Sample Business Contracts

Employment Agreement [Amendment No. 1] - TLC Vision Corp. and B. Charles Bono III

Employment Forms

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  • 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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      This FIRST AMENDMENT TO EMPLOYMENT AGREEMENT ("Amendment") made this 30th
day of September, 2003 by and between TLC Vision Corporation (the "Company") and
B. Charles Bono III ("Employee").

      Whereas the Company and Employee entered into an EMPLOYMENT AGREEMENT (the
"Agreement") dated May 15, 2002, and

      Whereas, the Company and Employee desire to amend the Agreement as set
forth below,

      Now, therefore, in consideration of the mutual covenants and agreements
hereinafter set forth, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and
Employee hereby agree as follows:

      1. Section 8 (f) entitled: Termination by Employee within Eighteen Months
of Effective Date is deleted in its entirety and a new Section 8(f) is hereby
inserted in its place as follows:

            Termination by Employee for Any Reason. Notwithstanding anything to
      the contrary contained in this Agreement, Employee, upon prior written
      notice to the Company, may for any reason terminate his employment with
      the Company at any time prior to November 15, 2004. In the event of such
      termination, the Company shall pay to Employee, within (30) days of such
      termination, an amount equal to three (3) times Employee's Base Salary
      specified in Section 5(a) (as in effect as of the date of termination)
      plus an additional amount equal to the greater of (i) three (3) times
      Employee's Bonus for the previous year or (ii) the average of Employee's
      Bonus for each of the three years immediately preceding the date of such

      With the exception of the foregoing, the Agreement shall remain in effect
      in accordance with its terms.

      In witness whereof, the parties have executed this Amendment the day and
      year first above written.

"COMPANY"                               "EMPLOYEE"


By: /s/ Elias Vamvakas                  /s/ B. Charles Bono III
    ---------------------------         -----------------------
Name: Elias Vamvakas                    B. Charles Bono III
Title: Chief Executive Officer