This is an agreement between an employer and an executive which establishes that
either party can end the employment relationship at anytime without advance notice.
Additionally, this agreement includes a car allowance whereby the employer pays for
the executive’s business vehicle. This agreement allows for customization by allowing
the parties to include the job duties and other essential functions of the executive. The
employment relationship can end at any time, for any reason permitted by law, with or
without cause and with or without notice. This agreement is ideal for small businesses
and other entities that want to establish “at will” employment with their executives while
compensating their business vehicle.
AT-WILL EXECUTIVE EMPLOYMENT AGREEMENT WITH
CAR ALLOWANCE
THIS AT-WILL EXECUTIVE EMPLOYMENT AGREEMENT WITH CAR
ALLOWANCE (this “Agreement”) is made and entered into as of _________ day of
____________, ______ (the “Effective Date”) by and between ____________________ (the
“Employer” or the “Company”) and ___________________ (the “Executive”).
Recitals
WHEREAS, Employer wishes to hire Executive on the terms and conditions of this Agreement;
WHEREAS, Executive wishes to work for Employer as provided on terms and conditions of
this Agreement;
NOW THEREFORE, in consideration of the mutual promises, covenants, warranties, and other
good and valuable consideration as set forth herein, Employer and Executive hereby agree as
follows:
Terms
1. DESCRIPTION OF DUTIES
A. Name of Position. The Executive shall be employed in the capacity of:
___________________________________ [NAME OF POSITION].
B. Essential Job Functions and Duties. The essential job functions or duties of this
position are as follows:
___________________________________
___________________________________
___________________________________
[DESCRIBE ESSENTIAL JOB FUNCTIONS].
C. Duty of Loyalty and Best Efforts. The Executive shall devote the Executive's best
efforts and substantially all of the Executive's working time to performing the duties
on behalf of Employer.
2. COMPENSATION
A. Base Compensation. Executive shall receive a salary of __________ ($____)
dollars per month payable in equal installments on the _______ of each month,
payable in equal installments in accordance with the ordinary and customary payroll
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practices of the Employer. Employer shall deduct or withhold from compensation
any and all sums required for Federal income and Social Security taxes, as well as all
state or local taxes.
B. Commission. As additional compensation for services to be rendered under this
Agreement, Executive shall be entitled to a commission income on the following
basis: _____________________________________________. [State basis of
commissions].
C. Incentive Compensation. As additional compensation to provide incentives for
Executive to extend his/her best efforts to work to increase the profits of the
Company, Executive shall be eligible to receive incentive compensation in
accordance with the terms and conditions of the Company's Senior Executive
Incentive Compensation Plan (the "Plan"), as the Plan has been established by the
Company and as it may be revised from time to time. A copy of the Plan shall be
delivered to Executive along with this Agreement and a copy of any revisions shall be
provided to Executive when such revisions become effective. Executive shall have
__________participation points in the Plan. Executive's participation in the Plan and
the number of participant points are subject to revision or adjustment by the
Compensation Committee of the Company's Board of Directors at the Committee's
discretion.
D. Expense Reimbursement. Executive shall be entitled to reimbursement of any or all
reasonable expenses authorized and reasonably incurred expenses incurred in the
performance of his/her duties under this Agreement, subject to reasonable expense
reimbursement policies as may be instituted from time to time by Employer. To
receive reimbursement, Executive shall timely provide Employer with an itemized
account of all expenditures and receipts.
E. Salary Adjustments. Employer may at times adjust salaries depending on overall
company performance, performance of Executive and other competitive factors.
F. Exclusive Service. Executive agrees that, while employed by the Company,
Executive's entire time and best efforts will be devoted to the performance of the
duties specified hereunder, it being understood that the Company shall be entitled to
and Executive agrees to give exclusive service to the Company. Executive
specifically agrees, while employed by the Company, not to participate in the
organization or operation of any competing business and to promptly disclose to the
Company any plans which Executive may have to engage in any competitive
business.
3. BENEFITS
A. Insurance. To the extent offered and maintained by the Company, Employee shall be