Exhibit 10.1

 

 

Form of Amendment to Employment Agreement for Executive Officers

 

 

 

To:

NAME

From:

NAME

Re:

Salary Reduction

Date:

DATE

 

As you know, the company is implementing significant cost-saving measures,
including temporary salary reductions, to offset the decline in revenue due to
the COVID-19 epidemic.  Thank you for your agreement to participate in these
salary reductions, notwithstanding the current terms of your employment
agreement. 

Your signature below signifies your agreement to amend your employment agreement
solely to the extent outlined in this memorandum.  Your biweekly salary, less
applicable taxes, will be reduced from $[•] to $[•] effective 4/6/20.  This
reduction is for purposes of biweekly salary payment only and does not affect
the salary outlined in your agreement for any other purpose, such as calculation
of bonus, LTIP, termination payments or change-of-control payments.  This
agreement will remain in effect until [DATE] at which time we will reevaluate
these cost-saving measures.

 

 

 

 

 

_____________________________________________

 

____________________

Name

 

Date

 

 

 

 

 

 

_____________________________________________

 

____________________

Name

 

Date

 

 

 

 

 

Cc:Employee file