Sample Business Contracts

Employment Agreement - Concord EFS Inc. and Richard Buchignani

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.
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[CONCORD EFS, INC. LETTERHEAD]

September 11, 2002

Mr. Richard Buchignani
6065 River Oaks Cove
Memphis, TN 38120

Dear Richard:

I am pleased to confirm our offer of employment as Vice Chairman and General Counsel of Concord EFS, Inc. Your salary will be $275,000 annualized. In addition to your salary, the following compensation stipulations also apply:

BONUS: You are eligible to participate in Concord’s Annual Bonus Program consistent with members of the Executive Management Staff.

STOCK OPTIONS: You will be granted 25,000 stock options effective October 4, 2002 and will be eligible to participate in the Concord Stock Option Plan as outlined in the Concord EFS, Inc. 2002 Incentive Stock Option Plan, as amended, subject in all respects to the terms of the Plan and the Option Agreement evidencing this grant.

BENEFITS: You are eligible to participate in our healthcare plan (to include health, disability, and term life), our 401(k) plan, and our Senior Executive Retirement Savings Plan.

Upon termination, death, disability, change of control, or change of position or location, Concord will pay one year’s salary to your or your designated beneficiary(s). Options will continue to vest during the one-year period.

Concord will also pay for professional organization dues, CLE, seminars, and other customary expenses related to your position.

If you are in agreement with the terms of this offer, please acknowledge your acceptance by signing in the space provided below and return one copy to me.

Richard, I am looking forward to welcoming you to Concord as a member of our Executive Management Team.

Sincerely,

/s/ Dan M. Palmer

Dan M. Palmer
Chairman and CEO

JMF/kw