Exhibit 10.1
[SIGA LETTERHEAD]
August 5, 2005
John Odden
67 Panorama
Coto De Caza, CA 92679
Dear John:
This letter agreement confirms the terms of your resignation of
your
employment with SIGA Technologies, Inc. For
purposes of this letter agreement,
"SIGA" refers to SIGA Technologies, Inc.,
its past and present parents,
subsidiaries, affiliates and divisions, and
their respective past and present
officers, directors, agents, employees,
successors and assigns, in both their
individual and corporate capacities.
1. As of the Resignation Date (defined below), all existing
employment agreements between you and SIGA,
whether oral or written, and
including without limitation the Employment
Agreement dated as of July 29, 2004,
are hereby terminated, except as expressly
stated herein. Except as otherwise
expressly provided herein, you agree that
this letter agreement supercedes any
such agreement between you and SIGA.
2. You agree that you shall execute such documents as may be
necessary to give effect to your
resignation or to remove you from any other
positions with SIGA.
3. Your employment with SIGA is terminated effective August 5,
2005
(the "Resignation Date"). You represent
that you do not have any claim, action,
or proceeding pending against SIGA.
4. In full consideration for your agreements set forth in this
letter agreement, (a) SIGA agrees that it
shall continue to pay your base
salary, less all applicable withholdings
for federal, state and local income
taxes, Social Security, and all other
customary withholdings, through September
15, 2005; and (b) you shall be paid for
vacation days accrued but untaken as of
the Resignation Date.
5. Any options granted to you prior to the date hereof shall be
subject to the terms and conditions of the
applicable agreement reflecting such
grant and any applicable plan under which
such options were issued.
6. You agree that during the period you are receiving payments
pursuant to paragraph 4(a) above, you shall
not sell any SIGA stock owned
directly or indirectly by you. You are
reminded that you may be subject to
certain restrictions regarding the purchase
and sale of securities of SIGA
pursuant to various securities laws,
regulations, and policies, and are advised
to act in accordance with such
restrictions.
SIGA TECHNOLOGIES, INC.
420 LEXINGTON AVENUE - SUITE 408, NEW YORK, NEW YORK 10170
(212) 672-9100 FAX: (212) 697-3130 www.siga.com
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7. Except as necessary to enforce the terms of this letter
agreement, and in exchange for and in
consideration of the promises, covenants
and agreements set forth herein, you hereby
release SIGA to the maximum extent
permitted by law from any and all manner of
claims, demands, causes of action,
obligations, damages, or liabilities
whatsoever of every kind and nature, at law
or in equity, known or unknown, and whether
or not discoverable, which you have
or may have for any period prior to your
execution of this letter agreement,
including, but not limited to, claims for
additional compensation, claims for
severance pay, claims of defamation,
wrongful discharge or breach of contract,
claims for unpaid wages or commissions or
bonuses, claims arising under any
federal, state or local labor laws, claims
of discrimination under the Age
Discrimination in Emp
