Sample Business Contracts

Employment Agreement - Travelers Group and Thomas W. Jones

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

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                          [Travelers Group Letterhead]


August 14, 1997

Mr. Thomas W. Jones
114 Adams Lane
New Canaan, CT  06840

Dear Tom:

We are pleased to offer you employment as Vice Chairman of Travelers Group 
and Chairman and Chief Executive Officer of Smith Barney Asset Management, 
reporting to me. The term of your employment will commence on or about 
August 18, 1997.

Your compensation will consist of the following:

-    salary, paid in accordance with the company's standard procedures in 
     effect from time to time (currently semi-monthly), at an annual rate of 
     $700,000, guaranteed at this annual rate through August 31, 2000.

-    guaranteed level of incentive compensation for each of calendar years 
     1997 and 1998 of $1,300,000. Incentive compensation for 1999 and there-
     after will be discretionary. Incentive compensation is subject to 
     participation in our Capital Accumulation Plan.

-    a grant of 200,000 options on Travelers Group common stock, pursuant to 
     the Travelers Group Stock Incentive Plan, with an exercise price based on
     the closing market price (composite transactions) on the day before you 
     commence employment.

In addition, Travelers Group will make a three (3) year forgivable loan to 
you in the amount of $1,200,000 on a standard form of forgivable loan 

Travelers Group offers a comprehensive employee benefits program which 
includes medical and dental coverage, life insurance, disability insurance, 
retirement plan, and 401(k) savings plan. You are eligible to participate in 
most of these plans on the first day your employment commences. An orientation 
to company benefits and other services will be provided at your convenience.


Mr. Thomas W. Jones
August 14, 1997
Page Two

This letter describes our offer of employment with our company. Any other 
discussions that you may have had with us are not part of our offer unless 
they are described in this letter or in the attached Travelers Group 
Principles of Employment.

Tom, we are all very excited about you joining our company. We look forward 
to your acceptance of our offer. Please indicate your acceptance of our offer 
below and return it to my office.

Sincerely,                             Accepted:

/s/ Sanford I. Weill                  /s/ Thomas W. Jones

                                       Thomas W. Jones