Sample Business Contracts

Employment Agreement [Amendment] - Novoste Corp. and Raoul Bonan

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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Novoste Corporation

July 1, 1999

Dr. Raoul Bonan
9451 Cote St-Louis
Mirabel
Quebec, Canada J0N 1S0

                  Re:   Modifications to your Employment Agreement

Dear Raoul:

      I am pleased to confirm our mutual agreement to amend your existing
employment agreement with us in recognition of your outstanding performance over
the past year.

      We will increase your annual salary to $220,000 retroactive to June 1,
1999. Based on our normal bi-weekly payroll, you will receive $8,461.54 per pay
period, less applicable withholdings and deductions.

      We will forgive repayment of your promissory note dated April 20, 1999
payable to us in the amount of $80,000 and will return your shares of common
stock that we have held as collateral for that loan.

      We will pay you a one-time lump sum cash bonus of $40,000, subject to
applicable withholdings and deductions, payable on or before September 1, 1999.

      We will pay you an additional one-time payment in the amount of $3,262,
payable on or before September 1, 1999, to cover any claims that you may have
had for a "gross-up" of your income taxes relating to the forgiveness of the
$80,000 promissory note, rent payments you received from us or otherwise.


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Dr. Raoul Bonan                     July 1, 1999                        Page Two

      You acknowledge and agree that you have no other claim for compensation
for services that you have rendered to us to date under your employment
agreement other than as set forth in this letter or in your stock option
agreements.

Best regards,

William A. Hawkins
President & CEO

Accepted:

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Dr. Raoul Bonan                                 Date


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