General Motors Corp. Contracts
Sample Business Contracts
Employment Agreement - General Motors Corp. and Robert A. Lutz
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
December 20, 2002 Mr. Robert A, Lutz Dear Bob: I am extremely pleased that you have agreed to remain for one year beyond our previous agreement through year-end 2005. Our intent would be that after that date your compensation and benefits would be under the continual review of the Executive Compensation Committee (ECC). Your base salary, and other components of incentive pay and benefits will be reviewed periodically by the ECC of the Board of Directors and, based on that review, may be adjusted. We will extend your bonus guarantee for one additional year so that in no case will your bonus for calendar year 2004 be less than $500,000. Your participation in all compensation and benefits plans will be controlled by the terms of those plans. Whenever we mutually agree that you would retire from General Motors, we will work with you on a mutually satisfactory severance arrangement as appropriate. Please indicate your acceptance of the extended employment agreement by signing below. Also, reflecting the extension of the employment term, you should achieve a stock ownership level of at least four times your base salary. I look forward to our continuing relationship. Sincerely, (Signed by G. R. Wagoner, Jr.) AGREED AND ACCEPTED BY: /s/ Robert A. Lutz 12-20-02 ------------------------- -------------------- Robert A. Lutz Date IV-9