Salary Reduction Waiver Letter from John H. Sottile to The Goldfield Corporation (September 28, 2011)
John H. Sottile, an executive of The Goldfield Corporation, requests that his salary reduction continue through December 31, 2011. This waiver applies only to his salary for that period. The underlying Employment Agreement, including its salary calculation formula and base figures, remains unchanged as if the salary reduction had not occurred. The letter is addressed to the Benefits and Compensation Committee and copied to the Board of Directors.
Exhibit 10-1
John H. Sottile
7825 South Tropical Trail
Merritt Island, FL 32952
September 28, 2011
The Benefits and Compensation Committee of the Board of Directors of The Goldfield Corporation
Gentlemen,
Please continue my salary reduction through December 31, 2011.
This waiver is limited to my salary through December 31, 2011. The formula prescribed by the Employment Contract and the base figures will remain as determined in the Employment Agreement as though 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
