SEC Contract Filing

Filing Date: 2017-04-20

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>v464526_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EMPLOYMENT AGREEMENT</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This EMPLOYMENT AGREEMENT
(the &ldquo;<B>Agreement</B>&rdquo;) is made and entered into as of October 1, 2015, by and between Natasha Giordano (the &ldquo;<B>Executive</B>&rdquo;)
and PLx Pharma&nbsp;Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
desires to employ the Executive on the terms and conditions set forth herein; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Executive
desires to be employed by the Company on such terms and conditions; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
has finalized, or is the process of finalizing, a first underwritten public offering and sale of shares of common stock of the
Company for cash pursuant to an effective registration statement on Form S-1 under the Securities Act of 1933, as amended (the
&ldquo;<B>Initial Public Offering</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the mutual covenants, promises and obligations set forth herein, the parties agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">1.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Term</U>.
The Executive&rsquo;s employment hereunder shall be effective day after the closing of the Initial Public Offering but no later
than January 1, 2016, or such earlier date as Executive and Company may mutually agree on in writing (the &ldquo;<B>Effective Date</B>&rdquo;)
and shall continue until the second anniversary thereof, unless terminated earlier pursuant to <U>Section 4</U> of this Agreement;
provided that, on such second anniversary of the Effective Date and each annual anniversary thereafter (such date and each annual
anniversary thereof, a &ldquo;<B>Renewal Date</B>&rdquo;), the Agreement shall be deemed to be automatically extended, upon the
same terms and conditions, for successive periods of one year, unless either party provides written notice of its intention not
to extend the term of the Agreement at least 90 days&rsquo; prior to the applicable Renewal Date. The period during which the Executive
is employed by the Company hereunder is hereinafter referred to as the &ldquo;<B>Employment Term.</B>&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">2.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Position
and Duties</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">2.1&nbsp;&nbsp;&nbsp;<U>Position</U>.
During the Employment Term, the Executive shall serve as the President and Chief Executive Officer of the Company and as member
of the Board of Directors, reporting directly to the Board of Directors of the Company (the &ldquo;<B>Board</B>&rdquo;). For purposes
of this Agreement, it is expressly recognized that the Board may delegate its authority in a particular matter to one or more
committees of the Board, including but not limited to the Compensation Committee of the Board (the &ldquo;<B>Compensation Committee</B>&rdquo;),
as provided by the governing documents of the Company. In such position, the Executive shall have such duties, authority and responsibility
as are consistent with the Executive&rsquo;s position, including, without limitation supervising operations and management of
the Company and its subsidiaries.</P>

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