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Sample Business Contracts

Employment Agreement - Home Depot Inc. and John Costello

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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July 24, 2003

Mr. John Costello

Dear John,

I am pleased to confirm Home Depot U.S.A., Inc.'s offer and your acceptance of an appointment to Executive Vice President, Merchandising & Marketing, effective August 4, 2003, reporting directly to me. Your current compensation arrangements shall be modified as follows:

Your new base annual salary will be $650,000, payable in equal bi-weekly installments. Your next salary review will be held in April of 2004. At the next meeting of The Home Depot, Inc. Compensation Committee following the commencement of your service in your new position, you will receive a grant of 100,000 non-qualified stock options exercisable in accordance with the 1997 Omnibus Stock Option Plan. Twenty-five percent of the stock options will become exercisable on the second, third, fourth, and fifth anniversaries of the grant date. Expiration of all stock options will be the earlier of ten years from the grant date or termination of employment.

Except as specifically amended hereby, the employment terms as outlined in your original offer letter dated September 26, 2002 will remain in full force and effect.

John, I look forward to a long, successful working relationship. Attached are two copies of the form to process this appointment. Please sign and date both copies, keep one for your records and send the other to Tim Crow for processing.

Sincerely,


Robert Nardelli
Chairman, President & Chief Executive Officer

I accept this offer

/s/ JOHN COSTELLO

Date 07/25/03

John Costello
pc:
Dennis Donovan
Frank Fernandez
Carol TomŽ
Tim Crow