EXHIBIT 10.86
XXXXXXXX # 0 TO EMPLOYMENT AGREEMENT
This addendum, dated March 1, 2003, reflects a modification to the Employment
Agreement (the "Agreement") between Viragen, Inc. ("Employer") and Xxxxxx X.
Xxxxxx ("Employee").
Whereas, both Employer and Employee intend to modify Employee's Employment
Agreement dated March 1, 2001. It is agreed the following paragraphs shall be
added to the paragraph 5 of the Agreement.
Effective March 1, 2003, Employer and Employee agree to reduce
Employee's cash salary by 75%, from $252,000 per annum to $63,000 per
annum resulting in a cash salary reduction of $189,000 per annum (the
"Reduction").
In lieu of cash consideration equal to the Reduction, Employer agrees
to issue and Employee agrees to accept an amount of Viragen, Inc.
common stock equivalent in value to the amount of the Reduction, valued
at the closing market price at the end of each pay period.
Employee acknowledges that common shares issued pursuant to this
Addendum shall be unregistered shares under Securities and Exchange
Commission guidelines. Employer agrees to use its best efforts to
register these shares within 90 days of issuance.
Both Employer and Employee agree and acknowledge that the Reduction is
voluntary on the part of the Employee and may be unilaterally rescinded
at any time.
All other provisions of the Agreement shall remain unchanged.
VIRAGEN, INC.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxxxxx X. Xxxxx
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Xxxxxx X. Xxxxxx Xxxxxxxx X. Xxxxx
Employee Controller
