You are here: Agreements > Employment Agreement Amendment > AMENDMENT TO NO. 1 TO EMPLOYMENT AGREEMENT

SITE SEARCH
AGREEMENTS / CONTRACTS
(optional)
(optional)
Try our advanced search >>
CLAUSES Search Contract Clauses >>
Browse Contract Clause Library>>

Amendment To No. 1 To Employment Agreement

Employment Agreement Amendment

Legal Documents
You are currently viewing:

 This Employment Agreement Amendment involves

ASPEN GROUP, INC. | Aspen University Inc

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
 

Title: AMENDMENT TO NO. 1 TO EMPLOYMENT AGREEMENT
Date: 8/29/2016
Industry: Conglomerates     Sector: Conglomerates

join now
50 of the Top 250 law firms use our Products every day

 

 

Exhibit 10.12(a)

AMENDMENT TO NO. 1 TO

EMPLOYMENT AGREEMENT

 

This AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”), dated November 24, 2014, is by and between Aspen University Inc. (the “Company”), and Cheri St. Arnauld, Ed. D (the “Executive”).

 

WHEREAS, the Company and the Executive entered into an employment agreement as of March 1, 2014 (the “Agreement”); and

 

WHEREAS, the parties desire to amend the Agreement to revise the requirements and rights with respect to obtaining a bonus under the Agreement.

 

NOW, THEREFORE, the Company and the Executive, each intending to be legally bound hereby, do mutually covenant and agree as follows:

 

I.

The Agreement is hereby amended as follows:

 

A.

Section 4(b) shall be replaced with the following:

 

(b)

Target Bonus .  For each fiscal year during the Term beginning May 1st and ending April 30th of the applicable fiscal year, the Executive shall have the opportunity to earn a bonus up to 30%, 66% or 100% of her then Base Salary (the “Target Bonus”) as follows:

When the Company achieves annual Adjusted EBITDA (as defined below) at certain threshold levels (each, an “EBITDA Threshold”), the Executive shall receive an automatic cash bonus (the “Automatic Cash Bonus”) equal to a percentage of her then Base Salary, and shall receive a grant of fully vested shares of the Company’s common stock having an aggregate Fair Market Value (as such term is defined in the Company’s 2012 Equity Incentive Plan, as amended) equal to a percentage of the Executive’s then Base Salary (the “Automatic Equity Bonus”). In addition, the Executive shall be eligible to receive an additional percentage of her then Base Salary as a cash bonus (the “Discretionary Cash Bonus”) and an additional grant of fully vested shares of the Company’s common stock having an aggregate Fair Market Value equal to a percentage of the Executive’s then Base Salary (the “Discretionary Equity Bonus”) based on the Board’s determination that the Executive has achieved certain annual performance objectives established by the Board, based on the mutual agreement of the Chief Executive Officer and the Executive, at the beginning of each fiscal year.

The EBITDA Thresholds and corresponding bonus levels are set forth in the table below. For the avoidance of doubt, the Executive shall only be eligible to receive the bonuses associated with a single EBITDA Threshold; i.e. in the event the Company attains EBITDA Threshold (2), only the bonuses associated with EBITDA Threshold (2) below (and not the bonuses associated with EBITDA Threshold (


continue to document