Voluntary Base Salary Reduction Agreement between Applied DNA Sciences, Inc. and James A. Hayward
Applied DNA Sciences, Inc. and its President and CEO, James A. Hayward, have agreed to a temporary reduction in Dr. Hayward's base salary by $200,000 (45%), effective January 1, 2024, through March 31, 2024, due to the company's cash flow difficulties. During this period, his base salary will be $250,000. Dr. Hayward waives any right to claim "good reason" for resignation based on this salary reduction, and the company is not obligated to compensate him for the reduced amount.
Exhibit 10.1
 |  |
January 3, 2024
ViA EMAIL
***@***
James A. Hayward, Ph.D., Sc.D.
President and Chief Executive Officer
Applied DNA Sciences, Inc.
50 Health Sciences Drive
Stony Brook, NY 11790
| Re: | Voluntary Base Salary Reduction |
Dear Jim:
As you are aware, Applied DNA Sciences, Inc. (the “Company”) is experiencing certain cash flow difficulties. Accordingly, in order to assist the Company with this current situation, effective January 1, 2024, you hereby voluntarily agree that your current base salary rate will be reduced by $200,000, or 45% until March 31, 2024, and you further agree that the Company has no obligation to, and will not, make you whole for such voluntary reduction. Your base salary during this period will be $250,000.
Notwithstanding anything to the contrary set forth in any other arrangement you have with the Company, by executing this letter agreement, you expressly and irrevocably waive any and all claims that you may have to resign for “good reason” (as such term or any other similar term is defined in any arrangements you have with the Company) on the basis of the temporary base salary reduction provided for herein.
| Sincerely, | |||
| Applied DNA Sciences, Inc. | |||
| By: | /s/ Beth Jantzen | ||
| Name: | Beth Jantzen | ||
| Title: | CFO | ||
| ACCEPTED AND AGREED TO: | |
| /s/ James A. Hayward | |
| James A. Hayward, Ph.D., Sc.D. | |
| 4 Jan 24 | |
| Date |
50 Health Sciences Drive • Stony Brook, NY 11790 • tel ###-###-####
