Salary Exchange and Equity Award Agreement between Dawn Wilson and KLD, April 2020
This agreement between Dawn Wilson and her employer temporarily reduces her base salary by 20% from April 23, 2020, through July 31, 2020, as part of a Salary Exchange Plan during the COVID-19 pandemic. In exchange for the reduced salary, Dawn receives a grant of 5,015 stock options and 1,656 restricted stock units (RSUs), valued at $25,003 on the grant date. All other employment terms remain unchanged. Dawn confirms her acceptance by signing the letter.
Exhibit 10.3
April 21, 2020
Dawn Wilson
Dear Dawn,
As part of the Salary Exchange Plan put it place during the COVID-19 global pandemic, your base salary will be temporarily reduced in exchange for an Options and RSU award, approved by the Board of Directors.
This change is effective from April 23, 2020 and will be reflected starting on the May 8, 2020 paycheck and will continue through the July 31, 2020 paycheck.
Current annualized salary: $400,000
Calculated bi-weekly amount (annualized salary/26): $15,385
New temporary annualized salary: $320,000
New temporary calculated bi-weekly amount (annualized salary/26): $12,308
Temporary % change: 20%
Value of your pay change for 3 months: $20,000
Number of awarded Options: 5,015
Number of awarded RSUs: 1,656
Total value of Options/RSU on date of grant: $25,003
All other terms and conditions of your employment remain unchanged.
To confirm your acceptance of the pay change, please sign and return this letter.
Sincerely,
/s/ Lindsey Hammond
Lindsey Hammond
Sr. Director, Global Talent
_____________________________________________________________________________________
I accept the above change to my base salary and acknowledge that this change is now part of my employment agreement.
NameDawn Wilson
Signature/s/ Dawn Wilson
Date5/7/2020
