Reduction in Base Salary Clause Samples
A Reduction in Base Salary clause allows an employer to decrease an employee’s regular salary under certain conditions specified in the employment agreement. Typically, this clause outlines the circumstances under which a salary reduction may occur, such as company financial hardship, restructuring, or changes in job responsibilities, and may set limits on the amount or frequency of such reductions. Its core practical function is to provide flexibility for the employer to adjust compensation in response to changing business needs while informing the employee of the potential for salary changes.
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Reduction in Base Salary. Executive's Base Annual Salary (as defined in his Employment Agreement and as in effect immediately prior to the consummation of the Change in Control) is reduced, unless such reduction is made (i) as part of an across-the-board cost cutting measure that is applied equally or proportionately to all senior executives of the Employer, or (ii) as a result of Executive’s Disability (determined as provided in Section 6(e) of the Employment Agreement), or any acts or omissions of Executive which would entitle Employer to terminate Executive’s employment for Cause (as defined in Section 6(a) of the Employment Agreement);
Reduction in Base Salary. The Employee agrees and acknowledges that on July 1, 2002, his base salary was reduced to $76,500 per annum, and on August 1, 2002, his base salary was further reduced to $60,000 per annum.
Reduction in Base Salary. Paragraph 3 of the Transition Employment Agreement is hereby deleted in its entirety and substituted therefor is the following new Paragraph 3:
Reduction in Base Salary. A reduction by EMPLOYER in the base salary as in effect at the time of the Change in Control.
Reduction in Base Salary. Subject to the provisions of Paragraph 2 below, Employee's Base Salary commencing effective as of January 1, 1997 and continuing for the shorter of either (referred to as the "Reduction Period") (A) the term of Employee's employment, or (B) December 31, 1997, the cash payment of the Employee Base Salary shall be paid at the rate of the annual sum of One Hundred Thousand ($100,000) (the "Payment Rate"); thereafter, the rate of payment of the Employee's Base Salary cash payment shall return to the amount otherwise provided in the Employment Agreement without regard to this Amendment. During the Reduction Period, the difference between the Employee's Base salary and the Payment Rate ("Deferred Payment") shall be accrued on the books of the Company as a valid and owing current obligation. The Deferred Payment shall be payable by the Company to the Employee upon expiration of the term f Employee's employment. The Board of Directors of the Company may, but is not obligated to, increase the Base Salary prior to expiration of the Reduction Period if, in its sole discretion, it deems such to be reasonable and appropriate.
Reduction in Base Salary. Executive’s annual salary (as in effect immediately prior to the Announcement) is reduced, unless such reduction is made (i) as part of an across-the-board cost cutting measure that is applied equally or proportionately to all senior executives of the Employer, or (ii) as a result of Executive’s disability, or any acts or omissions of Executive which would entitle Employer to terminate Executive’s employment for Cause.
Reduction in Base Salary. A reduction of EXECUTIVE'S Base Salary;
Reduction in Base Salary. As of May 1, 2013, Employee's annual base salary shall be reduced to $120,000."