THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 99.2
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
This THIRD AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into
effective as of June 15, 2007 by and between HELIX BIOMEDIX, INC., a Delaware corporation
(“Helix”), and XXXXXXX XXXXX, PH.D. (“Executive”).
WHEREAS, Helix and Executive entered into an Employment Agreement effective July 1, 2003, as
amended (the “Agreement”); and
1. The first sentence of Section 5(b) of the Agreement is hereby amended and restated in its
entirety as follows:
“Upon termination by the Company without Cause (as defined below), the Company shall
pay Executive any unpaid annual base salary, any amount due but not paid under any
Company incentive compensation plan, earned but unused vacation and bonuses due (if
any) for services already performed (subject to normal withholding and other
deductions) to the effective date of termination of employment; and monthly
severance payments equivalent to six (6) months base salary.”
2. The last sentence of Section 5(b) of the Agreement is hereby amended and restated in its
entirety as follows:
“Executive will have the duty to mitigate the costs to the Company by attempting to
obtain other employment within a reasonable time after termination. During the
period Executive is entitled to receive severance payments hereunder, the monthly
payment otherwise due from the Company shall be reduced by fifty percent (50%) of
Executive’s monthly compensation from such other employment.”
3. The effective date of this Amendment shall be June 15, 2007.
4. The parties hereto hereby acknowledge the continuing effect of the Agreement except as
specifically modified by this Amendment.
HELIX BIOMEDIX, INC.
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EXECUTIVE: | ||
By: R. Xxxxxxx Xxxxxx
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Xxxxxxx Xxxxx, Ph.D. | ||
President and CEO |