Amendment to Employment Agreement Between Barzel Industries Inc. and Corrado De Gasperis

Contract Categories: Human Resources › Employment Agreements
Summary

Barzel Industries Inc. and Corrado De Gasperis have agreed to temporarily reduce Mr. De Gasperis's salary from $800,000 to $480,000, effective May 11, 2009. This reduction will remain in place until either the company ends the reduction or Mr. De Gasperis notifies the company that he no longer accepts it, at which point his salary will revert to the original amount. For all other employment agreement and benefit plan purposes, his salary will still be considered the pre-reduction amount. Both parties have agreed to this amendment in writing.

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EX-10.1 2 exh10-1_1352586.htm AMENDMENT TO THE EMPLOYMENT AGREEMENT OF CORRADO DE GASPERIS exh10-1_1352586.htm
EXHIBIT 10.1
 
 
May 5, 2009
 
Corrado DeGasperis
432 Scarborough Road
Briarcliff Manor, NY 10510

Re:           Amendment to Employment Agreement
 
Dear Corrado,
 
The Board of Directors of Barzel Industries Inc. (the “Corporation”) has determined that it is in the best interests of the Corporation to temporarily decrease salaries of our executives and other employees of the Corporation.  Your employment agreement with the Corporation contemplates that your salary will be at least $800,000.  The Corporation would like to amend your employment agreement to provide for a temporary reduction of your salary to $480,000 effective as of May 11, 2009.  Such reduction shall remain in effect until the Corporation elects to terminate this temporary reduction or you give notice to the Corporation that such reduction is no longer acceptable.  Upon the occurrence of either such event, your salary shall return to the amount in effect before the reduction.  Notwithstanding the foregoing, for all other purposes of the employment agreement (including Section 5) and all benefit plan purposes, the term “Salary” shall mean the amount of annual salary in effect before the reduction.
 
By signing this letter below, you consent to the amendment of your employment agreement as provided herein.  We look forward to your continued contributions to the Corporation.
 
 
Respectfully Yours,
 
 
 
BARZEL INDUSTRIES INC.
 
 
 
By: /s/ Oded Cohen
 
Name:  Oded Cohen
 
Title:  Chairman Compensation Committee

Acknowledged and Agreed to by:
 
 
 
/s/ Corrado De Gasperis
  
CORRADO DE GASPERIS