Citigroup Inc. Contracts
Sample Business Contracts
Employment Agreement - Citigroup Inc. and John 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
July 20, 2000 PERSONAL & CONFIDENTIAL Mr. John Reed Citigroup 153 East 53rd Street New York, New York 10043 Dear John: As we discussed, I recommended to the Compensation Committee that they approve Items 1 through 7 contained in my draft letter to you of June 15th, and they have done so. The items listed below are the same as listed in the draft. 1. There would be a cash payment of $5 million which largely represents an allocated incentive bonus for this year. It is my thought that this would be paid promptly after being voted on by the Compensation Committee. 2. Your new SERP calculation yields an annual benefit of approximately $2,865,000 (subject to final determination by the actuaries), this number having now been calculated on the same basis as that of other senior Citicorp participants. The SERP calculation is inclusive of the above $5 million cash payment. 3. The company would continue to provide the normal lawsuit indemnifications arising from company employment, and D & O coverage in reasonable size relating to your activities as an officer and director of the company. 4. The company would furnish financial planning services for up to five years in a reasonable amount. <PAGE> 5. An office at Citigroup, secretarial support, and access to a car and driver would be provided to you for as long as you deem useful. In the event that at any point you choose not to maintain an office in New York City, you would be provided an office and secretarial support in a location of your choice to age 75. 6. If requested by the company to perform certain business functions in locations removed from this area or for business functions for which you have previously committed, you will be provided corporate aircraft. 7. The computer that you use at home would stay, if useful, or we would provide a new one if desirable. In lieu of asking for any specific form of agreement relating to non-competition, etc., we will simply accept your statement of intent, as expressed to Fred Cook, and we would ask you to provide us a letter setting forth that statement of intent. In addition, as is customary, we would propose that the Company and you agree to mutual general releases. Please sign and return one of the attached copies. Accepted and Agreed: /s/ John S. Reed John S. Reed Date: July 20, 2000