FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit
99.1
FOURTH
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS
FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT is made as of September 10, 2007
(the
“Amendment”), by and between Xxxxxxx X. Xxxxxxxx, M.D. (the “Employee”) and
Health Discovery Corporation, a Georgia corporation (the “Employer”).
RECITALS
A. The
Employer executed and delivered to Employee that certain Employment Agreement
dated as of September 15, 2003 (the “Employment Agreement”). The Employment
Agreement provides that Employer will employ Employee for a period of five
(5)
years, unless earlier terminated, under the terms and conditions set forth
therein.
B. The
Employer and Employee agreed to an amendment to the terms of compensation
pursuant to that certain First Amendment to Employment Agreement dated as
of
December 30, 2005 (the “First Amendment”).
C. The
Employer and Employee agreed to further amend the terms of compensation pursuant
to that certain Second Amendment to Employment Agreement dated as of September
1, 2006 (the “Second Amendment”).
D. The
Employer and Employee agreed to further amend the terms of compensation pursuant
to that certain Third Amendment to Employment Agreement dated as of August
1,
2007 (the “Third Amendment”).
E. The
Employer entered into a Securities Purchase Agreement dated as of August
15,
2007 with several institutional and individual accredited investors, which
resulted in an investment in the Employer in excess of $1,500,000.
F. The
Employer has requested, and the Employee has agreed to, an amendment to the
terms of compensation evidenced by the Employment Agreement, and the parties
wish to memorialize their agreement in writing.
NOW,
THEREFORE, for and in consideration of the mutual agreements herein stated,
and
other good and valuable consideration, the adequacy and receipt of which
are
hereby acknowledged, Employer and Employee agree as follows:
1. Section
3.1 shall be deleted and replaced with the following:
3.1 Salary.
Employer shall pay Employee a base gross salary at the rate of $20,000 per
month, payable in accordance with Employer’s customary payment policy.
2. Effective
Time. This Amendment shall become effective as of September 10,
2007.
3. No
Other
Amendment or Waiver. The Employment Agreement, as amended by the First
Amendment, the Second Amendment, the Third Amendment, and by this Amendment,
remains in full force and effect in accordance with its terms, and Employer
and
Employee hereby ratify and confirm the same.
4. Counterparts.
This Amendment may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which, when so executed
and
delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute one instrument.
5. Successors
and Assigns. This Amendment shall be binding upon and inure to the benefit
of
the successors and permitted assigns of the parties hereto.
6. Section
References. Section titles and references used in this Amendment shall be
without substantive meaning or content of any kind whatsoever.
[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
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IN
WITNESS WHEREOF, Employer and Employee have executed this Amendment as of
the
day and year first written above.
| EMPLOYEE | |||
| /s/ Xxxxxxx X. Xxxxxxxx | |||
| Xxxxxxx X. Xxxxxxxx, M.D., CEO | |||
| HEALTH DISCOVERY CORPORATION | |||
| By: /s/ Xxxxxx X. Xxxxx | |||
| Name: Xxxxxx X. Xxxxx | |||
| Title: Executive Vice President | |||
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