Sample Business Contracts

Employment Agreement - Viacom Inc. and John F. Antioco

Employment Forms

• Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
• Answer simple questions to build a contract with a consultant. Specify the services rendered, when payment is due, as well as IP rights.
• 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.
• 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.
• 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

June 16, 2004

John F. Antioco

c/o Blockbuster Inc.

1201 Elm Street

Dallas, Texas 75207

Dear Mr. Antioco:

In consideration of the mutual promises contained herein, the sufficiency of which is hereby acknowledged by Viacom Inc. (“Viacom”), Viacom hereby agrees to pay you stay bonus compensation in the amount of $7.5 million if, by June 30, 2005, Viacom does not distribute “control” (as defined in Section 368(c) of the Internal Revenue Code of 1986, as amended) of Blockbuster Inc. (“Blockbuster”) to holders of Viacom’s Class B shares (the “split-off”) and either (x) you remain employed by Blockbuster on that date or (y) your employment has been terminated prior to such date by Blockbuster without “cause” or by you for good reason (as such terms are defined in your then effective employment agreement). You will also be entitled to receive this payment if a third party or group acting in concert that, in each case, is unaffiliated with Viacom acquires a controlling interest in Blockbuster before June 30, 2005 (a “control transaction”). Any payment required under this Side Letter will be paid in a single cash lump sum promptly after, and in any event within five (5) business days of, the event giving rise to the payment hereunder; provided, that if (i) a control transaction has not occurred, (ii) you did not become eligible for the payment hereunder because your employment was terminated by Blockbuster without cause (as defined above) or by you for good reason (as defined above) on or before June 30, 2005 and (iii) you voluntarily terminate your employment after June 30, 2005 and prior to December 31, 2005 other than (x) for good reason or (y) due to your death or disability, you shall repay such amount to Viacom (net of any income and payroll taxes withheld by Viacom on such payment, it being understood by both parties that you will not receive credit for any such withheld taxes) with interest determined at the prime rate within five (5) business days of such termination but not later than December 31, 2005.

You agree to exert your good faith efforts to assist Viacom in causing the “split-off” to occur by June 30, 2005 to the extent such efforts are consistent with your fiduciary duties and employment obligations to Blockbuster. Viacom represents that this Side Letter is validly authorized and approved and constitutes a binding obligation of Viacom as of the date hereof.