Ayelet Dugary Tenafly, NJ 07670 Dear Mrs. Dugary:
EXHIBIT
10.2
March 11,
2009
Xxxxxx
Xxxxxx
00 Xxxx
Xxxxxx
Xxxxxxx,
XX 00000
Dear Xxx.
Xxxxxx:
This letter sets forth proposals for
the amendment of your employment agreement with SIGA Technologies, Inc., dated
as of January 22, 2007 (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
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 Acting Chief Financial
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
her.”
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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(b) with the
following:
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“In
her capacity as the Acting Chief Financial Officer of the Company,
Executive shall have such duties and responsibilities as she may be
assigned by the Board of Directors, Chief Executive Office or other
executive officer of the Company in a position senior to her not
inconsistent with her position as Acting Chief Financial 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 $225,000, 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 will pay Executive an annual
cash bonus of $50,000.”
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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
Xxxxxx
Xxxxxx
Xxxxxx
Date: March 11,
2009
