Amendment dated November 17, 2017 to Employment Agreement dated July 3, 2000 between Puradyn Filter Technologies Incorporated and Kevin Kroger

EX-10.2 3 pfti_ex10z2.htm AMENDMENT TO EMPLOYMENT AGREEMENT Amendment to Employment Agreement


EXHIBIT 10.2

ADDENDUM #2 TO EMPLOYMENT AGREEMENT OF JULY 3, 2000

This Addendum #2 to the July, 3, 2000, Employment Agreement (“Agreement”) between Kevin G. Kroger “Kroger”) and Puradyn Filter Technologies Incorporated (“PFTI”), is made and entered into effective November 16, 2017 (“Effective Date”).

Recitals

A.

Kevin Kroger and Puradyn Filter Technologies Incorporated entered into an employment agreement on July 3, 2000. As part of the compensation promised to Kroger in that agreement, Kroger is entitled to a $600,000 Life Insurance Policy as evidenced by Section #2(c)(ii), Compensation, Executive Perquisites, Benefits, and Other Compensation.  

B.

Kroger, in his desire to show his confidence and belief in the future performance of PFTI, and to conserve PFTI cash resources at this time, agrees to amend Section #2 (c)(ii), Compensation, Executive Perquisites, Benefits, and Other Compensation, of his employment contract.

AGREEMENT:

1.

In lieu of and in exchange for the $600,000 Life Insurance Policy, Kroger will accept a $300,000 Life Insurance Policy.

2.

All other terms and conditions of the July 3, 2000 Employment Agreement remain in full force and effect.


EMPLOYEE:

 

EMPLOYER:

Kevin G. Kroger

 

Puradyn Filter Technologies, Inc.

 

 

 

 

 

 

/s/Kevin G. Kroger

 

/s/Joseph V. Vittoria

Kevin G. Kroger

 

Joseph V. Vittoria

President and Chief Operating Officer

 

Chairman and Chief Executive Officer