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.
