KLDiscovery Ontrack, LLC Salary Exchange and Equity Award Agreement with Krystina Jones (April 2020)
KLDiscovery Ontrack, LLC and Krystina Jones agreed to temporarily reduce her base salary by 20% from April 23, 2020 through July 31, 2020, as part of a COVID-19 Salary Exchange Plan. In exchange, she received stock options and restricted stock units (RSUs) valued at $35,946. Additionally, Krystina waived her right to certain 2019 commissions totaling $113,192 to support lower-paid employees, for which she received further options and RSUs of equal value. All other employment terms remain unchanged. The agreement was accepted by Krystina Jones on May 7, 2020.
Exhibit 10.4
April 21, 2020
Krystina Jones
Dear Krystina,
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 of KLDiscovery Inc.
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: $575,000
Calculated bi-weekly amount (annualized salary/26): $22,115
New temporary annualized salary: $460,000
New temporary calculated bi-weekly amount (annualized salary/26): $17,692
Temporary % change: 20%
Value of your pay change for 3 months: $28,750
Number of awarded Options: 7,209
Number of awarded RSUs: 2,381
Total value of Options/RSU on date of grant: $35,946
Additionally, you have agreed to forego and waive your entitlement to certain commissions under the 2019 Sales Commission Plan amounting to $113,192 given your contribution to support employees in the US with base salaries under $75,000 so they would not experience a pay change during the Salary Exchange Plan. In return, you were awarded the following additional Options and RSUs.
Number of awarded Options: 22,704
Number of awarded RSUs: 7,497
Total value of Options/RSU on date of grant: $113,192
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
KLDiscovery Ontrack, LLC
8201 Greensboro Drive, Suite 300kldiscovery.com
McLean, VA 22102
___________________________________________________________________________
I accept the above change to my base salary and acknowledge that this change is now part of my employment agreement.
Signature/s/ Krystina Jones
Date5/7/2020
2
KLDiscovery Ontrack, LLC
8201 Greensboro Drive, Suite 300kldiscovery.com
McLean, VA 22102
