Amendment to Management Services Agreement between Frankly Media LLC and Schwartz & Associates, PC (August 15, 2016)

Contract Categories: Business Finance › Modification Agreements
Summary

Frankly Media LLC and Schwartz & Associates, PC have agreed to temporarily reduce the consulting fees under their existing Management Services Agreement. From August 16, 2016, to December 31, 2016, the annual fee will be lowered from $360,000 to $33,120. After this period, the original fee rate resumes. The temporary reduction will not affect any bonus calculations. All other terms of the original agreement remain unchanged.

Read More Arrow
EX-10.4 18 ex10-4.htm

 

Frankly Media LLC

27-01 Queens Plaza North, Suite 502

Long Island City, NY 11101

 

Dated as of August 15, 2016

 

Louis Schwartz

Schwartz & Associates, PC

3951 Basque Circle

Smyrna, GA 30080

 

Re:       Amendment of Management Services Agreement

 

Dear Lou,

 

Reference is made to the Management Services Agreement between Schwartz & Associates, PC (“Consultant”) and Frankly Media, LLC (fka Gannaway Web Holdings, LLC d/b/a Worldnow) (“Company”) dated April 1, 2015, as amended August 1, 2015 (the “Agreement”). In exchange for consideration, the receipt and sufficiency of which are hereby acknowledged, when signed below, the Agreement will be amended as follows:

 

 

Fee Adjustment – For the period commencing on August 16, 2016 and ending on December 31, 2016, the fees payable to Consultant under the Agreement will be reduced from the annual rate of $360,000.00 to the annual rate of $33,120.00. Commencing on January 1, 2017, Consultant’s fees will return to the $360,000.00 annual rate. The foregoing reduction in fees will not be factored into the calculation of any bonus for which Consultant may be eligible.

 

Except as amended herein, the Agreement will continue in full force and effect.

 

If the foregoing is acceptable, please return a signed copy of this Amendment to us at your earliest convenience, and we will return a fully-executed copy to you.

 

  Sincerely,
   
  Frankly Media LLC
     
  By: /s/ John F. Wilk
  Name: John F. Wilk
  Title:  General Counsel

 

Accepted and Agreed:
 
Schwartz & Associates, PC
     
/s/ Louis Schwartz  
Louis Schwartz