Exhibit 10.12(d)
December 28, 2001
[Addressee
(Senior Executive Officer)]
Re: Voluntary Reduction in Base Salary
Dear _____________:
As you know, as a result of the events affecting our industry, we
have sought voluntary pay reductions from our senior executives.
By signing this agreement, you acknowledge that your base salary
(also known as base pay) shall be and has been reduced from an
annual rate of $______________ to $___________ (the "adjusted
annual salary") commencing on October 1, 2001 and continuing
until such time as the Compensation Committee of the Board of
Directors determines that it is appropriate to restore levels of
Compensation to the previous amounts.
During this period, the adjusted annual salary shall be utilized
for calculating the amount of your paychecks and for all other
purposes (including, for example, for purposes of calculating tax
withholding, and for purposes of calculating any bonuses,
deferred compensation, split dollar life payments, and 401K
contributions), except that for purposes of calculating severance
benefits, [retirement pay], or benefits upon a change of control,
your benefits shall be calculated as if your base salary had not
been reduced pursuant to this letter agreement. [In light of the
reduction in your salary, the Compensation Committee has
determined that for so long as such reduction is in effect, the
Company will credit your deferred compensation account at the
rate of ___________ percent (___%) of your adjusted base salary,
and the Company will pay an equivalent percentage of your
adjusted base salary to fund premiums on your split dollar life
insurance policy.] This agreement constitutes an amendment to
any severance or benefit agreement between you and the Company,
including the Severance Agreement dated _____________, 2001, but
except as expressly provided herein does not otherwise supercede
or amend any such agreement.
The offer of the terms as described in this letter is conditioned
upon your acknowledgment and acceptance of these terms by your
return to the Company of a copy of this letter signed in the
place indicated below.
ATLANTIC COAST AIRLINES HOLDINGS, INC.
By:______________________________________
Agreed and Accepted:
Employee
__________________________
Dated: December 28, 2001
