Amendment to Employment Agreement between Heat Biologics, Inc. and Jeffrey T. Hutchins, effective as of January 1, 2020
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment (this Amendment) effective as of January 1, 2020 to the Employment Agreement, initially effective as of January 1, 2017 and amended as of June 29, 2017, January 1, 2018 and January 1, 2019 (the Employment Agreement), by and between Heat Biologics, Inc. (the Corporation) and Jeff T. Hutchins (Executive). Capitalized terms used herein without definition shall have the meanings assigned in the Employment Agreement.
WHEREAS, Executive was retained under the Employment Agreement by the Corporation to serve as its Chief Scientific Officer and Chief Operating Officer; and
WHEREAS, in recognition of the hard work and performance by Executive, the Corporation desires to amend the Employment Agreement to increase Executives annual base salary.
NOW THEREFORE, for the mutual promises contained herein and for ten dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree to amend the Employment Agreement as follows:
1. Amendment. Section 3(a)(i) of the Employment Agreement is hereby deleted in its entirety and replaced with the following:
(i) Executive shall receive an annual base salary of Three Hundred Fifty Three Thousand Six Hundred Seventy Six Dollars ($353,676) for the Term (the Base Salary), payable semi-monthly, which Base Salary may be reviewed and increased on an annual basis by the Board or a committee thereof to reflect the rate of inflation in effect at such time.
2. Severability. The provisions of this Amendment are severable and if any part or it is found to be unenforceable the other paragraphs shall remain fully valid and enforceable.
3. No Other Amendments; Confirmation. All other terms of the Agreement shall remain in full force and effect. The Agreement, as amended by this Amendment, constitutes the entire agreement between the parties with respect to the subject matter thereof.
4. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but both of which together shall constitute one and the same instrument.
5. Governing Law. This Amendment is made and shall be construed and performed under the laws of the remaining provisions will nevertheless continue to be valid and enforceable. State of North Carolina without regard to its choice or conflict of law principles and the parties agree to North Carolina as the exclusive venue for any disputes arising hereunder.
[Signature page follows]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to Dr. Hutchins Employment Agreement to be duly executed as of the day and year first above written.
HEAT BIOLOGICS, INC.
/s/ Jeffrey Wolf
Chief Executive Officer
/s/ Jeff T. Hutchins
JEFF T. HUTCHINS