FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.2
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (“Amendment”) is entered into as of January 29, 2020 (the “Execution Date”) by and between Indonesia Energy Corporation Limited, a Cayman Islands exempted company (the “Company”) and Xxxxxxx Xxxxxxxxxxx, an individual (the “Executive”).
WHEREAS, the Company and the Executive entered into that certain Employment Agreement that became effective as of February 1, 2019 (the “Agreement”); and
WHEREAS, the Company and the Executive wish to amend the Agreement on the terms set forth herein.
NOW THEREFORE, in consideration of the mutual premises, covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt, and legal adequacy of which is hereby acknowledged, the Company and the Executive, intending to be legally bound, hereby agree to amend the Agreement as follows:
1. Capitalized Terms. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Agreement.
2. Amendment to Section 2. Effective February 1, 2020, the Company and the Executive hereby completely amend and restate Section 2 of the Agreement and replace such Section in its entirety with the following: “The term of the Employment shall be two (2) years commencing on February 1, 2020 and shall terminate on January 31, 2022, unless terminated earlier pursuant to the terms of this Agreement. The Employment will not be subject to renewal without the prior written agreement of the Company and the Executive.”
3. Base Salary Acknowledgement. The Company acknowledges and agrees that due to the consummation of the Company’s initial public offering in the United States, the Executive’s pre-tax annual base salary is US$80,000.
4. No Other Amendments. Nothing in this Amendment is intended to amend any language of the Agreement other than as specifically set forth above, and the remainder of the Agreement shall be unmodified and in full force and effect.
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IN WITNESS WHEREOF, each of the Company and the Executive has executed this First Amendment to Employment Agreement as of the date first above written.
Indonesia Energy Corporation Limited | |||
By: | /s/ Xxxxx X. Xxxxx | ||
Xxxxx X. Xxxxx | |||
Chief Investment Officer | |||
/s/ Xxxxxxx Xxxxxxxxxxx | |||
Xxxxxxx Xxxxxxxxxxx |