Amended and Restated Employment Agreement, effective as of January 1, 2009, between Leatt Corp. and Sean Macdonald (as amended)

EX-10.12 10 exhibit10-12.htm EXHIBIT 10.12 Leatt Corp.: Exhibit 10.12 - Filed by newsfilecorp.com















AMENDMENT NO. 1

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

This AMENDMENT NO. 1 TO AMENDED AND EMPLOYMENT AGREEMENT, effective as of January 1, 2018 (this “First Amendment”), is by and between Leatt Corporation, a Nevada corporation (the “Company”) and Mr. Sean Macdonald, an individual (the “Executive”). Each of the parties hereto are referred to as a “Party” and collectively as the “Parties.” Capitalized terms used, but not otherwise defined, herein have the meanings ascribed to such terms in the Original Agreement (as defined below).

BACKGROUND

The Parties entered into an Amended and Restated Employment Agreement, dated as of June 30, 2017, pursuant to which the Company agreed to employ the Executive and the Executive agreed to work for the Company (the “Original Agreement”). The Parties now desire to enter into this First Amendment to the Original Agreement as more specifically set forth herein.

AGREEMENT

NOW, THEREFORE, in consideration of the mutual promises of the Parties, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

1.     Amendment to Section 6.1: Section 6.1 of Paragraph 6 Remuneration of the Original Agreement is deleted in its entirety and in lieu thereof the following provision is inserted:

  6.1

As remuneration for the services of the employee, the employer shall pay the employee a salary of ZAR 2,285,776.80 per annum and US$ 55,212 per annum, plus the employee shall be entitled to following benefits:

     
  6.1.1

ZAR 224,841.24 per annum in travel allowance, medical and life insurance benefits; and

     
  6.1.2

Participation in the Senior Executive Wellness Program.

2.     Agreement. In all other respects, the Original Agreement shall remain in full force and effect.

3.     Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

[SIGNATURE PAGE TO FOLLOW]

Amendment No. 1 to Amended and Restated Employment Agreement

IN WITNESS WHEREOF, the Parties have executed this First Amendment to the Original Agreement as of the date first above written.

  Company: LEATT CORPORATION
       
       
       
    By: /s/ Christopher Leatt
      Christopher Leatt
      Chairman
       
    Address:
    Leatt Corporation
    50 Kiepersol Drive, Atlas Gardens
    Contermanskloof Road
    Durbanville, Western Cape
    7441, South Africa
       
       
  Executive:    
       
    By: /s/ Sean Macdonald
      Sean Macdonald
       
    Address:
    c/o Leatt Corporation
    50 Kiepersol Drive, Atlas Gardens
    Contermanskloof Road
    Durbanville, Western Cape
    7441, South Africa

Amendment No. 1 to Amended and Restated Employment Agreement