John H. Sottile Salary Reduction Waiver Letter to The Goldfield Corporation (2011)
John H. Sottile, an executive of The Goldfield Corporation, has voluntarily chosen to continue a reduction in his salary through September 30, 2011, due to ongoing economic challenges. This waiver applies only to his 2011 salary for the specified period and does not affect any other rights or terms in his Employment Agreement. The original salary formula and base figures in his contract remain unchanged for all other purposes.
Exhibit 10-1
John H. Sottile
7825 South Tropical Trail
Merritt Island, FL 32952
July 12, 2011
The Benefits and Compensation Committee of the Board of Directors of
The Goldfield Corporation
Gentlemen,
Although Goldfield has experienced improvements in income during 2010, local and national economic conditions continued to adversely affect our company. Accordingly, I elect to continue my salary reduction through September 30, 2011.
This waiver does not otherwise waive any rights I have in my Employment Agreement and is limited to my 2011 salary through September 30, 2011. The formula prescribed by the Employment Contract and the base figures will remain as determined in the Employment Agreement as though this waiver and the election to decrease my 2011 salary had not been made. Thank you for your continued cooperation.
Sincerely,
| : | /s/ JOHN H. SOTTILE | |||
| John H. Sottile | ||||
cc: Board of Directors of The Goldfield Corporation
