Sample Business Contracts

Employment Agreement - Inc. and David L. Weld Jr.

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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                               December 2, 1999

David L. Weld Jr.
615 Bellevue Ave. E., #301
Seattle, WA 98102

Dear David,

      On behalf of (the "Company"), I am pleased to offer you the
position of Senior Vice President of Product Development of the Company.
Speaking for myself, as well as the other members of the Company's management
team, we are all very impressed with your credentials and we look forward to
your future success in this position.

      The terms of your new position with the Company are as set forth below:

      1.  Position.

          a. You will become the Senior Vice President of Product Development of
          the Company, working out of the Company's headquarters office in
          Seattle, Washington. You will report to the Company's President.

          b. You agree to the best of your ability and experience that you will
          at all times loyally and conscientiously perform all of the duties and
          obligations required of and from you pursuant to the express and
          implicit terms hereof, and to the reasonable satisfaction of the
          Company. During the term of your employment, you further agree that
          you will devote all of your business time and attention to the
          business of the Company, the Company will be entitled to all of the
          benefits and profits arising from or incident to all such work
          services and advice, you will not render commercial or professional
          services of any nature to any person or organization, whether or not
          for compensation, without the prior written consent of the Company's
          Board of Directors, and you will not directly or indirectly engage or
          participate in any business that is competitive in any manner with the
          business of the Company. Nothing in this letter agreement will prevent
          you from -accepting speaking or presentation engagements in exchange
          for honoraria or from serving on boards of charitable organizations,
          or from owning no more than one percent (1%) of the outstanding equity
          securities of a corporation whose stock is listed on a national stock

      2.  Start Date. Subject to fulfillment of any conditions imposed by this
          letter agreement, you will commence this new position with the Company
          on approximately December 15, 1999, determined by the date of close of
          the Company's purchase of

      2.  Proof of Right to Work. For purposes of federal immigration law, you
          will be required to provide to the Company documentary evidence of
          your identity and eligibility for employment in the United States.
          Such documentation must be provided to us within three (3) business
          days of your date of hire, or our employment relationship with you may
          be terminated.

      4.  Compensation.

          a.   Base Salary. You will be paid a monthly salary of $12,083.33,
               which is equivalent to $145,000 on an annualized basis. Your
               salary will be payable in two equal payments per month pursuant
               to the Company's regular payroll policy (or in the same manner as
               other employees of the Company). This compensation plan will
               commence on January 1, 2000.

          b.   Bonus. You will also be eligible for a $40,000 end of the year
               bonus, $24,000.00 of which will be based on the overall revenue
               achievements of the Company, and $16,000.00 will be based on
               performance objectives established by you and the President.

          b.   Annual Review.  Your base salary will be reviewed in March as
               part of the Company's normal salary review process.

      5.  Stock Options.

          Upon formal close of the Company's purchase of, the Company
          will assume the stock option plan of and you will be
          eligible to participate in any stock option or other incentive
          programs available to officers or employees of the Company and your
          official conversion ratio to the Company's stock option plan will be
          determined. Your option grant of 169,141 shares on December
          10, 1998 will have an approximate conversion ratio of .49, or
          approximately 82,879 shares. Your price per share for your
          grant was .25 cents, which will have an approximate conversions ratio
          of .49, or approximately .51 cents. Within one month of your start
          date you will receive the Stock Option Plan and subscription agreement
          which will enroll you in the program. You will be eligible to
          participate in any stock option or other incentive programs available
          to officers or employees of the Company.

      6.  Benefits.

          a.  Insurance Benefits.  The Company will provide you with standard
          medical and optional dental insurance benefits. You will be eligible
          to purchase coverage for your dependents under The Company's medical
          and dental insurance program and the Company will pay a to be
          determined percentage of the medical and dental premiums. In addition,
          the Company currently indemnifies all officers and directors to the
          maximum extent permitted by law, and you will be requested to enter
          into the Company's standard form of Indemnification Agreement giving
          you such protection. Pursuant to the Indemnification Agreement, the
          Company will agree to advance any expenses for which indemnification
          is available to the extent allowed by applicable law.

      7.  Confidential Information and Invention Assignment Agreement.  Your
      acceptance of this offer and commencement of employment with the Company
      is contingent upon the execution, and delivery to an officer of the
      Company, of the Company's Confidential Information and Invention
      Assignment Agreement, a copy of which is enclosed for your review and
      execution (the "Confidentiality Agreement"), prior to or on your Start

      8.  Severance Agreement.  If your employment is terminated by the
     Company or its successor for any reason other than cause, as determined by
     the Company's Board of Directors, you will be entitled to receive
     continuation of your base salary and insurance benefits for six months
     following the date of termination of your employment.

      9.  Confidentiality of Terms.  You agree to follow the Company's strict
     policy that employees must not disclose, either directly or indirectly, any
     information, including any of the terms of this agreement, regarding
     salary, bonuses, or stock purchase or option allocations to any person,
     including other employees of the Company; provided, however, that you may
     discuss such terms with members of your immediate family and any legal, tax
     or accounting specialists who provide you with individual legal, tax or
     accounting advice.

      10. At-Will Employment.  Notwithstanding the Company's obligation
     described in Section 8 above, your employment with the Company will be on
     an "at will" basis, meaning that either you or the Company may terminate
     your employment at any time for any reason or no reason, without further
     obligation or liability.

     We are all delighted to be able to extend you this offer and look forward
to working with you. To indicate your acceptance of the Company's offer, please
sign and date this letter in the space provided below and return it to me, along
with a signed and dated copy of the Confidentiality Agreement. This letter,
together with the Confidentiality Agreement, set forth the terms of your
employment with the Company and supersede any prior representations or
agreements, whether written or oral. This letter may not be modified or amended
except by a written agreement, signed by the Company and by you.

                                                Very truly yours,


                                                /s/ Martin Tobias

                                                Martin Tobias,
                                                Minister of Order and Reason


David Weld Jr.

/s/ David Weld Jr.

December   , 1999

Enclosure:  Confidential Information and Invention Assignment Agreement