Brink's Co. Contracts
Sample Business Contracts
Employment Agreement - Pittston Co. and David L. Marshall
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
[PITTSTON LOGO]
As of April 1, 1996
Mr. David L. Marshall
28 Glenmoor Place
Hilton Head Island
South Carolina 29926
Dear David:
Reference is made to your employment agreement dated as of June
1, 1995 (the "Agreement"). This will set forth amendments to that Agreement, as
we have mutually agreed.
1. Section 1 of the Agreement will be amended by deleting the
last sentence thereof.
2. Section 2 of the Agreement will be amended by deleting the
last paragraph thereof.
3. Section 3 of the Agreement is hereby amended by deletion of
subsection (a) in its entirety and substituting the following:
(a) During the Employment Period you will receive for all
services to be rendered by you pursuant to Section 2 above a
salary at the rate of $200,000 per year.
4. Section 3 of the Agreement is hereby further amended by adding
the phrase, "Key Employees Incentive Plan, Key Employees' Deferred Compensation
Program," after the word "Company's" in the first sentence of subsection (b) and
by deleting the last two sentences of such subsection.
5. Section 8 of the Agreement is hereby amended by deleting the
phrase, "within the Pittston Services Group" in both clauses (i) and (ii).
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Mr. David L. Marshall
As of April 1, 1996
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6. Except as otherwise provided herein, the terms and conditions
of the Agreement shall remain in full force and effect.
Please acknowledge your agreement with the terms hereof by your
signature in the space provided below.
Very truly yours,
THE PITTSTON COMPANY
s/J. Farrell
By___________________________
Chairman of the Board
I hereby acknowledge and agree that the foregoing is in
accordance with our agreement.
s/D. L. Marshall
-------------------------
David L. Marshall
Dated as of April 1, 1996
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EXHIBIT E
Special Rules Applicable to Employees
of Paramont Coal Corporation
This Exhibit E describes special provisions applicable to
Employees of Paramont Coal Corporation. To the extent the provisions in this
Exhibit E are inconsistent with the terms contained in the remainder of the
Plan, the provisions contained in this Exhibit E will take precedence.
I. Merger of Plans
As of April 1, 1996 (the "Merger Date"), the Production Incentive
Plan of Paramont Coal Corporation ("Prior Plan") will be merged into the Plan
and the Prior Plan will be terminated. As of the Merger Date, the account
balances of each Employee who was a participant in the Prior Plan will be
allocated to the T. Rowe Price Stable Value Fund and will be transferred to such
Fund as soon as practicable thereafter. Subsequent to the initial transfer of
account balances to the T. Rowe Price Stable Value Fund, Employees with
transferred account balances may elect to allocate such balances to other Funds
in accordance with Article V of the Plan. Any Employee with an account balance
under the Prior Plan shall become a Participant in this Plan, even if he does
not file an application to have Basic Contributions made on his behalf.
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2
II. Participation
As of April 1, 1995, each Employee of Paramont Coal Corporation
became eligible to participate in the Plan with respect to future Basic
Contributions as of or following the date on which he satisfied the requirements
contained in Section 2.02 of the Plan, determined as if Paramont Coal
Corporation had been a Component Member since the Employee's date of hire.
III. Minimum Vested Percentage
As of the Merger Date, Employees who were participants in the
Prior Plan will be fully vested in their individual account balances transferred
from the Prior Plan and in any other amounts contributed to such Employees'
accounts under the Plan.
IV. Loans
As of the Merger Date, all loans granted under Section 6.03 of
the Prior Plan which remain outstanding will be transferred to the Plan, and
each Employee with an outstanding loan under the Prior Plan will be required to
continue repayment of the loan in accordance with the repayment provisions
agreed to at the time the loan was granted.