Amendment to Employment Agreement between Unico American Corporation and Cary L. Cheldin (2019)
This amendment is between Unico American Corporation and Cary L. Cheldin. It documents Mr. Cheldin's agreement to waive his right to a mandatory bonus and protection against a decrease in his annual bonus for the year 2018, as outlined in his original employment agreement. The waivers are effective retroactively from January 1, 2018, to January 1, 2019, and do not require Mr. Cheldin to repay any compensation already received.
EXHIBIT 10.24
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
This document is to memorialize a discussion about Cary L. Cheldin's bonus held at January 30, 2019, Special meeting of Unico American Corporation Board of Directors.
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, 2018, and shall remain effective from January 1, 2018, until January 1, 2019. 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 only for 2018. |
| 2. | I, Cary L. Cheldin, hereby waive my right to protection against the Company’s decision, if any, to decrease my annual bonus only for 2018. |
By Executive:
/s/ Cary L. Cheldin
Cary L. Cheldin
March 27, 2019
By Company:
/s/ Michael Budnitsky
Michael Budnitsky
March 27, 2019
