Interim CFO Compensation Agreement between A.M. Castle & Co. and Pat (September 25, 2014)

Contract Categories: Human Resources › Compensation Agreements
Summary

A.M. Castle & Co. agrees to increase Pat's base salary from $221,300 to $232,400 and provide a $20,000 lump sum payment for serving as Interim Vice President, Chief Financial Officer & Treasurer during a vacancy. The lump sum is contingent on Pat remaining employed through April 30, 2015; if Pat leaves voluntarily before that date, the payment must be repaid. If Pat is terminated involuntarily, repayment is not required.

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EX-10.40 2 cas-ex1040x93014.htm EXHIBIT CAS - EX 10.40 - 9.30.14
Exhibit 10.40

A.M. Castle & Co.


September 25, 2014

Dear Pat:
This letter is intended to clarify your additional compensation as Interim Vice President, Chief Financial Officer & Treasurer during the time that A. M. Castle & Co is without an incumbent and your role is altered because of this vacancy.
You will receive an increase in your base compensation from $221,300 to $232,400. In addition, you will receive a lump sum gross payment of $20,000, contingent upon your continued employment with A. M. Castle & Co. through April 30, 2015. If you voluntarily terminate employment with A. M. Castle & Co., prior to April 30, 2015, you will be required to payback said lump sum amount above. If your employment terminates involuntarily, you will not be required to payback such lump sum amount.
Should you have any questions, please feel free to contact me directly. I appreciate your willingness to accept this role during this time.
Sincerely,

/s/ Scott J. Dolan
Scott J. Dolan
President & CEO
A. M. Castle & Co.

cc: K. Madlinger


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