StemCells Inc. Contracts
Sample Business Contracts
Employment Agreement - CytoTherapeutics Inc. and John Schwartz
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
CYTOTHERAPEUTICS, INC. 701 GEORGE WASHINGTON HIGHWAY LINCOLN, RHODE ISLAND 02865 As of July 1, 1999 John Schwartz 110 Atherton Avenue Atherton, California 94027 Dear John: This letter will confirm our agreement with respect to the amendment, with effect from July 1, 1999, of your Letter Agreement with CytoTherapeutics, Inc. (the "Company"), dated December 19, 1999 (the "Agreement"). Section 2. "Compensation; Time Commitment" shall be modified such that subsection 2.a.(iii) shall read: "(iii) One Hundred Thirty Two Thousand Dollars ($132,000) per year, plus a fee of One Thousand Five Hundred Dollars ($1,500) per Board meeting or Committee meeting (if held at a date and time separate from the Board meeting) where you are physically present, plus Five Hundred Dollars ($500) per Board meeting or Committee meeting (if held at a date and time separate from the Board meeting) held by conference call, payable quarterly in arrears (this cash compensation plus any other compensation provided for herein shall be referred to as the "Compensation"). " Section 2. " Compensation; Time Commitment" shall be further modified such that Subsection b. shall read: "b. As Chairman of the Board of Directors, you will be expected to devote no less than thirty (30) business days per calendar quarter to the performance of your duties and responsibilities collectively under this Agreement and the Consulting Agreement (hereinafter "Duties and Responsibilities"). In the event you devote more than thirty (30) days in any calendar quarter to the performance of your <PAGE> John J. Schwartz July 1, 1999 Page 2 Duties and Responsibilities, you shall, within thirty (30) days of the end of the calendar quarter, provide an accounting to the President and Chief Executive Officer of the Company detailing the actual time spent during such preceding calendar quarter. After review and approval by the President and Chief Executive Officer of the Company you will be promptly further compensated for additional days exceeding thirty (30) in any calendar quarter at the rate of One Thousand Five Hundred Dollars ($1,500) per day. All such additional payments made shall be promptly reported by the President and Chief Executive Officer to the Compensation Committee of the Board (the "Compensation Committee") for subsequent ratification by such Compensation Committee, such ratification not to delay the payment of any such additional payments." Except as specifically modified hereby, all other terms and conditions of the Agreement remain in full force and effect If the foregoing is acceptable to you, please sign the enclosed copy of this letter in the space provided below and return it to me, whereupon this letter and such copy will constitute a binding amendment of the Agreement between you and the Company on the basis set forth above as of the date first above written. Sincerely yours, CYTOTHERAPEUTICS, INC. By: __________________________________ Richard M. Rose, M.D. President & Accepted and Agreed: Chief Executive Officer _______________________________ John J. Schwartz Date: ___________________ Page 2 of 2