EX-10.3
from 8-K
2 pages
1. Effective June 1, 2020 Through December 31, 2020 (The “Reduction Period”), Your Annual Base Salary Will Be Reduced From $20,833.33 Per Month to $14,583.33 Per Month, Representing a Thirty Percent (30%) Reduction of the Annual Base Salary Due to You During the Reduction Period (The “Reduced Salary”). the Reduced Salary Shall Be Paid in Accordance With the Company’s Payroll Practices and Policies Then in Effect During the Reduction Period. You and the Company Acknowledge and Agree That the Reduced Salary During the Reduction Period Represents a Reduction of the Annual Base Salary in a Total Amount of $43,750 (Such Amount or Such Lesser Amount if You Do Not Remain Employed With the Company Through December 31, 2020, the “Difference”). Upon the Expiration of the Reduction Period (I.E., Commencing January 1, 2021), in the Event You Are Still Employed by the Company, Your Annual Base Salary Will Return to $250,000 Per Year. in Addition, in the Event That Your Employment Terminates Between June 1, 2020 and December 31, 2021 Due to a Termination by the Company Without Cause, You Shall Be Entitled to Receive a Pro-Rata Portion of the Difference (Calculated From June 1, 2020 Through Your Last Day of Employment With the Company Up to December 31, 2020), Subject to You Executing the Company’s Customary Separation and Release Agreement for Employees, With the Payment of the Difference to Be Paid Within 21 Days of the Execution of Such Separation and Release Agreement. in the Event of a Change of Control (As Defined in the Company’s 2013 Stock Incentive Plan, as Amended) Between June 1, 2020 and December 31, 2020, Your Reduced Salary Will Return to $250,000 Per Year Upon the Closing of Any Such Change of Control
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EX-10.2
from 8-K
2 pages
1. Effective as of June 1, 2020 Through December 31, 2020 (The “Reduction Period”), Your Annual Salary Will Be Reduced From $37,500 Per Month to $26,250 Per Month, Representing a Thirty Percent (30%) Reduction of the Annual Salary Due to You During the Reduction Period (The “Reduced Salary”). the Reduced Salary Shall Be Paid in Accordance With the Company’s Payroll Practices and Policies Then in Effect During the Reduction Period. You and the Company Acknowledge and Agree That the Reduced Salary During the Reduction Period Represents a Reduction of the Annual Salary in a Total Amount of $78,750 (Such Amount or Such Lesser Amount if You Do Not Remain Employed With the Company Through December 31, 2020, the “Difference”). Upon the Expiration of the Reduction Period (I.E., Commencing January 1, 2021), in the Event You Are Employed by the Company, Your Annual Salary Shall Return to $450,000 Per Year. in Addition, in the Event That Your Employment Terminates Between June 1, 2020 and December 31, 2021, Due to Termination by the Company Without Cause, Then in Addition to Any Severance You May Be Entitled to Pursuant to Section 5 of the Letter Agreement Dated June 5, 2017, if Any, You Shall Also Be Entitled to Receive a Pro-Rata Portion of the Difference (Calculated From June 1, 2020 Through Your Last Day of Employment With the Company Up to December 31, 2020), Subject to Your Execution (And Non-Revocation) of the Company’s Standard Release of Claims, With the Payment of the Difference to Be Paid Within 21 Days of the Execution of Such Release of Claims. in the Event of a Change of Control (As Defined in the Company’s 2013 Stock Incentive Plan, as Amended) Between June 1, 2020 and December 31, 2020, Your Reduced Salary Will Return to $450,000 Per Year Upon the Closing of Any Such Change of Control
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