TRXADE HEALTH, INC. FIRST AMENDMENT TO OFFER LETTER
Exhibit 10.7
FIRST AMENDMENT TO
THIS FIRST AMENDMENT TO OFFER LETTER (this “Amendment”) is entered into on August 29, 2022, and effective as of September 1, 2022 (the “Effective Date”), by and between TRxADE HEALTH, INC., a Delaware corporation (the “Company”), and Xxxxx Xxxxxxx, an individual (the “Executive”) (each of the Company and Executive are referred to herein as a “Party”, and collectively referred to herein as the “Parties”).
WHEREAS, effective on February 3, 2022, the Parties entered into an Offer Letter1 (as amended, the “Agreement”); and
WHEREAS, the Parties desire to amend the Agreement on the terms set forth below.
NOW, THEREFORE, in consideration of the premises and the mutual covenants, agreements, and considerations herein contained, and other good and valuable consideration, which consideration the parties hereby acknowledge and confirm the receipt and sufficiency thereof, the parties hereto agree as follows:
1. Amendment to Agreement.
(a) Effective as of the Effective Date, a new Section 4(c) shall be added to the Agreement which shall provide as follows:
| “c. | Solely during the 12 month period from September 1, 2022 to August 31, 2023, a total of $25,000 of the Annual Base Salary payable to Executive shall be paid by way of $25,000 in shares of the Company’s common stock, issuable pursuant to the Company’s Second Amended and Restated 2019 Equity Incentive Plan, and valued at the closing sales price of the Company’s common stock on the Nasdaq Capital Market on the date that the Amendment to Offer Letter effective September 1, 2022, is approved by the Board of Directors and Compensation Committee of the Company, and with such vesting terms as approved by the Board of Directors and Compensation Committee.” |
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year first above written to be effective as of the Effective Date.
| “COMPANY” | TRXADE HEALTH, INC. | |
| a Delaware corporation | ||
| By: | /s/ Xxxxxx X. Xxxx | |
| Name: | Xxxxxx X. Xxxx | |
| Title: | Chairman of the Compensation Committee of the Board of Directors | |
| “EXECUTIVE” | ||
/s/ Xxxxx Xxxxxxx | ||
| Xxxxx Xxxxxxx | ||
1 xxxxx://xxx.xxx.xxx/Xxxxxxxx/xxxxx/xxxx/0000000/000000000000000000/xx00-0.xxx
