AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AGREEMENT dated as of the 1st day of October 1997, between IGI, Inc.,
a Delaware corporation having its principal place of business at Xxxxx Xxxx xxx
Xxxxxxx Xxxxxx, Xxxxx XX 00000 (the "Company") and Xxxx X. Xxxxx ("Employee")
residing at Xxxxxxx Xxxx Xxxx, Xxxxx, Xxx Xxxxxx 00000 hereby amends that
certain Employment Agreement dated as of the 1st day of January 1990, which was
previously amended on March 11, 1993 and March 14, 1995.
The Company and Employee hereby agree as follows:
1. Article 2, Duties, is hereby amended to provide that subsequent to December
31, 1999, Employee shall be required to devote one week per month rather than
his entire time and energies in performing services on behalf of the Company.
2. Article 4(a), Base Compensation, is hereby amended to provide that the
Company shall pay the Employee the following amounts as compensation for
services rendered during each of the following calendar year periods as
stipulated below:
Year Base Compensation
---- -----------------
1997 $285,000
1998 $250,850
1999 $200,000
2000 $200,000
2001 $200,000
2002 $200,000
2003 $200,000
2004 $200,000
2005 $200,000
3. Article 7(d), Termination of Employment, is hereby amended to provide that
in the event the Employee dies subsequent to December 31, 1999, the Employee's
heirs or assigns shall be entitled to receive the present value of any remaining
unpaid Base Compensation through the year 2005 as listed above. Such payment
shall be made by the Company to the Employee's heirs or assigns within sixty
days of the Employee's death.
4. In all other respects, all of the provisions of the Employment Agreement
dated January 1, 1990 as amended, are hereby ratified and confirmed.
IN WITNESS WHEREOF, the parties hereto have executed or caused to be executed
this Agreement this 1st day of October, 1997.
IGI, Inc.
By: /s/ Xxxxxx X. Xxxxx
-----------------------------
Xxxxxx X. Xxxxx
Chairman of the Board &
Chief Executive Officer
By: /s/ Xxxx X. Xxxxx
-----------------------------
Xxxx X. Xxxxx
President & Chief Operating
Officer
