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Exhibit 10 (iv)
ADDENDUM TO EMPLOYMENT AGREEMENT
BETWEEN VIRAGEN (EUROPE) LTD. (EMPLOYER)
AND XXXXXX XXXXX (EMPLOYEE)
It is agreed by Employer and Employee that the Employment Agreement between
Employer and Employee dated March 1, 1997 be amended such that the below
referenced paragraph be replaced in its entirety by the following:
5. COMPENSATION
Employee shall receive an annual salary during the Employment Term as
follows: $10,000 for the period March 1, 1997 through June 30, 1997;
$72,000 for the period July1, 1997 through June 30, 1998, and $82,000
for the period July 1, 1998 through February 28, 1999. Employee's
salary shall be payable in accordance with the Company's normal payroll
process, currently bi-weekly. Additional consideration payable to
Employee hereunder consists of (a) subject to authorization of the
Company's Board of Directors, the grant to Employee of options to
acquire common stock of Employer (as further described herein), and (b)
fringe benefits, if any, that shall be made available to Employee
further described herein.
IN WITNESS WHEREOF, the undersigned have hereunto set their hands on
July 3, 1997.
Viragen (Europe) Ltd.
/s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
Executive Vice President
Employee
/s/ Xxxxxx Xxxxx
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Xxxxxx Xxxxx
