Exhibit 10.80
AMENDMENT 4
CONSULTING AGREEMENT
This Amendment, effective as of January 1, 1997, is made by and
between Seragen, Inc., a Delaware corporation having an address at 00 Xxxxx
Xxxxxx, Xxxxxxxxx, Xxxxxxxxxxxxx ("Seragen") and Xxxx X. Xxxxxx, Ph.D. having
an address at 000 Xxxxxxxx Xxxxxx, #0X, Xxxxxx, Xxxxxxxxxxxxx 00000 (the
"Consultant").
WHEREAS, the parties entered into a Consulting Agreement effective
January 1, 1992 which was amended effective October 1, 1994, October 1, 1995,
and January 1, 1996 (the "Agreement"); and
WHEREAS the parties now wish to further amend the Agreement;
NOW, THEREFORE, Seragen and the Consultant agree to amend the Agreement
as follows:
1. Section 5 of the Agreement shall be modified to read as follows:
Consultant shall be compensated under this Agreement at the annual
rate of $50,000 payable at the monthly rate of $4,166.67 on the last
business day of each month. Consultant shall also be reimbursed for
out-of-pocket expenses incurred by him at the request of, or with the
approval of the Company upon presentation of itemized statements to
the Company.
2. This Agreement shall continue until December 31, 1997.
3. This Amendment shall be made part of the Agreement and attached thereto.
Except as provided herein, all other terms and conditions of the
Agreement shall remain in force.
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed
as of the date last written below. The Effective Date of this Amendment shall
be January 1, 1997.
ACCEPTED AND AGREED:
SERAGEN, INC. XXXX X. XXXXXX, PH.D.
/s/Reed R. Prior /s/Xxxx X. Xxxxxx, PH.D.
_________________ ________________________
Reed R. Prior
Chairman and Chief Executive Officer
________________________________ ____________________________
Date Date
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