GEOVAX, INC. SALARY DEFERRAL AGREEMENT
Exhibit 10.3.2
GEOVAX, INC.
This Salary Deferral Agreement (the “Agreement”) is entered into as of April 25, 2016 by and between GeoVax, Inc., a Georgia Corporation (the “Company”), and Xxxxxxx X. Xxxxxxxx (the “Employee”).
Whereas, the Company and Employee recognize that it is in the best interests of the Company, its shareholders, and its collective Employees to conserve the Company’s cash resources; and
Whereas, as part of its cash conservation measures, the Company is asking certain of its employees to accept salary reductions and/or deferrals;
Whereas, Employee currently is currently earning an annualized gross salary of $265,750 (“Base Salary”), which has been previously reduced by 50% to $132,875, based on Employee’s reduction of her time devoted to the Company’s business;
Now, therefore, the parties hereby agree as follows:
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1. |
Salary Deferral. |
| Employee agrees to accept a deferral of 50% of her remaining Base Salary as previously reduced, which amount will be accrued and paid to Employee as described below. |
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2. |
Discontinuance of Salary Reduction and/or Deferral |
| Employee’s Salary Deferral pursuant to this Agreement shall end upon the earlier of (i) a significant event (to include financing, corporate partnership, etc., as determined by the Company), or (ii) December 31, 2016 (the “Discontinuance Date”). |
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3. |
Payment of Accumulated Deferred Salary. |
| At the Discontinuance Date, the Company in its sole discretion will determine the form of payment to be made to Employee for the accumulated Deferred Salary. Such payment may be made in cash, in the form of Company Stock, or in a combination of cash and stock. |
ACCEPTANCE
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Employee |
Date |
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Agreed: |
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GeoVax, Inc. |
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By: |
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