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EXHIBIT 10.18(c)
AMENDMENT #2 TO THE EMPLOYMENT AGREEMENT
BETWEEN
INTROGEN THERAPEUTICS, INC.
AND
XXXXX X. XXXXX
Introgen Therapeutics, Inc. ("Company") and Xxxxx X. Xxxxx ("Employee")
hereby agree to the following amendments to the Employment Agreement
("Employment Agreement") dated August 1, 1996, between Company and Employee,
which Employment Agreement was previously amended by Amendment #1 effective as
of August 1, 1998:
Paragraph 2, providing the term of the Agreement ("Term") is amended
as follows:
The date "July 31, 1999," set forth in the first sentence of Paragraph
2, is changed to "July 31, 2003." The remainder of Paragraph 2 shall
remain in full force and effect.
Paragraph 3 is deleted and replaced with the following new paragraph 3:
"3. COMPENSATION. Employee shall receive an aggregate base salary at
the rate of $275,000 per annum until July 31, 2000. Employee's base
salary will be raised by 10% effective August 1, 2000, by an
additional 10% effective August 1, 20001, and by an additional 10%
effective August 1, 2002. Employee will be granted options to purchase
50,000 shares of the Corporation's common stock pursuant to the
Company's 2000 Stock Plan on August 1, 2000, August 1, 2001, and
August 1, 2002 (for a total of 150,000 shares). Such options will be
exercisable at a price determined by the Plan Administrator, but no
greater than the fair market value of the underlying shares on the
date of each grant, and will vest in full when granted. Installments
of base salary shall be paid not less often than bi-weekly. Employee
may be paid bonuses (in stock, cash or other consideration) from
time-to-time as determined by the Board of Directors or the
Compensation Committee."
This Amendment #2 is conditioned upon and shall become effective upon
closing for an Initial Public Offering of the Company's securities.
Except as amended herein, the Employment Agreement shall continue in
full force and effect.
Signed this 15th day of February, 2000.
COMPANY:
INTROGEN THERAPEUTICS, INC.
By: /s/ XXXXX X. XXXXXXXX, XX.
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Xxxxx X. Xxxxxxxx, Xx., Vice President
and Chief Financial Officer
EMPLOYEE:
/s/ XXXXX X. XXXXX
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Xxxxx X. Xxxxx
