Exhibit 10.16
AMENDMENT NO. 1 TO SALARY
CONTINUATION AGREEMENT
THIS AMENDMENT
NO. 1 TO SALARY CONTINUATION AGREEMENT (“Amendment No.
1”) is made, effective as of December 9, 2008, by
and between GenVec, Inc., a Delaware corporation (the
“Company”), and Paul H. Fischer
(“Executive”).
Recitals
:
WHEREAS, Executive and the Company previously entered
into the Salary Continuation Agreement, effective as of October 15,
2002 (the “Salary Continuation Agreement”);
and
WHEREAS, Executive and the Company desire to further
amend the Salary Continuation Agreement to comply with the
requirements of Section 409A of the Internal Revenue Code of 1986,
as amended.
Agreement
:
NOW, THEREFORE, in consideration of the agreements contained
herein and of such other good and valuable consideration, the
sufficiency of which Executive acknowledges, the Company and
Executive, intending to be legally bound, agree as
follows:
1. A
new Section 3.4 shall be added to the Salary Continuation Agreement
to read as follows:
“3.4 SECTION
409A COMPLIANCE. Amounts payable other than those
expressly payable on a deferred or installment basis, will be paid
as promptly as practical and, in any event, within 2½ months
after the end of the year in which such amount was
earned.
Any amount that the Executive is entitled to be
reimbursed will be reimbursed as promptly as practic
