Sample Business Contracts


Employment Agreement - Pittston Co. and Austin F. Reed

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 March 8, 1996


Austin F. Reed, Esq.
172 Catalpa Road
Wilton, CT  06897

Dear Mr. Reed:

               Reference is made to our letter agreement with you dated July 8,
1988 and the amendment thereto dated as of July 8, 1993 (together, the
"Agreement") regarding your employment in the event of a "Change in Control" as
defined in the Agreement.

               This will confirm that we have agreed to extend your Employment
Period under the Agreement by deleting the figures "24" in Section 1(a) of the
Agreement and substituting the figures "36".

               Please confirm that the foregoing is in accordance with our
agreement.

                                            Very truly yours,

                                            THE PITTSTON COMPANY


                                                s/J.C. Farrell 
                                           By______________________
                                                   Chairman



               I hereby confirm that the foregoing is in accordance with our
agreement.



                                                   s/A.F. Reed
                                            -----------------------
                                                  Austin F. Reed
Dated as of  March 8, 1996
            --------

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