Amendment to Employment Agreement between Quotient Limited and Manuel O. Méndez (October 2021)
Quotient Limited and its CEO, Manuel O. Méndez, have agreed to amend Méndez's Employment Agreement. Instead of receiving a portion of his original sign-on equity grant (restricted stock units and stock options), Méndez will receive a cash payment of $1,000,000 (after taxes and deductions) to support his relocation to Switzerland. The cancelled equity awards will be proportionally reduced according to their vesting schedules. This amendment is effective upon Méndez's acceptance and signature.
Exhibit 10.3
Attention Manuel O. Méndez, Chief Executive Officer
October 15, 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 and October 5, 2021(the “Employment Agreement”).
The “Sign-On Equity Grant” provided by your Employment Agreement in Sections 5(a) and 5(b) of Schedule 1 will be reduced by respectively 181.159 Company restricted stock units and 138.227 Company stock options which will be cancelled in due proportion of the respective vesting calendars.
in lieu thereof the Company shall promptly pay to you in cash in U.S. Dollars 1,000,000 net of social security and tax cost deductions, to further support your relocation to Switzerland.
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 |
