FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this "AMENDMENT"), dated
and effective as of September 1, 1999, is entered into by and between Avatex
Corporation (the "COMPANY"), and Xxxx X. Xxxxxx ("EMPLOYEE").
The Company and Employee hereby agree that this Amendment amends the
Employment Agreement dated and effective as of February 1, 1998, by and
between the Company and Employee (the "AGREEMENT"), as follows:
1. Section 1 of the Agreement is hereby amended by changing the
date specified therein to January 31, 2002.
2. Section 3(a) of the Agreement is hereby amended by changing the
minimum monthly base salary specified in the first sentence therein to
$19,166.67.
3. Sections 4(d)(i) and (ii) of the Agreement are hereby deleted in
their entirety and replaced with the following:
(i) At Employee's option, (x) a single lump sum
severance payment equal to the amount of the total compensation
that would otherwise be paid by the Company to Employee during the
twelve (12) month period commencing on the effective date of a
Termination Without Cause or (y) monthly severance payments in the
amount of Employee's minimum monthly base salary for a period of
twenty-four (24) months; and
(ii) For a period of twelve (12) months commencing on the
effective date of a Termination Without Cause, medical and dental
benefits coverage, less any amount that Employee is required to
pay to receive such medical and dental coverage had termination of
his employment not occurred, but only to the extent permitted
under the Company's then-current medical and dental benefit plans.
4. Except as expressly provided in this Amendment, all other terms
and conditions of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment effective
on the date and year first above written.
AVATEX CORPORATION ----------------------------
Xxxx X. Xxxxxx
By:
--------------------
Xxxxxx X. Xxxxxx
Co-Chief Executive Officer
