Re: Salary Reduction AgreementCytosorbents Corp • April 3rd, 2024 • Surgical & medical instruments & apparatus
We are sending you this letter to memorialize your election to reduce your annual base salary by 15% to $[Amount] (your “Reduced Pay”), which represents a reduction in the amount of $[Amount] (“Reduction Amount”), effective for the period of April 1, 2024 through December 31, 2024 (the “Reduction Period”). Your base salary will be based on your Reduced Pay during the Reduction Period, which shall be paid in accordance with the Company’s payroll, subject to your continued employment with the Company. Following the Reduction Period, your Reduced Pay will be automatically reset to your base salary in effect prior to the Reduction Amount. This letter will serve to amend and modify the terms of any employment agreement you have with the Company, including any reference to base salary as set forth in such employment agreement.
