Deferred Salary Agreement between Advanced Viral Research Corp. and Maribel deDiego (December 2008)

Contract Categories: Human Resources › Employment Agreements
Summary

This agreement between Advanced Viral Research Corp. and Maribel deDiego defers the payment of her salary and other cash compensation starting December 1, 2008. The company will not pay these amounts until it either raises at least $3 million from asset or securities sales, or completes a merger with an entity that has at least $3 million in available cash. Once one of these events occurs, all deferred amounts will be paid in a lump sum. The agreement amends a previous letter from November 10, 2008.

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EX-10.3 4 g16951exv10w3.htm EX-10.3 EX-10.3
EXHIBIT 10.3
December 8, 2008
Advanced Viral Research Corp.
6 Executive Plaza, Suite 283
Yonkers, New York 10701
     Re: Employment
To Whom It May Concern:
     This is to set forth our agreement regarding the payment of my salary by Advanced Viral Research Corp. (the “Company”) for the period commencing December 1, 2008. This letter agreement amends that certain letter agreement between the undersigned and the Company dated November 10, 2008.
     For the pay periods commencing on December 1, 2008 and thereafter for so long as I am employed by the Company, the obligation of the Company to pay any or all of my base salary as well as any other cash amounts shall be deferred until the Company (i) acquires net proceeds of at least $3.0 million from the sale of the Company’s assets or securities; or (ii) consummates a merger transaction with the surviving entity having at least $3.0 million in cash availability (the “Triggering Event”). Upon the occurrence of the Triggering Event, all amounts deferred hereunder shall be paid to me in one lump sum. For purposes of clarification, amounts that are referred to as deferred amounts herein shall be amounts that are accrued as obligations of the Company but which shall not be paid until and unless there is a Triggering Event.
     This letter agreement may be executed in any number of counterparts, all of which taken together shall constitute one letter agreement.

 
 Sincerely,


/s/ Maribel deDiego
 
 
Agreed and Acknowledged as of December 8, 2008
ADVANCED VIRAL RESEARCH CORP.
By: /s/ Stephen Elliston, Chief Executive Officer and President