Sample Business Contracts

Employment Agreement - Ion Laser Technology Inc. and William T. McCarthy

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.
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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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                                 July 16, 1998

Mr. William T. McCarthy
386 Penn Road
Wynnewood, PA  19096

Dear Bill:

     We are pleased to offer you a position with Ion Laser Technology, Inc. (the
"Company") for an annual salary of $150,000 which will be paid in accordance
with the Company's normal payroll practices.

     Your employment will commence on August 3, 1998.  You shall serve as the
Company's Chief Financial Officer and you will report to the President.

     You will be granted options under the Company's 1997 Stock Option Program
to purchase up to 150,000 shares of the Company's common stock at a purchase
price of $1.75 per share.  You will be entitled to exercise the option to
purchase one third of such shares (or 50,000 shares) if you remain in the
Company's employ on the first anniversary of the date ("Start Date") you begin
full time employment with the Company.  You will be entitled to exercise the
option to purchase an additional one third of such shares if you remain in the
Company's employ on the second anniversary of your Start Date and to purchase an
additional one third of such shares if you remain in the Company's employ on the
third anniversary of the Start Date.

     You will also be entitled to participate in all of the Company's benefit
programs which are available to the Company's executives generally.

     Your employment is at will which means that you are free to leave the
Company at any time for any or no reason and that the Company is free to
discharge you at any time for any or no reason.  However, in the event that a
Change of Control occurs and, as a result, you are discharged or resign because
of a material reduction in your duties and responsibilities, the Company will
pay you, in addition to all salary and benefits up to the date you leave the

Company's employ, an amount equal to one times your then prevailing annual base
salary.  A "Change of Control" of the Company shall mean (i) the sale, exchange
or other disposition of more than 50% of the shares of capital stock of the
Company to or with a person or entity (other than the Company or an affiliate of
the Company), (ii) the sale of all or substantially all of the assets of the
Company to a person or entity (other than an affiliate of the Company) or (iii)
the merger, consolidation or other business combination of the Company with or
into another entity not controlled by the Company or an affiliate of the

     Please acknowledge your receipt and understanding of the above by signing
and dating the enclosed copy of this letter and returning it to me.

     Please call if you have any questions.

                                        Sincerely yours,

                                        ION LASER TECHNOLOGY, INC.

                                        By  /s/ Richard Trefz
                                            Richard Trefz, President


/s/ William T. McCarthy
William T. McCarthy