Second Amendment to Amended and Restated Employment Agreement between Progressive Care Inc. and Birute Norkute

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between Progressive Care Inc. and Birute Norkute. It changes the compensation terms, granting Ms. Norkute five million restricted stock units that vest immediately, replacing previous provisions. The agreement confirms her continued employment and the company's desire to retain her expertise. All other terms of the original agreement remain unchanged.

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EX-10.23 3 ex10-23.htm

 

Exhibit 10.23

 

AMENDMENT #2 - EMPLOYMENT AGREEMENT

 

THIS AMENDMENT #2 TO THE AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”), dated November 22, 2021 (the “Effective Date”) is between Progressive Care Inc., a Delaware Corporation, and its wholly owned subsidiaries (the “Employer” or the “Company”), and Birute Norkute, an individual (“Employee”).

 

R E C I T A L S:

 

A.Company and Employee entered into that certain Employment Agreement, effective as of January 3, 2020 (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 November 22, 2021, 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 five million (5,000,000) 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.

 

[the remainder of the page has intentionally been left blank. signature page follows]

 

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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 7, 2022
  Alan Jay Weisberg   
  Chief Executive Officer   
    
EMPLOYEE   
    
    Dated: October 7, 2022
Birute Norkute, an individual   

 

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