Form of Amendment to Amended and Restated Employment Agreement

Contract Categories: Human Resources - Employment Agreements
EX-10.3 4 ex10-3.htm

 

Exhibit 10.3

 

FORM OF AMENDMENT TO THE AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS FORM OF AMENDMENT TO THE AMENDED AND RESTATEDEMPLOYMENT AGREEMENT (“Agreement”), dated [●], and effective as of [●] (the “Effective Date”) is between Progressive Care Inc., a Delaware Corporation, and its wholly owned subsidiaries (the “Employer” or the “Company”), and [●], an individual (“Employee”).

 

R E C I T A L S:

 

A. Company and Employee entered into that certain Employment Agreement, effective as of [●] (the “Original Agreement”).’
   
B. Employee is knowledgeable with respect to the business of the Company.
   
C. Company desires to continue employment to Employee and Employee desires to continue employment by Company.
   
D. On [●], the Company and the Employee agreed to enter into an Amended and Restated Employment Agreement.
   
E. The Company and Employee wish to amend certain compensation provisions of the Amended and Restated Employment Agreement.

 

NOW, THEREFORE, in consideration of the premises, the parties agree as follows:

 

1. Section 4, Compensation, is revised and amended as follows:
     
  Paragraphs (d) and (e) are deleted in their entirety and replaced with the following:
     
  (d) Employee shall be granted [●] million restricted stock units (the “RSU’s”) under and subject to all of the provisions of the related Restricted Stock Unit Agreement (the “Founders Award Agreement”). The restricted shares shall be vested immediately.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

 

PROGRESSIVE CARE INC.    
       
By:   Dated: October [●], 2022
  Alan Jay Weisberg    
  Chief Executive Officer    

 

EMPLOYEE    
     
  Dated: October [●], 2022
[  ], an individual    

 

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