Temporary Salary Reduction Agreement between Ballantyne Strong, Inc. and Todd Major (August 2020)
Ballantyne Strong, Inc. and employee Todd Major agree to a temporary 25% reduction in Todd's base salary, lowering it from $200,000 to $150,000 for the period from August 1 to August 31, 2020, in response to the COVID-19 pandemic. This change does not entitle Todd to severance or other payments and does not breach his existing employment agreement. All other terms of his employment remain unchanged.
Exhibit 10.3
August 17, 2020
Dear Todd:
This letter memorializes our recent discussions regarding our collective response to the COVID-19 pandemic and its dramatic impact on our community, our economy, and Ballantyne Strong, Inc. (the “Company”).
You have voluntarily agreed, during the Specified Period (as defined below), to reduce your rate of base salary by 25%, from your current rate of base salary of $200,000 (your “Regular Salary”) to a rate of base salary of $150,000 (your “Reduced Salary”). The “Specified Period” shall mean the period commencing on August 1, 2020 and continuing until and including August 31, 2020.
For the avoidance of doubt, the reduction from your Regular Salary to your Reduced Salary will not entitle you to any severance or other payments or any other rights or be deemed to constitute a breach of the Company’s obligations to you under the employment agreement between you and the Company dated March 20, 2019 (the “Employment Agreement”) during the Specified Period.
Except as modified hereby, the Employment Agreement shall remain in full force and effect.
Please indicate your agreement to the foregoing by your signature below.
Best Regards,
BALLANTYNE STRONG, INC.
| By: | /s/ Mark Roberson | |
| Name: | Mark Roberson | |
| Title: | CEO |
Acknowledged and Agreed as of August 17, 2020:
| /s/ Todd Major | |
| Todd Major |
