AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
Exhibit 10.3
AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
This
Amendment No. 2 to Employment Agreement (“Amendment”), effective as
of April 1, 2020, is entered into by and between PEDEVCO Corp., as
successor-in-interest to Pacific Energy Development Corp. (herein
referred to as the “Company”), and Xxxxx X.
Xxxxx (“Executive”).
WHEREAS, the Company and Executive have
entered into an employment agreement, dated June 10, 2011, as
amended to date (the “Agreement”), concerning
the employment of Executive as Executive Vice President, General
Counsel and Secretary of the Company; and
WHEREAS, the parties wish to amend the
Agreement to revise certain terms of the Agreement as set forth
herein in order to reduce Company costs on a temporary
basis;
NOW, THEREFORE, in consideration of the
mutual covenants and agreements hereinafter set forth, the parties
hereto agree as follows:
1.
Temporary Reduction in Base
Salary: Commencing on April 1, 2020, and terminating upon
such time as the Company determines, in its reasonable discretion,
that oil markets have recovered to acceptable levels,
Executive’s annual base salary shall be reduced from
$250,000.00 to $200,000.00. Notwithstanding the forgoing,
Executive’s annual base salary for purposes of calculating
any “Separation Payments” under the termination
provisions set forth in Section 5 of the Agreement shall remain at
$250,000.00 during the duration of the temporary base salary
reduction.
2.
Except to the
extent modified hereby, the Agreement shall remain in full force
and effect.
3.
This Amendment
shall be binding upon and inure to the benefit of the parties and
their successors and assigns.
IN WITNESS WHEREOF, the parties have
caused the Amendment to be executed as of the date and year first
referenced above.
“The
Company” |
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Date: March 31,
2020
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By:
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/s/ Xxxxx Xxxxx
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Xx. Xxxxx
Xxxxx
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Chief Executive
Officer
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Date: March 31,
2020
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By:
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/s/ Xxxxx X. Xxxxx
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Xxxxx X.
Xxxxx
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Amendment to Xxxxx Employment Agreement