Salary Deferral Agreement between Gerald M. Birnbach and The Rowe Companies (September 2006)
Gerald M. Birnbach has agreed with The Rowe Companies to defer his salary, except for $1 per month, for a 10-week period starting September 1, 2006, to help the company secure Debtor in Possession Financing from GE. During this time, he will continue to receive his health, dental, and life insurance benefits, as well as other existing fringe benefits. Birnbach will retain a claim for the full deferred salary, to be paid according to applicable law as soon as possible.
Exhibit 10.1
September 26, 2006
Board of Directors
The Rowe Companies
1650 Tysons Boulevard
McLean, Virginia 22102
Re: Salary Deferral
Gentlemen:
To facilitate Debtor in Possession Financing from GE, I have agreed to defer all of my salary except for $1 per month during the 10 week period commencing September 1, 2006. Thus, during such 10 week period, I will receive $1 per month plus my health, dental and life insurance benefits as well as the other fringe benefits that I was receiving as of August 31, 2006.
I have agreed to this salary deferral with the understanding that I will have a claim as an employee, for the full amounts owed to me in both the pre-petition and post-petition periods, and that these claims will be paid in accordance to law and at the earliest time practicable.
| Sincerely, |
| /s/ Gerald M. Birnbach |
| Gerald M. Birnbach |
cc: G. W. Angle
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