OPTIGENEX, INC.
000 Xxxxxxxxx Xxx
0xx Xxxxx
Xxx Xxxx, XX 00000
July 25, 2005
Xx. X. Xxxxxxx
c/o Optigenex, Inc.
000 Xxxxxxxxx Xxxxxx
0xx Xxxxx
Xxx Xxxx, XX 00000
Dear Xx. Xxxxxxx,
Re: Contract Extension
The initial employment contract between you and Optigenex, Inc. expires on
August 16, 2005. It is the desire of the Management and the Board of Directors
to extend the term and conditions of your contract dated August, 16, 2004, which
is incorporated by reference, for an additional six month period from its
original termination date. All of the provisions incorporated into that
agreement will continue in force, including the stock option vesting period on
previously granted options, and the management of Optigenex will endeavor during
this period to negotiate a new contract between you and Optigenex.
As we have discussed, the current financial status of Optigenex precludes the
possibility of entering into a long term contractual relationship. Once this
situation is remedied, it is the desire and intent of the Company to negotiate a
definitive agreement with you reflecting your past and ongoing contributions to
the company.
In the event this is acceptable to you, please sign the duplicate copies of this
amendment to the initial agreement referenced above, and keep one copy for your
records and return one executed copy to us.
This is a challenging time in the history of Optigenex and the full and
unwaivering commitment of management and staff is indispensable to the success
of our Company. I trust that this commitment will enable us to accomplish the
tasks needed to make Optigenex a very successful and respected company.
Very truly yours,
Xxxxxxx Xxxxxx
Agreed and Accepted:__________________________________________
Dated:________________________________________________________
