Contract of Employment of Executive with Provision for Sharing of Profits as Compensation Williston-Sections 1028, 1030, 1358–1362; Ballenberg v. Wahn, 103 App. Div. 34, 92 N. Y. Supp. 380; Hathaway v. Clendening, 135 App. Div. 407, 119 N. Y. Supp. after referred to as the Employer, and referred to as the Employee, WITNESSETH: hereinhereinafter 1. The Employer hereby employs the Employee to assist in the management of its business of.... and by his personal efforts, his business experience and advice, to assist in the conduct of said business. 2. The Employee accepts said employment and agrees to assist in the management of the Employer's business by his personal efforts. 3. The Employee agrees to devote his entire time and energy exclusively to the business of the Employer and not to engage in any other business. 4. The Employer agrees to pay and the Employee agrees to accept, in full payment for his said services, $. a week, and . . . . . . . % of the net profits of the business payable 5. The Employee shall have the right and privilege to inspect all the books and papers of the Employer. 6. The term of this contract shall be from.... to 7. The Employee agrees that the Employer shall have the right to terminate this contract if the business conducted by the Employer shall be unprofitable, upon giving to the Employee thirty (30) days, notice in writing of his intention to do So. Contract of Employment of Executive with Provision for Sharing of Profits as Compensation-Another Form Heaphy v. Eidlitz, 197 App. Div. 455, 189 N. Y. Supp. 431. AGREEMENT made.. between.. herein after designated as the Employer, and after designated as the Manager, WITNESSETH. herein 1. The Manager hereby agrees that for the term of... years from the above date he will well and faithfully serve the Employer as general superintendent and perform such other duties pertaining to their business of.... as the Employer may direct. 2. During the life of this agreement the Manager will devote his entire time and energy to the furtherance of the interests of the Employer, under his direction, and will not act in an advisory or other capacity for any individual, firm or corporation other than the Employer in matters pertaining to the business of... or in the (describe duties of Manager), without first having obtained the consent of the Employer. 3. In consideration of the faithful performance of the above, the Employer agrees to pay to the Manager the sum of $. . . . . for the year commencing.. and ending and for the succeeding. a compensation equivalent to the sum of $... and in addition thereto... (..) years, each year (%) per cent of the net profits of the business of the said Employer to be determined as hereinafter provided, said yearly sum of $.. to be paid in monthly payments on the first day of every month. 4. The net profits of the business for the period above mentioned shall be determined by deducting from the earnings of the Employer all expenses of any and every nature, and also the salaries to be paid to the said Manager. 5. The earnings of the said Employer in which the said Manager shall share shall be such amounts as shall have been earned and paid during the year preceding for work actually performed on... (describe Employer's business) and against or upon which no claim has been made. 6. In case the Manager shall be unable to fulfill his part of this contract, through illness or otherwise, the decision as to whether he is to be remunerated and the amount thereof is to be entirely within the uncontrolled discretion of the Employer. 7. In the event of the death of the Manager during the existence of this agreement, then this agreement shall immediately terminate, and an accounting of the amount due up to the date of such death shall be made to the Manager's personal representatives in the same manner as if the said date of death were the termination of the yearly period herein provided for. Employment Contract-Of General Manager by Corporation Provisions for Elimination of Manager from Control, Salary to Continue Stock Payments in Escrow AGREEMENT dated.. . between. (hereinafter called the "Employer") and... of The parties agree: 1. The Employer agrees to employ the Employee to perform the duties and render the services hereinafter provided, and the Employee agrees faithfully and diligently to perform said duties and render said services, for the period commencing at the date hereof and ending three years from the date hereof (hereinafter called the "employment period"). 2. The duties to be performed and the services to be rendered by the Employee under this agreement, are as follows: (a) From the date hereof until the mailing to the Employee of a notice as hereinafter in subdivision b of this paragraph 2 provided, the Employee shall be the General Manager of, and shall supervise, the production, manufacture and distribution of all.. .produced, manufactured or distributed by the Employer, subject, however, to the control of the Board of Directors, Executive Committee and general officers of the Employer. (b) If at any time the Board of Directors of the Employer shall determine that it is dissatisfied with the services of the Employee as General Manager and the Employer shall mail to the Employee notice in writing of such determination, addressed to him at. then upon the expiration of five (5) days from the mailing of such notice, all power and authority, and all duties, of the Employee as General Manager shall, without any further action, cease and determine, and thereafter the duties to be performed and the services to be rendered by the Employee shall be to give to the Employer from time to time during the employment period advice in connection with such matters as the Triangle Company may request. 3. The Employee agrees that during the employment period he will devote his entire time and attention and his best efforts to the performance of said duties and the rendering of said services, and that during the employment period he will not directly or indirectly engage in the production or manufacture or distribution of... .of any kind or description, or in any way carry on or be connected with (either through stock ownership or otherwise) any.. .business either for his own benefit or for or with any other person, firm or corporation whatsoever. 4. In full payment for all services of the Employee hereunder, the Employer agrees: (a) Within thirty days after the execution of this agreement to issue and to deposit with. .or some other ...satis Bank or Trust Company in the City of... factory to the Employee (hereinafter called the Depositary), to be held by the Depositary in escrow and to be delivered by the Depositary to the Employee upon the terms and conditions following, certificates for $.... ..par value, of the capital stock of the Employer. All dividends which may be paid upon said stock while it shall be so held in escrow shall belong and be paid to the Employee. There shall be delivered to the Employee on each first day of..... ....and each first day of..... during the employment period, commencing however. out of said stock and as his absolute property, certificates for $... par value thereof. In the event of the Employee's death or incapacity by reason of illness to render services hereunder, delivery of stock shall nevertheless be made to his representative or to him on the dates such deliveries would otherwise have been made. Said stock shall be issued in the name of the Employee, and the Employee agrees to endorse the certificates therefor in blank in form sufficient for transfer before the deposit thereof as herein provided. (b) To pay to the Employee the sum of $..........per week during the first year of the employment period and $.. per week thereafter, payable in each case at the end of each week so long as the Employee shall continue to render services and perform duties hereunder during the employment period. 5. The Employee agrees to accept said stock and the payment provided for in Paragraph 4 upon the conditions hereinbefore provided in full payment for the performance of all duties and the rendering of all services to be performed or rendered hereunder. IN WITNESS WHEREOF, The Employer has caused this agreement to be signed by its proper officers hereunto duly authorized under its corporate seal, and the Employee has hereunto set his hand and seal as of the day and year first above written. Employment of General Manager by Corporation AGREEMENT made this.......day of.... .between.... a corporation of.... hereinafter referred to as the "Employer," and. 1. The Employer hereby employs the Employee to serve as assistant to the President and as assistant general manager of its business, under the direction of the Executive Committee, Board of Directors and the Executive officers of the company, and the Employer agrees to pay the Employee the salary and percentage hereinafter specified. 2. The Employee agrees to serve the Employer in the capacities above specified for the compensation hereinafter specified, and under the direction above specified, and to devote his entire time and energy exclusively to the Employee's business. 3. The compensation which the Employer agrees to pay the Employee for which the Employee agrees to serve the Employer as aforesaid, is the sum of $.... ...a week, payable at the end of each week during the term hereof, and in addition, per cent of all sums paid out by the Employer as dividends upon either its preferred or common stock. 4. The term of this agreement of employment shall be three |