Sample Business Contracts

Employment Agreement - Collins & Aikman Corp. and Thomas E. Hannah

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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                                        March 23, 1999

Mr. David A. Stockman                      Dr. Bruce R. Barnes
Co-Chairman of the Board of Directors      Co-Chairman of the Board of Directors
Collins & Aikman Corporation               Collins & Aikman Corporation
c/o The Blackstone Group L.P.              c/o Wasserstein Perella & Co.
345 Park Avenue, 31st Floor                31 West 52nd Street, 27th Floor
New York, NY  10154                        New York, NY  10019


In consideration for my services in connection with the reorganization, the
Company will provide the following benefits to me:

o    During 1999, I will participate in the Company's annual Executive Incentive
     Compensation Plan (the "EIC Plan") and a special Reorganization Bonus Plan.
     The amount of bonus paid under the Reorganization Bonus Plan will depend
     upon the achievement of targets under the reorganization plan for the
     Company presented to the Board of Directors on February 10, 1999. If I
     retire from the Company prior to December 31, 1999, I will be entitled to
     receive a pro rata bonus under the EIC Plan (based on the number of months
     during which I was actually employed over 12) and a bonus under the
     Reorganization Bonus Plan based on the extent to which the reorganization
     plan targets have been achieved as of the date of my retirement.

o    The period during which I may exercise any vested and outstanding options
     granted to me under the Collins & Aikman Corporation 1993 Employee Stock
     Option Plan and the Collins & Aikman 1994 Employee Stock Option Plan will
     be extended until the earlier of (i) the original expiration date of said
     options or (ii) two (2) years after the date of my termination of
     employment with the Company.

The foregoing paragraphs of this letter agreement shall become binding upon the
Company on the earlier to occur of (i) March 31, 2000 and (ii) an involuntary
termination of my employment by the Company without Cause (as defined in the
Agreement dated July 22, 1992, as amended, referred to below). Prior to such
time the foregoing paragraphs shall be of no force or effect.

This letter agreement, the Change of Control agreement dated March 17, 1998 and
the Agreement dated July 22, 1992 as amended between me and Collins & Aikman
Products Co. constitute the entire


Mr. David A. Stockman
Dr. Bruce R. Barnes
March 23, 1999
Page 2

agreement and understanding between me and the Company and its affiliates with
respect to the subject matter hereof and supercede all prior agreements and
understandings between me and the Company and its affiliates with respect to the
subject matter hereof. This letter agreement may not be amended except in a
writing entered into between us.

If this letter accurately evidences our mutual agreement regarding these
matters, please so indicate by signing and returning to me the enclosed copy of
this letter.

Very truly yours,

/s/ Thomas E. Hannah
Thomas E. Hannah


/s/ David A. Stockman                        /s/ Bruce R. Barnes
------------------------------               ------------------------------
David A. Stockman                            Bruce R. Barnes

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Date                                         Date