Sample Business Contracts

Employment Agreement - GT Interactive Software Corp. and Ronald Chaimowitz

Employment Forms

Employment Contract. 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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                                    AGREEMENT

                  AGREEMENT, dated as of February 19, 1999, between GT
INTERACTIVE SOFTWARE CORP., a Delaware corporation (the "Company"), and RONALD
CHAIMOWITZ, the undersigned individual ("Executive").

                  WHEREAS, effective February 8, 1999, the Company employed Mr.
Thomas Heymann as Chairman and Chief Executive Officer of the Company, and such
employment would entitle the Executive to exercise his rights under Sections
5(d)(i)(B) and 5(d)(ii)(C) of the Employment Agreement, dated April 28, 1998,
between Executive and the Company (the "Employment Agreement").

                  NOW THEREFORE, IN CONSIDERATION of the mutual covenants and
agreements hereinafter set forth, the Company and Executive agree as follows:

                  1. CEO of OZM. Executive agrees to remain employed by the
Company, subject to Section 3 hereof, as the Chairman and Chief Executive
Officer of the Company's One Zero Media internet subsidiary ("OZM") and in that
capacity to produce a business plan for OZM (the "Business Plan"), which
Business Plan shall include a strategic plan, as well as business strategies,
projected income, expense, capital expenditure and cash flow through the period
March 31, 2000, which will be delivered to the Board of Directors of the Company
not later than March 17, 1999 and prior thereto discussed with Mr. Heymann.

                  2. Amount in Lieu of Bonus. The Company shall pay to Executive
the amount of One Million Four Hundred Thousand Dollars ($1,400,000) in cash on
or before March 31, 1999, as full payment of all amounts referred to as "60% of
such Base Salary in lieu of bonus," pursuant to Section 5(d)(i) of the
Employment Agreement.

                  3. Termination. If on or before March 31, 1999, the Company
and the Executive do not execute the Amended Employment Agreement in the form
attached hereto as Exhibit A, then either the Company or the Executive may
notify the other that it is not prepared to proceed with the Business Plan, and
in such case, Executive shall promptly terminate his employment with the Company
and OZM and the terms of the Employment Agreement shall govern (except for
amounts referred to as "60% of such Base Salary in lieu of bonus" under Section
5(d)(i) of the Employment Agreement, which amounts will be discharged by the
Company by complying with Section 2 above) and Executive shall be deemed to have
resigned for Good Reason (as defined in Section 5(b) of the Employment
Agreement).


                  IN WITNESS WHEREOF, the Company has caused this Agreement to
be duly executed on its behalf by an officer thereunto duly authorized and
Executive has duly executed this Agreement, all as of the date and year first
written above.



GT INTERACTIVE SOFTWARE CORP.:              EXECUTIVE:



By: /s/ JOSEPH CAYRE                        /S/ RONALD CHAIMOWITZ
   --------------------------               -----------------------------------
Name:    Joseph Cayre                       Ronald Chaimowitz
Title:  Chairman Emeritus