Sample Business Contracts
Employment Agreement - Novavax Inc. and Ann Oliver McGeehan
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
[Novavax Letterhead]
January 14, 2002
Ann Oliver McGeehan
4387 Embassy Park Drive, NW
Washington, DC 20016
Dear Ann:
On behalf of Novavax, Inc. (the Company), I am pleased to offer you the position of General Counsel and Corporate Officer of the Company, subject to satisfactory reference checks. We are greatly looking forward to your joining the Companys team.
Job Title: General Counsel and Corporate Officer
Start Date: February 4, 2002
Salary: $185,000 per year payable in accordance with the Companys payroll policies in effect from time to time.
Bonus Program: You will be entitled to participate in a bonus program if the Company hereafter establishes one for the benefit of senior executives and other employees of the Company, under which award payments, if any, will be based on performance criteria and milestones to be mutually determined by the Company and you.
Stock Options: The Company will grant you stock options to purchase 75,000 shares of the Companys Common Stock ($.01 par value) at an exercise price equal to the closing price of the Companys Common Stock on the date of grant (date of quarterly scheduled Board meeting). The options will vest as to one-third of the shares on the first anniversary of the date of grant, as to an additional one-third of the shares on the second anniversary of the date of grant and as to the final one-third of the shares on the third anniversary of the date of grant; provided that all unvested options shall become vested in the event of a change of control of the Company which would otherwise result in the termination of such options and/ or your employment with the Company, to the extent permitted by the Internal Revenue Code.
Benefits: The Company will provide medical and dental benefits, life insurance, and disability insurance in accordance with the Companys policies in effect from time to time. As of the date of this letter, the Company currently pays 100% of family coverage as provided by the Companys group medical insurer, 100% of the premium for life insurance under the Companys group life insurance plan and 100% of the premium for the Companys long-term disability insurance.
Vacation: You will be entitled to four weeks of vacation time during each year, calculated on a calendar year basis in accordance with the Companys policies in effect from time to time.
Ann Oliver McGeehan