Amended Salary Arrangement with Chief Executive Officer W. Barry Gilbert
Contract Categories:
Human Resources
›
Compensation Agreements
Summary
IEC Electronics Corp. and its Chief Executive Officer, W. Barry Gilbert, have amended Mr. Gilbert's employment agreement to increase his base salary from $296,800 to $326,000, effective November 1, 2011. The increase includes a merit raise and an adjustment replacing previous automobile expense allowances. This amendment follows the agreement's provision for annual salary review.
EX-10.16 3 v242333_ex10-16.htm EXHIBIT 10.16
Exhibit 10.16
AMENDED SALARY ARRANGEMENT WITH CHIEF EXECUTIVE OFFICER
The Employment Agreement between IEC Electronics Corp. (the “Company”) and W. Barry Gilbert (the Company’s Chief Executive Officer) dated April 24, 2009, amended by First Amendment to Employment Agreement effective October 1, 2010, provides for annual review for possible salary increases. Effective November 1, 2011 Mr. Gilbert’s base salary was increased from $296,800 to $326,000. The increase includes a merit increase of $20,800 and an adjustment of $8,400 in lieu of automobile expense allowances previously provided.
