Amendment to Offer of Employment: Severance Agreement between Intellinetics, Inc. and Joseph D. Spain
This letter amends the employment offer for Joseph D. Spain, an executive at Intellinetics, Inc., outlining his eligibility for severance pay if his employment ends under certain conditions. If terminated without cause or if he resigns for good reason, he will receive accrued salary and continued base salary and benefits for three months. If such termination occurs near a change in control, these payments extend to six months. Eligibility requires signing a release and does not alter his at-will employment status.
Joseph D. Spain
3008 Pleasant Colony Dr
Lewis Center, OH 43035
February 19, 2018
Dear Joe,
Amendment to Offer of Employment: Severance
As an Executive of the Company, you are eligible to receive severance pay in the event your employment is terminated for qualifying reasons.
| ● | Upon termination by the Company without cause or upon termination by you for “good reason” (i.e., material reduction of duties or base salary/bonus opportunity), and subject to certain notice and cure provisions, you would be eligible to receive any accrued but unpaid salary through the date of termination, plus continued payment of base salary and medical and dental benefits for 3 months. |
| ● | If such a qualifying termination occurs within 90 days before or one year after a change in control of the Company, you would be eligible to receive accrued but unpaid salary through the date of termination plus continued payment of base salary and medical and dental benefits for 6 months. |
This eligibility does not modify the “at-will” nature of your employment. The terms and conditions of the severance available to you will be set forth in your revised formal employment agreement and will require you to sign a full release in favor of the Company at the time of termination in order to be eligible.
| Yours sincerely, | |
| /s/ James F. DeSocio | |
| James F. DeSocio | |
| President & CEO | |
| Intellinetics, Inc. |
| Signed | /s/ Joseph D. Spain | Date 2/19/18 | |
| Joseph D. Spain |
