Sample Business Contracts

Retention Agreement [Amendment] - Toys R Us Inc. and Gregory R. Staley

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Employment Contract. Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
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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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March 2, 2000

Mr. Gregory R. Staley
286 Autumn Terrace
Franklin Lakes, NJ 07417

Dear Greg:

The purpose of this letter is to confirm our agreement with regard to your
rights to terminate your employment in the event of a change in reporting
relationship. This letter constitutes an amendment of your Retention Agreement
dated May 1, 1997 (the "Agreement") pursuant to Section 13[c] of the Agreement.

Specifically, we have agreed that, in view of the recent changes in the senior
management of the Company, Section 4[b][ii] of the Agreement is hereby amended
to read as follows:

         "[ii] Due to the unique nature of the Company's International Division
and the resulting burdens imposed on the Executive thereby, notwithstanding
anything to the contrary contained herein, the Executive's employment may be
terminated during the Employment Period by the Executive by providing written
notice to the Company within 30 days of the first day on which the Executive no
longer reports directly to the Chief Executive Officer of the Company, in which
event the "Date of Termination" for purposes hereof shall be the date set forth
in such notice (which shall not be less than 60 days from the date of such
notice unless the Company consents thereto in writing)."

This letter does not constitute a consent or waiver to or modification of any
other provision, term or condition of the Agreement, all of which remain in full
force and effect.

If this letter accurately sets forth in full the terms of our agreement
concerning the matter set forth herein, please execute this letter where
indicated.

Sincerely,

TOYS "R" US, INC.                           SO AGREED:

By:   /s/ John H. Eyler Jr.                        /s/ Gregory R. Staley
   --------------------------               -----------------------------------
       John H. Eyler, Jr.                           Gregory R. Staley