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Exhibit 10-(v)
ADDENDUM TO EMPLOYMENT AGREEMENT
BETWEEN VIRAGEN (EUROPE) LTD. (EMPLOYER)
AND XXXXXX X. XXXXXX (EMPLOYEE)
It is agreed by Employer and Employee that the Employment Agreement between
Employer and Employee dated March 1, 1997 be amended such that the below
referenced paragraph be replaced in its entirety by the following:
5. COMPENSATION
Employee shall receive an annual salary during the Employment Term as
follows: $95,000 per annum, prorated monthly for the period March 1,
1997 through June 30, 1997; $52,000 for the period July 1, 1997 through
June 30, 1998, and $57,000 per annum, prorated monthly for the period
July 1, 1998 through February 28, 1999. Employee's salary shall be
payable in accordance with the Company's normal payroll process,
currently bi-weekly. Additional consideration payable to Employee
hereunder consists of (a) subject to authorization of the Company's
Board of Directors, the grant to Employee of options to acquire common
stock of Employer (as further described herein), and (b) fringe
benefits, if any, that shall be made available to Employee further
described herein.
IN WITNESS WHEREOF, the undersigned have hereunto set their hands on
July 3, 1997.
Viragen (Europe) Ltd.
/s/ XXXXXX XXXXX
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Xxxxxx Xxxxx
President
Employee
/s/ XXXXXX X. XXXXXX
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Xxxxxx X. Xxxxxx
