FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit
10.9
FIRST
AMENDMENT TO EMPLOYMENT AGREEMENT
This
First Amendment to Employment Agreement (this “Amendment”)
is
made as of this 29th
day of
February, 2008 by and between MODIGENETECH LTD., an Israeli corporation
(“Employer”),
and
XXXX XXXX (“Executive”),
and
amends that certain Employment Agreement, dated November 16, 2005, between
Employer and Executive (as amended, restated, supplemented or modified from
time
to time, the “2005
Agreement”).
RECITALS:
A. The
parties desire to modify certain provisions of the 2005 Agreement concerning
the
Executive’s compensation.
B. Pursuant
to Section 8(b) of the 2005 Agreement, the parties desire to enter into this
Amendment.
NOW,
THEREFORE, in consideration of the mutual covenants herein contained and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree to the following amendments to the 2005
Agreement:
AGREEMENT:
1. Amendment
to Section 3(a).
The
first sentence of Section 3(a) of the 2005 Agreement is hereby deleted and
replaced with the following sentence:
“Executive
shall receive an aggregate annual minimum base salary at the rate of
One
Hundred
Thousand Dollars ($100,000) payable in equal monthly installments of $8,833.33
or otherwise in accordance with the regular payroll schedule of Employer (as
the
same may be increased, “Base
Salary”),
effective January 1, 2008.”
2. Amendment
to Section 3(b).
The
first sentence of Section 3(b) of the 2005 Agreement is hereby deleted and
replaced with the following sentence:
“Executive
shall be eligible to receive an annual cash bonus of up to $50,000, payable
within 30 days after the end of the fiscal year of Employer, which shall be
based upon performance criteria established by the Board (“Performance
Bonus”).
3. Revised
Notification under Israeli Law.
In the
event that the Base Salary is increased pursuant to Section 3 of the 2005
Agreement, Employer agrees to deliver to Employee, and both parties agree to
sign, a revised Notification to Employee of Employment Conditions (in the form
attached to the 2005 Agreement), reflecting such increase.
4. Effectiveness.
The
amendments to the 2005 Agreement contemplated by this Amendment shall be deemed
effective immediately upon the full execution of this Amendment, without any
further action required by the parties hereto.
5. The
Agreement.
All
references in the 2005 Agreement to the term “Agreement” shall be deemed to
refer to the 2005 Agreement referenced in, and as amended by, this
Amendment.
6. Amendment
and 2005 Agreement to be Read Together.
This
Amendment amends and is part of the 2005 Agreement, and the 2005 Agreement
and
this Amendment shall henceforth be read together and shall constitute the
Agreement. Except as otherwise set forth herein, the 2005 Agreement shall remain
in full force and effect.
7. Headings.
Headings used in this Amendment are for convenience only and shall not affect
the construction or interpretation of the 2005 Agreement or this
Amendment.
8. Counterparts.
This
Amendment may be executed by facsimile and in one or more counterparts, each
of
which shall be deemed an original, and all of which together shall constitute
one and the same instrument.
[The
Remainder of this Page is Intentionally Left Blank]
2
IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the day
and
year first written above.
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EMPLOYER:
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EXECUTIVE:
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By:
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Name:
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Xxxx
Xxxx
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Title:
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Notice
Address:
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