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EXHIBIT 10.10
AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT made effective as of the 15TH
DAY OF JANUARY. 1999, ("Amendment")
BETWEEN:
GENETRONICS, INC., a California Corporation having it's principle
place of business at 00000 Xxxxxxxx Xxxxxx Xxxx, Xxx Xxxxx, Xxxxxxxxxx,
XXX, 00000-0000 (the "Company")
AND:
XXXXXX XXXX, an individual residing at [___________________________]
(the "Employee")
(the Company and the Employee we collectively, the "Parties")
WHEREAS:
A. The Company entered into an Employment Agreement with the Employee
dated January 9, 1995, and Amended January 9, 1996, and March 1, 1998
(the "Agreement"); and
B. The parties wish to amend certain terms of the Agreement as set out
herein ("the Amendment"),
THEREFORE in consideration of the recitals, the following
representations and covenants, the Parties agree on the following terms:
1, AMENDMENT TO THE AGREEMENT
(a) Article 2, Section 2.1 is hereby amended in its entirety to read
as follows:
"2.1 SALARY. For his services hereunder, the Employee shall
receive a Salary, payable in such regular intervals as shall be
determined by the Employer, which shall be at the rate of U.S.
$165.000 per year ("Salary")."
(b) Article 3, Section 3.5 is hereby amended in its entirety to read
as follows:
"COMPANY CAR. The Employer recognizes that the Employee
requires the use of an automobile in the performance of his duties and
therefore agrees to furnish a leased sedan automobile at leasing costs
below a Lexus to the Employee for his sole use. The lease shall be in
the name of Employer, and the automobile will be replaced every three
(3) years upon request by the Employee. The Employer shall pay for
lease payments in addition to insurance, maintenance, and repair costs
associated with said automobile. Upon termination of the Employee's
employment with the Employer for any reason Employee will assume all
obligations of any/all automobile lease(s) entered into by the Company
for his benefit, and shall have said lease agreement and all
obligations thereunder assigned to him personally."
2. CONFIRMATION
Except as amended hereby, the Agreement continues in full force and
effect as of the date hereof.
This Amendment may be executed in as many counterparts as may be necessary and
by facsimile, each of such counterparts together will constitute one and the
same instrument and notwithstanding the date of execution will be deemed to bear
the date as of the day and the year first above written.
GENETRONICS, INC. EMPLOYEE
By: /s/ Xxxx X. Xxxxxxxx By:/s/ Xxxxxx Xxxx,
---------------------- Senior Vice President
Xxxx X. Xxxxxxxx, --------------------------
President & CEO Xxxxxx Xxxx,
Senior Vice President
