FIRST AMENDMENT TO THE
EMPLOYMENT AGREEMENT OF GEOFF RACE
This FIRST AMENDMENT TO THE EMPLOYMENT AGREEMENT OF GEOFF RACE (the Amendment) is entered into this 11th day of October 2021 (the Effective Date), by and between GEOFF RACE (the Employee) and Mind-NRG SARL (the Company).
A. The Company and the Employee have entered into that certain Employment Agreement effective August 1, 2016 (the Employment Agreement); and
B. In light of the desire of the Company to continue the employment of Employee, and the desire of both the Company and the Employee to amend the Employment Agreement as provided in this Amendment,
The parties agree to the following:
1. Amendment to Section 2(a). Section 2(a) of the Employment Agreement is hereby and replaced in its entirety as follows:
The Employee is employed in the function as President of the Company and its parent, Minerva Neurosciences, Inc. (the Parent).
2. Amendment to Section 2(b). The third paragraph of Section 2(b) of the Employment Agreement is hereby and replaced in its entirety as follows:
The Employee will report to the Companys Chief Executive Officer (CEO), and shall perform such duties consistent with his position as President of the Company and President of the Parent and as may reasonably be assigned to him by the CEO and/or the Board of Directors of the Company and/or of the Parent (the Board).
3. Amendment to Section 4(a). Section 4(a) of the Employment Agreement is hereby and replaced in its entirety as follows:
The Employee shall receive an annual base salary of USD 442,293 gross (the Base Salary), payable in twelve monthly instalments at the end of each month (in accordance with the Companys normal payroll practice), plus any mandatory contributions for family and children allowances.
The Base Salary will be subject to review by the Company annually on the anniversary of the Employees Commencement Date. There is no obligation to award an increase nor any entitlement to reduce the Base Salary.