Thirteenth Amendment to Executive Employment Agreement, dated as of July 31, 2022, by and between Andrea Electronics Corporation and Douglas J. Andrea

Contract Categories: Human Resources - Employment Agreements
EX-10.2 3 ex_408941.htm EXHIBIT 10.2 ex_408941.htm

Exhibit 10.2

 

THIRTEENTH AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS THIRTEENTH AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (the “Thirteenth Amendment”) is made and entered into this 31st day of July, 2022 by and between ANDREA ELECTRONICS CORPORATION (the “Company”), a New York corporation, and DOUGLAS J. ANDREA (the “Executive”).

 

WHEREAS, the Company and the Executive are parties to an Executive Employment Agreement dated as of August 1, 2014, as amended (collectively with all amendments, the “Agreement”), which provides that the Agreement would terminate on July 31, 2022, unless extended under its terms;

 

WHEREAS, the Company desires to continue to employ the Executive as the Chief Executive Officer of the Company and the Executive wishes to accept such continued employment under the terms and conditions set forth in the Agreement, as further modified by this Thirteenth Amendment; and

 

WHEREAS, the parties desire to extend the term of the Agreement until January 31, 2023, subject to the terms of this Thirteenth Amendment. The parties further agree to limit the life insurance as cited in paragraph 4.(d) to One Million dollars ($1,000,000).

 

WHEREAS, the parties agree to modify the Agreement paragraph 4.(b) (1) Quarterly Bonus and (2) Annual Bonus to reflect an adjustment to remove the gain from the funds received from the U.S. Federal ‘Paycheck Protection Program’, including round one and round two, and funds or credits under the ‘Employee Retention Credit’ program, if and when received or forgiven and recognized as income in the financial statements.

 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which is mutually acknowledged, the Company and the Executive (individually a “Party” and together the “Parties”) agree as follows:

 

1. Amendment.

 

The term of the Agreement is hereby extended for the period beginning on August 1, 2022 and ending on January 31, 2023.

 

2. Ratification.

 

Except as modified and amended by this Thirteenth Amendment, the Parties hereto hereby agree and confirm that the Agreement remains in full force and effect.

 

3. Counterparts.

 

This Thirteenth Amendment may be executed in counterparts, each of which shall be deemed an original, and all of which, when taken together, shall constitute one and the same instrument.

 

(Signature Page Follows)

 

 

 

IN WITNESS WHEREOF, the undersigned have executed this Thirteenth Amendment as of July 31, 2022

 

 

ANDREA ELECTRONICS CORPORATION

 

 

 

 

 

 

 

 

 

 

By:

/s/ Louis Libin

 

 

 

Louis Libin

 

 

 

Director

 

       
       
  By: /s/ Joseph J. Migliozzi  
    Joseph J. Migliozzi  
    Director  
       
       
  By: /s/ Jonathan D. Spaet  
    Jonathan D. Spaet  
    Director  
       
       
  EXECUTIVE  
       
       
  /s/ Douglas J. Andrea  
  Douglas J. Andrea  

 

 

 

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