Agreement of Temporary Suspension of Compensation Between Li3 Energy, Inc. and Luis Saenz

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement is between Li3 Energy, Inc. and Luis Saenz. It confirms that Luis Saenz will not receive any compensation from the company for his services from May 31, 2017, to November 30, 2017, temporarily suspending certain payment terms in his Employment Services Agreement. Despite the suspension of pay, Luis Saenz will continue to provide services and follow all other terms of the original agreement until it is terminated or replaced. The agreement requires Luis Saenz to confirm his acceptance by signing and returning the letter.

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EX-10.1 2 li3_ex101.htm AGREEMENT OF TERMINATION OF COMPENSATION BETWEEN THE COMPANY AND LUIS SAENZ li3_ex101.htm

EXHIBIT 10.1

 

 

 

 

Santiago, Chile,

May 31st, 2017

 

Mr Luis Saenz

Malecon Cisneros 1320, Dpto 701, Lima 18, Peru

 

Re: Termination of compensation as it relates to the Employment Services Agreement dated August 24th, 2011 and amended on April 8th, 2015 and March 4th, 2016 (the “Agreement”).

 

Dear Luis,

 

We write to confirm the understanding relating to the temporary six month suspension of remuneration due to Luis Saenz (the Employee”) from Li3 Energy, Inc., a Nevada company (the “Company”) for services provided by the Employee.

 

By countersigning their agreement to this letter, the Employee agrees that from the period of May 31st, 2017 until November 30th , 2017, the Employee shall not be due and shall not receive any compensation from the Company for services provided. This will include, but not be limited to, a complete suspension of Sections 3 and 4 of the Agreement. The Employee however will abide by all other sections of the Agreement and provide the specified services to the Company until the Agreement is terminated or otherwise replaced.

 

We appreciate your dedication to Li3 and our vision for the future of the Company and value your contribution to our endeavour.

 

Please countersign and return this letter to us by 5:00 p.m. Santiago, Chile time on June 2, 2017 to confirm your agreement and understanding of this temporary amendment to the Agreement between you and the Company.

 

Sincerely,

 

/s/ Patrick Cussen                             

Patrick Cussen, Chairman

 

Countersigned

 

/s/ Luis Saenz                                        

Luis Saenz