Amendment and Waiver to Michael Mathews Employment Agreement with Aspen University Inc.
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Summary
Aspen University Inc. and Michael Mathews have agreed to amend Mathews' employment agreement. Mathews will waive $62,500 in unpaid salary and accept a 50% reduction in his base salary. This reduced salary will remain in effect until the company's CEO or board determines that Aspen University has enough cash flow to restore the original salary. The agreement is effective upon Mathews' acceptance and signature.
EX-10.17 27 aspu_ex1017.htm AMENDMENT OF MATHEWS EMPLOYMENT AGREEMENT aspu_ex1017.htm
Exhibit 10.17
Aspen University Inc.
224 W. 30th Street, Suite 604
New York, NY 10001
December 31, 2011
Mr. Michael Mathews
224 W. 30th Street, Suite 604
New York, NY 10001
Re: Deferred Salary Waiver
Dear Mr. Mathews:
This letter agreement is in reference to that certain employment agreement (the “Employment Agreement”) dated May 19, 2011 by and between Aspen University Inc., a Delaware corporation (the “Company”), and yourself. This letter agreement documents your agreement to (i) waive $62,500 of accrued, but unpaid, base salary due from the Company to you under the Employment Agreement, and (ii) reduce your base salary under the Employment Agreement by 50% until such time as the Chief Executive Officer of the Company or the board of directors of the Company determines that the Company has sufficient cash flow to pay the amount originally agreed to in your Employment Agreement.
If the foregoing is acceptable to you, please sign in the place indicated below and return an executed copy to us.
Sincerely,
/s/ David Garrity
David Garrity
Chief Financial Officer
AGREED AND ACCEPTED:
/s/ Michael Mathews___________
Michael Mathews
