Salary Waiver Agreement between Dr. Joseph Louro and Global Investor Services, Inc.

Contract Categories: Human Resources › Compensation Agreements
Summary

Dr. Joseph Louro, CEO and Chairman of Global Investor Services, Inc., agrees to temporarily waive his $300,000 annual salary and instead receive $1 per year. The company will record the unpaid salary as owed but will not pay it until Dr. Louro decides the company is able to do so. This agreement is acknowledged by the company's Acting CFO, William Kosoff.

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EX-10.2 3 v227425_ex10-2.htm
Dr. Joseph Louro
c/o Global Investor Services, Inc.
287 East 950 South
Orem, Utah 84058

June 29, 2011

Via Electronic Mail
William Kosoff, CFO
Global Investor Services, Inc.
287 East 950 South
Orem, Utah 84058

Re:      Salary

Dear Mr. Kosoff:

Reference is hereby made to that certain employment agreement between myself and Global Investor Services Inc. (the “Company”), which was received by the Company on June 24, 2011, pursuant to which I was appointed as the Chief Executive Officer and Chairman of the Company in consideration of an annual salary of $300,000.  I hereby agree to forego payment of my salary, which shall be incurred and booked by the Company but not paid, and receive a salary of $1.00 per year until such time, in my sole discretion, that the Company is able to pay such salary.

 
Sincerely,
   
 
/s/Dr. Joseph Louro
   
 
Dr. Joseph Louro

ACKNOWLEDGED AND AGREED:

Global Investor Services, Inc.


By:/s/ William Kosoff
Name: William Kosoff
Title: Acting CFO