Sample Business Contracts

Employment Agreement [Amendment No. 8] - Toys R Us Inc. and Charles Lazarus

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.
  • More Employment Agreements

Sponsored Links

                                                                  EXECUTION COPY


      EIGHTH AMENDMENT AGREEMENT (the "Amendment"), dated as of June 10, 1998,
between TOYS "R" US, INC., a Delaware corporation (the "Corporation"), and
CHARLES LAZARUS (the "Employee");

      WHEREAS, the Employee served as Chief Executive Officer of the Corporation
since its founding;

      WHEREAS, the Corporation and the Employee are parties to an employment
agreement originally dated March 14, 1978 and subsequently amended by agreements
dated November 20, 1979, February 2, 1981, March 23, 1982, December 7, 1982,
April 10, 1984, May 20, 1988 and March 14, 1989 (collectively referred to as the
"Employment Agreement").

      WHEREAS, pursuant to Section 1(b) of the Employment Agreement, the
Employee elected, effective January 31, 1994, to terminate the term of full-time
employment and to become a consultant to the Corporation for a five-year period
(the "Consulting Period") commencing on the date set forth in such election;

      WHEREAS, commencing at the end of the Consulting Period (January 31,
1999), the Employee shall receive a retirement benefit payable for a five-year
period (the "Retirement Period") in accordance with Section 13 thereof;

      WHEREAS, the Employee continues to serve as a director and has been named
by the Company to serve as Chairman Emeritus of the Corporation;


      WHEREAS, the advice of the Employee continues to be a valuable resource
for the Corporation; and

      WHEREAS, in consideration of the Employee serving as Chairman Emeritus of
the Corporation, the Board of Directors has determined that it is fair and
reasonable to provide the Employee with certain corporate benefits during the
Retirement Period in addition to the payments due to him under Section 13 of the
Employment Agreement.

      NOW, THEREFORE, it is hereby agreed as follows.

      1. Section 13 of the Employment Agreement shall be amended as follows:

            (a) The first paragraph of Section 13 shall be amended by (i) adding
      "(the "Retirement Period")" to the end of the first sentence thereof; (ii)
      by replacing the phrase "Such 5-year period" with the phrase "Such
      Retirement Period" at the beginning of the second sentence thereof; and
      (iii) by replacing the words "five year" in the third sentence thereof
      with the words "Retirement Period"; and

            (b) The following paragraph shall be added to Section 13 after the
      first paragraph:

                  "During the Retirement Period:

                  (i) the Corporation shall provide the Employee with, or
            reimburse the Employee for the expense of, a car and driver when he
            is in the New York metropolitan area or on business for the

                  (ii) the Corporation shall provide the Employee office space
            and secretarial services (by an individual to be chosen by the
            Employee) comparable to those services provided to him during the
            last year of the consulting period;

                  (iii) the Corporation shall reimburse the Employee, upon
            submission of appropriate record of incurrence, his reasonable
            business expenses and disbursements incurred in the course of the
            performance of his duties as Chairman Emeritus; and

                  (iv) the Employee will be entitled to continuation (which
            shall also continue after the Retirement Period) of health benefits
            under the Corporation's health plans at a level commensurate with


            benefits as are generally made available to the Corporation's
            executive officers; provided, that to the extent such benefits
            cannot be provided to the Employee under the terms of such plan or
            such plan cannot be amended in any manner not adverse to the
            Corporation, the Corporation shall pay the Employee, on an after-tax
            basis, an amount necessary for the Employee to acquire such benefits
            from an independent insurance carrier; and provided further, that
            the obligations of the Corporation under this clause (iv) shall be
            terminated if, at any time during the Retirement Period, the
            Employee is employed by or is otherwise affiliated with a party that
            offers comparable health benefits to the Employee."

      2. Except as specifically modified herein, all other provisions of the
Employment Agreement shall remain in full force and effect.

      3. This Amendment shall be governed by the laws of the State of New York
applicable to agreements made and to be performed entirely within such State.

      IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first written above.

                                                TOYS "R" US, INC.

                                                By: ___________________________

                                                CHARLES LAZARUS