Sample Business Contracts

Employment Agreement [Amendment] - Collins & Aikman Corp. and Michael G. Torakis

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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                          COLLINS & AIKMAN CORPORATION
                              250 STEVENSON HIGHWAY
                                 TROY, MI 48083

                                                                   July 28, 2003

Mr. Michael G. Torakis
President, International Plastics
Collins & Aikman
Global Headquarters
250 Stephenson Hwy.
Troy,  MI  48083


Dear Mike:

         This letter addresses Paragraphs 4 and 3(B) of your Employment
Agreement with Collins & Aikman Corporation (the "Company"), dated July 28,
2003, or in an existing Option Agreement. When this letter has been approved by
the Compensation Committee and signed by you, it will amend your Employment
Agreement, effective as of the date it is signed by a member of the Compensation

         The terms of your Employment Agreement, the Collins & Aikman 2002
Employee Stock Option Plan ("Plan"), any Option Agreement to which you are a
party, and any other plan or program generally applicable to employees or
stockholders of the Company will apply subject to the terms of this letter.

         Minimum Guaranteed Bonuses for 2003 and 2004. You will be paid a
minimum bonus for the calendar years 2003 and 2004 at the rate of Forty Percent
(40%) of base salary for such periods, in lieu of any bonus under Section 3(b)
of the Employment Agreement, if you are continuously employed with the Company
during those periods. The bonus payable for 2003, therefore, would be One
Hundred and Eighty Thousand Dollars ($180,000) multiplied by a fraction, the
numerator of which is the number of days that remain in calendar year 2003
starting with the first day of your employment with the Company, and the
denominator of which is 365; and the minimum bonus for calendar year 2004 would
be One Hundred and Eighty Thousand Dollars ($180,000). If your employment with
the Company terminates on or before executive bonuses are paid for the year
2004, the amount of any unpaid or prorated bonus payable under your Employment
Agreement, if any, shall be determined by reference to the minimum guaranteed
bonuses described here. Any bonus paid under this letter agreement will be paid
at the same time and in the same manner as bonuses are paid to other executives
under the annual bonus plan after calendar year 2004, Section 3(B) of the
employment agreement shall apply.


         Option Grant. In 2003, the Company intends to award you an option to
acquire 240,000 shares of Company's common stock at an exercise price of Eight
Dollars ($8.00) per share, subject to the terms and conditions of the Company's
2002 Stock Option Plan and an Option Agreement that shall set forth, among other
terms, a three-year vesting requirement.


/S/ Michael G. Torakis                                /S/ Jerry Mosingo
-----------------------------------                -----------------------------
         Michael G. Torakis                        Compensation Committee Member

  July 28, 2003                                      July 28, 2003