LOCK JOINT PIPE COMPANY
GENERAL OFFICES, P.O. BOX 269, EAST ORANGE, N.J., TEL. ORANGE 5-8900
REINFORCED CONCRETE PIPE
PRESSURE, WATER, SEWER, CULVERT AND SUBAQUEOUS
June 24, 1954
Mr. Cyrus S. avery
2102 S. Cinncinnati, Apt. C.
As I indicated to you in my letter of May 14th, a Committee from our Board of Directors has been studying our Incentive Compensation Plans. As you know, this plan was approved by the Board of Directors September 10th, 1953, and was explained to you by Mr. Betts and Mr. Welch last fall. A copy of the Resolution of the Board Directors covering this plan was incorporated in the Compensation Manual issued February 1st, 1954.
The study by this Committee was undertaken because, in the light of our business and profits picture this year, the funds for payment of Incentive Compensation would be considerably lower. Therefore, the Committee concluded that in order to continue to pay supervisors such as yourself a fair and just compensation, a change in our Compensation Plan was necessary.
As the result of this study, the Board of Directors has rescinded the resolution of September 10th. They have further resolved that the bonus plan be eliminated for all those below the level of District Manager and that base salaries of all those so affected be increased.
The change in your salary will be made July 1st, retroactive to January 1, 1954. You will receive a check covering the retroactive salary adjustment for the first six months. Your District Manager, or Home OFfice Executive Deaprtment Head will tell you what your new rate will be and will answer any questions you might have.
The Directors have studied this whole subject very carefully before taking this action and believe that this revised Compensation Plan will be a much sounder and fairer plan fro both the individual and the Company.
Very truly yours,
Allan M. Hirsh, Jr.
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