Jones Lang LaSalle Global Executive Board Salary Reduction Agreement (2020)
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Summary
This agreement is between members of the Global Executive Board (GEB) of Jones Lang LaSalle, Inc. (JLL) and the company. GEB members voluntarily agree to a 50% reduction in their base salaries from April 1, 2020, through December 31, 2020, to help manage costs during a global crisis. The agreement states that full salaries will be reinstated on January 1, 2021, and that this reduction does not constitute a breach of contract or grounds for employment termination. Participation is confirmed by replying in agreement to the terms.
EX-10.1 2 exhibit101-globalexecu.htm EXHIBIT 10.1 Exhibit
Exhibit 10.1
FORM OF GLOBAL EXECUTION BOARD SALARY REDUCTION AGREEMENT
From: Bilbrey, Mary
Sent: Wednesday, April 1, 2020
To: Global Executive Board
Subject: GEB Salary reduction agreement
Colleagues,
For good governance, and to formally document our agreement to cut our base salaries by 50% for the remainder of the year, please read the below and reply to me with your agreement.
• | As a member of the Global Executive Board (“GEB”) of Jones Lang LaSalle, Inc. (together with its affiliates referenced herein as “JLL”), I agree to a temporary 50% base salary reduction effective April 1, 2020 through December 31, 2020 (“Base Salary Reduction”). |
• | Effective January 1, 2021, my current base salary that was in effect prior to the reduction (or any different amount that might be contractually required) will be reinstated. |
• | This Base Salary Reduction is voluntary and does not constitute a violation by JLL of any contractual, statutory or other right, nor does it provide a basis for termination of employment based on default or breach of any obligation by JLL, contractual or otherwise (e.g., a termination by employee for “Good Reason”). |
• | By responding to this agreement, I agree to the above Base Salary Reduction. |
Thank you for leading from the top as we proactively manage costs and cash flow during a time of global crisis.
Regards,
Mary