THIRD AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
Exhibit 10.1
THIRD AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
THIS THIRD AMENDMENT TO
EXECUTIVE EMPLOYMENT AGREEMENT (“Amendment”)
is effective as of March 31, 2017 (“Effective
Date”), and is entered
into by and between Xxxxxxx Xxxxxx (the “Employee”),
and Cord Blood America, Inc., a Florida corporation (the
“Company”). The Employee and the Company may be
referred to collectively herein as the “Parties.”
RECITALS
A. Employee
and the Company previously entered into that certain Executive
Employment Agreement with an effective date of April 1, 2015 (the
“Original
Agreement”), as amended
by that certain Amendment to Executive Employment Agreement
effective as of April 9, 2015, and by that certain Second Amendment
to Executive Employment Agreement effective as of February 12, 2016
(the Original Agreement as amended is referred to herein as the
“Agreement”).
B. The
Parties desire to amend certain provisions of the Agreement, as
more particularly set forth herein.
NOW,
THEREFORE, in consideration of
the foregoing and mutual promises made herein, and for other good
and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parties agree as
follows:
1. Defined
Terms. Any capitalized term
used but not defined in this Amendment shall have the meaning given
to such term in the Original Agreement.
2. Extended
Term of Employment. The last
day of the term of Employee’s employment by the Company is
hereby extended from March 31, 2017, to March 31, 2018, subject to
the other terms and conditions of Section 2 of the Original
Agreement; provided, however, that (i) the Company may change
Employee’s status from full-time to part-time employee at any
time, (ii) concurrently with any such change in status, the Company
may modify Employee’s base compensation amount and structure,
and Employee’s prospective bonus, if any, and (iii)
notwithstanding any such change in status, Employee shall remain
eligible to receive the amount and other benefits set forth in
Section 5(f) in accordance with the terms and conditions
thereof.
3. No
Other Amendments. Except as
expressly amended, modified or supplemented by this Amendment, the
provisions of the Agreement will remain in full force and effect
and, except as expressly provided herein, nothing in this Amendment
will be construed as a waiver of any of the rights or obligations
of the Parties thereunder.
4. Governing
Law. This Amendment shall be
governed by and construed in accordance with the law of the State
of Nevada.
5. Descriptive
Headings. Descriptive headings
are for convenience only and will not control or affect the meaning
or construction of any provisions of this
Amendment.
6. Counterparts.
This Amendment may be executed in any number of identical
counterparts, each of which will constitute an original but all of
which when taken together will constitute but one instrument.
Facsimile or email signatures shall be given the same force and
effect as original signatures.
7. Severability.
In the event one or more of the provisions of this Amendment
should, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality, or
unenforceability shall not affect any other provisions of this
Amendment, and this Amendment shall be construed as if such
invalid, illegal or unenforceable provision had never been
contained herein.
REMAINDER OF PAGE INTENTIONALLY BLANK
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IN
WITNESS WHEREOF, the Parties have executed, or caused their duly
authorized representatives to execute, this Amendment as of the
Effective Date.
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COMPANY:
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EMPLOYEE:
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By:
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By:
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Name:
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Title:
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