Sample Business Contracts
Employment Agreement - Riggs National Corp. and Timothy C. Coughlin
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
Riggs National Corporation |
800 17 Street, NW |
Washington, D.C. 20006-3944 |
(202) 835-5507 |
Fax: (202) 835-5226 |
February 27, 2004
Mr. Timothy C. Coughlin
President
Riggs National Corporation
800 17th Street, N.W.
Washington, DC 20006
Dear Tim:
Thank you for agreeing to become the Divisional Senior Vice President for Embassy Banking in addition to your other responsibilities. Below are the terms and conditions resulting from your acceptance of this assignment:
1. | You are authorized to prepare the definition of acceptable clients and the strategic business plan for Embassy Banking to be approved by Robert L. Allbritton and Lawrence I. Hebert and the Boards of Riggs Bank and Riggs National Corporation for review and acceptance by the Office of the Comptroller of the Currency and the Federal Reserve Bank of Richmond. | |||
2. | You will continue as President of Riggs National Corporation at current compensation or above until Full Retirement Age (65 years 10 months) or receive equivalent severance pay without restrictions until Full Retirement Age for termination of employment other than by resignation, retirement or in the event of a finding by the Boards of gross negligence or breach of fiduciary duty involving personal profit. | |||
3. | There will be a temporary suspension (up to six months or longer by mutual consent) of most of your other responsibilities including Officer Committees, Riggs Capital Partners, New Business Development, Customer Retention, Community Outreach/Involvement, Bank Philanthropic Activities, etc., with the exception of the Officers Risk Management Committee and limited involvement with the Legal Department, Riggs Investment Advisors and certain industry/community organizations including The Financial Services Roundtable, The Federal City Council and the Greater Washington Board of Trade. |