SEC Contract Filing

Filing Date: 2021-08-06

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_272387.htm
<DESCRIPTION>EXHIBIT 10.1
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>SECOND AMENDMENT TO EMPLOYMENT AGREEMENT</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">This SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (the &#8220;<b>Second Amendment</b>&#8221;) is made and entered into as of August 3, 2021, by and between Rita O&#8217;Connor (the &#8220;<b>Executive</b>&#8221;) and PLx Pharma&nbsp;Inc., a Delaware corporation (the &#8220;<b>Company</b>&#8221;) for the purpose of amending that one certain Employment Agreement, dated May 1, 2017, by and between the parties, as previously amended (the &#8220;<b>Agreement</b>&#8221;).</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">NOW, THEREFORE, in consideration of the mutual covenants, promises and obligations set forth herein and the Agreement, the parties agree as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;">Section 4.2(a) of the Agreement is hereby amended in its entirety, effective as of the date of this Second Amendment, to read as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;">(a) a single payment in amount equal to one hundred fifty percent (150%) of Executive&#8217;s Base Salary in effect as of the Termination Date;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:18pt;">Except as expressly amended by this Second Amendment, the parties do hereby ratify and confirm the Agreement in its entirety.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:18pt;">Terms not defined in this Second Amendment shall have the meanings set forth in the Agreement.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;">IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment as of the date first above written.</p>

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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">PLX PHARMA INC.</p>

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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">By:&nbsp;<u> &nbsp; /s/ Natasha Giordano&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 23pt;">Natasha Giordano</p>

 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 23pt;">President &amp; CEO</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">EXECUTIVE</p>

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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Signature:&nbsp;<u>&nbsp; /s/ Rita O</u>&#8217;<u>Connor</u><u>&nbsp;&nbsp;&nbsp;&nb