Verity Inc. Contracts
Sample Business Contracts
Employment Agreement - Verity Inc. and Anthony J. Bettencourt
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
[VERITY LETTERHEAD] September 1, 2001 Mr. Anthony J. Bettencourt 2802 Vizzolini Court Pleasanton, CA 94566 Dear Anthony: Verity is pleased to extend your employment for a one year period beginning September 1, 2001 (the "Term"). Your role will be President, reporting directly to Verity's CEO. Your monthly salary will be $25,000. Your compensation package will include a commission plan providing for the payment of a minimum of $200,000 in commissions with respect to the year ending August 31, 2002, plus a $105,000 incentive bonus payable on or before September 30, 2002. During the Term, (i) your salary may not be reduced and (ii) unless you voluntarily terminate or are terminated by the Company for "cause," as defined below, you will be paid commissions of a minimum of $200,000 with respect to your services during the Term. If your employment by the Company terminates prior to September 30, 2002 (other than as a result of a termination due to your death or a permanent disability or a termination by the company without "cause," as defined below), you will not be entitled to receive the $105,000 incentive bonus. Your employment with Verity may be terminated by you or Verity at any time. However, if the company terminates your employment without cause prior to the end of the Term under this agreement (the "End Date"), (i) you will be entitled to receive payments on Verity's standard payroll dates at the rate of $41,666.67 per month (comprised of $25,000.00 in salary and $16,666.67 in commissions), less withholding, from the termination date until the End Date and (ii) you will be entitled to receive the incentive bonus of $105,000 on or before September 30, 2002. You shall not be entitled to any such benefits if your employment is terminated by the company for cause or by you voluntarily. For these purposes, "cause" will be defined to mean (i) your violation of any material provision of the Inventions Agreement (as defined below), (ii) any act of theft or dishonesty, (iii) any immoral or illegal act which has a detrimental effect on this business or reputation of the company or its affiliates or (iv) any material failure to use reasonable efforts to perform reasonably requested tasks after written notice and a reasonable opportunity to comply with such notice. You agree that the benefits stated in this paragraph shall be your sole and exclusive remedy for any damages or injury arising out of or related to any termination of your employment by Verity. This letter and the company's standard agreement relating to proprietary rights between you and Verity (the "Inventions Agreement") set forth the terms of your employment with the company and supersede any prior representations or agreements, whether written or oral. This letter may not be modified or amended, except by a written agreement, signed by you and the company. Sincerely, /s/ GARY J. SBONA ---------------------------- Gary J. Sbona Chairman and CEO I agree to and accept the above terms of employment with Verity, Inc. for the year beginning September 1, 2001. /s/ ANTHONY J. BETTENCOURT ---------------------------- Signature