Compensation Amendment Agreement between Installed Building Products and Jay Elliott (February 2009)
Installed Building Products and Jay Elliott have agreed to amend Jay Elliott's employment terms. Effective around February 1, 2009, his salary will be reduced from $202,261.08 to $172,357. Additionally, 50% of his 2008 bonus will be paid as usual in 2009, while the remaining 50% will be deferred. All other terms of his original employment agreement from March 7, 2002, remain unchanged. This amendment requires Jay Elliott's signed confirmation.
Exhibit 10.17
 | INSTALLED BUILDING PRODUCTS | |
| 495 South High Street, Suite 50 p Columbus, Ohio ###-###-#### |
February 12, 2009
To: Jay Elliott
Re: Compensation Change
Dear: Jay:
As a follow up to recent discussions, this letter confirms your agreement to a change in your compensation. We have agreed that your salary will be reduced from $202,261.08 to $172,357, effective for the pay period which begins closest to February 1, 2009. We have also agreed that 50% of your 2008 bonus will be paid as usual in 2009 and the remaining 50% will be deferred.
This letter will also serve as an amendment to your Employment Agreement dated as of March 7, 2002. All other terms of your employment agreement will remain in effect. Please confirm your agreement to the change to your salary by signing in the space below and returning one copy to me.
As you know, IBP finds itself in extraordinarily challenging times. The dramatic and prolonged economic downturn has required an equally dramatic response on our part. Nevertheless, we remain optimistic that we will emerge a better and stronger company when the housing market improves. We appreciate your willingness to work together with us to create a stronger IBP going forward.
Very truly yours,
Jeffrey W. Edwards
| Agreed: |
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Telephone ###-###-#### p Fax ###-###-####
www, IBPTeam.com
