Exhibit 10(bbb)
AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
This AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT (this "Amendment No. 2"),
dated as of Nov 5, 20O2 (the "Effective Date of Amendment No. 2"), between SIGA
Technologies, Inc., a Delaware corporation (the "Corporation"), and Xxxxxx X.
Xxxxxxxx ("Konatich"), amends and waives certain provisions of the Amended and
Restated Employment Agreement, dated as of October 6, 2000, between the
Corporation and Konatich, as amended by the Amendment and Waiver, dated as of
January 31, 2002, (collectively, the "Existing Agreement"). Capitalized terms
used but not defined herein shall have the respective meanings assigned to them
in the Existing Agreement.
WHEREAS, under the Existing Agreement, the Initial Term ends on
December 31, 2002; and
WHEREAS, the Corporation and Konatich desire to amend the Existing
Agreement as provided in this Amendment No. 2.
NOW THEREFORE, in consideration of the premises and for other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the undersigned, intending legally to be bound, hereby agree
as follows:
1. Section 1 of the Existing Agreement shall be amended to read in
its entirety as follows:
1. Employment for Term. The Corporation hereby employs
Konatich and Konatich hereby accepts employment with the Corporation
for the period beginning on January 19,2000 and ending September 30,
2004 (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.
2. Section 3(a) of the Existing Agreement shall be amended to add
the following sentence at the end thereof:
From and after the closing date of the Corporation's financing
contemplated by that certain Private Placement Memorandum, dated
July 24, 2002 relating to the sale by the Corporation of certain
units consisting of Common Stock and Warrants to purchase Common
Stock, the Base Salary shall be not less than $210,000 per annum,
and the Corporation shall make the appropriate adjustments to its
payroll.
3. Section 3(b) of the Existing Agreement shall be amended to add
the following sentence to the end thereof:
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75,000 shares immediately and with respect to the remaining 75,000 shares
on September 1, 2003, pursuant to a Stock Option Grant Agreement in
substantially the form attached hereto as Exhibit A2A.
4. The Existing Agreement shall be amended to add an Exhibit A2A
thereto in the form of Exhibit A2A hereto.
5. Any event occurring prior to the Effective Date of Amendment No.
2 that would otherwise constitute a Change of Control shall not be deemed
a Change of Control for purposes of the Agreement.
6. Neither the amendments set forth in this Amendment No. 2, nor any
event that took place prior to the Effective Date of Amendment No. 2,
shall be deemed to constitute a breach of the Existing Agreement by the
Corporation.
(Signature page follows immediately]
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2
as of Nov 5, 2002.
SIGA TECHNOLOGIES, INC.
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Chairman of the Board
/s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx
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