Orange 21 Inc. Temporarily Reduces Employee Compensation by 10%
ADMIN
- March 19 2009
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In its 8K filing, Orange 21 Inc. announced that it will reduce compensation for U.S. employees - including executive officers - by ten percent for approximately the next three months, according to an article published today by Yahoo Business.
“Pursuant to the Reduction, the annual base salaries of the Company’s salaried employees were reduced by ten percent (10%) and the Company’s hourly employees were put on reduced work schedules that resulted in their compensation being reduced by ten percent (10%).
Additionally, the Company’s wholly-owned subsidiary in Italy, LEM, S.r.l. (”LEM”), implemented a government-subsidized leave program (the “Program”) pursuant to which certain employees’ work schedules will be reduced by twenty to fifty percent (20-50%) for approximately thirteen weeks.”
Read the entire story HERE.
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