Consent to Temporary Salary Reduction Agreement between Fox Corporation and Executive
Fox Corporation and an executive have agreed to a temporary 100% reduction in the executive's base salary from May 1, 2020, to September 30, 2020, due to the impact of the COVID-19 pandemic. Both parties confirm that this reduction does not breach the existing employment agreement, trigger severance or resignation rights, or otherwise amend the employment agreement except as specified in this consent.
Exhibit 10.1
CONSENT TO REDUCTION IN SALARY
In light of the COVID-19 pandemic, and its impact on the business, operations and employees of Fox Corporation and its subsidiaries and affiliates (the “Company”), [ ] (the “Executive”), hereby knowingly and voluntarily consents to a one hundred percent (100%) reduction in Executive’s current base salary, beginning on May 1, 2020 and ending on September 30, 2020.
The Company and Executive acknowledge and agree that the above-described reduction shall not (i) breach or be deemed to breach any provisions of that certain employment agreement between the Company and Executive, dated as of April 26, 2019 (the “Employment Agreement”) or any other agreement between the Company and Executive, (ii) trigger any severance or good reason (or the like) rights under the Employment Agreement or any other agreement, plan or program through the Company that may apply to Executive, and/or (iii) amend or modify the Employment Agreement except as set forth in this consent.
IN WITNESS WHEREOF, the parties hereto have executed this consent as of April [ ], 2020.
| EXECUTIVE | ||
| By: | ||
| Name: | ||
| FOX CORPORATION | ||
| By: | ||
| Name: | Kevin Lord | |
| Title: | Executive Vice President of Human Resources | |
