Sample Business Contracts

Employment Agreement - MCI Communications Corp. and Gerald H. Taylor

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

1801 Pennsylvania Avenue, N.W               BERT C. ROBERTS, JR.
Washington, DC 20006                        Chairman

September 16, 1998

Gerald H. Taylor
2606 Normanstone Lane, N.W.
Washington, DC 20008

Dear Jerry:

This letter confirms several modifications to your Amended and Restated
Employment Agreement, dated as of November 6, 1997, that you and I have agreed
to. I have discussed these changes with Bernie Ebbers on behalf of WorldCom, and
he also has agreed to them. All of us accept that these changes are necessary
and fair to all parties under the circumstances.

         1.       At the close of the merger, you will become a director of MCI
                  WORLDCOM, Inc. ("MCI WorldCom"). You will serve as a director
                  of MCI WorldCom until December 31, 1999, unless your
                  resignation is requested earlier or unless you are asked to
                  continue as a director after that date and you agree to do so.

         2.       You will be employed by MCI until your retirement from the
                  company, which we presently anticipate will be on or about
                  January 1, 1999. Upon your retirement, all currently unvested
                  equity awards (i.e., February 1998 option grants and February
                  and August 1998 executive stock awards) will vest and your
                  deferrals of any previously vested equity awards will

         3.       In full settlement of any compensation claims under your
                  employment agreement (including payroll, bonus, and equity
                  claims), MCI will pay you 1.33 times the sum of your current
                  1998 salary and bonus (senior executive incentive plan plus
                  cash equivalent of executive stock award). This sum will be
                  paid to you in 16 equal monthly installments commencing in
                  September 1998 and continuing through December 1999.

         4.       The continued health, dental, and insurance benefits specified
                  in your employment agreement will commence as of September

         5.       You will receive three years service credit toward your
                  pension at retirement. You will have all the normal options
                  with respect to payment of your pension.

         6.       The non-competition provision of your employment agreement
                  will continue in force until December 31, 1999, unless you are
                  asked to resign from the MCI WorldCom Board prior to June 30,
                  1999, in which case it will terminate 6 months after your

Except as modified by this letter, the terms of your employment agreement will
continue in effect.

If this letter accurately sets forth your understanding of our agreement, please
so indicate by signing below.


/s/ Bert C. Roberts, Jr.

Bert C. Roberts, Jr.

READ AND AGREED TO:          /s/ Gerald H. Taylor 
                                            Gerald H. Taylor