MariMed Inc. THIRD AMENDMENT TO EMPLOYMENT AGREEMENT Effective Date: September 7, 2022
Exhibit 10.1
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
Effective Date: September 7, 2022
This Third Amendment to the Employment Agreement (this “Agreement”) is between MARIMED INC., a Delaware corporation (the “Company” or “MariMed”), and XXX X. XXXXXX, an individual (the “Executive”).
WHEREAS, the Company and the Executive entered into an Employment Agreement effective as of dated July 1, 2021, as amended by the First Amendment to Employment Agreement effective as of September 22, 2021 and the Second Amendment to Employment Agreement effective as of May 12, 2022, providing for the continued employment of the Executive (the “Original Agreement”); and
WHEREAS, the Company and the Executive seeks to amend the Original Agreement in accordance with the terms of this Agreement.
NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. The Original Agreement is hereby amended as follows:
(a) Section 2(a) of the Original Agreement is hereby amended to change Executive’s title, duties and responsibilities and as amended Section 2(a) shall read as follows:
“During the Term, the Executive will serve as the President of the Company. The Executive will have such duties and responsibilities, consistent with past practice, as are customary for the position of President and such other duties and responsibilities as are reasonably assigned to him by the Board of Directors of the Company (the “Board”). The Executive shall report to and be supervised by the Board.”; and
(b) All references to “Chief Administrative Officer” are hereby amended and replaced with “President.”
2. Except as otherwise amended by this Agreement, all other provisions of the Agreement shall remain in full force and effect.
[SIGNATURE PAGE FOLLOWS ON THE NEXT PAGE]
The undersigned hereby execute this Agreement as of the Effective Date stated above.
| MARIMED INC. | ||
| By: | /s/ Xxxxxx Xxxxxxx | |
| Xxxxxx Xxxxxxx | ||
| Chief Executive Officer | ||
| /s/ Xxx X. Xxxxxx | ||
| Xxx X. Xxxxxx | ||
| 2 |
