Sample Business Contracts

Employment Agreement - DBT Online Inc. and Kevin Barr

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.
  • 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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                            [DBT ONLINE LETTERHEAD]

February 4, 1998

Kevin Barr
#9 Ash Grove
Republic of Singapore

Dear Kevin,

I am really very pleased to confirm our offer of employment as a Vice
President, Human Resources of DBT Online, Inc., reporting to me. Consistent
with our prior discussions, I'm anticipating you would start on or about March
1, 1998, and the details of our offer are:

     1.   SALARY -- Your base salary will be $135,000.00 per annum, reviewed
          annually, with increases for 1999 and 2000 estimated per the attached

     2.   BONUS -- You will participate in a management incentive plan which is
          based upon financial results of the Corporation for 1998. At certain
          target levels, that have not yet been approved by the Company's Board,
          you will have the opportunity to earn a bonus of 40% of your salary.
          At maximum performance levels, you will have the opportunity to double
          your bonus potential. For 1998, 25% of your bonus, or $33,750.00 is
          guaranteed and will be paid to you ratably throughout the year.

     3.   SIGN ON BONUS -- You will receive a $50,000.00 sign on bonus.

     4.   STOCK OPTIONS -- You will receive an option grant for 40,000 shares of
          the Company's common stock. This option will be granted by the Board
          of Directors at their February 24, 1998 meeting and be priced at the
          closing price of the company's stock on that day. The options will
          vest over four years, at the rate of 25% per annum beginning on the
          first anniversary of the option grant.
<PAGE>   2
Kevin Barr
February 4, 1998
Page 2

     5.   BENEFITS -- You are entitled to all benefits provided to Database
          employees. The Company's 401(k) Plan provides a match of two-thirds on
          a dollar basis up to 6% of your salary. You will also be entitled to
          three weeks vacation in calendar 1998. You will participate in a
          "first dollar" health care plan where you will be fully compensated
          for all medical expenses for you and your family, with no deductible.

     6.   CAR ALLOWANCE -- You will be entitled to up to a $500.00 per month
          lease payment for a Company car. We estimate this translates to a car
          value of $27,000.00 - $29,000.00.

     7.   INTEREST FREE LOAN -- You can borrow up to $125,000.00 from the
          Company on an interest free basis, for purposes of assisting in your
          relocation to South Florida. The foregone interest cost will be
          included as imputed taxable income to you.

     8.   MOVING COSTS -- The Company will reimburse you for your moving costs
          to South Florida.

     9.   SEVERANCE -- If you are terminated without cause during your first two
          years of employment with the Company, you will receive severance equal
          to one year's base salary. At the time that a policy is proposed and
          approved by the board relative to severance for the executive group,
          you will fall under the policy.

Kevin, we are all excited that you are joining our team. We look forward to
working with you and your help in continuing to accelerate DBT's growth. Please
feel free to call me if you have any questions on this. If you agree that the
above accurately summarizes our previous discussions, please indicate your
acceptance by signing in the space below and returning it to me. My fax number
is 954-283-1047.

Very truly yours,

/s/ Charles A. Lieppe
Charles A. Lieppe
Chief Executive Officer

/s/ Kevin Barr
Accepted, Kevin Barr
<PAGE>   3
                Anticipated Compensation Program for Kevin Barr

                              1998           1999E               2000E
                         -------------      --------           ---------

Salary                      $ 135,000        $160,000         $162,000

Bonus @40% Target              54,000          64,000           64,800
      @80% Max                108,000         118,400          129,600

Bonus Guarantee          @25%  33,750    @11% (17,600)     @15% 24,300

+ Salary                      135,000         160,000          162,000

Total Guaranteed Cash       $ 168,750       $ 177,600         $186,300

Balance Bonus - @ 100%
   Target                      20,250          46,400           40,500

Total Est. Cash @
  Target Bonus Level*       $ 189,000       $ 224,000         $226,800

Sign on Bonus: $50,000
Options:       40,000 shares granted at 2/24/98 Board meeting. Vesting 25%
               per year over 4 years.
Car:           $27,000 - 29,000 value: up to $500/mo. lease payment
Health Care:   1st Dollar coverage - doctors of your choice
401K Plan:     Yes

* 1997 Estimated Payment will be 110-120% of basic level.