Employment Agreement between
Domenic N. Golato ("Executive") and
IGI, Inc, ("Corporation")
1. Position: Executive is to serve as Senior Vice President and Chief Financial Officer of Corporation.
2. Term: The term of the employment under this Agreement is for a period ending June 30, 2001, unless sooner
terminated in accordance with the provisions hereof. The term of employment under this Agreement shall, on
each June 30 beginning June 30, 2001, be automatically extended for an additional year unless either party gives
written notice to the other, by no later than the preceeding April 30. If neither party gives notice of non-
concurrence in such extension, the term will automatically extend for one additional year.
3. Base Sa1ary: Executive's Initial base salary will be $168,600.00 per year, with review for possible merit
increases, not less than annually, and with no reduction permitted. Executive will also be entitled to participate in
the Senior Management Incentive Compensation Plan as established by the Board of Directors. Executive will
also receive an automobile allowance of $7,200 per year payable in equal monthly installments.
4. Group/Executive Benefits: Executive and his family may participate on terms no less favorable to Executive
than the terms provided to other senior executives of the Corporation, (with all waiting periods waived) in any
group and/or executive life, hospitalization or disability insurance plan, health program, pension, profit sharing,
ESOP, 401(k) and similar benefit plans (qualified, non- qualified and supplemental) or other fringe benefits of the
Corporation, including three weeks of vacation annually, and a monthly vehicle allowance.
The company will pay all healthcare premiums for the Executive and his immediate family.
5. Equity Based Incentive Compensation: It will be recommended to the Board of Directors that you be granted
options to purchase 60,000 shares of the company's stock at the closing price on the date of the grant. Any