Addendum to Hugh McTavish – Squarex, LLC, Independent Contractor Agreement and Hugh McTavish – IGF Oncology, LLC, Independent Contractor Agreement
Exhibit 10.4
Addendum to Xxxx XxXxxxxx – Squarex, LLC, Independent Contractor Agreement and
Xxxx XxXxxxxx – IGF Oncology, LLC, Independent Contractor Agreement
This Agreement between Xxxx XxXxxxxx and Squarex, LLC, memorializes an understanding between the parties and revises the Independent Contractor Agreement between Squarex and Xxxx XxXxxxxx dated January 1, 2016 (the Squarex-McTavish Independent Contractor Agreement).
Xxxx XxXxxxxx is and has been President of both Squarex, LLC, and IGF Oncology, LLC, since at least January 1, 2016. The two companies received major investment from the same investor and have similar ownership structures. Currently, Xxxx XxXxxxxx owns a majority of LLC Units in each company.
The Squarex-McTavish Independent Contractor Agreement dated January 1, 2016, specifies McTavish is to be paid $6,700 per month starting on May 1, 2016;
XxXxxxxx separately entered into an Independent Contractor Agreement with IGF Oncology, LLC, dated January 1, 2016, (the McTavish-IGF Oncology Independent Contractor Agreement) that specifies McTavish is to be paid $9,329.66 per month from January 1, 2016, for work for IGF Oncology.
Whereas XxXxxxxx expended approximately equal effort for each of the two companies, prior to May 1, 2018, it was determined and agreed between XxXxxxxx and the Boards of both companies that his pay should be equal from both companies and each of the two companies therefore began paying McTavish $8,015 per month.
Since October 1, 2019, XxXxxxxx’x pay from Squarex has been unpaid and has been accruing without interest and continues to accrue without interest. Xxxxxxx agrees to pay Xx. XxXxxxxx’x accrued back pay when it has the funds to do so.
Since May 1, 2018, XxXxxxxx’x pay from IGF Oncology has been unpaid and has been accruing without interest and continued to accrue without interest up to December 31, 2022. From January 1, 2022, forward Xxxx XxXxxxxx shall be paid $2,000 per month as President of IGF Oncology, that pay currently accruing without interest. IGF Oncology agrees to pay Xx. XxXxxxxx’x accrued back pay when it has the funds to do so.
Signature Page to Follow
Addendum to McTavish Independent Contractor Agreements with IGF and Squarex
| /s/ | 1/3/2022 | |
| Xxxx XxXxxxxx | Date | |
| /s/ | 1/31/2022 | |
| Xxxx Xxxxxxxxxx | Date | |
| Director, Squarex, LLC | ||
| /s/ | 1/29/2022 | |
| Xxxxxxxxx Xxxxx | Date | |
| Director, Squarex, LLC | ||
| /s/ | 1/31/2022 | |
| Xxxx Xxxxxxxxxx | Date | |
| Director, IGF Oncology, LLC | ||
| /s/ | 1/29/2022 | |
| Xxxxxxxxx Xxxxx | Date | |
| Director, IGF Oncology, LLC |
