Amendment to Employment Agreement between Unico American Corporation and Cary L. Cheldin
This amendment to the employment agreement between Unico American Corporation and Cary L. Cheldin, effective retroactively from January 1, 2017, to January 1, 2018, documents Mr. Cheldin's waiver of his right to a mandatory bonus and his right to protection against a decrease in his annual bonus for that period. The amendment clarifies that Mr. Cheldin is not required to reimburse any compensation already paid. Both parties signed the amendment on March 23, 2018.
EXHIBIT 10.22
TO:
Unico American Corporation
26050 Mureau Road
Calabasas, CA 91302
Attention: Michael Budnitsky, Chief Financial Officer
FROM:
Cary L. Cheldin
26050 Mureau Road
Calabasas, CA 91302
RE: Amendment to Employment Agreement
Pursuant to Section 14 of the “Employment Agreement” entered into on the 17th day of March, 2015, between myself and Unico American Corporation, I, Cary L. Cheldin, hereby agree to waive certain rights as described below.
These waivers are retroactive to January 1, 2017, and shall remain effective from January 1, 2017, until January 1, 2018. Nothing contained in the following waivers shall be construed to require me to reimburse the Company for any compensation, however defined, which has already been paid to me.
Waivers:
| 1. | I, Cary L. Cheldin, hereby waive my right to the Mandatory Bonus provided under Section 3.2 of the Employment Agreement. |
| 2. | I, Cary L. Cheldin, hereby waive my right to protection against the Company’s decision, if any, to decrease my annual bonus. |
By Executive:
/s/ Cary L. Cheldin
Cary L. Cheldin
March 23, 2018
By Company:
/s/ Michael Budnitsky
Michael Budnitsky
March 23, 2018
