AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.3
AMENDMENT
TO EMPLOYMENT AGREEMENT
This
amendment (the Amendment) is executed to clarify certain provisions
of that employment agreement entered into by and between NMI
Health, Inc. and Xxxxxxx X. Xxxx (the Parties) dated January 1,
2015 (the Employment Agreement). The term of the Employment
Agreement is stated in Paragraph 2a as two years, subject to
renewal only upon mutual agreement of the Parties. However,
Paragraph 3a of the Employment Agreement contains one sentence
referencing a potential bonus award for completion of three full
years of employment.
The
Parties hereby agree that there was no intention to commit to or
guarantee any offer of employment, salary or bonus beyond the
original two- year term. In order to eliminate any question
regarding the above, Paragraph 3a is hereby amended to remove all
reference to a potential third year, to read in full as
follows:
3a. The
Company will pay Xxxxxxx Xxxx an annual base salary of $100,000 in
26 equal bi-weekly installments. Such salary will be reviewed
at least annually by the President and the board of directors with
performance reviews every six months. Upon execution of this
agreement, Xxxxxxx Xxxx shall receive a signing bonus of 225,000
shares of the Company’s restricted common stock. At the
end of one full year of employment, the Company shall issue Xxxxxxx
Xxxx 750,000 shares of restricted common stock. At the end of two
full years of employment, the Company shall issue Xxxxxxx Xxxx
another 850,000 shares of restricted common stock. Additional bonus
compensation may be awarded from time to time, at the
Company’s sole discretion, in the form of Company
stock.
All
other provisions of the Employment Agreement shall remain as
written.
IN
WITNESS WHEREOF, the Company and Xxxxxxx Xxxx has executed this
Amendment on this 30 day of September 2016.
NMI
Health,
Inc.
Xxxxxxx Xxxx
/s/
Xxxxxx X Xxxxxx
/s/ Xxxxxxx
Xxxx
Xxxxxx
X Xxxxxx, President
and
Xxxxxxx Xxxx, Chief Financial Officer
Chief
Executive Officer
