EMPLOYMENT AGREEMENT EXTENSION
Exhibit
10.1
Reference
is made to the Employment Agreement (the “Agreement”), dated as of January 8,
2004, by and between Zylogen, Inc., a Delaware corporation and the predecessor
to ZIOPHARM Oncology, Inc., a Delaware corporation (the “Company”), and Dr.
Xxxxxxxx Xxxxx (the “Executive”). All terms used, but not otherwise defined
herein, shall have the meanings assigned to them in the Agreement.
Each
of
the Board, the Company and the Executive hereby consent and agree as
follows:
1.
Pursuant
to Section 2 of the Agreement, the Term is extended for an additional one (1)
year period.
2.
Section
5(a) of the Agreement is hereby amended by restating the first sentence in
its
entirety, as follows: “The Company shall pay Executive a salary (the “Base
Salary”) equal to Three Hundred Eighty-Five Thousand Dollars ($385,000) per
year.
Except
for the extension of the Term and the amendment to Section 5(a) of the Agreement
provided above, the terms and conditions of the Agreement remain applicable
in
their entirety.
IN
WITNESS WHEREOF, the Company and the Board have caused their respective duly
authorized officer and representative to execute and the Executive has
personally set his hand hereto as of the date set forth below.
ZIOPHARM
Oncology,
Inc. and
Its
Board of Directors
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By: | /s/ Xxxxxxx Xxxxxx | |
Name: Xxxxxxx Xxxxxx |
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Title: President |
EXECUTIVE | ||
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By: | /s/ Xxxxxxxx Xxxxx | |
Name: Xxxxxxxx Xxxxx, M.D. |
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Date: 21 December, 2006 |