Amendment to Equity Grant Vesting Terms Agreement between Sensus Healthcare, Inc. and Arthur Levine
This agreement amends a previous letter agreement between Sensus Healthcare, Inc., its contributing members, and Arthur Levine, the company's Chief Financial Officer. The amendment changes the definition of a "Liquidity Event" that triggers the vesting of an equity grant for Mr. Levine. Now, vesting will occur upon either the sale of more than 50% of the company's equity or the end of a lock-up period after an IPO, but not before January 31, 2017. All other terms from the original agreement remain unchanged.
Exhibit 10.15
November 16, 2016
Arthur Levine
Sensus Healthcare, Inc.
Chief Financial Officer
851 Broken Sound Parkway NW Suite 215
Boca Raton, FL 33487
Dear Arthur,
This letter is in reference to our letter agreement with you, dated July 30, 2015 (the “Original Letter”). In the Original Letter, each of Joseph C. Sardano, Stephen Cohen, Richard Golin, Kalman Fishman, and Stephen Arnold individually agreed that (1) the predecessor of Sensus Healthcare, Inc. (the “Company”) would redeem a portion of his equity interest in the Company and (2) the Company would grant you an award for the aggregate of the equity interests so redeemed (the “Equity Grant”).
As you will recall, the Equity Grant was to vest only upon a Liquidity Event. For adequate consideration, the receipt of which is hereby acknowledged by each of the undersigned individuals, the definition of Liquidity Event is amended to mean the date the first of the following occurs (i) the sale of more than 50% of the outstanding equity interests in the Company; or (ii) the expiration of a lock-up period following an IPO, but in no event shall the Liquidity Event occur earlier than January 31, 2017. All other terms of the Original Letter remain the same.
Sincerely,
“Contributing Members”:
/s/ Joseph C. Sardano | /s/ Kalman Fishman | |
/s/ Stephen Cohen | /s/ Stephen Arnold | |
/s/ Richard Golin |
Acknowledged and Agreed: | ||
/s/ Arthur Levine |
Accepted and Agreed: | ||
SENSUS HEALTHCARE, INC. | ||
/s/ Joseph C. Sardano | ||
President and CEO |