SEC Contract Filing

Filing Date: 2023-06-20

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>2
<FILENAME>ex10-3.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.3</B></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECOND
AMENDMENT TO EMPLOYMENT AGREEMENT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
SECOND AMENDMENT TO THE EMPLOYMENT AGREEMENT (this &ldquo;Second Amendment&rdquo;) is entered into as of June 15, 2023 (the &ldquo;Second
Amendment Effective Date&rdquo;) by and between Eric H. Yecies, an individual and resident of the State of New Jersey, (the &ldquo;Employee&rdquo;)
and LifeMD, Inc. (formerly known as Conversion Labs, Inc.), (the &ldquo;Company&rdquo;), a Delaware Corporation. The Employee and the
Company are also each hereinafter referred to individually as a &ldquo;Party&rdquo; and together as the &ldquo;Parties&rdquo;.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RECITALS</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
on November 6, 2020 (&ldquo;Employment Agreement Effective Date&rdquo;), the Company and the Employee entered into an Employment Agreement
(the &ldquo;Employment Agreement&rdquo;) whereby Employee was hired to serve the Company in the capacity as General Counsel and Chief
Compliance Officer, with a base salary of $270,000 and an equity grant of 200,000 options subject to monthly vesting over a period of
36 months.;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
on or about October 1, 2021, and pursuant to instruction by email from Chief Executive Officer Justin Schreiber, Employee&rsquo;s annual
base Salary was increased to $320,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
on January 27, 2022, the Company and the Employee entered into a First Amendment To The Employment Agreement (the &ldquo;First Amendment&rdquo;)
to: (i) reflect the prior change in base salary to $320,000 per year; (ii) specify a target amount of 40% of the Base Salary for the
Performance Bonus; (iii) increase the total equity compensation to include up to 37,500 shares of the Company&rsquo;s common stock as
time-vested Restricted Stock Units (&ldquo;RSUs&rdquo;) (of which 25,000 shares have already vested) and up to 105,000 shares of the
Company&rsquo;s common stock as Performance Share Units (&ldquo;PSUs&rdquo;), subject to vesting upon the achievement of certain milestones
as described in more detail therein; and (iv) add an express indemnification provision and agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS,
</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on March 2, 2022, the Company changed Employee&rsquo;s
base salary to $360,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
for avoidance of doubt, other than the amendments set forth below in this Seco