North Dakota Sample Employment Agreement: This North Dakota Sample Employment Agreement is made between Velocity, Inc. (hereinafter referred to as "Company") and [Executive Vice President and Chief Financial Officer's Full Name] (hereinafter referred to as "Executive"). 1. Position and Duties: The Executive shall serve as the Executive Vice President and Chief Financial Officer of the Company. The Executive shall be responsible for overseeing all financial operations, financial planning, budgeting, financial reporting, and related functions, as well as other duties assigned by the Company's Board of Directors. 2. Term: The initial term of this agreement shall commence on [start date] and continue until [end date]. Following the initial term, this agreement may be renewed upon mutual agreement of the Company and the Executive. 3. Compensation: The Executive shall receive a base salary of [amount] per annum, payable in accordance with the Company's regular payroll schedule. Additionally, the Executive may be eligible for performance-based bonuses or incentives as determined by the Company. The compensation package may also include health benefits, retirement plans, and other benefits customary to senior executive positions. 4. Conflicts of Interest: During the term of this agreement, the Executive shall devote their full time, attention, and best efforts to the Company's business affairs. Furthermore, the Executive shall not engage in any other employment, consulting, or similar activities that would interfere with their duties and responsibilities without obtaining prior written consent from the Company. 5. Termination: This agreement may be terminated by either party for cause, as defined in the agreement. Additionally, either party may terminate this agreement without cause by providing [notice period, e.g., 60 days] written notice to the other party. In the event of termination, the Executive shall be entitled to receive any unpaid salary and benefits up to the date of termination. 6. Non-Disclosure and Non-Competition: The Executive shall maintain confidentiality regarding any confidential information, trade secrets, or proprietary data obtained during the course of employment. Furthermore, the Executive shall agree not to compete or solicit the Company's clients, customers, employees, or suppliers for a specified period after the termination of their employment. There may be different types of North Dakota Sample Employment Agreements between Velocity, Inc. and Executive Vice President and Chief Financial Officer, tailored to specific circumstances such as: 1. Part-Time Employment Agreement: When the Executive assumes the role on a part-time basis, the agreement may outline the specific working hours, compensation, and duties to be performed. 2. Fixed-Term Employment Agreement: In situations where the Executive is hired for a predetermined period, such as a specific project or temporary assignment, the agreement may specify the exact start and end dates of employment. 3. Indefinite Employment Agreement: This type of agreement has no predetermined end date and ensures that the Executive remains employed until either the Company or the Executive decides to terminate the agreement. It is essential to consult legal counsel when drafting an employment agreement to ensure compliance with North Dakota labor laws and specific requirements for Executive positions.
North Dakota Sample Employment Agreement between Telocity, Inc. and Executive Vice President and Chief Financial Officer
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How to fill out North Dakota Sample Employment Agreement Between Telocity, Inc. And Executive Vice President And Chief Financial Officer?
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FAQ
An executive employment agreement is a legal contract between an employer and an executive that outlines the terms of their working relationship. These agreements include information about salary, benefits, stock options or awards, vacation time allotment and more.
Table of Contents Job title and duties. Salary. Employment dates. Working hours. Place of work (remote versus on-site) Employee benefits. Sick leave. Intellectual property ownership.
Essential Elements of an Employment Contract Terms of employment. The terms make up one of the most important elements. ... Compensation and benefits. ... Job description. ... Employment absence. ... Non-disclosure/confidentiality agreement. ... Termination and severance.
An agreement can be informal or it may be written; a contract may be verbal or written, but a contract will always be enforceable if it contains certain requirements. Modern contract management software takes an agreement and puts in the legal requirements that formally turn an agreement into a contract.
Duration of employment. Employee compensation and benefits. Employer's rules, regulations, policies, and practices. Confidentiality agreement.
Contracts create legal obligations that must be fulfilled by the parties, while agreements may not create any legal obligations. Contracts involve the exchange of something of value between the parties, such as money, goods, services, etc., while agreements may not involve any exchange of value.
Term. Often, the initial term of a CEO contract is between two and five years. A key factor to consider is the variety of ways in which the term can end before the contract expires. The term and termination provisions are intimately intertwined and need to be coordinated.
Sections Execute an Employment Agreement for Every Executive. Specify Compensation Terms and Conditions Clearly. State Termination and Severance Conditions. Protect Your Intellectual Property. Focus on Writing With Clarity and Simplicity.
During the term of this Agreement, the Company shall employ Employee as Chief Financial Officer (CFO). Employee shall have such authority, responsibilities and duties as may from time to time be assigned by the Board of Directors and/or the Chief Executive Officer (CEO) of the Company.
Most employers extend ?offers? via written job offer letters, and most employees usually ?accept? written job offer letters by signing an accompanying document called an employment agreement or employment contract. The ?consideration? is the exchange of labour for wages.