FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit
99.1
FIFTH
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS
FIFTH AMENDMENT TO EMPLOYMENT
AGREEMENT (the “Amendment”) is made on November 6, 2007, effective as of
September 7, 2007, by and between Xxxxxxx X. Xxxxxxxx, M.D. (the “Employee”) and
Health Discovery Corporation, a Georgia corporation (the
“Employer”).
RECITALS
A. The
Employer executed and delivered to Employee that certain Employment Agreement
dated as of September 15, 2003 (the “Employment Agreement”). The
Employment Agreement provides that Employer will employ Employee for a period
of
five (5) years, unless earlier terminated, under the terms and conditions set
forth therein.
B. The
Employer and Employee agreed to an amendment to the terms of compensation
pursuant to that certain First Amendment to Employment Agreement dated as of
December 30, 2005, that certain Second Amendment to Employment Agreement dated
as of September 1, 2006, that certain Third Amendment to Employment Agreement
dated as of August 1, 2007, and that certain Fourth Amendment to Employment
Agreement dated as of September 10, 2007.
C. The
Employee and the Employer determined to amend to the terms of compensation
evidenced by the Employment Agreement, and the parties wish to memorialize
their
agreement in writing.
NOW,
THEREFORE, for and in consideration of the mutual agreements herein stated,
and
other good and valuable consideration, the adequacy and receipt of which are
hereby acknowledged, Employer and Employee agree as follows:
1. Section
3.1 shall be deleted and replaced with the following:
3.1 Salary. Effective
September 7, 2007, Employer shall pay Employee a base gross salary at the rate
of $300,000 per year, payable in accordance with Employer’s customary payment
policy.
2. Effective
Time. This Amendment shall become effective as of September 7,
2007.
3. No
Other
Amendment or Waiver. The Employment Agreement, as amended by the
First Amendment, the Second Amendment, the Third Amendment, the Fourth
Amendment, and by this Amendment, remains in full force and effect in accordance
with its terms, and Employer and Employee hereby ratify and confirm the
same.
4. Counterparts. This
Amendment may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which, when so executed and delivered,
shall be deemed to be an original and all of which counterparts, taken together,
shall constitute one instrument.
5. Successors
and Assigns. This Amendment shall be binding upon and inure to the
benefit of the successors and permitted assigns of the parties
hereto.
6. Section
References. Section titles and references used in this Amendment
shall be without substantive meaning or content of any kind
whatsoever.
[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
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IN
WITNESS WHEREOF, Employer and Employee have executed this Amendment as of the
day and year first written above.
EMPLOYEE
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/s/
Xxxxxxx X. Xxxxxxxx, M.D.
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Xxxxxxx
X. Xxxxxxxx, M.D., CEO
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HEALTH
DISCOVERY CORPORATION
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By:
/s/ Xxxxxx X. Xxxxx
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Name: Xxxxxx
X. Xxxxx
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Title: Executive
Vice President
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