First Amendment to Employment Agreement between Silo Pharma, Inc. and Daniel Ryweck (October 12, 2022)
This amendment updates the employment agreement between Silo Pharma, Inc. and Daniel Ryweck, effective October 12, 2022. The main change is an increase in Mr. Ryweck's annual base salary to $60,000, paid in equal monthly installments. All other terms of the original employment agreement remain unchanged and in effect. The amendment is signed by both parties and confirms the continued employment relationship under the revised salary terms.
Exhibit 10.3
FIRST AMENDMENT
TO
EMPLOYMENT AGREEMENT
This First Amendment to Employment Agreement is made and entered into as of October 12, 2022 (the “Effective Date”), by and between Daniel Ryweck (the “Employee”) and Silo Pharma, Inc., a Delaware corporation (the “Company”), the Corporation and the Employee are collectively referred to herein as the “Parties.”
WITNESSETH
WHEREAS, the Corporation and Employee are Parties to that certain Employment Agreement dated as of September 28, 2022, (the “Employment Agreement”);
WHEREAS, the Parties desire to amend the Employment Agreement and raise the Employee’s salary as set forth herein
NOW, THEREFORE, in consideration of the mutual covenants, promises and obligations set forth herein, the Parties agree as follows:
| 1. | Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Employment Agreement. |
| 2. | The first sentence in Section 4.1 of the Employment Agreement is hereby amended and restated it its entirety as follows: |
“Base Salary. During the Employment Term, the Employer shall pay to Employee an initial base salary at the annual rate of Sixty Thousand ($60,000) Dollars as compensation for Employee’s performance of Employee’s duties hereunder, payable in equal monthly installments (the “Base Salary”).”
| 3. | Except as amended hereby, the terms and provisions of the Employment Agreement shall remain in full force and effect, and the Employment Agreement is in all respects ratified and confirmed. On and after the date of this agreement, each reference in the Employment Agreement to the “Agreement”, “hereinafter”, “herein”, “hereinafter”, “hereunder”, “hereof”, or words of like import shall mean and be a reference to the Employment Agreement as amended by this agreement. |
| 4. | This agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which taken together shall constitute a single Amendment. |
| CORPORATION: | ||
| Silo Pharma, Inc. | ||
| /s/ Eric Weisblum | ||
| By: | Eric Weisblum | |
| Title: | Chief Executive Officer | |
| EMPLOYEE: | ||
| /s/ Daniel Ryweck | ||
| By: | Daniel Ryweck | |
| Title: | Chief Financial Officer | |
