Employment agreements with key individuals management are essential for continuity of management and also the protection in the company. The following is an in depth employment agreement that covers the employee’s employment, relocation and non-compete.
Typically, a recruitment agreement of the type can be used for a Vice President level or higher position inside the organization. The following is an example of a work agreement.
EMPLOYMENT AGREEMENT This EMPLOYMENT AGREEMENT (this “Agreement”) is created effective at the time of _____________, 20XX and is also by and COMPANY NAME, a STATE OF INCORPORATION, TYPE OF COMPANY “Company”) and EMPLOYEE NAME (“EMPLOYEE”).
Recitals A. The Company would like to employ EMPLOYEE to provide as the Vice President Sales and Marketing, and EMPLOYEE would like to continue to offer the Company such capacity. B. The Company and EMPLOYEE each wants to set forth written the stipulations of their understandings and agreements based on the employment of EMPLOYEE as Vice President Sales and Marketing.
Agreement In consideration from the mutual covenants and obligations contained herein, the Company hereby agrees to use EMPLOYEE and EMPLOYEE hereby accepts such employment upon the conditions and terms set forth in this particular Agreement:
1. Employment; Duties; Compensation. (a) Term. The Company shall employ EMPLOYEE, and EMPLOYEE shall serve the Company, for just a term commencing about the date hereof and continuing until this Agreement is terminated pursuant towards the provisions of Section 3 hereof (the “Term of Employment”).
(b) Duties. During the Term of Employment, EMPLOYEE shall perform such duties and responsibilities as well as set forth on Exhibit A hereto. During the Term of Employment and apart from absences on account of vacation and illness according to the policies with the Company, EMPLOYEE shall devote substantially most of his time during normal business hours towards the business affairs on the Company.
(c) Compensation. As compensation to the services to get rendered by EMPLOYEE in the Term of Employment and also the other obligations undertaken by EMPLOYEE hereunder, EMPLOYEE will probably be entitled on the following compensation:
(i) Salary. During the Term of Employment, the Company shall pay to EMPLOYEE a base salary of for about $XXX,XXX (as adjusted as set forth below every so often, the “Base Salary”). The Base Salary is going to be paid from the Company in equal installments according towards the Company’s customary payroll practices, playing with any event not less often than monthly.
(ii) Incentive Compensation. During the Term of Employment, EMPLOYEE shall participate within the incentive compensation and/or profit sharing plan(s), if any, set forth on Exhibit B hereto (the “Bonus Plan(s)”) about the terms set forth such Bonus Plan(s); provided, prior for the participation by EMPLOYEE in almost any Bonus Plan in different period, EMPLOYEE will likely be subject to a performance review with the Company prior to its practices as then in effect every now and then and shall satisfy all conditions needed for participation inside Bonus Plan.
(iii) Benefits. During the Term of Employment, the Company shall provide EMPLOYEE with all the benefits set forth on Exhibit C hereto (the “Benefits”) for the terms set forth inside the applicable plan documents, benefit documents, employee handbooks and/or employee manuals as then in effect on occasion.
(iv) Automobile Allowance. EMPLOYEE shall also get a monthly automobile allowance of AMOUNT and No/100 Dollars ($X00.00) a month, said amount for being paid to EMPLOYEE within his regular monthly compensation, and be subject to income taxes, withholdings and deductions.