FIRST AMENDMENT TO
EXECUTIVE EMPLOYMENT AGREEMENT
This FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (this “Amendment”) is entered into by and between KIROMIC BIOPHARMA, INC., a Delaware corporation (the “Company”), and DANIEL CLARK (the “Executive”), effective as of May 10, 2022 (the “Effective Date”).
RECITALS:
WHEREAS, the Company and the Executive entered into that certain Executive Employment Agreement, dated effective as of February 14, 2022 (the “Employment Agreement”); and
WHEREAS, the Company and the Executive desire to amend the Employment Agreement as set forth herein;
NOW, THEREFORE, for and in consideration of the foregoing recitals, the promises and mutual covenants and agreements contained in this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
AGREEMENTS:
1.Confirmation and Incorporation of Recitals. The parties hereto agree that the recitals set forth above are true and correct, that they are incorporated into this Amendment and are binding upon the parties hereto.
2.Capitalized Terms. All capitalized terms used herein and not otherwise defined herein shall have the meaning given to such terms in the Employment Agreement.
3.Amendments to Employment Agreement. Effective as of the Effective Date, the Employment Agreement is hereby amended as follows:
a.New Position of Executive. The Employment Agreement shall be amended to reflect that, at and following the Effective Date, the Executive will be employed by the Company as the Chief Financial Officer of the Company, rather than as the Interim Chief Financial Officer of the Company. Accordingly, throughout the Employment Agreement, each instance of (a) the term “Interim Chief Financial Officer” is hereby deleted and replaced in its entirety with the term “Chief Financial Officer”, and (b) the term “iCFO” is hereby deleted and replaced in its entirety with the term “CFO”.
b.Salary Increase of Executive. The Employment Agreement shall be amended to reflect an increase in the Executive’s Base Salary as of the Effective Date from $265,000 to $300,000 (an increase of $35,000), effective as of the Effective Date. Accordingly, the first sentence of Section 4(a) of the Employment Agreement is hereby deleted and replaced in its entirety with the following sentence: “Executive shall be paid a gross base annual salary in the amount of $300,000 (the “Base Salary”), which shall be payable in accordance with the then-current payroll schedule of the Company.”
