Sample Business Contracts

Senior Executive Employment Agreement - Tyson Foods Inc. and Leland E. Tollett

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

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by and between TYSON FOODS, INC., a corporation organized under the laws of
Delaware (the "Company"), and Leland E. Tollett ("Employee").


     WHEREAS, following Employee's retirement from full time employment, the
Company wishes to retain Employee's services and access to Employee's
experience and knowledge; and

     WHEREAS, the Employee wishes to furnish advisory services to the
Company upon the terms, provisions and conditions herein provided;

     NOW, THEREFORE, in consideration of the foregoing and of the agreements
hereinafter contained, the parties hereby agree as follows:

1.   The term of this Agreement (the "Term") shall begin January 1, 1999 and
     end December 31, 2009.

2.   During the Term, Employee will, upon reasonable request, provide
     advisory services to the Company as follows:

          (a)  Services hereunder shall be provided as an employee of the

          (b)  Employee may be required to devote up to twenty (20) hours
          per month to the Company;

          (c)  Employee may perform advisory services hereunder at any
          location but may be required to be at the offices of the Company
          upon reasonable notice; and

          (d)  Employee shall not be obligated to render services under this
          Agreement during any period when he is disabled due to illness or

3.   Beginning January 1, 1999, the Company shall (i) pay Employee each year
     for three (3) years the sum of $350,000 per year, for the next two (2)
     years  the sum of $310,000 per year, and for the next five (5) years
     the sum of $125,000 per year, such sums to be payable as the parties
     may from time to time agree; (ii) provide Employee and his spouse with
     health insurance during the Term as generally available to Employee at
     the time of retirement, and (iii) permit Employee to continue all
     options to purchase Company stock existing on the date of this
     Agreement.  In the event of the Employee's death, the benefits
     described above shall continue to be paid to the Employee's spouse for
     the duration of the Term.  In the event of death by both Employee and
     his spouse, all benefits under this Agreement shall cease.


4.   In the event of Employee's death the Company will, upon written notice
     given within sixty (60) days of death by Employee's designated
     beneficiary, if any, or otherwise by the administrator of Employee's
     estate, terminate all Employee owned options to purchase Company common
     stock, whether or not then currently vested, in exchange for payment
     equal to the aggregate spread between the option strike price and the
     market value of such stock at the close of business on the next
     business day succeeding Employee's death.

5.   While this Agreement is in effect and thereafter, the Employee shall
     not divulge to  anyone, except in the regular course of the Company's
     business, any confidential or proprietary information regarding the
     Company's records, plans or any other aspects of the Company's business
     which it considers confidential or proprietary.

6.   This Agreement shall terminate in the event Employee accepts employment
     from anyone deemed by the Company to be a competitor.

7.   The right of the Employee or any other beneficiary under this Agreement
     to receive payments may not be assigned, pledged or encumbered, except
     by will or by the laws of descent and distribution, without the
     permission of the Company which it may withhold in its sole and
     absolute discretion.

8.   This Agreement represents the complete agreement between Company and
     Employee concerning the subject matter hereof and supersedes all prior
     employment or benefit agreements or understandings, written or oral.
     No attempted modification or waiver of any of the provisions hereof
     shall be binding on either party unless in writing and signed by both
     Employee and Company.

9.   It is the intention of the parties hereto that all questions with
     respect to the construction and performance of this Agreement shall be
     determined in accordance with the laws of the State of Arkansas.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date written above.

                                   TYSON FOODS, INC.


                                   /s/ Leland E. Tollett
                                   Leland E. Tollett