Attached files
| file | filename |
|---|---|
| EX-10 - AMENDED AND RESTATED EMPLOYMENT AGREEMENT - Charlie's Holdings, Inc. | ex10-2.htm |
| 8-K - FORM 8-K - Charlie's Holdings, Inc. | chuc_8k.htm |
Exhibit
10.1
Amendment to Employment Agreement
This
AMENDMENT TO EMPLOYMENT AGREEMENT (the “Addendum”), is entered
into as of February 12, 2020, by and between Charlie’s
Holdings, Inc., a Nevada corporation (f/k/a True Drink Holdings,
Inc., hereinafter the “Company”), and Brandon
Stump (“Executive”).
WHEREAS, the
Company and Executive previously entered into an Employment
Agreement dated April 26, 2019 (the “Agreement”);
WHEREAS, the
regulatory environment and the Company’s market
capitalization have changed materially from what was anticipated
when the parties entered into the Agreement; and
WHEREAS, the
Company and Executive desire to amend certain terms of the
Agreement, as more particularly set forth in this
Agreement.
NOW,
THEREFORE, in
consideration of the mutual covenants and Addendums herein
contained and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties agree
as follows:
1. Equity Awards. The Market
Capital Milestones set forth in Exhibit A to the Agreement, and
the Stock Compensation set forth in Exhibit B to the Agreement as
the same relate to annual awards based on 50% of the
Executive’s base salary, are deleted in their entirety. The
Financial Milestones set forth in Exhibit A shall remain in full
force and effect. The parties agree and acknowledge that, as a
result of the foregoing, the equity compensation owed, owing or to
be issued to the Executive as a result of the achievement of the
Market Capitalization Milestones, or annual awards based on 50% of
the Executive’s base salary, are void, and shall terminate
and be of no force and effect.
2. Cash Bonus. The parties shall
defer payment of the Annual Bonus for 2019 as calculated by Section
3(b) to December 31, 2020, which Annual Bonus shall accrue on the
books and records of the Company.
3. Acknowledgement. The Company
acknowledges that the changes to the Executive’s compensation
herein, reflect a significant waiver of potential compensation by
the Executive being made as an accommodation to the Company.
Accordingly, and without any assurances, the Company will consider
these accommodations in any future negotiation or grant of equity
compensation to the Executive and agrees that discussion on a new
contract will occur in 2020.
4. No Modification. Except as
specifically set forth herein the Agreement remains in full force
and effect without any changes or modifications.
5. Incorporation. The provisions
of Sections 15-24 of the Agreement are hereby incorporated
herein.
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IN
WITNESS WHEREOF, the parties have executed this Addendum effective
on the date and year first above written.