Temporary Base Salary Reduction Agreement between KLD and Christopher Weiler (July 2020)
KLD and Christopher Weiler have agreed to temporarily reduce Mr. Weiler's base salary from $350,000 to $300,000 per year, effective August 1, 2020 through December 31, 2020, as part of the company's response to the COVID-19 pandemic. Additionally, Mr. Weiler will receive a one-time pay reduction equal to one week of base pay. He is not eligible for furlough due to his executive role. All other employment terms remain unchanged, and Mr. Weiler has confirmed his acceptance by signing this agreement.
Exhibit 10.1
July 31, 2020
Christopher Weiler
Dear Chris,
As part of the KLD response to the COVID-19 global pandemic, you have agreed to adjust your base salary, as outlined below.
This change is effective from August 1, 2020 and will continue through December 31, 2020. The change will be reflected on the August 14, 2020 paycheck.
Original annualized base salary: $400,000
Current annualized base salary from April 21, 2020: $350,000
New temporary annualized base salary: $300,000
New temporary calculated bi-weekly amount (annualized salary/26): $11,538
In addition to this Pay Reduction Extension Plan, KLD is also implementing a Rolling Furlough Plan that will apply to many employees. Due to your role in the KLD Executive Team, you are not eligible for furlough. However, you have agreed separately to an additional one-time pay reduction equal to one week of base pay in the amount of $5,769, which will be applied on the August 28, 2020 paycheck.
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 for the period stated.
Signature/s/ Christopher Weiler
Date7/31/2020
