Document:

EXHIBIT 10.167

                          SECOND MODIFICATION AGREEMENT

                              (AD&C Loan Agreement)

      THIS SECOND MODIFICATION AGREEMENT (AD&C Loan Agreement) ("Second
Modification Agreement"), dated effective as of the 15th day of September, 2004
("Effective Date"), is entered into by and between BLUEGREEN VACATIONS
UNLIMITED, INC., a Florida corporation ("BVU") and BLUEGREEN/BIG CEDAR
VACATIONS, LLC, a Delaware limited liability company ("BCV" and collectively
with BVU, "Borrower") and RESIDENTIAL FUNDING CORPORATION, a Delaware
corporation ("Lender") with respect to the Loan Documents defined below.

                                    RECITALS:

      A. BVU and Lender are parties to that certain Loan Agreement dated as of
February 10, 2003, as amended by a Modification Agreement dated as of September
10, 2003 and as amended by letter agreement dated as of September 10, 2003
(collectively, "Loan Agreement"), pursuant to which Lender agreed to make a
revolving acquisition, development and construction loan to Borrower on the
terms and conditions set forth therein in a maximum principal amount of
$45,000,000 ("Loan"). BCV agreed to become a borrower under and to be bound by
the terms of the Loan Agreement and to be jointly and severally liable for the
Loan pursuant to that certain Project Commitment (Big Cedar Wilderness Club)
dated October 10, 2003 between Borrower and Lender ("Big Cedar Project
Commitment"). BCV's monetary liability under the Loan, however, is limited
pursuant to the terms of the Big Cedar Project Commitment as provided therein.
The documents executed in connection with the Loan are collectively referred to
herein as the "Loan Documents." All terms used herein with initial capital
letters, unless otherwise defined herein, shall have the same meanings given
such terms in the Loan Agreement.

      B. Bluegreen Corporation, a Massachusetts corporation, executed a Full
Guaranty dated as of February 10, 2003 (as amended, "Guaranty") in favor of
Lender Guarantying the payment and performance of the obligations of Borrower
under the Loan Documents.

      C. The total outstanding balance of the Loan presently owed by Borrower to
Lender as of April 29, 2004 is $24,048,323 ("Loan Balance"), plus any and all
accrued and unpaid interest thereon and certain costs and expenses of Lender to
the extent due and owing under the Loan Documents.

      D. Borrower has requested that Lender modify the Loan and the other Loan
Documents to, among other things: (i) extend the Approval Period during which
new projects will be considered for approval for funding from proceeds of the
Loan and thereby concurrently extend the Maturity Date, and (ii) increase the
Loan Amount under the Loan Agreement from $45,000,000 to $75,000,000. Lender is
willing to so modify the Loan, the Loan Agreement and the other Loan Documents,
subject to the terms and conditions herein.

      E. All of the documents executed in connection with this Second
Modification

<PAGE>

Agreement, inclusive of the Second Modification Agreement, shall be referred to
herein as the "Modification Documents."

                                   AGREEMENT:

      NOW THEREFORE, in consideration of the foregoing premises and the mutual
covenants hereinafter stated, and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

1.    Acknowledgement of Existing Indebtedness.

      1.1 Borrower acknowledges that it is truly and justly indebted to Lender
in the amount of the Loan Balance, plus all accrued and unpaid interest on the
Loan and all other costs, fees and expenses that are, under the Loan Agreement
or the other Loan Documents, properly chargeable to Borrower.

      1.2 Borrower acknowledges that, as of the date hereof, it has (i) no
defense, counterclaim, offsets, cross-complaint, claim or demand of any nature
whatsoever which can be asserted as a basis to seek affirmative relief or
damages from Lender or to reduce or eliminate all or any part of its liability
to repay the Loan, and (ii) no other claim against Lender with respect to any
aspect of the transactions in respect of which the Loan was made.

2.    Modification to Loan Documents.

      2.1 Modification of Loan Agreement: As material inducements to Lender to
enter into this Second Modification Agreement, and acknowledging Lender's
reliance upon such inducements, the parties agree that the Loan Agreement is
amended in the following respects:

            (a)   Modification of Definitions within Loan Agreement:

                  (i) The definition of the term "Approval Period Termination
      Date" is hereby amended by deleting such definition in its entirety and
      replacing and substituting in lieu thereof the following:

                  "Approval Period Termination Date" means the date which is 24
                  months after the Effective Date of this Second Modification
                  Agreement.

                  (ii) The definition of the term "Commitment Fee" is hereby
      amended by deleting such definition in its entirety and replacing and
      substituting in lieu thereof the following:

                  "Commitment Fee" means 3/4 of 1% of the Loan Amount, i.e.
                  $562,500, of which Borrower has paid $337,500 as of the
                  Effective Date of this Second Modification and the remainder
                  of which is required to be paid by Borrower on the dates set
                  forth in Section 2.4.

                  (iii) The definition of the term "Loan Amount" is hereby
      amended to

                                       2
<PAGE>

      mean $75,000,000 (with the understanding that all references in the Loan
      Agreement stating the prior acquisition, development and construction loan
      amount of $45,000,000 is concurrently amended to read $75,000,000).

                  (iv) The definition of the term "Maturity Date" is hereby
      amended by deleting such definition in its entirety and replacing and
      substituting in lieu thereof the following:

                  "Maturity Date" means the first to occur of (i) the Project
                  Loan Repayment Date set forth in the last Project Commitment
                  incorporated into this Loan Agreement, (ii) the date which is
                  48 months from the Approval Period Termination Date or (iii)
                  any earlier date on which the Loan is accelerated or otherwise
                  required to be repaid pursuant to the terms of the Loan
                  Agreement.

            (b)   Modification of Loan Agreement Terms:

                  (i) Section 2.4 of the Loan Agreement is hereby amended by
      deleting the existing Section 2.4 in its entirety and replacing and
      substituting in lieu thereof the following Section 2.4:

                  Section 2.4 Commitment Fee

                  Lender acknowledges receipt of $337,500.00 of the Commitment
                  Fee as of the Effective Date of this Second Modification
                  Agreement. Borrower will pay to Lender the remaining amount of
                  the Commitment Fee on the following dates: (i) a good faith
                  deposit of $20,000 was paid by Borrower to Lender on the date
                  that Borrower accepted the term sheet for the modification of
                  the Loan; and (ii) the remaining amount of the Loan Fee in the
                  amount of $205,000 shall be paid to Lender within 90 days of
                  the Effective Date of this Second Modification Agreement.

      2.2 Modification of Other Loan Documents. Without limiting Lender's right
to require that all other Loan Documents be expressly amended by a separate
instrument in order to effect the intent of this Second Modification Agreement,
all of the Loan Documents are hereby deemed to be amended to include this Second
Modification Agreement and the other Modification Documents with the additional
understanding and agreement that any reference to the Loan Amount shall be equal
to $75,000,000.

3.    Fees, Costs and Expenses.

      Borrower agrees to pay to Lender all reasonable costs and expenses
incurred by Lender in connection with this Second Modification Agreement and the
other modification of the Loan Documents, including, without limitation,
attorneys' fees and expenses incurred. Such legal fees and expenses shall
include, without limitation, the costs associated with this Second Modification
Agreement. Borrower agrees to pay such costs and expenses to Lender immediately
upon the execution of this Second Modification Agreement.

                                       3
<PAGE>

4. Reaffirmation of Existing Security Interests. Borrower hereby confirms and
agrees that Lender's security interest in all of the collateral previously
pledged to Lender pursuant to the Loan Documents shall continue to secure the
payment and performance of all of Borrower's Obligations to Lender, as modified
by this Second Modification Agreement.

5. Representations, Warranties And Agreements Of Borrower. As material
inducements to Lender to enter into this Second Modification Agreement, and
acknowledging Lender's reliance upon the truth and accuracy thereof, Borrower
represents, warrants, acknowledges and agrees that:

      5.1 The recitals set forth above are true and correct.

      5.2 All financial statements and other information delivered to Lender by
or on behalf of Borrower or Guarantor in connection with this Second
Modification Agreement were true and correct as of the respective dates thereof,
and that neither Borrower's nor Guarantor's financial condition has not
adversely and materially altered as of the date of this Second Modification
Agreement from that presented by the latest such financial statements and other
information provided to Lender.

      5.3 As of the date hereof, no Event of Default or Incipient Default exists
with respect to the Loan Documents.

      5.4 As of the date hereof, Borrower is not the subject of a pending
bankruptcy proceeding and Borrower is not aware of any threatened bankruptcy
proceeding against Borrower.

      5.5 As of the date hereof, Guarantor is not the subject of a pending
bankruptcy proceeding, and Borrower is not aware of any threatened bankruptcy
proceeding against Guarantor.

      5.6 There are no proceedings pending or threatened against or affecting
Borrower (or to the best of Borrower's knowledge, threatened against or
affecting Guarantor) in any court, before any governmental authority, or
arbitration board or tribunal which may now or in the future materially
adversely affect Borrower or Guarantor.

      5.7 All of the representations and warranties contained in the Loan
Agreement and the other Loan Documents are true and correct as of the date
hereof and are hereby reaffirmed and ratified.

      5.8 This Second Modification Agreement and any documents and instruments
executed in connection herewith have been authorized by all necessary action and
when executed will be the legal, valid and binding obligations of Borrower.

      5.9 Borrower's execution, delivery and performance of this Second
Modification Agreement does not and will not (i) violate any law, rule,
regulation or court order to which Borrower is subject, (ii) conflict with or
result in a breach of the articles of formation, bylaws, operating agreement,
partnership agreement or other formation document of Borrower or any

                                       4
<PAGE>

agreement or instrument to which Borrower is a party or by which its properties
are bound, or (iii) result in the creation or imposition of any lien, security
interest or encumbrance on any property of Borrower, whether now owned or
hereafter acquired, other than liens in favor of Lender.

      5.10 Borrower acknowledges that Borrower has consulted with counsel and
with such other experts and advisors as it has deemed necessary in connection
with the negotiation, execution and delivery of this Second Modification
Agreement. This Second Modification Agreement shall be construed without regard
to any presumption or rule requiring that it be construed against the party
causing this Second Modification Agreement or any part hereof to be drafted.

      5.11 All terms, conditions and provisions of the Loan Agreement, the
applicable promissory note and the other Loan Documents are hereby reaffirmed,
ratified and continued in full force and effect and shall remain unaffected and
unchanged except as specifically amended hereby.

6. Conditions Precedent To Effectiveness. The effectiveness of this Second
Modification Agreement is subject to the full and complete satisfaction of each
and every one of the following conditions precedent:

      6.1 Lender shall have received the following documents duly executed and
in form and substance acceptable to Lender:

            (a)   this Second Modification Agreement;

            (b)   an Amendment No. 2 to the Note;

            (c)   a Consent and Agreement of Guarantor;

            (d)   Resolutions of Borrower and Guarantor authorizing the
                  execution of the Modification Documents;

            (e)   an opinion from counsel to Borrower and Guarantor as to such
                  matters as Lender may require, which counsel shall be
                  reasonably satisfactory to Lender; and

            (f)   such other documents that Lender in its discretion may
                  require.

      6.2 Lender shall have received from Borrower any amounts due to Lender
pursuant to Section 3 of this Second Modification Agreement.

7. Miscellaneous Terms.

      7.1 Complete Agreement. Notwithstanding anything to the contrary contained
herein or in any other instrument executed by the parties and notwithstanding
any other action or conduct undertaken by the parties on or before the date
hereof, the agreements, covenants and provisions contained herein shall
constitute the only evidence of Lender's agreement to modify the Loan

                                        5
<PAGE>

Agreement and the other Loan Documents. Accordingly, no express or implied
consent to any further modifications shall be inferred or implied by Lender's
execution of this Second Modification Agreement. The Loan Agreement and this
Second Modification Agreement, together with the other Loan Documents,
constitute the entire agreement and understanding among the parties relating to
the subject matter hereof, and supersedes all prior proposals, negotiations,
agreements and understandings relating to such subject matter. In entering into
this Second Modification Agreement, Borrower acknowledges that it is relying on
no statement, representation, warranty, covenant or agreement of any kind made
by the Lender or any employee or agent of the Lender, except for the agreements
of Lender set forth herein.

      7.2 No Waiver. Lender's execution of this Second Modification Agreement
shall not constitute a waiver (either express or implied) of the requirement
that any further modification of the Loan Agreement or of any other Loan
Document shall require the express written approval of Lender. No such approval
(either express or implied) has been given as of the date hereof.

      7.3 Full Force and Effect; Conflict. Other than as specifically set forth
herein, the remaining terms of the Loan Agreement and the other Loan Documents
shall remain in full force and effect. Notwithstanding anything to the contrary
contained in the Loan Agreement or the other Loan Documents, in the event of a
conflict between the terms of this Second Modification Agreement (on the one
hand) and the Loan Agreement or other Loan Documents (on the other hand), the
terms of this Second Modification Agreement shall control. Nothing contained in
this Second Modification Agreement is intended to or shall be construed as
relieving any person or entity, whether a party to this Second Modification
Agreement or not, of any of such person's or entity's obligations to Lender.

      7.4 Successors and Assigns. The Loan Documents as modified herein shall be
binding upon and shall inure to the benefit of Borrower and Lender and their
successors and assigns and the executors, legal administrators, personal
representatives, heirs, devisees, and beneficiaries of Borrower, provided,
however, Borrower may not assign any of its rights or delegate any of its
obligations under the Loan Documents and any purported assignment or delegation
shall be void.

      7.5 Severability. If any one or more of the provisions of a Modification
Document is held to be invalid, illegal or unenforceable in any respect or for
any reason (all of which invalidating laws are waived to the fullest extent
possible), the validity, legality and enforceability of any remaining portions
of such provision(s) in every other respect and of the remaining provision(s) of
such Modification Document shall not be in any respect impaired. In lieu of each
such unenforceable provision, there shall be added automatically as a part of
such Modification Document a provision that is legal, valid and enforceable and
is as similar in terms to such unenforceable provisions as may be possible.

      7.6 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same document. Signature pages may be
detached from the counterparts and attached to a single copy of this Second
Modification Agreement to physically form one document.

      7.7 BCV Obligations. Nothing herein shall modify or increase BCV's
monetary obligations under the Loan to the extent that such obligations are
limited pursuant to Section 4 of the Big Cedar Project Commitment. Furthermore,
the parties acknowledge that pursuant to Section 7.4(c) of the Loan Agreement,
upon payment in full of the Project Loan issued under the terms of

                                       6
<PAGE>

the Big Cedar Project Commitment, the Project Security Instruments corresponding
to the Big Cedar Project Commitment shall be released provided that no Event of
Default or Potential Default shall exist under the Loan Agreement.

                                       7
<PAGE>

DATED as of the date first above stated.

                                          BORROWER:

                                          BLUEGREEN VACATIONS UNLIMITED, INC.,
                                          a Florida corporation

                                          By:___________________________________
                                          Printed Name:_________________________
                                          Title:________________________________

                                          BLUEGREEN/BIG CEDAR VACATIONS, LLC,
                                          a Delaware limited liability company

                                          By:___________________________________
                                          Printed Name:_________________________
                                          Title:________________________________

                                          LENDER

                                          RESIDENTIAL FUNDING CORPORATION,
                                          a Delaware corporation

                                          By____________________________________
                                          Print Name: Jeff Owings
                                          Its: Managing Director

                                       8Exhibit 10.1

                              EMPLOYMENT AGREEMENT

      This Employment Agreement (the "Agreement") is entered into as of July 29,
2004, between SIGA Technologies, Inc., a Delaware corporation (the
"Corporation"), and John Odden (the "Executive").

      WHEREAS, the Corporation desires to employ Executive and Executive desires
to accept such employment on the terms and conditions set forth herein.

      NOW, THEREFORE, in consideration of the foregoing premises and of the
mutual agreements and covenants hereinafter set forth, the parties hereto agree
to the terms and conditions of this Agreement as follows:

      1. Employment for Term. The Corporation hereby employs Executive and
Executive hereby accepts employment with the Corporation for the period
beginning on August 23, 2004 and ending on the third anniversary thereof (the
"Initial Term"), or upon the earlier termination of such term pursuant to
Section 7. Unless one party provides the other party with at least three (3)
months advance notice of its desire not to renew the term of Executive's
employment hereunder, the term of Executive's employment with the Corporation
shall continue for one (1) additional year following the end of the Initial Term
(the "Renewal Term") except upon the earlier termination of such term pursuant
to Section 7 (such term of employment upon any such earlier termination, being
hereinafter referred to as the "Term"). The termination of Executive's
employment under this Agreement shall end the Initial Term or Renewal Term, as
applicable, but shall not terminate Executive's or the Corporation's other
agreements in this Agreement, except as otherwise provided herein.

      2. Position and Duties. During the Term, Executive shall serve as Vice
President - Business Development of the Corporation. During the Term, Executive
shall also hold such additional positions and titles as the Board of Directors
of the Corporation (the "Board") may determine from time to time. During the
Term, Executive shall devote his full time and efforts to his duties as an
employee of the Corporation.

      3. Compensation.

            (a) Base Salary. The Corporation shall pay Executive a base salary,
beginning on the first day of the Term and ending on the last day of the Term,
of not less than $230,000 per annum, payable at least monthly on the
Corporation's regular pay cycle for professional employees (the "Base Salary").

            (b) Bonus Payments. If Executive causes the Corporation to achieve
the objectives set forth on Schedule I attached hereto, Executive shall be
entitled to receive the bonus payments with respect to such objectives set forth
on Schedule I. Each bonus payment pursuant to this Section 3(b) shall be made at
the end of the fiscal quarter during which funds in respect of the relevant
objective in an amount that is sufficient to make such payment are received by
the Corporation.

            (c) Stock Options.

<PAGE>

                  (i) On the date hereof, the Corporation shall grant Executive
an option to purchase an aggregate of 200,000 shares of common stock, par value
$.0001 per share, of the Corporation ("Common Stock"), which shall vest with
respect to the first 50,000 shares, on the date hereof, with respect to the
second 50,000 shares, on the first anniversary of the date hereof, with respect
to the third 50,000 shares on the second anniversary of the date hereof and with
respect to the remaining 50,000 shares, on the third anniversary of the date
hereof, pursuant to and subject to the terms and conditions of a stock option
grant agreement, substantially the form attached hereto as Exhibit A (the "Time
Vested Options").

                  (ii) In addition to the Time Vested Options, upon the
formation of each "strategic relationship" (as defined below) resulting
substantially from Executive's efforts during the Term, the Corporation shall
grant an option to purchase such number of shares of Common Stock as determined
by the Board and not to exceed 25,000 shares, which shall be pursuant to and
subject to the terms and conditions of a stock option grant agreement, the form
of which shall be mutually agreed to by the Corporation and Executive and
consistent with the Corporation's then-existing form of stock option grant
agreement (the "Milestone Options"). For purposes of this Agreement, the term
"strategic relationship" shall mean a relationship between the Corporation and
an independent third party, which in the sole discretion of the Chief Executive
Officer of the Corporation or the Board, creates a signficant market advantage
for the Corporation.

            (d) Other and Additional Compensation. The preceding sections
establish the minimum compensation during the Term and shall not preclude the
Board from awarding Executive a higher salary or any bonuses or stock options in
the discretion of the Board at any time during the Term.

      4. Employee Benefits. During the Term, Executive shall be entitled to the
employee benefits including four (4) weeks vacation (to be taken at a time or
times mutually agreed by Executive and the Corporation), 401(k) plan, health
plan and other insurance benefits made generally available by the Corporation to
employees of the Corporation.

      5. Expenses. The Corporation shall reimburse Executive for actual
out-of-pocket expenses incurred by him in the performance of his services for
the Corporation upon the receipt of appropriate documentation of such expenses.

      6. Place of Performance. Executive shall be based in California but
Executive may perform his duties from whatever location the Corporation and
Executive shall mutually agree from time to time; provided that such location
allows Executive to perform his duties and obligations hereunder. In addition,
should the Corporation and Executive agree to a different location from which
Executive is to perform his duties hereunder, such change of location shall not
cause a breach hereunder or be treated as Good Reason (as defined herein).

      7. Termination.

            (a) General. The Initial Term (or Renewal Term, if applicable) shall
end immediately upon Executive's death. The Corporation shall have the right to
end the Initial

                                       2
<PAGE>

Term (or Renewal Term, if applicable) for Cause or Disability (each as defined
below), subject to the provisions of Section 8.

            (b) Notice of Termination. Promptly after it ends the Term, the
Corporation shall give Executive notice of the termination, including a
statement of whether the termination was for Cause or Disability (as defined in
Section 8(a) and 8(b) below). The Corporation's failure to give notice under
this Section 7(b) shall not, however, affect the validity of the Corporation's
termination of the Term.

            (c) Effective Termination by the Corporation. If the Corporation (i)
reassigns Executive's base of operations outside of California (except in
accordance with Section (6)), (ii) materially reduces Executive's duties during
the Term or (iii) materially breaches the Corporation's obligations under this
Agreement, then, at his option, Executive may treat such relocation or reduction
in duties or breach as a termination of the Initial Term (or Renewal Term, as
applicable) without Cause by the Corporation and as "Good Reason" for Executive
to resign.

      8. Severance Benefits.

            (a) Cause Defined. "Cause" means (i) willful malfeasance or willful
misconduct by Executive in connection with his employment; (ii) Executive's
gross negligence in performing any of his duties under this Agreement; (iii)
Executive's conviction of, or entry of a plea of guilty to, or entry of a plea
of nolo contendre with respect to, any crime other than a traffic violation or
infraction which is a misdemeanor; (iv) Executive's material breach of any
written policy applicable to all employees adopted by the Corporation which is
not cured to the reasonable satisfaction of the Corporation within fifteen (15)
business days after notice thereof; or (v) material breach by Executive of any
of his agreements in this Agreement which is not cured to the reasonable
satisfaction of the Corporation within fifteen (15) business days after notice
thereof.

            (b) Disability Defined. "Disability" shall mean Executive's
incapacity due to physical or mental illness that results in his being
substantially unable to perform his duties hereunder for six consecutive months
(or for six months out of any nine month period). During a period of Disability,
Executive shall continue to receive the Base Salary hereunder, provided that if
the Corporation provides Executive with disability insurance coverage, payments
of the Base Salary shall be reduced by the amount of any disability insurance
payments received by Executive due to such coverage. The Corporation shall give
Executive written notice of termination which shall take effect sixty (60) days
after the date it is sent to Executive unless Executive shall have returned to
the performance of his duties hereunder during such sixty (60) day period
(whereupon such notice shall become void).

            (c) Termination. If the Corporation ends the Initial Term (or
Renewal Term, if applicable) for Cause or Disability, or if Executive resigns as
an employee of the Corporation for reasons other than Good Reason as provided in
Section 7(c), or if Executive dies, then the Corporation shall have no
obligation to pay Executive any amount, whether for salary, benefits, bonuses,
or other compensation or expense reimbursements of any kind, accruing after the
end of the Term, and such rights shall, except as otherwise required by law, be
forfeited immediately upon the end of the Term. Notwithstanding the foregoing,
payments under Section 3(a) shall

                                       3
<PAGE>

continue for the remainder of the Initial Term (or Renewal Term, if applicable)
if the Corporation ends the Initial Term (or Renewal Term, if applicable) for
Disability. If the Corporation ends the Initial Term (or Renewal Term, if
applicable) without Cause or if Executive resigns for Good Reason as provided in
Section 7(c), then the Corporation will be obligated to continue to pay
Executive's Base Salary and all other amounts due hereunder for a period of six
(6) months following the date of termination or for the remainder of the Initial
Term (or Renewal Term, if applicable), whichever period is shorter (the
"Severance Period"); provided, however, that, in the event that Executive shall
materially breach Section 9 of this Agreement, in addition to any other remedies
the Corporation may have in the event Executive breaches this Agreement, the
Corporation's obligation pursuant to this Section 8(c) to make payments during
the Severance Period shall cease, all stock options shall expire, and
Executive's rights with respect to such payments and stock options shall
terminate and shall be forfeited. Except for the Time Vested Options, which
shall continue to vest during the Severance Period, if any, or as otherwise
expressly set forth herein, the treatment of the Time Vested Options and
Milestone Options shall be in accordance with the relevant stock option
agreement.

            (d) Termination by Executive upon Change in Control. If anytime
within ninety (90) days prior to or within twelve (12) months after a Change in
Control (as defined below), (i) Executive's employment is terminated by the
Corporation or surviving organization, or (ii) if Executive is no longer the
Vice President - Business Development or its equivalent of the surviving
organization or the Corporation is not the surviving organization and Executive
elects to terminate his employment with Corporation as a result of such Change
in Control, the Corporation shall pay to Executive the Base Salary due and
payable through such date of termination. Notwithstanding the foregoing, if
Executive's employment is terminated other than for Cause or by the Executive
other than for Good Reason and a Change of Control occurs within one year
thereafter, then, at such Change of Control, Executive shall be entitled to the
amounts set forth in this Section 8(d) as if he were employed by the Corporation
at the time of the Change of Control. Section 8(d) shall not apply and the
Corporation shall have no obligations pursuant to this Section 8(d) if Executive
is terminated for Cause or leaves other than for Good Reason. For purposes of
this Agreement:

                  (i) "Change in Control" shall mean any of the following
occurrences:

                        (a)   the acquisition by any individual, entity, or
                              group (within the meaning of Section 13(d)(3) or
                              14(d)(2) of the Exchange Act) (the "Acquiring
                              Person"), other than (i) the Corporation, (ii) any
                              of its Subsidiaries, (iii) any shareholder of the
                              Corporation as of the date hereof which, together
                              with its affiliates, related parties, associates
                              or associated entities, own or control 10% or more
                              of the equity securities of the Corporation as of
                              the date hereof or (iv) any of such shareholders'
                              affiliates or designees which, together with its
                              affiliates, related parties, associates or
                              associated entities, own or control 10% or more of
                              equity securities of the corporation as of the
                              date hereof, of beneficial ownership (within the
                              meaning of Rule 13d-3 promulgated under the
                              Exchange Act) of 35% or more of

                                       4
<PAGE>

                              the combined voting power or economic interests of
                              the then outstanding voting securities of the
                              Corporation entitled to vote generally in the
                              election of directors; or

                        (b)   the approval by the stockholders of the
                              Corporation of a reorganization, merger, or
                              consolidation, in each case, with respect to which
                              all or substantially all of the individuals and
                              entities who were the respective beneficial owners
                              of the voting securities of the Corporation
                              immediately prior to such reorganization, merger,
                              or consolidation do not, following such
                              reorganization, merger, or consolidation,
                              beneficially own, directly or indirectly, more
                              than 50% of the combined voting power of the then
                              outstanding voting securities entitled to vote
                              generally in the election of directors of the
                              Corporation resulting from such reorganization,
                              merger, or consolidation; provided, however, that
                              a merger, consolidation or reorganization effected
                              to implement a recapitalization of the Corporation
                              (or similar transaction) in which no "Acquiring
                              Person" acquires more than 50% of the combined
                              voting power of the Corporation's then outstanding
                              securities shall not constitute a Change in
                              Control; or

                        (c)   the sale or other disposition of assets
                              representing 50% or more of the assets of the
                              Corporation in one transaction or series of
                              related transactions; or

                        (d)   a "Hostile Takeover" as hereinafter defined is
                              declared.

                  (ii) "Hostile Takeover" shall mean any Change in Control which
at any time is declared by at least a majority of the Board, directly or
indirectly, to be hostile or not in the best interests of the Corporation, or in
which an attempt is made (irrespective of whether successful) to wrest control
away from the incumbent management of the Corporation and, with respect to
which, the Board makes efforts to resist.

            (e) Effect of Change in Control. Upon the occurrence of the Approval
Date (as defined below), all stock options and other stock-based grants to
Executive by the Corporation shall, irrespective of any provisions of his option
agreements, immediately and irrevocably vest and become exercisable as of the
Approval Date whereupon, at any time during the Option Term as defined in the
option agreements, Executive or his estate may by five (5) days' advance written
notice given to the Corporation, and irrespective of whether Executive is then
employed by the Corporation or then living, and solely at the election of
Executive or his estate, require the Corporation to:

                  (A)   within thirty (30) days of a request by Executive or his
                        estate file and cause to become effective a Form S-8 (or
                        other appropriate

                                       5
<PAGE>

                        form) with the Securities and Exchange Commission
                        ("SEC") registering for resale all shares underlying
                        stock options granted to Executive and outstanding with
                        all fees and expenses of such filing being paid by the
                        Corporation; or

                  (B)   allow Executive to exercise all or any part of such
                        options at the option prices therefor specified in the
                        grant of such options.

For purposes of this Agreement, "Approval Date" means the date on which any
necessary corporate action, including, but not limited to, shareholder approval
or board of director approval, has been obtained in connection with any
agreement, transaction, or other event which, when given effect, will constitute
a Change in Control.

      9. Confidentiality, Ownership, and Covenants. Executive acknowledges and
agrees that the Corporation would not enter into this Agreement without the
assurance that Executive will not engage in any of the activities prohibited by
this Section 9, and will otherwise comply with this Section 9, for the periods
set forth herein. Executive agrees to restrict his actions as provided for in
this Section 9. Executive further acknowledges that the scope and duration of
the covenants set forth in this Section 9 are reasonable in light of the
specific nature and duration of the transactions contemplated by this Agreement.
In consideration thereof, Executive agrees that he will not assert in any forum
that the provisions of this Section 9 prevent his from earning a living or
otherwise are void or unenforceable or should be held void or unenforceable.

            (a) "Corporation Information" and "Inventions" Defined. "Corporation
Information" means all information, knowledge or data of or pertaining to (i)
the Corporation, its employees and all work undertaken on behalf of the
Corporation, and (ii) any other person, firm, corporation or business
organization with which the Corporation may do business during the Term, that
(as to both (i) and (ii) above) is not in the public domain (and whether
relating to methods, processes, techniques, discoveries, pricing, marketing or
any other matters). "Inventions" collectively refers to any and all inventions,
trade secrets, ideas, processes, formulas, source and object codes, data,
programs, other works of authorship, know-how, improvements, research,
discoveries, developments, designs, and techniques regarding any of the
foregoing.

            (b) Confidentiality. (i) Executive hereby recognizes that the value
of all trade secrets and other proprietary data and all other information of the
Corporation not in the public domain disclosed by the Corporation in the course
of his employment with the Corporation may be attributable substantially to the
fact that such confidential information is maintained by the Corporation in
strict confidentiality and secrecy and would be unavailable to others without
the expenditure of substantial time, effort or money. Executive, therefore,
except as provided in the next two sentences, covenants and agrees that all
Corporation Information shall be kept secret and confidential at all times
during the Term and for the five (5) year period after the end of the Term and
shall not be used or divulged by his outside the scope of his employment as
contemplated by his Agreement, except as the Corporation may otherwise expressly
authorize by action of the Board. In the event that Executive is requested in a
judicial, administrative or governmental proceeding to disclose any of the
Corporation Information, Executive will promptly so notify the Corporation so
that the Corporation may seek a protective order of other

                                       6
<PAGE>

appropriate remedy and/or waive compliance with this Agreement. If disclosure of
any of the Corporation Information is required, Executive may furnish the
material so required to be furnished, but Executive will furnish only that
portion of the Corporation Information that legally is required.

                  (ii) Executive also hereby agrees to keep the terms of this
Agreement confidential to the same extent that the Corporation maintains such
confidentiality (except with regard to any disclosure by the Corporation
required under applicable securities laws).

            (c) Ownership of Inventions, Patents and Technology. Executive
hereby assigns to the Corporation all of Executive's rights (including patent
rights, copyrights, trade secret rights, and all other rights throughout the
world), title and interest in and to Inventions, whether or not patentable or
registrable under copyright or similar statutes, made or conceived or reduced to
practice or learned by Executive, either alone or jointly with others, during
the course of the performance of services for the Corporation. Executive shall
also assign to, or as directed by, the Corporation, all of Executive's right,
title and interest in and to any and all Inventions, the full title to which is
required to be in the United States government of any of its agencies. The
Corporation shall have all right, title and interest in all research and work
product produced by Executive as an employee of the Corporation, including, but
not limited to, all research materials and lab books.

            (d) Non-Competition Period Defined. "Non-Competition Period" means
the period beginning at the end of the Term and ending one (1) year after the
end of the Term.

            (e) Covenants Regarding the Term and Non-Competition Period.
Executive acknowledges and agrees that his services pursuant to this Agreement
are unique and extraordinary; that the Corporation will be dependent upon
Executive for research, development and marketing expertise; and that he will
have access to and control of confidential information of the Corporation.
Executive further acknowledges that the business of the Corporation is
international in scope and cannot be confined to any particular geographic area.
Executive further acknowledges that the scope and duration of the restrictions
set forth in this Section 9(e) are reasonable in light of the specific nature
and duration of the transactions contemplated by this Agreement. For the
foregoing reasons and to induce the Corporation to enter this Agreement,
Executive covenants and agrees that, subject to Section 9(h), during the Term
and the Non-Competition Period Executive shall not unless with written consent
of the Corporation:

                  (i) engage in any business directly related to the research
      and development of the products or processes in which the Corporation is
      engaged in during the Term or in any other business conducted by the
      Corporation during the Term (collectively the "Prohibited Activity") in
      the World for his own account;

                  (ii) become interested in any individual, corporation,
      partnership or other business entity (a "Person") engaged in any
      Prohibited Activity in the world, directly or indirectly, as an
      individual, partner, shareholder, officer, director, principal, agent,
      employee, trustee, consultant or in any other relationship or capacity;
      provided, however, that Executive may own directly or indirectly, solely
      as an investment, securities of any Person which are traded on any
      national securities exchange if

                                       7
<PAGE>

      Executive (x) is not a controlling person of, or a member of a group which
      controls, such person or (y) does not, directly or indirectly, own 5% or
      more of any class of securities of such person; or

                  (iii) directly or indirectly hire, employ or retain any person
      who at any time during the last two months of the Term was an employee of
      the Corporation or directly or indirectly solicit, entice, induce or
      encourage any such person to become employed by any other person.

            (f) Remedies. Executive hereby acknowledges that the covenants and
agreements contained in Section 9 are reasonable and valid in all respects and
that the Corporation is entering into this Agreement, inter alia, on such
acknowledgement. If Executive breaches, or threatens to commit a breach, of any
of the restrictive covenants set forth in this Agreement (the "Restrictive
Covenants"), the Corporation shall have the following rights and remedies, each
of which rights and remedies shall be independent of the other and severally
enforceable, and all of which rights and remedies shall be in addition to, and
not in lieu of, any other rights and remedies available to the Corporation under
law or in equity: (i) the right and remedy to have the Restrictive Covenants
specifically enforced by any court having equity jurisdiction, it being
acknowledged and agreed that any such breach or threatened breach will cause
irreparable injury to the Corporation and that money damages will not provide an
adequate remedy to the Corporation; and (ii) the right and remedy to require
Executive to account for and pay over to the Corporation such damages as are
recoverable at law as the result of any transactions constituting a breach of
any of the Restrictive Covenants.

            (g) Jurisdiction. The parties intend to and hereby confer
jurisdiction to enforce the Restrictive Covenants upon the courts of any
jurisdiction within the geographical scope of such Covenants. If the courts of
any one or more such jurisdictions hold the Restrictive Covenants wholly
unenforceable by reason of the breadth of such scope or otherwise, it is the
intention of the parties that such determination not bar or in any way affect
the Corporation's right to the relief provided above in the courts of any other
jurisdiction, within the geographical scope of such Covenants, as to breaches of
such Covenants in such other respective jurisdiction such Covenants as they
relate to each jurisdiction being, for this purpose, severable into diverse and
independent covenants.

            (h) Executive's agreements and covenants under Section 9(e) shall
automatically terminate if (i) the Corporation ends the Initial Term (or the
Renewal Term, if applicable) without Cause or (ii) Executive resigns for Good
Reason as provided in Section 7(c).

      10. Successors and Assigns.

            (a) Executive. This Agreement is a personal contract, and the rights
and interests that the Agreement accords to Executive may not be sold,
transferred, assigned, pledged, encumbered, or hypothecated by him. All rights
and benefits of Executive shall be for the sole personal benefit of Executive,
and no other person shall acquire any right, title or interest under this
Agreement by reason of any sale, assignment, transfer, claim or judgement or
bankruptcy proceedings against Executive. Except as so provided, this Agreement
shall inure to

                                       8
<PAGE>

the benefit of and be binding upon Executive and his personal representatives,
distributes and legatees.

            (b) The Corporation. This Agreement shall be binding upon the
Corporation and inure to the benefit of the Corporation and of its successors
and assigns, including (but not limited to) any corporation that may acquire all
or substantially all of the corporation's assets or business or into or with
which the Corporation may be consolidated or merged. In the event that the
Corporation sells all or substantially all of its assets, merges or
consolidates, otherwise combines or affiliates with another business, dissolves
and liquidates, or otherwise sells or disposes of substantially all of its
assets and Executive does not elect to treat any such transaction as a
termination by the Corporation without Cause pursuant to Section 8(c), then this
Agreement shall continue in full force and effect. The Corporation's obligations
under this Agreement shall cease, however, if the successor to, the purchaser or
acquirer either of the Corporation or of all or substantially all of its assets,
or the entity with which the Corporation has affiliated, shall assume in writing
the Corporation's obligations under this Agreement (and deliver and executed
copy of such assumption to Executive), in which case such successor or
purchaser, but not the Corporation, shall thereafter be the only party obligated
to perform the obligations that remain to be performed on the part of the
Corporation under this Agreement.

      11. Entire Agreement. This Agreement represents the entire agreement
between the parties concerning Executive's employment with the Corporation and
supersedes all prior negotiations, discussions, understanding and agreements,
whether written or oral, between Executive and the Corporation relating to the
subject matter of this Agreement.

      12. Amendment or Modification, Waiver. No provision of this Agreement may
be amended or waived unless such amendment or waiver is agreed to in writing
signed by Executive and by a duly authorized officer of the Corporation. No
waiver by any party to this Agreement or any breach by another party of any
condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of a similar or dissimilar condition or provision at
the same time, any prior time or any subsequent time.

      13. Notices. Any notice to be given under this Agreement shall be in
writing and delivered personally or sent by overnight courier or registered or
certified mail, postage prepaid, return receipt requested, addressed to the
party concerned at the address indicated below, or to such other address of
which such party subsequently may give notice in writing:

           If to Executive:          John Odden
                                     67 Panorama
                                     Cote de Coza, CA 92679

           If to the Corporation:    SIGA Technologies, Inc.
                                     420 Lexington Avenue
                                     Suite 601
                                     New York, NY 10170
                                     Fax: 212-697-3130
                                     Attention: Bernard Kasten, M.D.

               with a copy to:       Kramer Levin Naftalis & Frankel LLP
                                     919 Third Avenue
                                     New York, NY 10022
                                     Attention: James A. Grayer, Esq.

                                       9
<PAGE>

Any notice delivered personally or by overnight courier shall be deemed given on
the date delivered and any notice sent by registered or certified mail, postage
prepaid, return receipt requested, shall be deemed given on the date mailed.

      14. Severability. If any provision of this Agreement or the application of
any such provision to any party or circumstances shall be determined by any
court of competent jurisdiction to be invalid and unenforceable to any extent,
the remainder of this Agreement or the application of such provision to such
person or circumstances other than those to which it is so determined to be
invalid and unenforceable shall not be affected, and each provision of this
Agreement shall be validated and shall be enforced to the fullest extent
permitted by law. If for any reason any provision of this Agreement containing
restrictions is held to cover an area or to be for a length of time that is
unreasonable or in any other way is construed to be too broad or to any extent
invalid, such provision shall not be determined to be entirely null, void and of
no effect; instead, it is the intention and desire of both the Corporation and
Executive that, to the extent that the provision is or would be valid or
enforceable under applicable law, any court of competent jurisdiction shall
construe and interpret or reform this Agreement to provide for a restriction
having the maximum enforceable area, time period and such other constraints or
conditions (although not greater than those contained currently contained in
this Agreement) as shall be valid and enforceable under the applicable law.

      15. Survivorship. The respective rights and obligations of the parties
hereunder shall survive any termination of this Agreement to the extent
necessary to the intended preservation of such rights and obligations.

      16. Headings. All descriptive headings of sections and paragraphs in this
Agreement are intended solely for convenience of reference, and no provision of
this Agreement is to be construed by reference to the heading of any section or
paragraph.

      17. Withholding Taxes. All salary, benefits, reimbursements and any other
payments to Executive under this Agreement shall be subject to all applicable
payroll and withholding taxes and deductions required by any law, rule or
regulation of and federal, state or local authority.

      18. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together constitute one and same instrument.

      19. Applicable Law; Arbitration. The validity, interpretation and
enforcement of this Agreement and any amendments or modifications hereto shall
be governed by the laws of the State of New York, as applied to a contract
executed within and to be performed in such State. The parties agree that any
disputes shall be definitively resolved by binding arbitration before in
accordance with the Rules of the American Arbitration Association, with the
arbitration hearing to be held in New York, New York. The parties hereby consent
to the jurisdiction to the federal

                                       10
<PAGE>

courts of the Southern District of New York or, if there shall be no
jurisdiction, to the state courts located in New York County, New York, to
enforce any arbitration award rendered with respect thereto. Each party shall
choose one neutral arbitrator and the two neutral arbitrators shall choose a
third neutral arbitrator. All costs and fees related to such arbitration (and
judicial enforcement proceedings, if any) shall be borne and allocated by and
between the parties as the arbitrators decide is appropriate, with the intent
that the party who is the most unsuccessful should bear most (or all) of said
costs and fees.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       11
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first written above.

                                                     SIGA TECHNOLOGIES, INC.

                                                     By: /s/ Thomas N. Konatich
                                                         -----------------------
                                                         Thomas N. Konatich
                                                         Chief Financial Officer

                                                     /s/ John Odden
                                                     ------------------------
                                                     John Odden

                                       12
<PAGE>

                                                                       EXHIBIT A

                             SIGA TECHNOLOGIES, INC.

                        Incentive Stock Option Agreement

                                                     Granting Date: ______, 2004

To: Mr. John Odden:

            We are pleased to notify you that SIGA TECHNOLOGIES, INC., a
Delaware corporation (the "Corporation"), has granted to you (the "Holder") an
incentive stock option (the "Option") under the Corporation's Amended and
Restated 1996 Incentive and Non-Qualified Stock Option Plan (the "Plan") to
purchase all or any part of an aggregate of 200,000 shares of Common Stock of
the Corporation (the "Optioned Shares"), subject to the terms and conditions of
this Agreement.

            1. Vesting, Term and Exercise of Option. Subject to the provisions
of this Agreement, this Option may be exercised for up to the number of vested
Optioned Shares (subject to adjustment as provided in Section 6 hereof) by you
on or prior to the tenth anniversary of the Granting Date ("Last Exercise Date")
at an initial exercise price (the "Exercise Price") of $___ per share (subject
to adjustment as provided in Section 6 hereof) and all as subject to Plan and
this Agreement. The Holder may exercise this Option according to the following
vesting schedule: this Option shall become exerciseable with respect to the
first 50,000 Optioned Shares, on the date hereof, with respect to the second
50,000 Optioned Shares, on the first anniversary of the date hereof, with
respect to the third 50,000 Optioned Shares on the second anniversary of the
date hereof and with respect to the remaining 50,000 Optioned Shares, on the
third anniversary of the date hereof. Any portion of the Option that you do not
exercise shall accumulate and can be exercised by you any time prior to the Last
Exercise Date. You may not exercise your Option to purchase a fractional share
or fewer than 100 shares, and you may only exercise your Option by purchasing
shares in increments of 100 shares unless the remaining shares purchasable are
less than 100 shares.

            This Option may be exercised by delivering to the Secretary of the
Corporation (i) a written Notice of Intention to Exercise in the form attached
hereto as Appendix A signed by you and specifying the number of Optioned Shares
you desire to purchase, (ii) payment, in full, of the Exercise Price for all
such Optioned Shares in cash, certified check, surrender of shares of Common
Stock of the Corporation having a value equal to the exercise price of the
Optioned Shares as to which you are exercising this Option, provided that such
surrendered shares, if previously acquired by exercise of a stock option, have
been held by you at least six months prior to their surrender, or by means of a
brokered cashless exercise. As a holder of an option, you shall have the rights
of a shareholder with respect to the Optioned Shares only after they shall have
been issued to you upon the exercise of this Option. Subject to the terms and
provisions of this Agreement and the Plan, the Corporation shall use its best
efforts to cause the Optioned Shares to be issued as promptly as practicable
after receipt of your Notice of Intention to Exercise.

            2. Non-transferability of Option. This Option shall not be
transferable and may be exercised during your lifetime only by you. Any
purported transfer or assignment of this Option shall be void and of no effect,
and shall give the Corporation the right to terminate this

<PAGE>

Option as of the date of such purported transfer or assignment. No transfer of
an Option by will or by the laws of descent and distribution shall be effective
unless the Corporation shall have been furnished with written notice thereof,
and such other evidence as the Corporation may deem necessary to establish the
validity of the transfer and conditions of the Option, and to establish
compliance with any laws or regulations pertaining thereto.

            3. Certain Rights and Restrictions With Respect to Common Stock. The
Optioned Shares which you may acquire upon the exercise of this Option will not
be registered under the Securities Act of 1933, as amended, or under state
securities laws and the resale by you of such Optioned Shares will, therefore,
be restricted. You will be unable to transfer such Optioned Shares without
either registration under such Act and compliance with applicable state
securities laws or the availability of an exemption therefrom. Accordingly, you
represent and warrant to the Corporation that all shares of Common Stock you may
acquire upon the exercise of this Option will be acquired by you for your own
account for investment and that you will not sell or otherwise dispose of any
such shares except in compliance with all applicable federal and state
securities laws. The Corporation may place a legend to such effect upon each
certificate representing Optioned Shares acquired by you upon the exercise of
this Option.

            4. Disputes. Any dispute which may arise under or as a result of or
pursuant to this Agreement shall be finally and conclusively determined in good
faith by the Board of Directors of the Corporation in its sole discretion, and
such determination shall be binding upon all parties.

            5. Termination of Status.

                  (a) This Option is a separate incentive and not in lieu of
salary or other compensation. The Optioned Shares do not vest you with any right
to employment with the Corporation, nor is the Corporation's right to terminate
your employment in any way restricted by this Agreement. Subject to the
following provisions of this Section 5, the Option will terminate upon and will
not be exercisable after termination of your employment with the Corporation
("Employment Termination Date"). If your employment with the Corporation is
terminated for any reason other than death or disability, this Option may not be
exercised after the earlier of (i) ninety (90) days from the Employment
Termination Date or (ii) the Expiration Date, and may not be exercised for more
than the number of Optioned Shares purchasable under Section 1 on the Employment
Termination Date.

                  (b) If you die while this Option is exercisable, or within a
period of three months after the Employment Termination Date, the Option may be
exercised by the duly authorized executor of your last will or by the duly
authorized administrator of your estate, but may not be exercised after the
earlier of (i) one year from the date of your death or (ii) the Expiration Date,
and may not be exercised for more than the number of Optioned Shares purchasable
under Section 1 on the date of your death.

                  (c) If your employment is terminated as a result of your
permanent disability, this Option may not be exercised after the earlier of (i)
one year from the Employment Termination Date, or (ii) the Expiration Date, and
may not be exercised for more than the number of Optioned Shares purchasable
under Section 1 on the Employment Termination Date.

<PAGE>

If you die after the date your employment is terminated under the provisions of
this Section 5(c) but before the Expiration Date, the provisions of Section 5(b)
above shall apply. Permanent disability shall mean a disability described in
Section 422(c)(6) of the Code. The existence of a Disability shall be determined
by the Committee in its absolute discretion.

            6. Adjustments to Exercise Price and Number of Securities. If the
Corporation shall at any time subdivide or combine the outstanding shares of
Common Stock, or similar corporate events the Exercise Price and the number of
shares subject to the Option shall be appropriately adjusted.

            7. Reservation and Listing of Securities. The Corporation shall at
all times reserve and keep available out of its authorized shares of Common
Stock, solely for the purpose of issuance upon the exercise of this Option, such
number of shares of Common Stock or other securities, properties or rights as
shall be issuable upon the exercise thereof. The Corporation covenants and
agrees that, upon exercise of this Option and payment of the Exercise Price
therefor, all shares of Common Stock and other securities issuable upon such
exercise shall be duly and validly issued, fully paid, non-assessable and not
subject to the preemptive rights of any stockholder. As long as this Option
shall be outstanding, the Corporation shall use its best efforts to cause all
shares of Common Stock issuable upon the exercise of the Option to be listed
(subject to official notice of issuance) on all securities exchanges on which
the Common Stock may then be listed and/or quoted on NASDAQ.

            8. Forfeiture of Option Gains. If at any time within one year after
the exercise of all or any portion of the Option the Committee determines that
the Corporation has been materially harmed by you, which harm either (a) results
in your being terminated for Cause or (b) results from your engaging in any
activity determined by the Committee, in its sole discretion, to be in
competition with any activity of the Corporation, or otherwise inimical,
contrary or harmful to the interests of the Corporation (including, but not
limited to, violating any non-competition or similar agreements entered into
with the Corporation or otherwise accepting employment with or serving as a
consultant, adviser or in any other capacity to an entity that is in competition
with or acting against the interests of the Corporation), then upon notice from
the Corporation to you any gain ("Gain") realized by you upon exercising such
Option shall be paid by you to the Corporation. For purposes of this Section 8,
such Gain shall be the excess of the Fair Market Value of the shares of stock
obtained through such exercise as of the date of option exercise over the
purchase price of such shares. The Corporation shall have the right to offset
such Gain against any amounts otherwise owed to you by the Corporation
(including, but not limited to wages, vacation pay, or pursuant to any benefit
plan or other compensatory arrangement).

            9. Notices. All notices, requests, consents and other communications
hereunder shall be in writing and shall be deemed to have been duly made and
sent when delivered, or mailed by registered or certified mail, return receipt
requested:

                  (a) If to the registered Holder of this Option, to the address
      of the Holder as shown on the books of the Corporation; or

<PAGE>

                  (b) If to the Corporation, to 420 Lexington Avenue, Suite 601,
      New York, NY 10017, or to such other address as the Corporation may
      designate by notice to the Holders.

            10. Supplements and Amendments. The Corporation and the Holder may
from time to time supplement or amend this Agreement in any respect, provided,
however, that no amendment may adversely affect your rights hereunder without
your written consent.

            11. Successors. All the covenants and provisions of this Agreement
shall be binding upon and inure to the benefit of the Corporation, the Holder
and their respective successors and assigns hereunder.

            12. Governing Law. This Agreement shall be deemed to be a contract
made under the laws of the State of New York and for all purposes shall be
construed in accordance with the laws of the State of New York without giving
effect to the rules of the State of New York governing the conflicts of laws.

            13. Entire Agreement; Modification. This Agreement, including all
schedules and exhibits hereto, contains the entire understanding between the
parties hereto with respect to the subject matter hereof.

            14. Severability. If any provision of this Agreement shall be held
to be invalid or unenforceable, such invalidity or unenforceability shall not
affect any other provision of this Agreement.

            15. Captions. The caption headings of the Sections of this Agreement
are for convenience of reference only and are not intended, nor should they be
construed as, a part of this Agreement and shall be given no substantive effect.

            16. Benefits of this Agreement. Nothing in this Agreement shall be
construed to give to any person or corporation other than the Corporation and
the registered Holder of this Option any legal or equitable right, remedy or
claim under this Agreement; and this Agreement shall be for the sole and
exclusive benefit of the Corporation and the Holder.

            17. Counterparts. This Agreement may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and such counterparts shall together constitute but one and the
same instrument.

                      [Signature page follows immediately]

<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be dully executed, as of the day and year first written.

                                                     SIGA TECHNOLOGIES, INC.

                                                     By: /s/ Thomas N. Konatich
                                                         -----------------------
                                                         Thomas N. Konatich
                                                         Chief Financial Officer

                                                     /s/ John Odden
                                                     ---------------------------
                                                     John Odden

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]