Utah Sample Employment Agreement between MachOne Communications, Inc. and Chief Technical Officer
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How to fill out Sample Employment Agreement Between MachOne Communications, Inc. And Chief Technical Officer?
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FAQ
Recitals. The ?whereas? clauses, referred to as recitals, define the world of the agreement and offer key background information about the Parties. In this Agreement, this section includes a simple statement of the Parties' intent to enter an employment relationship.
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.
The Board may at its discretion terminate the CEO's duties as Chief Executive Officer. Such action shall require a majority of vote of the entire Board and become effective upon written notice to the CEO or at such later time as may be specified in said notice.
A contract of employment (or employment contract) is an agreement or term of hire that is extended from an employer to an employee to set the terms and conditions of their employment. While usually a written document, these agreements can also be verbal.
An employment contract should clearly state the terms and conditions of your employment, including your: title, employment classification (employee or contractor), job responsibilities, compensation, health benefits, retirement benefits, company stock options, sick time, vacation time, and the number of hours you are ...
The term cause has no uniform definition. However, agreements typically define it as ?willful or gross misconduct, moral turpitude, failure to perform duties, or breach of fiduciary duty.? Less frequently, sexual harassment, substance abuse or incompetence are specifically included as grounds for termination for cause.
Negotiable contract terms include executive compensation, bonus structure, stock, options or long term incentives, relocation, tax gross-ups, severance terms and triggers and other key terms. These are all important issues, worth your time and consideration.
A term of three years is most common in our experience, but longer or shorter terms are possible. Five-year contracts also occur with some frequency, especially among chief executives renewing their contracts. Contracts often will have an option to renew the contract on mutual agreement of the parties.