Sample Business Contracts

Employment Agreement - Adolph Coors Co. and Timothy V. Wolf

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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  • 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.
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January 10, 1995

Timothy V. Wolf

Dear Tim:

It is with great pleasure that we offer you the position of Senior Vice
President and Chief Financial Officer for Coors Brewing Company. You will
be reporting to Leo Kiely at an annual base salary of $300,000. Your salary
will be reviewed annually and adjusted January 1 of each year. In addition
to your base salary, you will be paid a lump sum Officer's fee of $10,000
each July 1 (beginning July 1, 1995). You will also participate in the
Executive Compensation Program which currently has three components:

Annual Management Incentive Compensation Plan (MIC): This program
involves a cash payout based upon Company pre-tax earnings and
individual performance. The 1995 payout target is 40% of salary (base
plus Officer's fee). The potential payout range is 0-80%. We will
guarantee you a minimum of 40% of annual salary for 1995.

Long Term Incentive Plan: This is a three year plan with payout based
on cumulative return on invested capital. The current plan covers
1994, 1995, 1996 with payout in 1997. the 1997 payout target is
100% of salary (based on 1994 salary and pro-rated based on start
date). The potential payout range is 0-200% of salary. This plan
involves several options for receiving payout.

Stock Options: Currently, stock options are granted annually. Your
participation will become effective January 1, 1995. The number of
options granted is determined by dividing 75% of your salary by
the fair market value of the stock on the grant date. Vesting is
based on an increase in share price.

Additional details of our Executive Compensation Program are covered
in the enclosed plan documents.

Also enclosed is a summary of Officer benefits that are available to you
and details of our relocation program, which will include one month's gross
salary for incidental costs and third-party buy-out of your current
residence in Glencoe. As we discussed, we will be flexible regarding
temporary living arrangements/timing and travel to/from Chicago in order to
accommodate * * * * * * * * * * * * schedules.

We anticipate a long and mutually rewarding relationship. However, you
should know that your employment is "at will" with no obligation on either
you or the Company to continue for a set length of time. In addition, as an
Officer of the Company, our relationship will be regulated by the Company's

In the very unlikely event that your employment with the Company should be
terminated for reasons other than cause during the first two years of
employment, 15 months of total salary (base plus 40% annual bonus) will be
paid to you. After your first two years of employment, you will be covered
by the standard Officer severance package, which is currently one year of
base salary.

Leo and I look forward to an anticipated start date as soon as practicable
and we are enthusiastic about your joining the Coors leadership team. (This
offer is contingent upon your successful completion of our pre-employment
drug screen, which can be scheduled at your convenience when you report to
work). If you have any questions, please contact me at 303-277-3728.

Best Regards,

Bob Ehret
Senior Vice-President, Human Resources


Offer accepted: Tim Wolf                     Date: __________________

cc: Leo Kiely
    Tom Hardy

Enclosures(6):  1995 Annual Incentive Plan (MIC)
    Long Term Incentive Plan
    Stock Option Plan
    Benefit Summary (including Officer benefits)
    Relocation summary
    Inventions and Non-Disclosure Agreement

January 13, 1995

Mr. Timothy V. Wolf

Dear Tim:

We are all excited about your joining the management team at Coors Brewing
Company and look forward to you establishing a firm date for you to begin.

This letter will serve as an addendum to your signed offer letter dated
January 10, 1995.

Sale of Glencoe Home

You will participate in the normal Coors third party home purchase process.
(Please contact Nadine Detro at 303-277-3813 for details.) If the
guaranteed price doesn't not meet the equity that exists in your current
home, you will document that equity, along with major capital
improvements/modifications, and we will provide an equity protection up to
an amount of $75,000.

Mortgage Interest Differential

We will administer, consistent with the attached procedures.

Temporary Living

The Company will provide a modest, furnished condominium or apartment until
you close on your home in Glencoe. Additionally, we will reimburse
reasonable expenses for weekly commuting to and from Chicago and Denver
until your family joins you in Colorado.

Incidental Relocation Allowance

The one-month allowance will be modified to be grossed up for taxes, i.e.,
$25,833.32 net.

Severance Clause

In the very unlikely event that your employment with the Company should be
terminated for reasons other than cause during the first two years of
employment, 18 months of total salary (base plus 40% annual bonus) will be
paid to you. After your first two years of employment, you will be covered
by the standard Officer severance package, which is currently one year of
base salary.

Household Goods Movement

Special handling and/or crating will be provided for specifically requested

Medical Insurance for Psychological Treatment

As per the attached explanation and enclosed Benefits on Tap brochure,
psychological treatment is reimbursable at certain levels of coverage,
depending on the choices you select.

Private School Process

We look forward to the visit of your entire family January 22-24. Let's
talk regarding details, etc. If the Rocky Mountain School turns out not to
be acceptable, resources will be provided to find suitable schools.

Leo announced your arrival internally at the "Breakfast Club" meeting
today. (He received an enthusiastic ovation!) Formal external announcements
are in the process of being drafted by Anita Russell, Director of Corporate
Communications, who will contact you directly to finalize. You and Leo
should talk on the phone regarding how best to communicate your new
position to "the street," analysts, etc.

Again, I enthusiastically look forward to the opportunity of working with
you and welcoming * * * * * * * * * to Colorado!


Robert W. Ehret


cc:  Leo Kiely