Sample Business Contracts

Employment Agreement - US Airways Inc. and Neal S. Cohen

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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                                  July 25, 2002

Mr. Neal S. Cohen
Deephaven, MN 55391

Dear Neal:

As you know, US Airways, Inc. (the "Company") is implementing a financial
restructuring designed to significantly reduce its operating costs (the "2002
Restructuring Program"). Part of the 2002 Restructuring Program involves changes
in the compensation and benefits programs of all employees, including officers.
Specifically, pursuant to this 2002 Restructuring Program:

1.   your salary will be reduced by 17%;

2.   your vacation time will be reduced by one week during the first year of the
     program and will be capped at a maximum of 5 weeks thereafter;

3.   annual sick leave accrual will be reduced from 12 to 11 days by eliminating
     the accrual for August;

4.   US Airways' health plan coverage will be changed to one national medical
     PPO and dental plan and your contribution rate for such plans will be
     established by the Company and may be increased from time to time;

5.   you will not receive any future payments with respect to the Incentive
     Compensation Plan for fiscal years 2002 and 2003;

6.   you will not receive any payments pursuant to the Long Term Incentive Plan
     for performance periods ending with fiscal years 2002 and 2003; and

7.   your split dollar life insurance benefit, long term disability benefit and
     supplemental retirement arrangement will be based upon your salary of
     record immediately prior to the reduction of your salary.


Mr. Neal S. Cohen
July 25, 2002
Page 2

You agree that (1) the foregoing actions will not, either separately or in the
aggregate, constitute "Good Reason", as such term is defined in the Severance
Agreement entered into as of April 8, 2002 between you and the Company (the
"Agreement"), (2) Section 6 of the Agreement shall be applied as if your salary
was not reduced as described in paragraph 1 above and (3) if, pursuant to the
Agreement, you become entitled to continuation of health benefits following your
termination of employment, the benefits to which you will be entitled will be
provided on the same basis as such benefits are provided to active executive
vice presidents of the Company (or, in none, senior vice presidents), and as
benefits may be amended from time to time.

As applicable, this letter will be deemed to constitute a written amendment to
your Agreement.

Please acknowledge your agreement to the foregoing by signing this letter in the
space provided below and returning it to me.


                                            Jennifer C. McGarey


Neal S. Cohen