Sample Business Contracts

Employment Agreement [Amendment] - IndyMac Mortgage Holdings Inc. and David S. Loeb

Employment Forms

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  • 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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     THIS AMENDMENT (the "Amendment"), effective as of February 29, 2000, by and
between IndyMac Mortgage Holdings, Inc., a Delaware corporation ("Employer"),
and David S. Loeb ("Officer"), amends that certain Employment Agreement, dated
as of December 30, 1998, by and between Employer and Officer (the "Employment

     In consideration of the mutual promises and covenants herein contained, the
parties hereto agree as follows:

     1.  Termination of Affiliation with Countrywide.  The last paragraph of
Section 3 of the Employment Agreement is hereby deleted in its entirety and
replaced by the following:

     "Employer and Officer acknowledge that the Employment Agreement formerly
     recognized and permitted Officer's service as an officer and director of
     Countrywide Credit Industries, Inc. ("Countrywide") and certain of its
     subsidiaries.  However, due to the potential conflict of interest presented
     by Officer's continued affiliation with Countrywide or its subsidiaries or
     affiliates, Officer shall immediately resign from the Board of Directors of
     Countrywide and from any position(s) he currently holds with any subsidiary
     or affiliate of Countrywide and shall not hereafter, during the term of
     this Agreement as the same may be extended from time to time, accept any
     position as an employee, director, consultant or otherwise with Countrywide
     or any subsidiary or affiliate of Countrywide; provided, however, that
     nothing herein shall prohibit Officer from (i) participating in any health
     or welfare benefit plan of Countrywide, (ii) accepting an honorary title at
     Countrywide as long as such title does not require or entitle Officer to
     vote or engage in consultation or similar activities, or (iii) part-time
     employment with Countrywide or its subsidiaries or affiliates pursuant to
     that certain Part-Time Employment Agreement between Officer and
     Countrywide, dated as of February 28, 2000, receipt of a copy of which
     Employer hereby acknowledges."

     2.  Annual Stock Option Grants.  The parenthetical phrase in the second
sentence of Section 4(c) of the Employment Agreement is hereby deleted in its
entirety.  The following sentence is added as the third sentence in Section 4(c)
of the Employment Agreement:

     "Notwithstanding the foregoing sentence, beginning with Fiscal Year 2000
     and in each Fiscal Year thereafter during the term of this Agreement,
     Officer shall be granted stock options to purchase 125,000 shares of common
     stock of the Company."


     3.  Exercise of Stock Options.  The following sentence is hereby added at
the end of Section 4(c) of the Employment Agreement:

     "Notwithstanding the terms of the 1998 Plan (or other applicable stock
     incentive plan) to the contrary, Officer shall have the right, upon
     termination of his employment hereunder, other then for Cause, to exercise
     stock options governed by this Section 4(c) for a period twelve (12) months
     after such termination (but in no event later then their applicable
     expiration dates)."

     4.  Ratification of Employment Agreement.  As amended hereby, the
Employment Agreement shall be and remain in full force and effect.

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first above written.

                                INDYMAC MORTGAGE HOLDINGS, INC.


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                             David S. Loeb, in his individual capacity