Addendum No. 1 to Employment Agreement between Celsius Holdings, Inc. and Geary W. Cotton (CFO)

Contract Categories: Human Resources › Employment Agreements
Summary

This addendum modifies the employment agreement between Celsius Holdings, Inc. and Geary W. Cotton, the CFO. Effective December 3, 2010, Mr. Cotton's annual base salary is set at $96,000. If there is a change of control or the company sells all its material intellectual property, he will receive the difference between his previous salary ($120,000) and the new salary, multiplied by the time elapsed since the change. All other terms of the original agreement remain unchanged.

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EX-10.2 3 f8k120210ex10ii_celsius.htm ADDENDUM #1 TO EMPLOYMENT AGREEMENT WITH GEARY COTTON, CFO DATED DECEMBER 2, 2010. f8k120210ex10ii_celsius.htm
Exhibit 10.2
ADDENDUM TO EMPLOYMENT AGREEMENT

This Addendum to Employment Agreement is made on this 2nd day of December, 2010, between Celsius Holdings, Inc. (“Employer”) and Geary W. Cotton (“Employee”).

WHEREAS, Employer and Employee entered into an Employment Agreement on January 20, 2010; and,

WHEREAS, Employer wishes to continue employing Employee and Employee wishes to continue to be employed pursuant to the terms of this Employment Agreement.

NOW THEREFORE, in consideration of the mutual covenants and agreements contained in this Addendum to Employment Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

Section 4.1. Base Salary, shall be modified as of December 3, 2010, to an annual base salary of $96,000; provided that, upon the closing of a change of control event, as defined in section 9.4. (a), or at closing of a transaction whereby the Employer sells all material intellectual property, Employer shall pay Employee the difference between Employee’s prior annual base salary of $120,000.00 and the $96,000.00 annual base salary agreed to herein, multiplied by the full and partial years from December 3, 2010 to the date of any such closing.

No other terms will be modified and remain the same

IN WITNESS WHEREOF, the parties have executed this Employment Agreement in duplicate on the date and year first above written.


EMPLOYEE:


_____/s/ Geary Cotton________________
Geary W. Cotton


EMPLOYER:

CELSIUS HOLDINGS, INC.


By: __/s/ Stephen Haley_______________
       Stephen C. Haley, Chief Executive Officer