Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 17, 2008, SIGA Technologies, Inc., a Delaware corporation ("SIGA"), entered into an Amended and Restated Employment Agreement (the "Amended CEO Employment Agreement") with Dr. Eric A. Rose, M.D., its Chief Executive Officer, in order to extend the term of Dr. Rose's employment to December 31, 2010 (the "Expiration Date").

The other material terms of the Amended CEO Employment Agreement, which are set forth in this paragraph, are unchanged from those of Dr. Rose's prior employment agreement with SIGA, dated January 31, 2007. Unless either party provides thirty
(30) days notice prior to the Expiration Date, the Amended CEO Employment Agreement shall automatically renew for additional one (1) year periods commencing with the Expiration Date. Pursuant to the Amended CEO Employment Agreement, SIGA agrees to pay to Dr. Rose an annual base salary of $400,000, subject to any cost of living adjustments as may be approved by the Board of Directors of SIGA (the "Board"). Dr. Rose is also eligible to receive such additional bonus payments (in either cash or stock options) as may be approved by the Board in its sole discretion. SIGA may terminate the Amended CEO Employment Agreement with or without cause (as such term is defined in the Amended CEO Employment Agreement), provided that upon termination by SIGA without cause (including, without limitation, termination without cause upon a change in control, as such term is defined in the Amended CEO Employment Agreement), or termination by Dr. Rose for good reason (as such term is defined in the Amended CEO Employment Agreement), SIGA will be obligated to continue to pay Dr. Rose's base salary for one (1) year, and all stock options and other stock-based grants to Dr. Rose shall immediately and irrevocably vest and become exercisable upon the date of termination and shall remain exercisable for a period of not less than one (1) year from the date of termination.

---