Employment Agreement Extension: Definition & Sample

An employment agreement extension is a contract between an employer and employee that extends the term of the original contract agreements. This agreement is helpful in scenarios where an employee is retained by the company contractually for a predetermined amount of time. By drafting and signing an employment agreement extension, employers are able to secure employees for an extended amount of time.

In exchange for extending their employment obligation, employees are sometimes granted special terms, such as an increased rate of pay or better benefits. The employment agreement extension includes details about what these items might be.

Employment Agreement Extension Sample

[MBIA INC. LETTERHEAD]

Greenwich, CT 06830

Employment Agreement Extension

We refer to your letter agreement (the “ Employment Agreement ”), dated August 4, 2009, setting forth the terms pursuant to which you have continued to be an employee of MBIA Insurance Corporation or one of its affiliates (the “ Employer ”), and an officer of MBIA Inc. (“ MBIA ”) and one or more of its subsidiaries through June 30, 2010, subject to such extension as may be mutually agreed by you, MBIA and the Employer. As provided in Section 1 of the Employment Agreement, you, MBIA and the Employer hereby mutually agree to extend the Employment Period (within the meaning of the Employment Agreement) through June 30, 2011. Accordingly, the terms and conditions set forth in the Employment Agreement shall continue until June 30, 2011, unless you, MBIA and the Employer shall mutually agree to further extend the Employment Period or enter into a new agreement.

For your convenience, a copy of the Employment Agreement is attached to this letter.

Please confirm your acceptance of the extension of the Employment Period as set forth above by signing below.

/s/ Mitchell Sonkin

Dated: May 5, 2010

Reference:
Security Exchange Commission - Edgar Database, EX-10.3 4 dex103.htm EMPLOYMENT AGREEMENT EXTENSION, Viewed September 15, 2022, View Source on SEC.

Who Helps With Employment Agreement Extensions?

Lawyers with backgrounds working on employment agreement extensions work with clients to help. Do you need help with an employment agreement extension?

Post a project in ContractsCounsel's marketplace to get free bids from lawyers to draft, review, or negotiate employment agreement extensions. All lawyers are vetted by our team and peer reviewed by our customers for you to explore before hiring.

ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.

Meet some of our Employment Agreement Extension Lawyers

Jeremiah C.

Jeremiah C.

Creative, results driven business & technology executive with 24 years of experience (15+ as a business/corporate lawyer). A problem solver with a passion for business, technology, and law. I bring a thorough understanding of the intersection of the law and business needs to any endeavor, having founded multiple startups myself with successful exits. I provide professional business and legal consulting. Throughout my career I've represented a number large corporations (including some of the top Fortune 500 companies) but the vast majority of my clients these days are startups and small businesses. Having represented hundreds of successful crowdfunded startups, I'm one of the most well known attorneys for startups seeking CF funds. I hold a Juris Doctor degree with a focus on Business/Corporate Law, a Master of Business Administration degree in Entrepreneurship, A Master of Education degree and dual Bachelor of Science degrees. I look forward to working with any parties that have a need for my skill sets.

Daehoon P.

Daehoon P.

Advised startups and established corporations on a wide range of commercial and corporate matters, including VC funding, technology law, and M&A. Commercial and Corporate Matters • Advised companies on commercial and corporate matters and drafted corporate documents and commercial agreements—including but not limited to —Convertible Note, SAFE, Promissory Note, Terms and Conditions, SaaS Agreement, Employment Agreement, Contractor Agreement, Joint Venture Agreement, Stock Purchase Agreement, Asset Purchase Agreement, Shareholders Agreement, Partnership Agreement, Franchise Agreement, License Agreement, and Financing Agreement. • Drafted and revised internal regulations of joint venture companies (board of directors, employment, office organization, discretional duty, internal control, accounting, fund management, etc.) • Advised JVs on corporate structuring and other legal matters • Advised startups on VC funding Employment Matters • Drafted a wide range of employment agreements, including dental associate agreements, physician employment agreements, startup employment agreements, and executive employment agreements. • Advised clients on complex employment law matters and drafted employment agreements, dispute settlement agreements, and severance agreements. General Counsel • As outside general counsel, I advised startups on ICOs, securities law, business licenses, regulatory compliance, and other commercial and corporate matters. • Drafted or analyzed coin or token sale agreements for global ICOs. • Assisted clients with corporate formations, including filing incorporation documents and foreign corporation registrations, drafting operating and partnership agreements, and creating articles of incorporation and bylaws. Dispute Resolution • Conducted legal research, and document review, and drafted pleadings, motions, and other trial documents. • Advised the client on strategic approaches to discovery proceedings and settlement negotiation. • Advised clients on employment dispute settlements.