Sample Business Contracts

Employment Agreement [Amendment No. 1] - Inc. and Jesse Fink

Employment Forms

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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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                                 AMENDMENT NO. 1
                              EMPLOYMENT AGREEMENT

     THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this "Amendment"), made as of this
16th day of November, 1998 (the "Employment Agreement"), is by and between Mr.
Jesse Fink ("Employee"), and Incorporated, a Delaware corporation
(the "PriceLine") and the successor by merger to LLC, formerly a
Delaware limited liability company.  In connection with that certain Amendment
to the LLC Non-Qualified Option Agreement, made as of the date
hereof, by and between the Employee and PriceLine (the "Option Agreement"), the
parties desire to amend certain terms and conditions of the Employment
Agreement related to the subject matter of the Option Amendment.  Unless
defined in this Amendment, all defined terms used herein but not defined herein
shall have the meanings set forth in the Employment Agreement.

     For valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree that the Agreement is hereby amended as

     1.   PRICELINE OPTION. The Employee and PriceLine agree that Section
          3(d)(i) of the Employment agreement is hereby amended by deleting (a)
          from the fifth line thereof the phrase "up to 2,2000,000 PriceLine
          Units" and replacing the same with the phrase "up to 1,955,000
          PriceLine Units." and (b) from the fifth and sixth line thereof the
          phrase ",which represent approximately 3.2% of PriceLine's estimated

     2.   VESTING OF PRICELINE OPTION.  The Employee and PriceLine agree that
          Section 3(c)(iv) of the Employment agreement is hereby amended by
          deleting the same in its entirety and replacing the same with the

               (iv)  Subject to Section 5 hereof, the Option shall vest as to
               (A) 1,200,000 of the  PriceLine Units underlying the Option on
               June 1, 1998; (B) 500,000 of the PriceLine Units underlying the
               Option on June 1, 1999; and (C) 255,000 of the PriceLine Units
               underlying the Option on June 1, 2000.

     3.   EFFECTIVE DATE.  This Amendment shall be effective as of the date
          indicated in the introductory paragraph of this Amendment.

     4.   NO OTHER AMENDMENTS; GOVERNING DOCUMENT.  Except as modified by this
          Amendment, all other terms and provisions of the Employment Agreement
          shall remain in full force and effect; PROVIDED, HOWEVER, that in the
          event that any term or condition of this Amendment conflicts or is
          inconsistent with, or otherwise contrary to, any term or provision of
          the Employment Agreement, then the terms and provisions of the
          Amendment shall control.

     IN WITNESS WHEREOF, the parties have executed and delivered this Amendment
on the date indicated above.


/s/ Jesse Fink                     /s/ Melissa M. Taub
--------------------------------   --------------------------------------
Jesse Fink                         Name: Melissa M. Taub
                                   Title: Senior Vice President & Secretary