This form provides for an amendment to an existing executive employment agreement. The company desires to amend the agreement to provide for an increase in certain stock options in return for a reduction in the executives salary. The company also desires to encourage the executive to strive for the profitability and success of the company and desires to assure both itself and the executive of the continuity of management in the event of any actual or threatened change in control of the company.
Arkansas Amendment to Section 5(c) of Employment Agreement with copy of Agreement - Blank
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State:
Multi-State
Control #:
US-C-15-157E
Format:
Word;
Rich Text
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How to fill out Amendment To Section 5(c) Of Employment Agreement With Copy Of Agreement - Blank?
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FAQ
A contract can be broken if either you or your employer doesn't follow a term in the contract. This is known as a 'breach of contract'. For example, if you're dismissed and your employer doesn't give you the amount of notice you're entitled to under your contract, this would be a breach of contract.
An employment contract can be void when there are changes in laws that affect the contract, and the company did not update the contract before it was signed and agreed upon by both parties. Meanwhile, a voidable employment contract is a formal contract that starts off as valid but becomes unenforceable later on.
What Makes a Contract Void? If a court or tribunal rules a contract void, it means the contract has no force or effect, so neither party is bound by it and neither party can rely on it. Usually, this is because: The object of the agreement is illegal or against public policy (unlawful consideration or subject matter)
A contract may be rendered voidable if: Any party was under duress, undue influence, or was being intimidated, coerced, or threatened when entering into the agreement; Any party was mentally incompetent (i.e., mentally ill, below the age of majority, etc.)
An employment agreement can contain any other terms and conditions that the employee and employer have agreed to, for example, the notice period required for resignation and termination, a trial period provision, an availability provision, whether the employee can be made to work on a public holiday, or an annual
Any proposed change or variation to your contract should be negotiated (discussed) with you. That is, one party cannot legally change the contract without the consent of the other party. Just because an employer wants to change the contract does not mean you have to accept the change.
What Makes a Contract Void?The object of the agreement is illegal or against public policy (unlawful consideration or subject matter)The terms of the agreement are impossible to fulfill or too vague to understand.There was a lack of consideration.Fraud (namely false representation of facts) has been committed.
Your employer must give you a written statement the day you start work. The statement must contain certain terms and conditions. A contract gives both you and your employer certain rights and obligations. The most common example is that you have a right to be paid for the work you do.
In contract law, the term null and void means the contract was never valid. Therefore, the contract has no legal effect.
Termination of a contract of employment Your contract of employment will normally be terminated by you resigning from your job or your employer dismissing you. If you are resigning from your job then you should normally give the requisite period of contractual or statutory notice, whichever is longer.
