation, sick leave, and other insurance coverage. You will be eligible for
certain minimum benefits required by law, such as workers’ compensation, unemployment, and Social Security.

 

You acknowledge your continuing obligations under your Proprietary
Information, Non-Competition and Inventions Assignment Agreement dated November 4, 2005, which remains in full force and effect.
Additionally, your employment continues to be subject to the Company’s personnel policies and procedures as they may be interpreted,
adopted, revised or deleted from time to time in the Company’s sole discretion.

 

Your employment with the Company is temporary. The Company anticipates
that your employment will continue until December 31, 2012, which will be your employment termination date unless your employment
is terminated earlier by you or by the Company. Continued work beyond December 31, 2012, does not automatically convert your employment
to regular status.

 

 

RegeneRx
Biopharmaceuticals, Inc. ·
15245 Shady Grove Road, Suite 470, Rockville, MD 20850

PHONE 301.208.9191 ·
FAX 301.208.9194 ·
WEB www.regenerx.com

 

    	 

    	 	

    
 

Your employment relationship with the Company will continue
to be at-will. You may terminate your employment with the Company at any time and for any reason whatsoever simply by notifying
the Company. Likewise, the Company may terminate your employment at any time, with or without cause or advance notice. Your employment
at-will status can only be modified in a written agreement signed by you and by an officer of the Company.

 

By signing this letter, you acknowledge that the terms described
in this letter, together with the your Proprietary Information, Non-Competition and Inventions Assignment Agreement, set forth
the entire understanding between us and supersede any other representations or agreements, whether written or oral, including,
but not limited to your Second Amended and Restated Employment Agreement dated March 11, 2009, as amended; there are no terms,
conditions, representations, warranties or covenants other than those contained herein. No term or provision of this letter may
be amended waived, released, discharged or modified except in writing, signed by you and an authorized officer of the Company,
except that the Company may, in its sole discretion, adjust salaries, incentive compensation, stock plans, benefits, job titles,
locations, duties, responsibilities, and reporting relationships.

 

Please indicate your acceptance of this offer by signing below
and returning it to me.

 

Sincerely,

 

/s/ J.J. Finkelstein

J.J. Finkelstein

President & CEO

 

ACCEPTED AND AGREED TO:

 

/s/Allan L. Goldstein

Dr. Allan L. Goldstein

 

July 2, 2012

Date

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