Amendment to Employment Agreement between Chembio Diagnostics, Inc. and Javan Esfandiari

Summary

This amendment updates the employment agreement between Chembio Diagnostics, Inc. and Javan Esfandiari, originally signed on March 5, 2010. The amendment changes the bonus structure, allowing the employee to earn a performance-based bonus of up to 50% of their base salary. The bonus is divided into three parts: up to 20% for meeting company budget goals, up to 15% for achieving specific research and development objectives, and up to 25% as a discretionary bonus. All other terms of the original agreement remain unchanged.

EX-10.16 5 ex10_16.htm AMD EMPLOYMENT AGREEMENT ex10_16.htm

Exhibit 10.16

AMENDMENT TO EMPLOYMENT AGREEMENT

This Amendment to the Employment Agreement (“Amendment”) entered into this 29th day of June, 2011, is an amendment to the Employment Agreement between Chembio Diagnostics, Inc. (“Company”) and Javan Esfandiari (“Employee”) that was entered into on March 5, 2010 (the “Agreement”).

Each of the parties agree to the following Amendment to the Agreement.

1.	Paragraph 6 of the Agreement, including all sub-paragraph therein, entitled “DPP Cash Bonus” is deleted in its entirety and shall be replaced with the following:

“6. Cash Bonus - Employee also will be entitled to receive a performance-based bonus of up to 50% of the Base Salary, to be comprised of:

(a) A performance-based bonus of up to 20% of the Base Salary based upon attainment of the Company budget

(b) A performance-based bonus of up to 15% of the Base Salary based upon attainment of specified and agreed-upon goals and objectives within the Research & Development Department

(c ) a discretionary bonus of up to 25% of the Base Salary”

IN WITNESSS WHEREOF, the Parties have caused this Agreement to be executed the day and year first above written.

Employee:

_____________

Javan Esfandiari

Company:

CHEMBIO DIAGNOSTICS, INC.

_____________

By: Lawrence A. Siebert, President