Amendment to Employment Agreement and Deferred Salary Waiver between Aspen University Inc. and Brad Powers
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Summary
Aspen University Inc. and Brad Powers have agreed to amend Mr. Powers' employment agreement. Mr. Powers 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 his original salary. The agreement is effective upon both parties' signatures.
EX-10.18 28 aspu_ex1018.htm AMENDMENT OF POWERD EMPLOYMENT AGREEMENT aspu_ex1018.htm
Exhibit 10.18
Aspen University Inc.
224 W. 30th Street, Suite 604
New York, NY 10001
December 31, 2011
Mr. Brad Powers
224 W. 30th Street, Suite 604
New York, NY 10001
Re: Deferred Salary Waiver
Dear Mr. Powers:
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/ Brad Powers___________________
Brad Powers
