RespireRx Pharmaceuticals Inc. Announces Extension to Long-Term Employment Contract with Tim Jones as President and Chief Executive Officer

Glen Rock, N.J., Aug. 03, 2020 (GLOBE NEWSWIRE) -- RespireRx Pharmaceuticals Inc. (OTC: RSPI) (“RespireRx” or the “Company”), is pleased to announce that today, Mr. Tim Jones and RespireRx have transitioned from the provisional period that commenced on May 6, 2020 to the three year, long-term portion of the employment contract with Mr. Jones as its President and Chief Executive Officer. Mr. Jones has been a member of the Company’s Board of Directors since January 28, 2020 and as of July 31^st. 2020, successfully completed the 3-month contractual provisional period. RespireRx is a leader in the development of innovative and revolutionary treatments to combat disorders caused by disruption of neuronal signaling, which affect millions of people, but for which there are limited or poor treatment options, including obstructive sleep apnea (“OSA”), attention deficit hyperactivity disorder (“ADHD”) and recovery from spinal cord injury (“SCI”), as well as certain neurological orphan diseases such as Fragile X Syndrome.

On August 1, 2020, RespireRx has formally entered into the three-year phase of the employment contract with Tim Jones serving as its President and Chief Executive Officer (“CEO”). The original employment contract had an initial provisional term of approximately 3 months, through July 31, 2020. The employment contract having not been terminated by either party during the provisional term automatically extended into the long-term portion. The Board has acknowledged that it wishes the term of the employment contract to extend beyond the Provisional Period and Mr. Jones has acknowledged the same. The contract will expire on September 30, 2023 unless earlier terminated in accordance with the terms of the employment contract. 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 ninety (90) days prior to the applicable Renewal Date. As previously disclosed in the Company’s Current Report on Form 8-K filed February 3, 2020, Mr. Jones joined the Company’s board of directors on January 28, 2020.