Sample Business Contracts


Employment Agreement - Topps Co. Inc. and Arthur T. Shorin

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.
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                             THE TOPPS COMPANY, INC.
                              ONE WHITEHALL STREET
                             NEW YORK, NY 10004-2109


May 27, 1998


Mr. Arthur T. Shorin
400 East 56th Street
New York, NY 10022

Dear Mr. Shorin:

The Topps Company,  Inc. (the "Company") hereby agrees with you to the following
amendment to your Employment Agreement with the Company, dated as of October 28,
1991,  as amended on May 18, 1994,  May 19, 1995,  May 22, 1996 and May 22, 1997
(the "Agreement") (the amendments to the Agreement  hereafter referred to as the
"Amendments").

This will  confirm your  agreement to the limited  reduction of your annual base
salary for  calendar  year 1998 by  $246,000  in  consideration  for the Company
granting to you options for an additional  246,000 shares of common stock of the
Company. This limited reduction will entitle you to an annual base salary during
1998 equal to $576,000.

The  amendment  set forth herein shall apply only to your annual base salary for
the 1998 calendar year,  shall be limited  precisely as written and shall not be
deemed to be a  modification  or waiver of any right or remedy which the parties
hereto may now have or may have in the future  under or in  connection  with the
Agreement,  the  Company's  Pension Plan, as  supplemented  by the  supplemental
pension  benefit  arrangement  between  the  Company and you as set forth in the
letter  agreement  dated May 19, 1986,  as amended on May 18, 1994 (the "Pension
Agreement")  or the  Company's  Incentive  Bonus Plan for fiscal  year 1999 (the
"Bonus Plan"), including,  without limitation, (I) the right to have termination
payments  required to be made under  Section 7 of the  Agreement  calculated  to
include all salary  increases  required to have been provided under the terms of
the Agreement,  without regard to the limited  waivers of such increases made by
the Amendments,  or the reduction provided for in this amendment, (ii) the right
to have benefits required to be made under the Pension  Agreement  calculated to
include your 1998 salary with the reduction  provided for in this amendment,  or
(iii) the right to have you bonus  opportunity  and  consequential  bonus amount
under the  Bonus  Plan  calculated  to  include  your 1998  salary  without  the
reduction  provided  for in this  amendment.  Except  as  provided  herein,  the
Agreement  shall remain  unchanged and in full force and effect.  This Amendment
may be executed in  counterparts,  which taken together shall constitute one and
the same amendatory instrument.

<PAGE>

This  Amendment  shall be governed by and  construed  and enforced in accordance
with the laws of the State of New York.

Very truly yours,

THE TOPPS COMPANY, INC.


By:_______________________          __________________________
                                         Arthur T. Shorin

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