Amendment to Employment Agreement Between Registrant and Peter Katevatis

Summary

This amendment updates the employment agreement between the company and its CEO, Peter Katevatis. The contract term is extended to March 5, 2015. Mr. Katevatis's annual base salary increases to $250,000 starting March 5, 2007. He is also eligible for a $500,000 cash bonus, paid in four annual installments from 2006 to 2009, contingent on a successful public offering by the company's subsidiary, BioScopix, raising at least $5 million. Mr. Katevatis may choose to receive the bonus in BioScopix shares instead of cash.

EX-10.2 2 ex10-2.txt EX-10.2 Exhibit 10.2 SUMMARY OF AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN THE REGISTRANT AND PETER KATEVATIS On June 18, 2006, the Board of Directors approved the following amendments to the Employment Agreement, dated May 1, 1992, between the registrant and its CEO, Peter Katevatis: 1. The termination date was extended from March 5, 2007 to March 5, 2015. 2. Effective as of March 5, 2007, Mr. Katevatis's base salary was increased from $200,000 per year to $250,000 per year. 3. Effective as of August 1, 2006, Mr. Katevatis was to be entitled to a cash bonus of $500,000, to be paid at the rate of $125,000 per year on August 1 of each year from 2006 through 2009, subject to the completion of a public offering of the registrant's subsidiary BioScopix yielding proceeds of at least $5,000,000. At Mr. Katevatis's option, such bonus amounts may converted into shares of BioScopix.