Item 5.02 -- Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On May 9, 2018, Petrogress, Inc. (“the Company”) entered into an Amendment No. 2 to Employment Agreement (the “Employment Agreement”) with Christos Traios, President and Chief Executive Officer of the Company, pursuant to which the parties agreed to reduce Mr. Traios’ base salary to $5,000 per month.
Item 9.01 -- Financial Statements and Exhibits
(d) Exhibits .
Exhibit
Description
10.1
Employment Agreement dated April 1, 2016 by and between Petrogress, Inc. and Christos Traios (Incorporated herein by reference to Exhibit 10.2 to the Company’s Annual Report on Form 10-K filed with the Commission on April 13, 2017).**
10.2
Amendment to Employment Agreement dated January 12, 2018 by and between Petrogress, Inc. and Christos Traios (Incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K as filed with the Commission on January 12, 2018).**
10.3
Amendment No. 2 to Employment Agreement dated May 9, 2018, by and between Christos Traios and Petrogress, Inc.* **
* Filed herewith.
** Signifies a management agreement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
May 9, 2018
PETROGRESS, INC.
/s/ Christos Traios Christos Traios, President and CEO
EXHIBIT INDEX
Exhibit
Description
10.1
Employment Agreement dated April 1, 2016 by and between Petrogress, Inc. and Christos Traios (Incorporated herein by reference to Exhibit 10.2 to the Company’s Annual Report on Form 10-K filed with the Commission on April 13, 2017).**
10.2
Amendment to Employment Agreement dated January 12, 2018 by and between Petrogress, Inc. and Christos Traios (Incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K as filed with the Commission on January 12, 2018).**
10.3
Amendment No. 2 to Employment Agreement dated May 9, 2018, by and between Christos Traios and Petrogress, Inc.* **
* Filed herewith.
** Signifies a management agreement.
Exhibit 10.3
AMENDMENT NO. 2 TO
EMPLOYMENT AGREEMENT
This Amendment No. 2 to Employment Agreement dated effective as of May 9, 2018 (this “Amendment”) is entered into by and between Christos P. Traios (“Executive”) and Petrogress, Inc. (“Employer”, and together with Executive, the “Parties” and each individually, a “Party”).
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 (as amended, the “Agreement”); and
WHEREAS, the Parties desire to amend certain provisions of the Agreement relating to compensation payable to the Executive;
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:
1. Amendment of Section 4(a) . Section 4(a) of the Agreement is hereby amended and restated in its entirety to read as follows:
“(a) During the Term of Employment the Employer shall pay the Executive a salary at an annual rate of U.S. $60,000.00 (Sixty-Thousand U.S. dollars (the Base Salary). The Base Salary will be payable in monthly installments of ($5,000) Five Thousand U.S. Dollars on the 1st day of each month effective as of May 1, 2018.”
2. Miscellaneous .
2.01 Effect. Except as amended hereby, the Agreement shall remain in full force and effect.
2.02 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.
2.03 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.
2.04 Governing Law. This Amendment shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Delaware, without regard to conflicts of laws principles.
2.05 Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and each of the parties hereto may execute this Amendment by signing any of such counterparts.
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