Sample Business Contracts
Employment Agreement [Amendment] - FTI Consulting Inc. and Dominic DiNapoli
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
March 24, 2004
Mr. Dominic Di Napoli
Chief Operating Officer
FTI Consulting, Inc.
80 Park West
Plaza One
Saddlebrook, N.J. 07663
Dear Dom,
The purpose of this Letter Agreement (“Letter”) is to further modify your “Employment Agreement” with FTI Consulting, (“FTI”) as of July 17, 2002, and amended January 1, 2003 and September 4, 2003. This Letter only amends that part of the Employment Agreement dealing with your compensation, in recognition of your recent promotion to Chief Operating Officer of FTI, a corporate officer.
Section 162 (m) of the Internal Revenue Code disallows the tax deduction for compensation in excess of $1,000,000 paid to named executive officers, including yourself, except for compensation that qualified as performance based under 162 (m). To qualify as performance based compensation for 2004, cash-based compensation earned in excess of $1,000,000 must be paid pursuant to a performance-based formula that is approved by FTI’s compensation committee no later than March 30, 2004, and you may not have a contractual entitlement to the compensation in excess of $1,000,000 if the performance targets approved by the compensation committee are not met. FTI has capped base salary for most such employees at $1,000,000 per year. Your base salary of $2,000,000 results in FTI being unable to deduct $1,000,000 of such salary for federal income tax purposes.
The compensation committee has approved target awards and performance goals for 2004 under the company’s Incentive Compensation Plan approved by FTI’s shareholders on May 23, 2001, and you agree to participate in that plan without a contractual entitlement to any compensation earned in 2004 in excess of $2,000,000 under your Employment Agreement. The compensation committee has agreed that you will receive the first $500,000 provided under that Plan if the performance goals are met.
Very truly yours,
|
/s/ THEODORE I. PINCUS | ||
| Theodore I. Pincus | ||
| Executive Vice President and Chief Financial Officer | ||
|
/s/ DOMINIC DINAPOLI |
Date: 3/24/04 | |
| Dominic DiNapoli | ||
| Chief Operating Officer | ||