Sample Business Contracts

Employment Agreement [Amendment] - 4Kids Entertainment Licensing Inc. and Samuel R. Newborn

Employment Forms

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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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June 16, 2003

Samuel R. Newborn
1414 Avenue of the Americas
New York, New York 10019

Re: Employment Agreement

Dear Mr. Newborn:

I refer you to your Employment Agreement dated as of January 1, 2002 with 4Kids Entertainment Licensing, Inc. ("Employer").

This letter confirms that Employer and you have agreed to amend the Employment Agreement by deleting Subparagraph 10(f)(ii) in its entirety and substituting for such Subparagraph the following revised Subparagraph 10(f)(ii):

“(ii) For purposes of this Agreement, a Change of Control shall be deemed to have occurred if (x) Alfred R. Kahn is not the Chairman and CEO of 4Kids and a majority of directors of 4Kids do not consist of Continuing Directors (as defined below), or (y) there has been a corporate transaction (whether in the form of a sale or transfer of the majority of the stock, a merger, a sale of substantially all of the assets, a reorganization or a restructuring) involving 4Kids except for a transaction in which 4Kids or subsidiaries is the acquirer and Alfred R. Kahn remains Chairman or CEO of 4Kids. For purposes of this Agreement, Continuing Directors shall mean individuals who constitute the Board of Directors of 4Kids as of May 23, 2003 and any new director (s) whose election by the Board of Directors of 4Kids or nomination for election by the shareholders of 4Kids was approved by a vote of at least 2/3 of the directors that are then in office who are Continuing Directors.”

Except as expressly amended herein, the Employment Agreement is hereby ratified and confirmed in all respects and shall remain in full force and effect in accordance with its terms. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Employment Agreement.

Please confirm that the foregoing satisfactorily sets forth our understanding by signing the enclosed copy of this letter of amendment where indicated below.

	Sincerely yours, 4Kids Entertainment Licensing, Inc.
	By: /s/ Joseph P. Garrity Joseph P. Garrity

Agreed to and Accepted:

By: /s/ Samuel R. Newborn
Samuel R. Newborn