To: Paul McCormick Chairman of the Compensation Committee of Cambridge Heart, Inc. (the “Company”) Date: July 31, 2012Cambridge Heart Inc • November 14th, 2012 • Electromedical & electrotherapeutic apparatus
In recognition of the Company's financial situation, I agree to a temporary 50% reduction of my salary starting August 1st, 2012 through December 31, 2012. The Company agrees that the reference in my severance agreement to “Base Salary in effect as of the last day of the Employment Period” shall mean “the greater of (i) the Base Salary in effect as of the last day of the Employment Period, or (ii) the Base Salary in effect on July 1, 2012.”
To: Paul McCormick Chairman of the Compensation Committee of Cambridge Heart, Inc. (the “Company”)Cambridge Heart Inc • November 14th, 2012 • Electromedical & electrotherapeutic apparatus
The purpose of this letter is to memorialize my agreement with the Company concerning a temporary reduction of my salary.
August 1, 2012Cambridge Heart Inc • November 14th, 2012 • Electromedical & electrotherapeutic apparatus
In order to assist Cambridge Heart, Inc. (the “Company”) in reducing its compensation expense, the Company and you agree to certain adjustments to your compensation and severance benefits as set forth in this letter agreement (the “Agreement”).
