Sample Business Contracts

Employment Agreement - PRWW Ltd. and Joel Morganroth

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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March 1, 2001


Joel Morganroth, M.D.
PRWW, Ltd.
30 S. 17th Street
Philadelphia, PA 19103

Dear Joel:

         This will confirm that you and PRWW, Ltd. (together with its
affiliates, "PRWW") have agreed as follows:

         1. By mutual agreement, both the Management Employment Agreement
between you and PRWW date September 7, 1999 (the "Employment Agreement") and
your employment with PRWW have terminated effective March 1, 2001, without
liability to any party.

         2. From and after March 1, 2001 you will not be eligible to participate
in any PRWW employee benefit or compensation plan or arrangement. You further
confirm that, as of March 1, 2001, no sums or obligations are owed to you by
PRWW (including without limitation severance), except for (a) salary accrued
through February 28, 2001, (b) expenses incurred through February 28, 2001 which
in accordance with PRWW's standard policies are subject to reimbursement and (c)
the obligations of PRWW under the consulting agreement between your professional
corporation and PRWW.

         3. This will further confirm that, since you are continuing as a member
and Chairman of the Board of Directors, your outstanding stock options will not
terminate solely due to the fact that you are no longer an employee of PRWW, but
instead will continue indefinitely until the earlier of the stated termination
date of the option or three months following the date that you cease to be a
member of the Board of Directors.

         Please confirm your agreement with the foregoing by countersigning this
letter below.

                                                        Very truly yours,
                                                        PRWW, Ltd.

                                                  By: /s/ Bruce Johnson
                                                      -------------------------
                                                        Bruce Johnson
                                                        Senior Vice President
The foregoing is accepted and agreed to:

/s/ Joel Morganroth
--------------------------------------------
Joel Morganroth, M.D.