Sample Business Contracts

Employment Agreement [Amendment No. 1] - Sovereign Bancorp Inc. and John Hamill

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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                                  AMENDMENT #1
                              EMPLOYMENT AGREEMENT

         AGREEMENT made the 26th day of February, 2003, between SOVEREIGN
BANCORP, INC., a Pennsylvania corporation ("SBI") and JOHN HAMILL, an individual
(the "Executive").


         WHEREAS, the parties executed an Agreement, dated January 7, 2000 (the
"Original Employment Contract"), providing for the employment of the Executive
by SBI; and

         WHEREAS, the Original Employment Contract is scheduled to terminate on
January 6, 2003, as provided in Section 16(a)(i) thereof; and

         WHEREAS, the parties desire to extend the Original Employment Contract,
as contemplated as a possibility in Section 16(a)(ii) thereof.

         NOW, THEREFORE, in consideration of the premises and intending to be
legally bound, the parties agree that:

         1.       Effective as of the close of business on January 6, 2003,
Section 16(a) of the Original Employment Agreement is amended and restated to
read as follows--

                  "16.     Termination.

                           (a)      Unless the Executive's employment is
                  terminated pursuant to the provisions of Section 3 or Section
                  5 hereof, the term of this Agreement shall:

                                    (i)      Initially be a term commencing on
                           January 7, 2000, and ending on January 6, 2003;

                                    (ii)     Thereafter be a term commencing on
                           January 7, 2003, and ending on January 6, 2005; and

                                    (iii)    Thereafter be for such term as the
                           parties mutually agree."

         2.       In all other respects, it is intended by the parties that the
terms of the Original Employment Agreement, as in effect on January 6, 2003,
shall continue to apply without change. Further, nothing in this Amendment #1
shall be construed as altering the meaning of the term "effective date" in the
Original Employment Agreement.

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first



above written.

                                       SOVEREIGN BANCORP, INC.

                                       By:     /s/ Jay S. Sidhu
                                           Jay S. Sidhu
                                           President and Chief Executive Officer

[CORPORATE SEAL]                       Attest: /s/ David A. Silverman
                                                    David A. Silverman


       /s/ Eugenia Yau                         /s/ John Hamill            (SEAL)
--------------------------------       ----------------------------------
                                                   John Hamill

Agreed to as of the date
of this Amendment #1


By:     /s/ Jay S. Sidhu
    Jay S. Sidhu
    President and Chief Executive Officer