Amendment To Employment Agreement
Exhibit 10.18
WHEREAS, an Employment Agreement effective as of the 12th day of August, 2009 as amended
effective April 1, 2011 (the “Agreement”) was entered into by and between Arcadia Resources, Inc.,
a Nevada corporation (“Employer”) and Xxxxxx X. Xxxxxxxxxx (“Executive”); and
WHEREAS, the Agreement may be amended or modified by written agreement executed by the parties
or their respective successors and legal representatives; and
WHEREAS, the parties now believe it is mutually beneficial to amend a certian provision of the
Agreement through this Amendment (“Amendment”) to reflect an extension of a temporary reduction in
the Executive’s annual base salary.
NOW THEREFORE, Employer and Executive hereby agree, effective as of April 1, 2011, to amend
the Agreement as follows:
1. Subsection (a) of Section 3 (Compensation) of the Agreement is amended hereby to read in its
entirety as follows:
(a) Base Salary. During the Employment Period, the Executive shall receive an annual Base Salary of
$250,000 payable in accordance with the regular payroll practices of Employer. The Executive’s
base salary shall be reviewed annually by Employer, in accordance with Employer’s standard
practices for executives generally, and may be increased, but not decreased, as determined by the
Board of Directors, in their sole discretion, or by any committee of the Board of Directors to
which such authority has been delegated. The parties acknowledge that as an accommodation to the
Employer, Executive agreed effective April 1, 2009, and further agreed effective April 1, 2010 and
April 1, 2011, to temporarily receive a ten percent (10%) reduction in his Base Salary (the
“Reduced Base”). The amount of Executive’s Reduced Base salary is presently $225,000 annually and
shall remain in effect until the Base Salary is restored by the Board of Directors. All severance
payments due to Executive under this Agreement shall be calculated based on Executive’s Base
Salary, not Executive’s Reduced Base.
IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant to the
authorization of the Board of Directors, Employer has caused this Amendment to be executed in its
name and on its behalf, all as of the day and year first written above following the preamble.
| ARCADIA RESOURCES, INC. | ||||
By:
|
/s/ Xxxxxxx Xxxxxxxxxx
|
|||
| Title: Chief Financial Officer | ||||
| EXECUTIVE | ||||
| /s/ Xxxxxx X. Xxxxxxxxxx | ||||
| Xxxxxx X. Xxxxxxxxxx | ||||
