Aspen University Inc.
Exhibit 10.18
Aspen University Inc.
000 X. 00xx Xxxxxx, Xxxxx 000
Xxx Xxxx, XX 00000
December 31, 2011
Xx. Xxxx Xxxxxx
000 X. 00xx Xxxxxx, Xxxxx 000
Xxx Xxxx, XX 00000
Dear Xx. Xxxxxx:
This letter agreement is in reference to that certain employment agreement (the “Employment Agreement”) dated May 19, 2011 by and between Aspen University Inc., a Delaware corporation (the “Company”), and yourself. This letter agreement documents your agreement to (i) waive $62,500 of accrued, but unpaid, base salary due from the Company to you under the Employment Agreement, and (ii) reduce your base salary under the Employment Agreement by 50% until such time as the Chief Executive Officer of the Company or the board of directors of the Company determines that the Company has sufficient cash flow to pay the amount originally agreed to in your Employment Agreement.
If the foregoing is acceptable to you, please sign in the place indicated below and return an executed copy to us.
Sincerely,
/s/ Xxxxx Xxxxxxx
Xxxxx Xxxxxxx
Chief Financial Officer
AGREED AND ACCEPTED:
/s/ Xxxx Powers___________________
Xxxx Xxxxxx
