Document:

REGENCY AFFILIATES, INC.

                             STOCK OPTION AGREEMENT

      THIS STOCK OPTION AGREEMENT (this "Agreement") dated as of August 14, 2007
(the "Grant Date"), is between Regency Affiliates, Inc., a Delaware corporation
(the "Company"), and Laurence S. Levy (the "Participant"), relating to options
to purchase shares of Stock, which options are granted under the Regency
Affiliates, Inc. 2003 Stock Incentive Plan, as amended (the "Plan"). Capitalized
terms used, but not otherwise defined, in this Agreement shall have the meanings
ascribed to such terms in the Plan.

I.    Grant of Stock Option, Option Price and Term.

      The Company grants to the Participant a Non-Qualified Stock Option to
purchase 50,000 shares of Stock of the Company ("Option Shares") at a price of
$5.10 per share ("Option Price"), subject to the provisions of the Plan and the
terms and conditions herein. The term of this Stock Option shall be a period of
10 years from the Grant Date unless earlier terminated as provided herein and in
the Plan (the "Option Period"). Subject to the provisions contained herein and
in the Plan, the Stock Option shall become exercisable immediately upon the
Grant Date.

      The Stock Option granted hereunder is designated as a nonqualified stock
option which is not transferable by the Participant except to a Family Member,
as provided in Section 4 of the Plan, or by will or the laws of descent and
distribution.

II.   Exercise.

      The Stock Option shall be exercisable during the Participant's lifetime
only by the Participant (or his Representative), and after the Participant's
death only by a Representative. The Stock Option may only be exercised by the
delivery to the Company of a properly completed written notice, in form
satisfactory to the Committee, which notice shall specify the number of Option
Shares to be purchased and the aggregate Option price for such shares, together
with payment in full of such aggregate Option Price. Payment shall only be made
as specified in the Plan. If any part of the payment of the Option Price is made
in shares of Stock, such shares shall be valued by using their Fair Market Value
as of the date of exercise of the Stock Option.

<PAGE>

      The Stock Option may not be exercised unless there has been compliance
with all the preceding provisions of this Section 2, and, for all purposes of
this Agreement, the date of the exercise of the Stock Option shall be the date
upon which there is compliance with all such requirements. The Committee may
deny any method of exercise permitted hereunder if such method would result in
liability under Federal or state securities law to the Participant or the
Company, result in an expense charge to the Company or prevent the use of
pooling of interest accounting.

III.  Payment of Withholding Taxes.

      If the Company is obligated to withhold an amount on account of any tax
imposed as a result of the exercise of the Stock Option, the Participant shall
be required to pay such amount to the Company, as provided in the Plan. The
Participant acknowledges and agrees that he is responsible for the tax
consequences associated with the grant of the Stock Option and its exercise.

IV.   Changes in Company's Capital Structure.

      The existence of this Stock Option will not affect in any way the right or
authority of the Company or its stockholders to make or authorize (a) any or all
adjustments, recapitalizations, reorganizations or other changes in the
Company's capital structure or its business; (b) any merger or consolidation of
the Company's capital structure or its business; (c) any merger or consolidation
of the Company; (d) any issue of bonds, debentures, preferred or prior
preference stock ahead of or affecting the Stock or the rights thereof; (e) the
dissolution or liquidation of the Company; (f) any sale or transfer of all or
any part of its assets or business; or (g) any other corporate act or
proceeding, whether of a similar character or otherwise.

      In the event of a Change in Control or other corporate restructuring
provided for in the Plan, and the Committee shall take such actions, as are
provided for in the Plan.

V.    Plan.

      The Stock Option is granted pursuant to the Plan, and the Stock Option and
this Agreement are in all respects governed by the Plan and subject to all of
the terms and provisions thereof, all of which terms and provisions are made a
part of and incorporated in this Agreement as if they were expressly set forth
herein. Any capitalized terms not defined in this Agreement shall have the same
meaning as is ascribed thereto under the Plan. The Participant hereby
acknowledges receipt of a true copy of the Plan and the Participant has read the
Plan carefully and fully understands its content. In the event of any conflict
between the terms of this Agreement and the terms of the Plan, the terms of the
Plan shall control.

VI.   Employment Rights.

      No provision of this Agreement or of the Stock Option granted hereunder
shall give the Participant any right to continue as a director of the Company or
any Affiliates, created and inference as to the length of directorship of the
Participant, affect the right of the Company or any Affiliates to terminate the
provision of services of the Participant, with or without Cause, or give the
participant any right to participate in any employee welfare or benefit plan or
other program (other than the Plan) of the Company or any Affiliate.

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<PAGE>

VII.  Governing Law.

      This Agreement and the Stock Option granted hereunder shall be governed
by, and construed and enforced in accordance with, the laws of the State of
Delaware (other than its laws respecting choice of law), except to the extent
Federal laws would be mandatorily applicable.

VIII. Waiver; Cumulative Rights.

      The failure or delay of either party to require performance by the other
party of any provision hereof shall not affect its right to require performance
of such provision unless and until such performance has been waived in writing.
Each and every right hereunder is cumulative and may be exercised in part or in
whole from time to time.

IX.   Notices.

      Any notice which either party hereto may be required or permitted to give
the other shall be in writing and may be delivered personally or by mail,
postage prepaid, addressed to the Secretary of the Company, at its then
corporate headquarters, and the Participant at his address as shown on the
Company's records, or to such other address as the Participant, by notice to the
Company, may designate in writing from time to time.

      [Remainder of page intentionally left blank. Signature page follows.]

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<PAGE>

      IN WITNESS WHEREOF, the Company has caused this Stock Option Agreement to
be duly executed by an officer thereunto duly authorized, and the Participant
has hereunto set his hand, all as of the day and year first above.

REGENCY AFFILIATES, INC.

      /s/ Neil N. Hasson                          /s/ Laurence S. Levy
------------------------------                    ------------------------------
Name: Neil N. Hasson                              Laurence S. Levy
Title: Chief Financial Officer                    Participant

                                     4 of 4Exhibit 10.1 — Neurologix, Inc.

    Exhibit
      10.1

    

    [Neurologix Letterhead] 

     

    October 1, 2007

    
 

    Dr.
      Matthew During

     

    Dear
      Dr.
      During:

     

    This
      letter (the “Amendment”) amends
      that certain Consulting Agreement, dated as of October 1, 1999 (the “Consulting
      Agreement”), as amended, by letter agreements dated October 8, 2003, April 30,
      2004, and June 27, 2006, by and between Neurologix, Inc. (“Neurologix”), a
      Delaware corporation, and you.  Capitalized terms used herein, but not
      otherwise defined, shall have the meanings set forth in the Consulting
      Agreement.

     

    It
      is therefore agreed as
      follows:

     

    1.  Section
      4 of the
      Consulting Agreement is amended and restated to read as follows:

     

    4.  Term
      and Termination.  The term of this Agreement shall end on
      September 30, 2008, unless earlier terminated for cause (including breach of
      any
      agreement between the parties) by either party upon thirty (30) days written
      notice to the other party.

     

    2.  Except
      as amended above
      by this Amendment, all of your and Neurologix’s respective rights and
      obligations under the Consulting Agreement and the related Confidentiality,
      Proprietary Information and Inventions Agreement, dated as of October 1, 1999,
      between yourself and Neurologix, shall be deemed preserved by this Amendment,
      without modification or reduction.

     

    3.  This
      Amendment shall be
      governed by, and construed pursuant to, the laws of the State of New York
      applicable to agreements made and to be performed wholly within such
      State.

     

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
      date
      first written above.  This Amendment may be executed in
      counterparts.

     

    
      	 	 Very
              truly yours,	 
	 	 	 
	 	NEUROLOGIX,
              INC.	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ John
              E.
              Mordock	 
	 	 	John  E.
              Mordock	 
	 	 	President
              and
              Chief Executive Officer	 
	 	 	 	 

    

    
      

    

    ACCEPTED
      AND AGREED AS OF OCTOBER 1, 2007:

     

    

     

    /s/
      Dr. Matthew During

    Dr.
      Matthew During

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