Sample Business Contracts

Employment Agreement - Select Comfort Corp. and Ron Mayle

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.
  • 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.
  • More Employment Agreements

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                           [Select Comfort Letterhead]

November 12, 1997

Mr. Ron Mayle
4565 Landover Way
Suwanee, GA   30024

Dear Ron:

As a follow up to our conversation, following is a revised summary of our offer
to you:

-    The starting salary will be $160,000 annually with a start date of
     December 1, 1997.

-    You will participate in the Management Incentive Plan, which in 1997
     provides a payout target of up to 50%, with a maximum of up to 80% of base
     salary on a prorated basis if certain performance criteria are met.

-    As an employee of Select Comfort, you will be eligible for our company
     benefits beginning December 1, 1997. Our benefits include: medical, dental,
     flex account, life insurance, supplemental life insurance, short-term
     disability, long-term disability, travel accident insurance, Paid Time Off
     (PTO) and 401(k). The details of your benefits package will be reviewed in
     a new hire orientation.

-    We will provide an annual payment of $3,600 to cover your portable
     disability plan which you will, in turn, pay for yourself.

-    You will also be eligible for stock options of 135,000 shares at $10.00
     per share vested monthly over 24 months of employment

-    You will spend approximately two to three days per week at Home Office in
     Minneapolis and the balance of the week working from your home in Atlanta.
     Select Comfort will pay for all of your travel to and from Atlanta, plus
     lodging during time spent in Minneapolis. Also, Select Comfort will pay for
     any modifications to your home office computer in Atlanta and overall
     communications set-up that will enable you to work with our data bases. If
     you decide

Mr. Ron Mayle
November 12, 1997
Page 2

     to move to Minneapolis during your first twelve months of employment,
     Select Comfort will pay for your household moving expenses as outlined in
     our corporate relocation policy.

I am extremely enthusiastic about your joining Select Comfort to help lead us
into the next century, when we will be recognized as the most successful
mattress company ever. Additionally, I stand ready to help you in any way as you
work to take our retail company to a "world class" level.

Any questions you have, please feel free to contact me directly. I look forward
to a successful and rewarding working relationship.


/s/ Rob Hawthorne

Rob Hawthorne
President & CEO


Accepted by: /s/ Ronald E. Mayle                    Date:   11/13/97
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