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Employment Agreement [Amendment] - Autotote Corp. and A. Lorne Weil

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.
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                        AMENDMENT TO EMPLOYMENT AGREEMENT


            This Amendment to Employment Agreement is entered into as of the 1st
of September, 2000, by and between A. Lorne Weil ("Executive") and Autotote
Corporation, a Delaware corporation (the "Company").

            WHEREAS, the Company and Executive have entered into an Employment
Agreement dated as of November 1, 1997, as amended by the letter agreement dated
September 10, 1998 (the "Existing Agreement"); and

            WHEREAS, the Company and Executive wish to amend certain provisions
of the Existing Agreement concerning the term of Executive's employment;
Executive's base salary; and Executive's rights upon termination with respect to
any supplemental executive retirement plan or similar plan;

            NOW, THEREFORE, in consideration of the premises and the mutual
benefits to be derived herefrom and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree that the Existing Agreement is hereby amended, effective as of September
1, 2000, as follows:

                  1. TERM: Section 2 of the Existing Agreement is hereby amended
and restated to provide in its entirety as follows:

            The term of employment of Executive under this Agreement (the
            "Term") shall be the period commencing on the Effective Date and
            ending on October 31, 2004, together with any additional period or
            periods for which such term may be extended from time to time in
            accordance with this Section 2, subject to earlier termination in
            accordance with Section 6 or 7. The Term shall be extended

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            automatically, without further action by either party, by one
            additional year beyond the then-scheduled end of the Term, on
            October 31, 2004 (extending the Term to October 31, 2005) and on
            each succeeding October 31 thereafter, unless either party, prior to
            the April 30 preceding the date upon which such extension would
            become effective, shall have served upon the other party written
            notice in accordance with the provisions of Section 12(d) electing
            not to so extend the Term, in which case the term of Executive's
            employment shall terminate at the then-scheduled end of the Term,
            subject to earlier termination in accordance with Section 6 or 7.


                  2. BASE SALARY: Section 4(a) the Existing Agreement is hereby
amended and restated to provide in its entirety as follows:

            The Company will pay to Executive during the Term a base salary at
            the initial annual rate of $475,000, payable in cash in
            substantially equal monthly installments during each year, or
            portion thereof, of the Term commencing at the beginning of the
            Term, and otherwise in accordance with the Company's usual payroll
            practices with respect to senior executives (except to the extent
            deferred under Section 5(d)). Executive's annual base salary shall
            be increased to $750,000 effective September 1, 2000, and shall be
            increased annually on each succeeding September 1 thereafter by a
            percentage of Executive's annual base salary then in effect equal to
            the percentage increase, if any, during the preceding twelve months
            in the Consumer Price Index for the Greater New York area; provided,
            however, that if the independent consultants that the Company
            retains to review the Company's compensation structure conclude that
            Executive's base salary is insufficient, Executive's base salary
            shall be increased in accordance with the recommendations of such
            consultants. In no event shall Executive's base salary be reduced.

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                  3. PARTICIPATION IN ANY SERP ADOPTED BY THE COMPANY:

                  Section 5 of the Existing Agreement is hereby amended as
follows:

                  a.    Subsection 5(c)(iii) of the Existing Agreement is
hereby renumbered as Subsection 5(c)(iv);

                  b.    Subsection 5(c)(iv) of the Existing Agreement is
hereby renumbered as Subsection 5(c)(v); and

                  c.    The following provision is hereby added in its
entirety as Subsection 5(c)(iii):

            (iii) If the Company adopts any supplemental executive retirement
                  plan or substantially similar plan (a "SERP") during the Term,
                  Executive shall be entitled to participate in such SERP in
                  accordance with its terms, subject to the provisions of
                  Sections 6 and 7 of this Agreement.


                  4.    ENTITLEMENT UNDER SERP UPON TERMINATION DUE TO NORMAL
RETIREMENT, APPROVED EARLY RETIREMENT, DEATH, OR DISABILITY:

                  Section 6 of the Existing Agreement is hereby amended as
follows:

            a.    Subsection 6(vi) of the Existing Agreement is hereby
renumbered as Subsection 6(vii);

            b.    Subsection 6(vii) of the Existing Agreement is hereby
renumbered as Subsection 6(viii); and

            c.    The following provision is hereby added in its entirety as
Subsection 6(vi):

            (vi)  If the Company adopts any supplemental executive retirement
                  plan or substantially similar plan (a "SERP") during the
                  Term, Executive shall be entitled to receive, in lieu of
                  any payments and benefits under the SERP, the greater of:
                  (a) an actuarially-adjusted lump sum cash payment equal to
                  the cash value of all payments and benefits to which
                  Executive would have been entitled under the SERP and (b)
                  an actuarially-adjusted lump

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                  sum cash payment equal to the cash value of all payments
                  and benefits to which Executive would have been entitled
                  under the SERP if Executive had 15 years of service with
                  the Company; provided, however, that if Executive receives
                  such payment under this Subsection 6(vi), Executive shall
                  forfeit all rights under the SERP, and the SERP shall have
                  no force and effect with respect to Executive.

            5.    ENTITLEMENT UNDER SERP UPON TERMINATION BY COMPANY WITHOUT
CAUSE OR BY EXECUTIVE FOR GOOD REASON, PRIOR TO OR MORE THAN TWO YEARS AFTER
A CHANGE IN CONTROL:

            Section 7 of the Existing Agreement is hereby amended to add the
following provision as Subsection 7(b)(i)(J):

        (J) If the Company adopts any SERP during the Term, Executive shall be
            entitled to receive, in lieu of any payments and benefits under the
            SERP, the greater of: (a) an actuarially-adjusted lump sum cash
            payment equal to the cash value of all payments and benefits to
            which Executive would have been entitled under the SERP and (b) an
            actuarially-adjusted lump sum cash payment equal to the cash value
            of all payments and benefits to which Executive would have been
            entitled under the SERP if Executive had 15 years of service with
            the Company; provided, however, that if Executive receives such
            payment under this Subsection 7(b)(i)(J), Executive shall forfeit
            all rights under the SERP, and the SERP shall have no force and
            effect with respect to Executive.


            6. ENTITLEMENT UNDER SERP UPON TERMINATION BY COMPANY WITHOUT CAUSE
OR BY EXECUTIVE FOR GOOD REASON, WITHIN TWO YEARS AFTER A CHANGE IN CONTROL:

            Section 7 of the Existing Agreement is hereby amended to add the
following provision as Subsection 7(b)(ii)(J):

        (J) If the Company adopts any SERP during the Term, Executive shall be
            entitled to receive, in lieu of any payments and benefits under the
            SERP, the greater of: (a) an actuarially-adjusted lump sum cash
            payment equal to the cash value of all payments and benefits to
            which Executive would have been entitled under the SERP and (b) an
            actuarially-adjusted lump sum cash payment equal to the cash value
            of all payments and benefits to which Executive would have been
            entitled under the SERP if Executive had 15 years of service with
            the Company; provided, however, that if Executive receives such
            payment under this Subsection 7(b)(ii)(J),

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            Executive shall forfeit all rights under the SERP, and the SERP
            shall have no force and effect with respect to Executive.


            7. RATIFICATION AS TO OTHER RESPECTS: The Existing Agreement is
hereby ratified and confirmed and remains in full force and effect in all
respects except as modified herein.



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            IN WITNESS WHEREOF, Executive has signed his name and the Company,
by the signature of its duly authorized officer, has executed this Amendment to
Employment Agreement, as of the date and year first above written.

                              THE COMPANY:

                              AUTOTOTE CORPORATION, a Delaware corporation



                              By:______________________________
                                    Alan J. Zakon
                                    Chairman of the Executive Committee
                                      of the Board of Directors


                              EXECUTIVE:



                              ----------------------------------
                              A. Lorne Weil



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