Amendment to Employment Agreement between PAVmed Inc. and Lishan Aklog, M.D.
This amendment updates the employment agreement between PAVmed Inc. and Lishan Aklog, M.D. It changes Dr. Aklog's annual base salary to $295,000, effective November 1, 2015, with payment in regular payroll installments. It also clarifies that his previous base salary of $240,000 for the prior year will only be paid if the company completes its initial public offering. All other terms of the original agreement remain unchanged.
Exhibit 10.2.3
PAVMED INC.
420 Lexington Avenue, Suite 300
New York, New York 10170
November 17, 2015
Mr. Lishan Aklog
10 Hickory Pine Court
Purchase, NY 10577
Dear Mr. Aklog:
This letter will serve to amend the Employment Agreement (“Employment Agreement”), dated as of October 24, 2014 and amended on April 8, 2015, between you and PAVmed Inc.
Section 3.1 of the Employment Agreement is hereby amended and restated to read as follows:
“3.1 Salary. The Company shall pay to Executive a salary (“Base Salary”) at the annual rate of $295,000. Executive’s compensation shall be paid in equal, periodic installments in accordance with the Company’s normal payroll procedures commencing as of November 1, 2015. Executive’s Base Salary from November 1, 2104 to October 31, 2015, which will be paid at the rate of $240,000 per year, shall be paid only upon, and be subject to, the consummation of the Company’s initial public offering of its securities.”
Except as amended herein, all other provisions of the Employment Agreement shall remain in full force and effect.
Please sign this letter in the place below to confirm your agreement.
| Sincerely, | ||
| PAVMED INC. | ||
| By: | /s/ Richard Fitzgerald | |
| Name: Richard Fitzgerald | ||
| Title: Chief Financial officer | ||
AGREED TO:
| /s/ Lishan Aklog | |
| Lishan Aklog, M.D. |
