Dr. Dennis E. Hruby Apt. 201 Albany, OR 97321 Dear Dr. Hruby:
EXHIBIT
10.3
March 11,
2009
Xx.
Xxxxxx X. Xxxxx
000
0xx
Xxxxxx X.
Xxx.
000
Xxxxxx,
XX 00000
Dear Xx.
Xxxxx:
This letter sets forth proposals for
the amendment of your employment agreement with SIGA Technologies, Inc., dated
as of January 22, 2007 (as amended, modified or supplemented, the “Original
Employment Agreement”).
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1.
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We
hereby propose to amend the Original Employment Agreement by adding the
following sentence at the end of Section
1:
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“In
addition, unless either party hereto provides notice of its desire not to
renew this Agreement thirty (30) days prior to the expiration of the Term,
this Agreement shall automatically renew for additional one (1) year
periods commencing upon the expiration of the initial Term (or any such
subsequent Term), with each such additional year thereafter being made
part of the Term and each such additional year, thereafter a Term
Year. In the event that the Company provides notice of its
desire not to renew this Agreement in accordance with the preceding
sentence, Executive shall be entitled to the continued payment of the Base
Salary (as determined pursuant to Section 3(a)) for one year (such sums to
be paid at the times and in the amounts such Base Salary would have been
paid had Executive’s employment
continued).”
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2.
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We
hereby propose to amend the Original Employment Agreement by replacing
Section 2(a) with the following:
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“Employment by the
Company. Executive agrees to be employed by the Company
during the Term upon the terms and subject to the conditions set forth in
this Agreement. Executive shall serve as the Chief Scientific
Officer of the Company and shall report to the Board of
Directors, the Chief Executive Officer or any other executive officer of
the Company in a position senior to
him.”
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3.
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We
hereby propose to amend the Original Employment Agreement by replacing the
last sentence of Section 2(a) with the
following:
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“In
his capacity as the Chief Scientific Officer of the Company, Executive
shall have such duties and responsibilities as he may be assigned by the
Board of Directors, Chief Executive Office or other executive officer of
the Company in a position senior to him not inconsistent with his position
as Chief Scientific Officer of the
Company.”
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4.
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We
hereby propose to amend the Original Employment Agreement by replacing the
first sentence of Section 3(a) with the
following:
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“Base
Salary. The Company agrees to pay to Executive a base
salary (“Base Salary”) at the annual rate of $275,000, subject to any cost
of living adjustments as may be approved by the Board of Directors of the
Company.”
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5.
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We
hereby propose to amend the Original Employment Agreement by adding the
following sentence at the end of Section
3(a):
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“The
Base Salary set forth in this Section 3(a) shall be effective as of March
1, 2009.”
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6.
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We
hereby propose to amend the Original Employment Agreement by replacing the
first sentence of Section 3(b) with the
following:
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“Annual
Bonus. The Company may, in its sole discretion,
pay to Executive an annual cash bonus of up to $150,000, but in any event
will pay an annual cash bonus of no less than
$75,000”
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If you
agree to the foregoing, please sign where indicated below and return the signed
copy to me. Otherwise, the agreement will continue in full force and
effect, without amendment.
Sincerely,
SIGA TECHNOLOGIES,
INC.
/s/ Xxxx
Xxxx
Name: Xxxx
Xxxx
Title: Chief
Executive Officer
AGREED
AND ACCEPTED
/s/ Xxxxxx X.
Xxxxx
Xx.
Xxxxxx X. Xxxxx
Date: March 11,
2009
