Generex Biotechnology Corporation Toronto, Ontario Canada M5J 2G2
Exhibit
10.16
Generex
Biotechnology Corporation
00
Xxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxx,
Xxxxxxx
Xxxxxx
X0X 0X0
March 31,
2005
Xx.
Xxxxxx Xxxxxxxxx, M.D.
00
Xxxxxxx Xxxxxx
Xxxxxxxxx,
Xxx Xxxx
XXX
00000
Dear Xx.
Xxxxxxxxx:
Re: Employment
Agreement Amendment
We make
reference to the employment agreement (the “Agreement”) made
as of the 1st day of
April, 2002 by and between you and Generex Biotechnology Corporation. The
purpose of this letter is to confirm our mutual agreement to amend the Agreement
as follows:
| 1. |
Section
1.2 of the Agreement is hereby deleted and replaced with the following:
“The term of this Agreement shall commence on the date hereof and expire
on March 31, 2008, subject to earlier termination in accordance with the
provisions of Section 5 of this Agreement.” |
| 2. |
Section
3.1 of the Agreement is hereby deleted and replaced with the following:
“From April 1, 2005 until the termination of this Agreement the Company
will pay to the Executive a base salary of $200,000 per
annum,
which salary will be payable in equal monthly instalments (less customary
withholdings) in arrears.” |
| 3. |
The
provision in Exhibit A to the Agreement for the payment to the Executive
of advances against potential cash bonuses in the sum of $2,500 per month
is hereby deleted from the Agreement in its
entirety. |
In all
other respects, the Agreement will remain in full force and effect,
unamended.
Kindly
confirm that you are in agreement with the foregoing amendments by signing the
enclosed duplicate copy of this letter where indicated below and returning it to
the attention of the undersigned.
| Generex Biotechnology Corporation | ||
| /s/ Xxxx X. Xxxxx | ||
|
| ||
| Name: Xxxx
X. Xxxxx Title: Chief Operating Officer | ||
AGREED
AS OF THE 31ST
DAY OF MARCH, 2005.
| /s/ Xxxxxx Xxxxxxxxx | ||
|
|
| |
| Witness | XX. XXXXXX XXXXXXXXX |
2
