Amendment and Limited Waiver for Executive Employment Agreement
Summary
This template amendment and waiver can be used to modify an existing executive employment agreement so that a change in the terms of employment will not trigger severance or other rights the executive may otherwise have under the contract. This template includes practical guidance, drafting notes, and alternate clauses. Unforeseen circumstances may warrant a mutually agreed-upon change to the terms of an existing employment agreement between a company and its executives. For example, company leadership may determine that a base salary reduction for upper management is necessary or desirable, at least on a temporary basis, upon encountering cash flow restrictions due to unanticipated economic factors or operational constraints. Another example might be a decision to move the company headquarters with the expectation that executives will relocate far from a workplace explicitly set forth in their employment agreements. The alternate clauses in this template address these two examples. ...