Amendment to Employment Agreement, entered into on March 19, 2021, by and between Par Nijhawan and Edesa Biotech, Inc
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EX-10.3 2 edsa_ex103.htm AMENDMENT TO EMPLOYMENT AGREEMENT edsa_ex103
Exhibit 10.3
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AGREEMENT is made the 19th day of March, 2021.
BETWEEN:
EDESA BIOTECH INC., a company incorporated pursuant to the laws of the Province of British Columbia (the “Employer”)
OF THE FIRST PART
- and -
PAR NIJHAWAN, of the City of Markham, in the Province of Ontario (the “Employee”)
OF THE SECOND PART
WHEREAS:
A.
The parties hereto have entered into an Employment Agreement dated June 14, 2019 (the “Employment Agreement”); and
B.
The parties wish to make certain amendments to the Employment Agreement with respect to the Employee’s compensation.
NOW THEREFORE in consideration of the covenants and agreements herein, and for other good and valuable consideration given by each party hereto to the other, the receipt and sufficiency of which are hereby acknowledged by each of the parties, the parties hereby agree to amend the Employment Agreement as follows:
1.
The first paragraph of Section 3 entitled “Compensation and Benefits” is deleted in its entirety and replaced with the following in its place and stead:
“In consideration of the services to be provided hereunder, the Employee, during the term of his employment, shall be paid a gross annual base salary of $320,000 USD (“Base Salary”), retroactive to January 1, 2021, payable in equal bi-weekly installments, in arrears, less applicable statutory deductions and withholdings. Salaries are reviewed annually in March on the basis of such factors as, but not limited to, merit, market performance, job grade and potential. However, any increase to the Employee’s Base Salary is in the sole discretion of the Employer.”
2.
This agreement may be signed and delivered electronically or by facsimile in one or more counterparts, each of which, when taken together, shall be deemed to be one and the same agreement.
3.
In all other respects, the Employment Agreement remains in full force and effect unamended.
IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed effective the date first noted above.
| | | /s/ Par Nijhawan | | |
| | | PAR NIJHAWAN | | |
| | EDESA BIOTECH INC. | |||
| | By: | /s/ Michael Brooks | ||
| | | Michael Brooks | ||
| | | President | ||
