Employment Agreement : Please fill out the following form. Please print your completed form if you would to have a copy for your records.
Employment Agreement, between (the “Company”) and (Name of the employee - the “Employee”).
1. FOR GOOD CONSIDERAT I O N, the Company employees the Employee on the following terms and conditions.
2. TERM OF EMPLOYMENT. Subject to the provisions for termination set forth below this agreement will begin on (date with year) unless sooner terminated.
3. SALARY. The Company shall pay Employee a salary of $______ per year, for the services of the Employee, payable at regular payroll periods.
4. DUTIES AND POSITION. The Company hires the Employee in the capacity of (Job title). The Employee’s duties may be reasonably modified at the Company’s discretion from time to time.
5. EMPLOYEE TO DEVOTE FULL TIME TO COMPANY. The Employee will devote full time, attention, and energies to the business of the Company, and, during this employment, will not engage in any other business activity, regardless of whether such activity is pursued for profit, gain, or other pecuniary advantage. Employee is not prohibited from making personal investments in any other businesses provided those investments do not require activeinvolvement in the operation of said companies.
6. CONFIDENTIALITY OF PROPRIETA RY INFORMAT I O N. Employee agrees,during or after the term of this employment, not to reveal confidential information, or tradesecrets to any person, firm, corporation, or entity. Should Employee reveal or threaten to revealthis information, the Company shall be entitled to an injunction restraining the Employee fromdisclosing same, or from rendering any services to any entity to whom said information has beenor is threatened to be disclosed. The right to secure an injunction is not exclusive, and theCompany may pursue any other remedies it has against the Employee for a breach or threatenedbreach of this condition, including the recovery of damages from the Employee.
7. REIMBURSEMENT OF EXPENSES. The Employee may incur reasonable expensesfor furthering the Company’s business, including expenses for entertainment, travel, and similaritems. The Company shall reimburse Employee for all business expenses after the Employeepresents an itemized account of expenditures, pursuant to Company policy.
8. VACATION. The Employee shall be entitled to a yearly vacation of 4 weeks at full pay.
9. DISABILITY. If Employee cannot perform the duties because of illness or incapacityfor a period of more than 4 weeks, the compensation otherwise due duringsaid illness or incapacity will be reduced by (6%) six percent. The Employee’s full compensation will be reinstated upon return to work. However, if the Employee is absent fromwork for any reason for a continuous period of over 4 months, the Company mayterminate the Employee’s employment, and the Company’s obligations under this agreement willcease on that date.
10. T E R M I N ATION OF AGREEMENT. Without cause, the Company may terminatethis agreement at any time upon 15 days’ written notice to the Employee. If the Companyrequests, the Employee will continue to perform his/her duties and be paid his/her regular salaryup to the date of termination. In addition, the Company will pay the Employee on the date oftermination a severance allowance of $_______ less taxes and social security required to bewithheld. Without cause, the Employee may terminate employment upon 30 days’written notice to the Company. Employee may be required to perform his or her duties and willbe paid the regular salary to date of termination but shall not receive a severance allowance.Notwithstanding anything to the contrary contained in this agreement, the Company mayterminate the Employee’s employment upon days’ notice to the Employee shouldany of the following events occur:
a) The sale of substantially all of the Company’s assets to a single purchaser orgroup of associated purchasers; or
b) The sale, exchange, or other disposition, in one transaction of the majority of theCompany’s outstanding corporate shares; or
c) The Company’s decision to terminate its business and liquidate its assets;
d) The merger or consolidation of the Company with another company.
e) Bankruptcy or chapter 11 reorganization.
11. D E ATH BENEFIT. Should Employee die during the term of employment, theCompany shall pay to Employee’s estate any compensation due through the end of the month inwhich death occurred.
12. RESTRICTION ON POST EMPLOYMENT COMPETITION. For a period of(6) years after the end of employment, the Employee shall not control, consult to or beemployed by any business similar to that conducted by the Company, either by soliciting any ofits accounts or by operating within Employer’s general trading area.
13. A S S I S TANCE IN LITIGAT I O N. Employee shall upon reasonable notice, furnishsuch information and proper assistance to the Company as it may reasonably require inconnection with any litigation in which it is, or may become, a party either during or afteremployment.
14. EFFECT OF PRIOR AGREEMENTS. This agreement supersedes any prioragreement between the Company or any predecessor of the Company and the Employee, exceptthat this agreement shall not affect or operate to reduce any benefit or compensation inuring tothe Employee of a kind elsewhere provided and not expressly provided in this agreement.
15. SETTLEMENT BY ARBITRATION. Any claim or controversy that arises out of orrelates to this agreement, or the breach of it, shall be settled by arbitration in accordance with therules of the American Arbitration Association. Judgment upon the award rendered may beentered in any court with jurisdiction.
16. LIMITED EFFECT OF WAIVER BY COMPANY. Should Company waive breachof any provision of this agreement by the Employee, that waiver will not operate or be construedas a waiver of further breach by the Employee.
17. SEVERABILITY. If, for any reason, any provision of this agreement is held invalid,all other provisions of this agreement shall remain in effect. If this agreement is held invalid orcannot be enforced, then to the full extent permitted by law any prior agreement between theCompany (or any predecessor thereof) and the Employee shall be deemed reinstated as if thisagreement had not been executed.
18. ASSUMPTION OF AGREEMENT by Company’s Successors and Assignees. TheCompany’s rights and obligations under this agreement will inure to the benefit and be bindingupon the Company’s successors and assignees.
19. ORAL MODIFICATIONS NOT BINDING. This instrument is the entire agreementof the Company and the Employee. Oral changes shall have no effect. It may be altered only bya written agreement signed by the party against whom enforcement of any waiver, change,modification, extension, or discharge is sought.
Signed this day of :
Company Representative :
Forms used in Employment Index
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