AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN SIGA TECHNOLOGIES,
INC. (FORMERLY SIGA PHARMACEUTICALS, INC.) AND XXXXXX XXXXXXXX
DATED APRIL 1, 1998
Effective January 19, 2000, the above Employment Agreement shall be amended as
follows:
Section 1. Employment for Term. shall be deleted in its entirety and replaced
with the following:
The Corporation hereby employs Konatich and Konatich hereby accepts
employment with the Corporation for the period beginning on the date of this
Agreement and ending on April 1, 2002 (the "Initial Term"), or upon the earlier
termination of the Term pursuant to Section 6. The termination of Konatich's
employment under this Agreement shall end the Term but shall not terminate
Konatich's or the Corporation's other agreements in this Agreement, except as
otherwise provided herein.
Section 3. Compensation. (b) Stock Options. shall remain in its entirety and the
following shall be added:
In addition to the above options to purchase 95,000 shares of the
Corporation's Common Stock, Konatich is hereby granted additional options as
follows: Pursuant to the Corporation's stock option plan and subject to
stockholder approval of the Corporation's Amended 1996 Incentive and
Non-Qualified Stock Option Plan, Konatich is hereby granted options to purchase
100,000 shares at an exercise price of $2.00 per share, the closing bid price of
the Common Stock of the Corporation on January 19, 2000, the date of this
Amendment. The options shall expire on January 19, 2010. These 100,000 options
will vest in eight equal installments on every three month anniversary of the
date of this Amendment, January 19, 2000. All unvested options shall
automatically vest upon the closing of a transaction in which at least 50.1% of
all outstanding shares are acquired by a person or entity in a change of control
transaction. In the event the closing bid price of the Company's common stock is
at least $10.00 per share for twenty consecutive trading days prior to January
19, 2001, the first four installments, or the unvested portion of the balance
thereof, shall immediately vest. Similarly, an additional 25,000 options shall
immediately vest if the closing bid price for such twenty day period is $15.00
per share, and an additional 25,000 options if the closing bid price equals or
exceeds $20.00 per share. The Company will provide a stock option agreement
providing, among other things, that all vested and non-vested stock options will
terminate immediately upon termination for Cause. In the event of termination
for any other reason, all vested options must be exercised within ninety (90)
days of termination and all non-vested options will terminate immediately.
AGREED AND ACCEPTED:
SIGA TECHNOLOGIES, INC.
By: /s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
Its: Chief Executive Officer
By: /s/ Xxxxxx Xxxxxxxx
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Xxxxxx Xxxxxxxx
