Amendment to Employment Agreement between Larry D. Zimpleman and Principal Financial Group, Inc. (March 2009)
This amendment, effective March 28, 2009, modifies the employment agreement between Larry D. Zimpleman and Principal Financial Group, Inc. (including its affiliates Principal Financial Services, Inc. and Principal Life Insurance Company). The key change is a 10% reduction in Mr. Zimpleman's base salary to $720,000. All other terms of the original agreement remain unchanged. The amendment is agreed to and signed by all parties.
Exhibit 10.16.2
March 16, 2009
Larry D. Zimpleman
President and Chief Executive Officer
Principal Financial Group, Inc.
711 High Street
Des Moines, Iowa 50392
Dear Larry:
You, Principal Financial Group, Inc., Principal Financial Services, Inc. and Principal Life Insurance Company (collectively “Companies”) and the Companies agree to amend the Amended and Restated Employment Agreement, by and between the Companies and you dated May 1, 2008 (“Agreement”) as follows:
As of March 28, 2009, your Base Salary (as that term is defined in the Agreement) will be reduced by 10% to $720,000. Except as provided in this Amendment, all of the other terms and conditions of the Agreement will remain in full force and effect.
Principal Financial Group, Inc.
| By: | /s/ William T. Kerr |
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| William T. Kerr |
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| Chairman, Human Resources Committee of the Board of Directors | |
Principal Financial Services, Inc.
| By: | /s/ William T. Kerr |
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| William T. Kerr |
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| Director |
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Principal Life Insurance Company
| By: | /s/ William T. Kerr |
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| William T. Kerr |
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| Chairman, Human Resources Committee of the Board of Directors | |
Agreed to as of the 24th day of March 2009:
| /s/ Larry D. Zimpleman |
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| Larry D. Zimpleman |
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