Temporary Salary Protection Waiver Letter between Noodles & Company and Dave Boennighausen

Summary

This letter agreement is between Noodles & Company and its CEO, Dave Boennighausen. It documents Dave's agreement to temporarily waive his contractual right to salary protection, which normally prevents his base salary from being reduced below a set amount. The waiver is in response to the Covid-19 crisis and is based on the recommendation of the Compensation Committee. By signing, Dave acknowledges and accepts this temporary change to his employment terms.

EX-10.3 4 ex103temporarysalarypr.htm EXHIBIT 10.3 TEMPORARY SALARY PROTECTION WAIVER LETTER Exhibit

EXHIBIT 10.3

April 1, 2020

Dave Boennighausen

Dear Dave:

Pursuant to your Employment Agreement dated as of September 21, 2017 with the Company, you are entitled to receive a base salary as determined by the Compensation Committee which is subject to increase as determined by the Committee, but which may not be decreased below the level set forth in the Employment Agreement (“Salary Protection”). Given the current crisis surrounding Covid-19 and the recommendation of the Compensation Committee, you have agreed to temporarily waive the Salary Protection provisions in your Employment Agreement as is further reflected in the attached Unanimous Written Consent of the Compensation Committee. By signing below, you are acknowledging you agree to this temporary waiver.



		Sincerely,

	By:	/s/ MELISSA M. HEIDMAN
	Name:	Melissa M. Heidman
	Title:	Executive Vice President and General Counsel



Acknowledged by:

By:	/s/ DAVE BOENNIGHAUSEN
Name:	Dave Boennighausen
Title:	Chief Executive Officer