Sample Business Contracts

Employment Agreement [Amendment No. 1] - Net2Phone Inc. and Jonathan Fram

Employment Forms

  • Employment Agreement. Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
  • Consulting Agreement. Answer simple questions to build a contract with a consultant. Specify the services rendered, when payment is due, as well as IP rights.
  • Commission Agreement. Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
  • Executive Employment Agreement. Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
  • Sales Representative Contract. Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
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     This Amendment No. 1 (the "Amendment") to the Employment Agreement (the
"Agreement"), originally dated July 2, 1999, between Net2Phone, Inc., a Delaware
corporation (the "Company"), and Jonathan Fram (the "Executive"), is made as of
the 16th day of July 1999.

     WHEREAS, the Company and the Executive desire to amend the Agreement to
eliminate the Loan (as defined in the Agreement) and in lieu thereof to issue
additional options to purchase 100,000 shares to the Executive.

     NOW THEREFORE, in consideration of the mutual covenants and promises
contained herein, the parties hereby agree as follows:

          1.  Section 4(d) of the Agreement is hereby deleted in its entirety
and replaced with the following language:


     The Company shall grant to the Executive additional options to purchase
     100,000 shares (the "Additional Options") of Common Stock pursuant to the
     Company's 1999 Stock Option and Incentive Plan at an exercise price per
     share equal to the price per share to the public in the Company's proposed
     initial public offering of its Common Stock (the "IPO").  All of the
     Additional Options shall be immediately exercisable.  The Additional
     Options also shall be subject to the last two sentences of Section 4(c) of
     the Agreement.

          2.  All other terms of the Agreement shall remain in full force and


          IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 1
as of this 16th day of July, 1999.

                                                NET2PHONE, INC.

                                                By: /s/ Clifford M. Sobel
                                                Name: Clifford M. Sobel
                                                Title: Chairman


                                                /s/ Jonathan Fram
                                                Jonathan Fram