Amendment to Executive Employment Agreement between Avalon GloboCare Corp. and Meng Li
Avalon GloboCare Corp. and Meng Li have agreed to amend Meng Li's Executive Employment Agreement. The amendment makes Meng Li eligible for a bonus equal to 100% of her base salary if the company's shares are listed on a national securities exchange and, if required by the Board, the company completes a public equity offering raising at least $10 million. The bonus will be paid after these conditions are met or waived by the Board, subject to standard payroll deductions.
Exhibit 10.2
Avalon GloboCare Corp.
4400 Route 9 South, Suite 3100
Freehold, New Jersey 07728
April 3, 2018
Meng Li
c/o Avalon GloboCare Corp.
4400 Route 9 South, Suite 3100
Freehold, New Jersey 07728
Re: Executive Employment Agreement
Ms. Li:
Reference is hereby made to that certain Executive Employment Agreement entered between Avalon GloboCare Corporation (the “Company”) and yourself effective December 1, 2016 (the “Agreement”). In acknowledgment of your services to date and in order to properly compensate you for your services going forward, we hereby agree to amend Section 3 of the Agreement to add the following paragraph (G):
Executive will be eligible a bonus equal to 100% of the Base Salary, which shall be payable upon the Company’s shares becoming listed on a national securities exchange AND if the Board determines that additional equity funding is required, the Company’s closing (whether at the time of listing or subsequent thereto) of a public offering of its equity, raising not less than $10,000,000 in gross proceeds in the aggregate. If such conditions are fulfilled, or waived by the Board, the above bonus shall be payable with the next payroll following the occurrence of the relevant event, subject to all applicable deductions required by law.
Please execute below agreeing to the above amendment.
Avalon GloboCare Corp.
By:/s/ Luisa Ingargiola
Name: Luisa Ingargiola
Title: Chief Financial Officer
ACKNOWLEDGED AND AGREED:
/s/ Meng Li
Meng Li
