BY THIS AGREEMENT, made between _________________________(“Employee”) and ___________________________(Company), the parties hereto agree as follows:
Effective with respect to amounts earned on or after the ___________ day of ______________ 20 ___ (which date is subsequent to the execution of this Agreement), the
Employee’s monthly basic salary will be reduced by the amount indicated below:
The amount of the salary reduction shall be:
The reason for the reduction in wages:
By signing this Agreement, the Employee understands and acknowledges that:
(Describe in detail)
This Agreement shall be legally binding and irrevocable as to each of the parties hereto while employment continues.
It is understood that the amount of salary reduction described above will be paid to:
Signed this _________________ day of __________________, 20 ___.
_________________________________ By _____________________________
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