Amendment On Employment Contract

State:
Multi-State
Control #:
US-CC-15-157C
Format:
Word; 
Rich Text
Instant download

Description

The Amendment on Employment Contract for Charles Lazarus extends his employment with the Company for an additional seven years, up to January 31, 1994, while maintaining his current compensation structure. This Amendment is crucial for ensuring Mr. Lazarus continues his leadership role as Chairman and Chief Executive Officer, given his significant contributions to the Company's growth since its inception. Key features include the provision for Mr. Lazarus to transition to a consulting role with a structured compensation plan, including consulting period compensation based on his previous earnings. The Amendment also stipulates benefits during full-time and consulting employment, such as retirement benefits and disability coverage. It incorporates control termination provisions that secure Mr. Lazarus's compensation regardless of future employment status. Specific use cases include ensuring continuity in leadership for companies undergoing transitions or reorganizations and providing a clear framework for executive compensation adjustments. This Amendment form will be especially beneficial for attorneys, partners, and legal professionals drafting or reviewing executive employment agreements, as it offers insights into structuring long-term agreements while protecting both employee and employer interests.
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FAQ

When drafting the addendum, the following should be implemented:Match the addendum's font size and style to that of the original contract.Include the names of all parties included in the employment contract.Include the effective date of the employment contract.Add the date the addendum will take effect.More items...

An amendment is a mutually agreed change whether an addition or deletion or both to the original contract. It includes the terms, clauses, sections, and definitions to be changed in the original contract. It also references the title and date of the original contract. All parties must sign amendments.

An amendment is a mutually agreed change whether an addition or deletion or both to the original contract. It includes the terms, clauses, sections, and definitions to be changed in the original contract. It also references the title and date of the original contract. All parties must sign amendments.

Completing the AmendmentIntroductory paragraph. Type your name or the name of your company and the other side's name (an individual or a company).Describe the amendment(s).The concluding paragraph.Proofread and sign your amendment.Managing Amendments.

One of the arrangements you can make in an employment contract is that as an employer you have the right to unilaterally change terms and conditions of employment. Without such a clause, you may not, in principle, change the employment contract without the employee's consent.

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Amendment On Employment Contract