Letter Agreement by and between Avalon GloboCare Corp. and David Jin dated January 3, 2019
Exhibit 10.1
Avalon GloboCare Corp.
4400 Route 9 South, Suite 3100
Freehold, New Jersey 07728
January 3, 2019
David Jin
c/o Avalon GloboCare Corp.
4400 Route 9 South, Suite 3100
Freehold, New Jersey 07728
Re: Executive Employment Agreement
Dr. Jin:
Reference is hereby made to that certain Executive Employment Agreement entered between Avalon GloboCare Corp. (the “Company”) and yourself dated 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 the following:
| 1) | The amendment and restatement of Section 3(a) of the Agreement: |
Base Salary. A base salary of $360,000.00 (the “Base Salary”), such Base Salary to commence on January 1, 2019 and shall be payable in periodic equal installments in accordance with the normal payroll practices of the Company, but in no event less often than monthly. The Executive’s Base Salary will be subject to modification during the Executive’s employment in accordance with the Company’s practices, policies, and procedures but will not be reduced without Executive’s mutual agreement.
| 2) | In accordance with Section 3(b) of the Agreement, the Company hereby agrees to issue you stock options to acquire 150,000 shares of common stock at an exercise price of $2.00 per share, which such grant is subject to the shareholders representing a majority of the Company’ issued and outstanding voting stock approving a Stock Incentive Plan covering such stock options. |
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/ David Jin
David Jin
