Exhibit 10.82
FIRST SUPPLEMENTARY AGREEMENT
Made and entered in to this 8th day of July, 2002
By and between
YEDA RESEARCH AND DEVELOPMENT COMPANY LIMITED
a company duly registered under the laws of Israel
of X.X. Xxx 00, Xxxxxxx 00000, Xxxxxx
(hereinafter: "YEDA")
and
ADVANCED VIRAL RESEARCH CORP
a company duly registered under the laws of the state of
New York, of 000 Xxxxxxxxx Xxxxxxxxx Xxxxx Xxxxxxx,
XX00000, XXX
(hereinafter "THE COMPANY")
WHEREAS the parties have entered into an Agreement dated January 29, 2001 (the
"AGREEMENT"); and
WHEREAS The parties wish to extend the Study Period for another 12 (twelve
months) commencing at the date of signature hereof (the "SECOND YEAR")
WHEREAS the parties wish to set up a Research Budget for the Second Year.
THEREFORE THE PARTIES DO HEREBY AGREE AS FOLLOWS:
1. Terms and phrases included in this First Supplementary Agreement
("Supplementary Agreement") which are defined in the Agreement shall
have the same meaning attributed to them in the Agreement unless
otherwise defined in this Supplementary Agreement or unless the context
otherwise requires.
2. This Supplementary Agreement and the Agreement shall be read as one and
shall represent the complete current understanding between the parties
with respect to the Second Year of the Study. Subject to the
modifications contained herein, the provisions of the Agreement shall
remain unaltered and in full force and effect.
3. All appendixes attached hereto shall form an integral part of this
Agreement
4. The Study Plan attached to the Agreement as Appendix A shall be
supplemented by the Research Program attached hereto marked Appendix
Al. AL
5. The Study Period is hereby extended for a Second Year.
6. The Budget for the Second Year of the Study Period as stated in
Appendix S of the Agreement be supplemented by Appendix B1 to this
Supplementary Agreement, and shall total US$ 138,000 (One hundred and
Thirty Eight Thousand United States Dollars). BI
7. The Company agrees and undertakes to pay Yeda US$ 138,000 (One Hundred
and Thirty Eight Thousand US Dollars) as follows:
(a) US$ 40,000 (Forty Thousand US Dollars) upon execution of this
Agreement; and
(b) US$ 40,000 (Forty Thousand US Dollars) upon expiry of 4 (four) months
of the extended Study Period; and
(c) US$ 40,000 (Forty Thousand US Do upon the expiry of 8 (eight) months of
the extended Study Period; and
(d) US$ 18,000 (Eighteen Thousand US Dollars) within 7 (seven) days after
the Company accepts that the final report required in sub-clause 4.1 to
the Agreement.
8. Late payments shall bear interest from due date until date of payment
until the date of actual payment, at the rate of 3% (three percent) per
annum in excess of the average LIBOR rate for US Dollar deposits for a
period of 3 (three) months prevailing from time to time during tie
period of arrears.
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IN WITNESS WHEREOF THE PARTIES HERETO HAVE SET THEIR SIGNATURES.
for YEDA RESEARCH AND for ADVANCED VIRAL RESEARCH CORP
DEVELOPMENT COMPANY LTD.
By: /s/ XX. XXXXX SHARIV /s/ XXXX. XXXX XXXXX By: /s/ XXXXXX X XXXXXXXXX, MD
-------------------- -------------------- --------------------------
Title: C.E.O. CHAIRMAN Title: PRESIDENT AND C.E.O.
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