Ex. 10.3

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SECOND AMENDMENT TO

EMPLOYMENT AGREEMENT

 

THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and
entered into as of September 5, 2019, with an effective date of January 1, 2019
by and between Summer Energy Holdings, Inc., a Nevada corporation (“Employer”),
and Jaleea George (“Employee”). 

RECITALS

A. Employer and Employee are parties to that certain Employment Agreement dated
as of January 1, 2017, as amended by a First Amendment to Employment Agreement
dated as of October 20, 2017 (the “Employment Agreement”).  Unless otherwise
indicated, all capitalized terms herein shall have the meanings assigned to them
in the Employment Agreement. 

 

B.Pursuant to Section 9 of the Employment Agreement, Employer and Employee
desire to amend the Employment Agreement pursuant to the terms and conditions of
this Amendment.   

 

AGREEMENT

NOW, THEREFORE, in consideration of the covenants and conditions set forth
herein, and for other good and valuable consideration, Employer and Employee
hereby agree as follows: 

1.Section 1(a) of the Employment Agreement is hereby amended by deleting such
section in its entirety and replacing it as follows: 

Term.  Subject to the terms and conditions of this Agreement, Employer agrees to
employ Employee, and Employee agrees to be employed by Employer, for a term of
two (2) years, commencing on January 1, 2019.    

2.Exhibit A to the Employment Agreement is hereby amended by deleting paragraph
1 thereof in its entirety, and replacing it as follows: 

Base Salary.  Beginning on August 27, 2019, Employer will pay to Employee a base
salary at an annual rate of $200,000 (the “Base Salary”), payable in accordance
with Employer’s customary payroll practices as in effect from time to time.  

3.Exhibit A to the Employment Agreement is hereby amended by changing the
vesting dates in the first bullet point thereof, such that the vesting date of
the options granted on or about January 1, 2017 will vest in full on January 1,
2020 and the vesting date of the options granted on or about January 1, 2018
will vest in full on January 1, 2021, pursuant to amendments to the respective
option grant agreements.    

4.Exhibit A to the Employment Agreement is hereby amended by deleting the second
and third bullet points in section 5 thereof in their entirety and replacing
them as follows: 

oEmployee shall be granted an option to purchase up to 170,000 shares of
Employer’s common stock (the “Common Stock”) which option vests as follows: (i)
as to the first 85,000 shares of Common Stock, on January 1, 2020 and, (ii) as
to the second 85,000 shares of Common Stock, on December 31, 2020, with an
exercise price equal to $1.50 per share, unless the price per share of Common
Stock as reported on the OTC Markets on the date such option is granted is
greater than $1.50, in which case the exercise price shall be equal to the price
per share quoted on the OTC Markets on the date such option is granted, all
pursuant and subject to the terms of a Stock Option Grant Agreement by and
between Employer and Employee.  

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oBeginning on and measured from October 1, 2019, and continuing through the term
of this Agreement, Employee will be granted a fully-vested option to purchase
15,000 shares of Employer’s Common Stock each calendar quarter, provided
Employers’ (including subsidiaries and affiliates) average quarterly commercial
sales volume exceeds 22,500,000 KWh for such quarter and Employer’s performance
for said quarter results in positive EBIT.  Provided such metrics were met for a
particular quarter, Employer will grant said options as promptly as possible
following the end of such fiscal quarter with an exercise price equal to the
greater of (i) the fair market value of a share of Common Stock on the date of
grant, and (ii) $2.50 per share.   Such option will be granted pursuant to the
terms and conditions of a Stock Option Grant Agreement.   If sufficient shares
are available, the options will be granted pursuant to Employer’s then-current
stock option and stock award plan.  If Employer’s then-current stock option and
stock award plan does not contain sufficient shares in order to satisfy such
grant, the options will be granted independent of, and not pursuant to, a stock
option and stock award plan.  Upon the occurrence of a Change of Control (as
defined in this Agreement, as amended), unless otherwise agreed to by the
parties, the incentive compensation described in this paragraph shall
terminate. 

5.Exhibit A to the Employment Agreement is hereby amended by adding the
following states to the definition of “Restricted Territory” as described
therein excluding work with Horizon Power & Light, LLC and Pinnacle Power, LLC:
 

Ohio

Illinois

Pennsylvania

New Hampshire

Massachusetts

Connecticut

Rhode Island

 

6.All other provisions of the Employment Agreement shall remain in full force
and effect. 

[Signature page follows]

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4813-2413-1488

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IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment to
Employment Agreement as of the date set forth above.

 

EMPLOYER:EMPLOYEE: 

 

SUMMER ENERGY HOLDINGS, INC.

a Nevada corporation/s/ Jaleea George 

Jaleea George 

By: /s/ Neil Leibman__________

Name: Neil Leibman

Title: President and CEO

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