SEC Contract Filing

Filing Date: 2020-03-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>2
<FILENAME>ex_175174.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.4</b></font></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>AMENDMENT </b><b>NO. 3</b><b> </b><b>TO </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>EMPLOYMENT</b><b> AGREEMENT</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">This Amendment No. 3 to Employment Agreement dated effective as of June 13, 2018 (this &#8220;Amendment&#8221;) is entered into by and between Christos P. Traios (&#8220;Executive&#8221;) and Petrogress, Inc. (&#8220;Employer&#8221;, and together with Executive, the &#8220;Parties&#8221; and each individually, a &#8220;Party&#8221;).</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">WHEREAS, the Parties entered into that certain Employment Agreement dated as of April 1, 2016 as further amended by that certain Amendment to Employment Agreement dated January 12, 2018 and that certain Amendment No. 2 to Employment Agreement dated May 9, 2018 (as amended, the &#8220;Agreement&#8221;); and</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">WHEREAS, the Parties desire to amend certain provisions of the Agreement relating to compensation payable to the Executive;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">NOW THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the Parties agree to modify and amend the Agreement as follows:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">1.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<u>Amendment of Section&nbsp;4(b</u><u>)</u>. Section&nbsp;4(b) of the Agreement is hereby amended and restated in its entirety to read as follows:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&#8220;(b) In addition to his Base Salary, as consideration for services rendered hereunder, on October 11, 2017, the Company issued to the Executive One Hundred (100) shares of Series A Preferred stock;&#8221;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">2.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<u>Duplicative Employment Agreement</u>. The parties hereby acknowledge and confirm that the Employment Agreement dated April 1, 2017 between the Parties was duplicative, is null and void, and is deemed terminated ab initio.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">3.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<u>Miscellaneous</u>.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">3.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect. Except as amended hereby, the Agreement shall remain in full force and effect.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">3.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Waiver. This Amendment is effective only in the specific instance and for the specific purpose for which it is executed and shall not be considered a waiver or agreement to amend as to any provision of the Agreement in the future.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">3.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined Terms. All capitalized terms used but not specifically defined herein shall have the same meanings given such terms in the Agreement unless the context clearly indicates or dictates a contrary meaning.</p>

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