Sample Business Contracts

Employment Agreement - Converse Inc. and David M. Maddocks

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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                                 April 16, 2001

PERSONAL & CONFIDENTIAL

David M. Maddocks
924 North 77th Street
Seattle, WA  98103

David:

      I am pleased to confirm our offer of employment as Chief Executive Officer
at Converse Inc. ("the Company"). In this position you will report to the CEO,
Jack Boys. Your start date will be May 1, 2001.

COMPENSATION:

      If you decide to join us, you will receive an annual salary of $158,000.00
which will be paid commensurate with the normal payroll cycle of the company.
The following benefits will be provided by Converse, Inc.

                                BENEFITS PACKAGE

EMPLOYEE BENEFITS:

      You will be eligible for medical and dental benefits based upon the
Company's Employee Benefit Program.

PAID TIME OFF:

      You will be eligible for twenty days of Paid Time Off (PTO) on an annual
basis to be used for vacation, illness or personal business. Additionally,
floating holidays will be determined on a Company-wide basis annually.

MANAGEMENT INCENTIVE PLAN:

      You will be participating in the Executive Management Incentive Plan,
which provides for bonus compensation based upon both the Company's and your
individual performance. This Plan is subject to Board of Directors approval.

STOCK INCENTIVE PLAN:

      You will participate in the Executive Management Stock Incentive Plan.
This Plan is subject to Board of Directors approval.


<PAGE>

SEPARATION:

      If the employee is terminated for any reason other than material
misconduct or criminal action, the Company will pay six months of salary based
on employees existing level of annual compensation.

RELOCATION:

      Reasonable relocation costs to be mutually agreed upon and up to six
months of temporary living expenses will be provided by the Company.

      To indicate your acceptance of the Company's offer, please sign and date
this letter in the space provided below and return it to me within one week from
the date of this letter. This letter, along with any agreements relating to
confidential information between you and Converse Inc., set forth the terms of
your employment with Converse, Inc. and supersedes any prior representations or
agreements, whether written or oral. This letter may not be modified or amended
except by a written agreement, signed by Converse Inc. and by you.

      Please contact me if you have any questions regarding this employment
offer or any points covered in this letter. We look forward to receiving your
positive response and look forward to working with you as you join, the Converse
team.

      I hereby agree and/or accept employment with Converse, Inc. and the terms
set forth above. I understand and agree to keep the contents of this letter
confidential.

Signature and Date:


/s/ Marsden Cason
--------------------------------
Marsden Cason, President
Footwear Acquisitions, Inc.


Signature and Date:


/s/ David Maddocks
--------------------------------
David M. Maddocks