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Agreement Of Salary Reduction
BY THIS AGREEMENT, made on [Date] by and between [Name] of [Address], hereinafter referred to as "Employee", and [Name] of [Address], hereinafter referred to as "Company", the parties hereto agree as follows:
Effective with respect to amounts earned on or after the [Date] 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:
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 [Date].