Change in Control Agreement Salary Reduction Letter – Huttig Building Products, Inc. and Employee
This letter agreement from Huttig Building Products, Inc. informs the employee of a 10% reduction in their annual base salary as part of a company-wide cost containment program. However, for the purposes of calculating any termination payment under the existing Change of Control Agreement, the employee's base salary will be considered as it was before the reduction. All other terms of the original Change of Control Agreement remain unchanged. The employee must sign and return the letter to acknowledge and accept these terms.
Exhibit 10.2
 | 555 Maryville University Drive, Suite 400 St. Louis, MO 63141 (314) 216-2600 |
November 21, 2011
[Employee Name]
Re: Change in Control Agreement – Effect of Salary Reduction
Dear _________:
For pay periods beginning on and after November 21, 2011, Huttig Building Products, Inc. (“Huttig”) reduced your annual base salary by ten percent (10%) in conjunction with Huttig’s salary reduction program for certain of its employees, which program was instituted as part of Huttig’s cost containment initiatives.
Notwithstanding this salary reduction, your base salary as in effect immediately prior to the salary reduction (or such higher base salary as may be in effect from time to time hereafter) shall be deemed to be your base salary for the purposes of calculating any termination payment payable to you pursuant to Paragraph 6(d)(i)(C) of the existing Change of Control Agreement between Huttig and you (the “Change of Control Agreement”); that is, any such termination payment shall be calculated without regard to the salary reduction.
Except as specifically modified by this letter agreement, all of the terms and conditions of the Change in Control Agreement shall continue in full force and effect. This letter agreement may be executed in counterparts, each of which shall be deemed an original, but of which shall constitute one and the same instrument.
Please acknowledge receipt of this letter agreement and acceptance of the terms hereof by signing both copies of this letter agreement and returning one fully-executed copy to Huttig to the attention of Mr. Jon Vrabely, President and Chief Executive Officer.
| Huttig Building Products, Inc. |
| By:____________________ |
| Jon P. Vrabely |
Title: President and CEO
ACKNOWLEDGED AND AGREED TO:
[Employee Name]
