February 23, 1999
Xxxxxxx X. Xxxxxxx
00 Xxxxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
Re: Employment Agreement
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Dear Xxxxxxx:
This letter sets forth an amendment to your employment agreement, dated
as of April 30, 1994 (the "Employment Agreement") with Cistron Biotechnology,
Inc. The Employment Agreement is hereby amended as follows:
1. Paragraph 1.2 of Section 1, "Employment and Terms" is deleted in its
entirety and replaced by the following:
"1.2 This Agreement ("Term") shall continue until April 30, 2004, unless
sooner terminated as provided herein."
2. Paragraph 4.1 of Section 4, "Compensation Payable to the Executive" is
deleted in its entirety and replaced by the following:
"4.1 In consideration for all the services rendered by the Executive
pursuant to this Agreement, the Company shall pay to the Executive during
the Term, a salary of ONE HUNDRED FOUR THOUSAND ($104,000.00) DOLLARS
per annum and any increments which may be approved by the Board."
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3. Paragraph 9.7 of section 9, "Termination" is deleted in its entirety and
replaced by the following:
"9.7 In the event this Agreement is terminated pursuant to paragraph 9.4
hereof or if the Company upon the Executive's written request refuses
within xxxxxx (30) days of such request to renew this Agreement for an
additional two (2) year period upon the same terms and conditions contained
herein, the Company shall have no obligations to the Executive from and
after the effective date of termination or the end of such thirty (30)
day period, as the case may be, other than to (i) pay the Executive an
amount equal to nine (9) months' salary and benefits as severance, such
severance to be payable in equal monthly installments commencing the
month in which the termination occurs, and (ii) enter into a consulting
contract for a minimum period of three (3) months at full salary and
benefits in addition to the severance in Paragraph 9.7 (i)."
Please indicate your agreement and acceptance of the foregoing by
executing this letter in the designated space below. This letter shall
constitute an amendment of your Employment Agreement, which shall remain in
full force and effect in all other respects.
Very truly yours,
CISTRON BIOTECHNOLOGY, INC.
By: /S/XXXXX X. XXXXXX
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XXXXX X. XXXXXX
Chairman and Chief Executive Officer
ACCEPTED AND AGREED:
/S/ XXXXXXX X. XXXXXXX
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Xxxxxxx X. Xxxxxxx
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