Amendment to Employment Agreement between Quotient Limited and Manuel O. Méndez (October 2021)
This letter agreement amends the Employment Agreement between Quotient Limited and Manuel O. Méndez. Instead of receiving a guaranteed discretionary bonus of CHF 600,000 for the 2022 fiscal year, Mr. Méndez will receive this amount in cash, net of social security deductions, to support his relocation to Switzerland. He remains eligible for any additional discretionary bonus for 2022. The company will continue to reimburse his relocation expenses as outlined in the original agreement, with certain payments made net of tax deductions if incurred before the end of 2021 or his move into his Swiss residence.
Exhibit 10.2
Attention Manuel O. Méndez, Chief Executive Officer
October 5, 2021
Dear Manuel:
Reference is made to that certain Employment Agreement between you and Quotient Limited (the “Company”), dated as of February 23, 2021 and amended June 7, 2021 (the “Employment Agreement”). Your Employment Agreement provides for a “Discretionary Bonus” and further provides that for the Company’s fiscal year ending in 2022, your Discretionary Bonus shall be not less than 80% of your Base Compensation of Swiss Francs 750,000, which is Swiss Francs 600,000 (the “Guaranteed 2022 Portion of the Discretionary Bonus”).
Your entitlement to the Guaranteed 2022 Portion of the Discretionary Bonus shall be surrendered and in lieu thereof the Company shall promptly pay to you in cash in Swiss Francs 600,000, net of social security cost deductions, to further support your relocation to Switzerland. Your eligibility for the remainder of the Company’s fiscal year 2022 Discretionary Bonus is unchanged.
The Company will continue reimbursing pursuant to the terms of the Employment Agreement, net of social security cost deductions, expenses incurred by you in connection with your relocation to Switzerland. For relocation expenses incurred before the earlier of (i) December 31, 2021 and (ii) your moving into your primary residence in Switzerland, such reimbursements will also be paid to you net of taxes deductions.
Please indicate your agreement to the foregoing by executing this letter in the space provided below and emailing it to me.
Sincerely,
| /s/ Heino von Prondzynski |
| Quotient Limited |
| By: | Heino von Prondzynski | |
| Chairman of the Board |
Acknowledged and Agreed:
| /s/ Manuel O. Méndez |
| Manuel O. Méndez |
| Quotient Limited
Registered in Jersey, Channel Islands, number 109886 Registered office – 28 Esplanade, St Helier, Jersey, JE2 3QA, Channel Islands Correspondence address - PO Box 1075, JTC House, 28 Esplanade, St Helier, Jersey, JE4 2QP, Channel Islands | Page 1/1 |
