Exhibit 10.20
ADDENDUM TO THE
EXECUTIVE EMPLOYMENT AGREEMENT
OF OCTOBER 9, 1995
This Addendum to the Executive Employment Agreement, originally dated October 9,
1995, is executed on May __,2001, to be effective on July 1, 2001, by and
between OXiGENE, Inc. a Delaware corporation with its principal office at 000
Xxxxxxx Xxxxxx, Xxxxxxxxx, XX 00000 (the "Company"), and Xxxxx Xxxxxxxxxx,
Ph.D., M.D., currently with a residence at 000 Xxxxxxxxxxx, Xxxxxx, XX 00000
(the "Executive"). The parties to this Agreement are referred to, collectively,
as the "Parties".
Whereas, the Parties have entered into an Executive Employment Agreement,
originally dated October 9, 1995, and thereafter amended, of which the latest
amendment is dated July 1, 1999 (as so amended to date, the "Executive
Employment Agreement"); and.
Whereas, the Parties have agreed, taking into account the move of Executive from
Sweden to the United States at the request of the Company and the role played
and anticipated by Executive in the Company's success, upon an increase in
Executive's present annual Base Salary of $225,000 to a new annual Base Salary
of $250,000 and the promise by the Company to Executive of a rent-free residence
and the use of an automobile in the Boston, Massachusetts, USA, area.
Now therefore the Parties agree as follows:
1. The minimum annual Base Salary provided for in Section 2(a) ("Base Salary")
of the Executive Employment Agreement is hereby amended to $250,000.00
(U.S.) per annum.
2. The following shall be added to, and shall become and be a part of, Section
4 ("Benefits") of the Executive Employment Agreement:
(d) Residence benefit. The Company shall, during the period July 1, 2001,
through and including June 30, 2002, make available to Executive, for
use by himself and his family, a rent-free residence in the Boston,
Massachusetts, area on the terms herein set forth. Pursuant hereto,
the Company shall also bear the expense of electricity, heating,
water, refuse collection and other similar expenses related to the
residence. The Executive shall approve a residence chosen by the
Company, and the Parties have estimated that the monthly rental due
thereon shall be approximately $6,000.00 (excluding other expenses
associated with the expected occupancy and use of the premises).
(e) Car benefit. The Company shall, during the period July 1, 2001,
through and including June 30, 2002, make available without cost to
the Executive an automobile for use in connection with his activities
on behalf of the Company in the United States, and particularly in the
Boston, Massachusetts, area. Pursuant hereto, the Company shall pay up
to $600 per month for the cost of usage of the car and related
insurance. Additionally, the Company will pay for the lull operating
costs of the vehicle, including reasonable fuel, consumables,
maintenance and repairs, registration and licensing, parking and
tolls.
3. The Parties hereto agree further that the provisions hereinabove set forth
shall be extended for an additional twelve month period if the Executive
Employment Agreement has not been terminated on or before June 30, 2002,
and the Executive's principal place of employment for the Company remains
at the Company's principal office in the Boston, Massachusetts, area.
4. This Addendum shall become effective July 1, 2001, and, unless extended as
set forth in Paragraph numbered 3 above, shall terminate on June 30, 2002.
5. Except as set forth in this Addendum, the Executive Employment Agreement
and all prior amendments thereof and addenda thereto shall in all other
respects be unchanged and remain in lull force and effect.
This Addendum has been executed in two (2) originals, of which each Party has
retained one.
The Company The Executive
OXiGENE, Inc.
/s/ Xxxxxxxxx Xxxxxxxx /s/ Xxxxx Xxxxxxxxxx
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Xxxxxxxxx Xxxxxxxx Xxxxx Xxxxxxxxxx
