TO: Unico American Corporation 26050 Mureau Road Calabasas, CA 91302 Attention: Lester A. Aaron, Executive VP FROM: Cary L. Cheldin 26050 Mureau Road Calabasas, CA 91302 RE: Amendment to Employment Agreement
EXHIBIT 10.21
TO:
Unico American Corporation
00000 Xxxxxx Xxxx
Xxxxxxxxx, XX 00000
Attention: Xxxxxx X. Xxxxx, Executive VP
FROM:
Xxxx X. Cheldin
00000 Xxxxxx Xxxx
Xxxxxxxxx, XX 00000
RE: Amendment to Employment Agreement
Pursuant to Section 14 of the “Employment Agreement” entered into on the 17th day of March, 2015, between myself and Unico American Corporation, I, Xxxx X. Cheldin, hereby agree to waive certain rights and to amend the Employment Agreement as described below.
These waivers are retroactive to January 1, 2016, and shall remain effective from January 1, 2016, until January 1, 2017. Nothing contained in the following waivers shall be construed to require me to reimburse the Company for any compensation, however defined, which has already been paid to me.
Waivers:
| 1. | I, Xxxx X. Cheldin, hereby waive my right to the Mandatory Bonus provided under Section 3.2 of the Employment Agreement. |
| 2. | I, Xxxx X. Cheldin, hereby waive my right to protection against the Company’s decision, if any, to decrease my annual bonus. |
Furthermore, I hereby agree to amend Section 12 of the Employment Agreement, effective January 1, 2016 and thereafter, so that the notification addresses shall read:
For the Company:
Unico American Corporation
Attention: Secretary
00000 Xxxxxx Xxxx
Xxxxxxxxx, XX 00000
For the Executive:
Xxxx X. Cheldin
00000 Xxxxxx Xxxx
Xxxxxxxxx, XX 00000
By Executive:
/s/ Xxxx X. Cheldin
Xxxx X. Cheldin
March 27, 2017
By Company:
/s/ Xxxxxxx Xxxxxxxxx
Xxxxxxx Xxxxxxxxx
March 27, 2017
