Change in Control Addendum between NABI and David D. Muth

Summary

This addendum between NABI and David D. Muth clarifies that if Mr. Muth becomes eligible for compensation and benefits due to a change of control, and is also eligible for severance or other benefits under a separate employment or other agreement, he will receive payment under the agreement that provides the highest value, as determined by him, but not under both. This ensures there is no duplication of severance or change of control benefits.

EX-10.37 9 g67343ex10-37.txt CHANGE IN CONTROL ADDENDUM 1 EXHIBIT 10.37 NABI - -------------------------------------------------------------------------------- 5800 PARK OF COMMERCE BOULEVARD, N.W. BOCA RATON, FL 33487 EFFECTIVE AS OF DECEMBER 11, 2000 Mr. David D. Muth 1535 SW 6 Terrace Boca Raton, FL 33486 Dear Dave: Reference is made to the letter agreement between you and the undersigned pursuant to which you will receive compensation and other benefits under certain circumstances in the event of a Change of Control as defined in such agreement (the "Change of Control Severance Agreement"). This will confirm that in the event you are entitled to receive compensation and other benefits under the Change of Control Severance Agreement and are entitled as well to receive severance or other benefits under an employment contact or other agreement, you shall be paid under whichever agreement provides the greatest value to you (as conclusively determined by you) but not under both agreements. Very truly yours, By /s/ THOMAS H. MCLAIN -------------------------------------- Name: Thomas H. McLain Title: Sr. VP Corporate Services and CFO Agreed: /s/ DAVID D. MUTH - ----------------------------------- Name: David D. Muth Title: Sr. VP Business Operations