ex_408941.htm


Exhibit 10.2


 


THIRTEENTH AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT


 


THIS THIRTEENTH AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (the “Thirteenth Amendment”) is made and entered into this 31st day of July, 2022 by and between ANDREA ELECTRONICS CORPORATION (the “Company”), a New York corporation, and DOUGLAS J. ANDREA (the “Executive”).


 


WHEREAS, the Company and the Executive are parties to an Executive Employment Agreement dated as of August 1, 2014, as amended (collectively with all amendments, the “Agreement”), which provides that the Agreement would terminate on July 31, 2022, unless extended under its terms;


 


WHEREAS, the Company desires to continue to employ the Executive as the Chief Executive Officer of the Company and the Executive wishes to accept such continued employment under the terms and conditions set forth in the Agreement, as further modified by this Thirteenth Amendment; and


 


WHEREAS, the parties desire to extend the term of the Agreement until January 31, 2023, subject to the terms of this Thirteenth Amendment. The parties further agree to limit the life insurance as cited in paragraph 4.(d) to One Million dollars ($1,000,000).


 


WHEREAS, the parties agree to modify the Agreement paragraph 4.(b) (1) Quarterly Bonus and (2) Annual Bonus to reflect an adjustment to remove the gain from the funds received from the U.S. Federal ‘Paycheck Protection Program’, including round one and round two, and funds or credits under the ‘Employee Retention Credit’ program, if and when received or forgiven and recognized as income in the financial statements.


 


NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which is mutually acknowledged, the Company and the Executive (individually a “Party” and together the “Parties”) agree as follows:


 


1. Amendment. 


 


The term of the Agreement is hereby extended for the period beginning on August 1, 2022 and ending on January 31, 2023.


 


2. Ratification.


 


Except as modified and amended by this Thirteenth Amendment, the Parties hereto hereby agree and confirm that the Agreement remains in full force and effect.


 


3. Counterparts. 


 


This Thirteenth Amendment may be executed in counterparts, each of which shall be deemed an original, and all of which, when taken together, shall constitute one and the same instrument.


 


(Signature Page Follows)


 





 










 








 


IN WITNESS WHEREOF, the undersigned have executed this Thirteenth Amendment as of July 31, 2022


 


	
			 

				
			ANDREA ELECTRONICS CORPORATION

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Louis Libin

				
			 

			
	
			 

				
			 

				
			Louis Libin

				
			 

			
	
			 

				
			 

				
			Director

				
			 

			
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Joseph J. Migliozzi	 
	 	 	Joseph J. Migliozzi	 
	 	 	Director	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Jonathan D. Spaet	 
	 	 	Jonathan D. Spaet	 
	 	 	Director	 
	 	 	 	 
	 	 	 	 
	 	EXECUTIVE	 
	 	 	 	 
	 	 	 	 
	 	/s/ Douglas J. Andrea	 
	 	Douglas J. Andrea	 



 


 


 





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