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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Washington,
DC</B></FONT><B> 20549</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Date of Report
(Date of earliest event reported):</FONT> <FONT STYLE="font-size: 10pt"><B>July 2, 2012</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>REGENERX
BIOPHARMACEUTICALS, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%; padding-left: 10.1pt; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 43%; font-weight: bold; text-align: center">001-15070</TD>
    <TD STYLE="width: 30%; font-weight: bold; text-align: center">52-1253406</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10.1pt; text-align: center">(State or Other Jurisdiction</TD>
    <TD STYLE="text-align: center">(Commission</TD>
    <TD STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20.2pt; text-align: center">of Incorporation)</TD>
    <TD STYLE="text-align: center">File Number)</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; padding-top: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-top: 12pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: center">15245 Shady Grove Road, Suite 470, Rockville, MD</TD>
    <TD STYLE="font-weight: bold; text-align: center">20850</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(301) 208-9191</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-top: 6pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">_________________________________________________________________________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Former Name or Former Address, if Changed Since Last Report.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(<I>see</I> General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 239.3pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 239.3pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 5.02&nbsp;&nbsp;&nbsp;&#9;Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As reported on a Current
Report on Form 8-K filed on January 6, 2012, the Company previously entered into letter agreements with each of J.J. Finkelstein,
the Company&rsquo;s President and Chief Executive Officer, David Crockford, the Company&rsquo;s vice president of clinical and
regulatory affairs, and Allan Goldstein, the Company&rsquo;s chief scientific advisor and a member of the Company&rsquo;s board
of directors, relating to their employment with the Company. In addition, the Company entered into change of control agreements
with each of Mr. Finkelstein, Mr. Crockford and Dr. Goldstein, providing for the payment of severance obligations upon specified
terminations of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 3, 2012, the
Board of Directors of the Company approved, and the Company and each officer entered into, amendments to each of the letter agreements
to extend their terms through June 30, 2012. The Company and each officer also entered into amended and restated change in control
agreements to, among other things, extend their respective terms through June 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 2, 2012, the
Company and each officer entered into amendments to each of the letter agreements and amended and restated change in control agreements
to extend their respective terms through December 31, 2012. Under the letter agreements, as extended, Mr. Finkelstein and Dr. Goldstein
will continue to receive a salary at a rate of $50.00 per hour, subject to deductions and withholdings, while Mr. Crockford will
continue receive a salary at a rate of $96.01 per hour for work related to the Company&rsquo;s grant from the National Heart Lung
&amp; Blood Institute and $50.00 per hour for all other work, in each case subject to deductions and withholdings. Mr. Finkelstein&rsquo;s
typical work schedule will continue to be up to 100 hours per month and Dr. Goldstein&rsquo;s typical work schedule will continue
to be up to 32 hours per month, in each case with no guaranteed minimum number of hours. Mr. Crockford&rsquo;s typical work schedule
will continue to be up to 20 hours per month for non-grant work, with no guaranteed minimum number of hours. In accordance with
the letter agreements, the employment termination date for each officer will be December 31, 2012, unless terminated prior to that
date by such officer or by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the amended and
restated change in control agreements, each officer is eligible to receive severance payments upon specified change in control
transactions. <FONT STYLE="color: black; background-color: white">If a Change in Control (as defined in the agreement) is consummated
by December 31, 2012, and prior to December 31, 2012, or within 12&nbsp;months following the Change in Control, the Company terminates
the officer&rsquo;s employment for any reason, other than Cause (as defined in the agreement) or the officer&rsquo;s death or disability,
or if the officer resigns for Good Reason (as defined in the agreement), then:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<UL TYPE="DISC" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; text-align: justify; font-size: 10pt"><FONT STYLE="background-color: white">on the effective date of
the Change in Control, any outstanding stock option or other equity award held at such time by the officer under the terms of the
Company&rsquo;s equity incentive plans shall become fully&nbsp;vested and exercisable in full immediately before such Change in
Control transaction and contingent upon its effectiveness; and</FONT></LI>

</UL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<UL TYPE="DISC" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; text-align: justify; font-size: 10pt">the officer will be eligible to receive a severance payment equal
to up to six months of his base salary in effect as of November 30, 2011, which severance amount will be calculated as set forth
in the table below based upon the Net Proceeds (as defined in the agreement) from the Change in Control and will be payable in
two equal installments, with the first payment occurring on the 60<SUP>th</SUP>&nbsp;day after the effective date of the Change
in Control or, if later, the date of the officer&rsquo;s separation from service, and the second installment occurring 60&nbsp;days
after the initial payment date.</LI>

</UL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 25%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>Net Proceeds</B></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Severance&nbsp;Amount</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Up&nbsp;to&nbsp;$1,000,000</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">1&nbsp;month</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">$1,000,000&nbsp;through&nbsp;$1,999,999.99</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">1&nbsp;month</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">$2,000,000 through $2,999,999.99</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">2&nbsp;months</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">$3,000,000 through $3,999,999.99</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">3&nbsp;months</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">$4,000,000 through $4,999,999.99</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">4&nbsp;months</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">$5,000,000 through $5,999,999.99</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">5&nbsp;months</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">$6,000,000 and above</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">6&nbsp;months</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each officer will be required to execute
a general release and waiver of all legal claims prior to receiving any severance payment. The compensation provided pursuant to
the change in control agreements will be the only severance benefits to which Messrs.&nbsp;Finkelstein or Crockford or Dr. Goldstein
may be entitled upon termination of their employment with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing descriptions
of the letter agreements and the amended and restated change in control agreements are qualified in their entirety by reference
to such agreements, which will be filed as exhibits to the Company&rsquo;s quarterly report on Form 10-Q for the quarter ending
June 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 56%; text-align: justify">REGENERX BIOPHARMACEUTICALS, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Date:&nbsp; July 6, 2012</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:&#9;&#9;<U>/s/ J.J. Finkelstein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name: J.J. Finkelstein </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>

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{"company-data": {"conformed-name": "REGENERX BIOPHARMACEUTICALS INC", "cik": "0000707511", "assigned-sic": "2834", "irs-number": "521253406", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-15070", "film-number": "12950119"}, "business-address": {"street1": "3 BETHESDA METRO CENTER", "street2": "SUITE 700", "city": "BETHESDA", "state": "MD", "zip": "20814", "phone": "3019611992"}, "mail-address": {"street1": "3 BETHESDA METRO CENTER", "street2": "SUITE 700", "city": "BETHESDA", "state": "MD", "zip": "20814"}, "former-company": {"former-conformed-name": "ALPHA 1 BIOMEDICALS INC", "date-changed": "19950719"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
DC
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported):
July 2, 2012
REGENERX
BIOPHARMACEUTICALS, INC.
(Exact Name of Registrant as Specified in
its Charter)
Delaware
001-15070
52-1253406
(State or Other Jurisdiction
(Commission
(IRS Employer
of Incorporation)
File Number)
Identification No.)
15245 Shady Grove Road, Suite 470, Rockville, MD
20850
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including
area code:
(301) 208-9191
_________________________________________________________________________________________________
(Former Name or Former Address, if Changed Since Last Report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(
see
General Instruction A.2. below):
¨
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02   	Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As reported on a Current
Report on Form 8-K filed on January 6, 2012, the Company previously entered into letter agreements with each of J.J. Finkelstein,
the Company's President and Chief Executive Officer, David Crockford, the Company's vice president of clinical and
regulatory affairs, and Allan Goldstein, the Company's chief scientific advisor and a member of the Company's board
of directors, relating to their employment with the Company. In addition, the Company entered into change of control agreements
with each of Mr. Finkelstein, Mr. Crockford and Dr. Goldstein, providing for the payment of severance obligations upon specified
terminations of employment.
On April 3, 2012, the
Board of Directors of the Company approved, and the Company and each officer entered into, amendments to each of the letter agreements
to extend their terms through June 30, 2012. The Company and each officer also entered into amended and restated change in control
agreements to, among other things, extend their respective terms through June 30, 2012.
On July 2, 2012, the
Company and each officer entered into amendments to each of the letter agreements and amended and restated change in control agreements
to extend their respective terms through December 31, 2012. Under the letter agreements, as extended, Mr. Finkelstein and Dr. Goldstein
will continue to receive a salary at a rate of $50.00 per hour, subject to deductions and withholdings, while Mr. Crockford will
continue receive a salary at a rate of $96.01 per hour for work related to the Company's grant from the National Heart Lung
& Blood Institute and $50.00 per hour for all other work, in each case subject to deductions and withholdings. Mr. Finkelstein's
typical work schedule will continue to be up to 100 hours per month and Dr. Goldstein's typical work schedule will continue
to be up to 32 hours per month, in each case with no guaranteed minimum number of hours. Mr. Crockford's typical work schedule
will continue to be up to 20 hours per month for non-grant work, with no guaranteed minimum number of hours. In accordance with
the letter agreements, the employment termination date for each officer will be December 31, 2012, unless terminated prior to that
date by such officer or by the Company.
Under the amended and
restated change in control agreements, each officer is eligible to receive severance payments upon specified change in control
transactions.
If a Change in Control (as defined in the agreement) is consummated
by December 31, 2012, and prior to December 31, 2012, or within 12 months following the Change in Control, the Company terminates
the officer's employment for any reason, other than Cause (as defined in the agreement) or the officer's death or disability,
or if the officer resigns for Good Reason (as defined in the agreement), then:
on the effective date of
the Change in Control, any outstanding stock option or other equity award held at such time by the officer under the terms of the
Company's equity incentive plans shall become fully vested and exercisable in full immediately before such Change in
Control transaction and contingent upon its effectiveness; and
the officer will be eligible to receive a severance payment equal
to up to six months of his base salary in effect as of November 30, 2011, which severance amount will be calculated as set forth
in the table below based upon the Net Proceeds (as defined in the agreement) from the Change in Control and will be payable in
two equal installments, with the first payment occurring on the 60
th
day after the effective date of the Change
in Control or, if later, the date of the officer's separation from service, and the second installment occurring 60 days
after the initial payment date.
2
Net Proceeds
Severance Amount
Up to $1,000,000
1 month
$1,000,000 through $1,999,999.99
1 month
$2,000,000 through $2,999,999.99
2 months
$3,000,000 through $3,999,999.99
3 months
$4,000,000 through $4,999,999.99
4 months
$5,000,000 through $5,999,999.99
5 months
$6,000,000 and above
6 months
Each officer will be required to execute
a general release and waiver of all legal claims prior to receiving any severance payment. The compensation provided pursuant to
the change in control agreements will be the only severance benefits to which Messrs. Finkelstein or Crockford or Dr. Goldstein
may be entitled upon termination of their employment with the Company.
The foregoing descriptions
of the letter agreements and the amended and restated change in control agreements are qualified in their entirety by reference
to such agreements, which will be filed as exhibits to the Company's quarterly report on Form 10-Q for the quarter ending
June 30, 2012.
3
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
REGENERX BIOPHARMACEUTICALS, INC.
Date:  July 6, 2012
By:
/s/ J.J. Finkelstein
Name: J.J. Finkelstein
Title: President and Chief Executive Officer