Temporary Salary Reduction Agreement between Ballantyne Strong, Inc. and Ray F. Boegner (September 2020)

Contract Categories: Human Resources › Compensation Agreements
Summary

Ballantyne Strong, Inc. and executive Ray F. Boegner agree to a temporary 25% reduction in Boegner's base salary, from $275,000 to $206,250, for the period from September 1 to September 30, 2020, in response to the COVID-19 pandemic. This reduction will not be considered a breach of Boegner's employment agreement, and all other terms of his employment remain unchanged. After the specified period, his salary and employment terms revert to their original state.

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EX-10.2 3 ex10-2.htm

 

Exhibit 10.2

 

 

September 15, 2020

 

Dear Ray:

 

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 $275,000 (your “Regular Salary”) to a rate of base salary of $206,250 (your “Reduced Salary”). The “Specified Period” shall mean the period commencing on September 1, 2020 and continuing until and including September 30, 2020.

 

For the avoidance of doubt, for all purposes of the definition of “good reason” set forth in the executive employment agreement between you and the Company dated February 14, 2012 (the “Employment Agreement”), the reduction from your Regular Salary to your Reduced Salary will not be deemed to constitute a material breach of the Company’s obligations to you under the Employment Agreement during the Specified Period.

 

Notwithstanding the foregoing, for all purposes of Section 7 of the Employment Agreement, determinations made by reference to your “Base Salary” shall be based on your Regular Salary 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 D. Roberson  
Name: Mark D. Roberson  
Title: CEO  

 

Acknowledged and Agreed as of September 15, 2020:

 

/s/ Ray F. Boegner  
 Ray F. Boegner