You are party to an employment agreement (the “Employment Agreement”) with IAA, Inc. (the “Company”).Temporary Reduction in Base Salary Agreement • May 6th, 2020 • IAA, Inc. • Retail-auto dealers & gasoline stations
This letter agreement may be executed by you and the Company in counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same agreement. Please sign where indicated below to acknowledge and agree to the terms of this letter agreement.
Two Westbrook Corporate Center, 10th Floor Westchester, IL 60154 Re: Letter Agreement – Temporary Reduction in Director Compensation Dear Board of Directors:Letter Agreement – Temporary Reduction in Director Compensation • May 6th, 2020 • IAA, Inc. • Retail-auto dealers & gasoline stations
As you know, as members of the Board of Directors of IAA, Inc. (the “Board”), you are entitled to certain payments for your services, which include, among other things, cash compensation in the form of an annual retainer, additional chairman or committee chair retainers, and any committee membership fees/retainers, each of which are paid in quarterly installments (collectively, the “Director Compensation”), as approved at the July 29, 2019 Annual Meeting of the Board, and as modified from time to time thereafter.
