Employee Lend Agreement
This tripartite agreement is between an employee,
the employer and a third company that is borrowing
the services of the employee. The agreement sets
forth the terms and conditions, stating that during
the term of the loan, the employee will be paid by
the employer his normal salary and benefits, and
the company will pay the employer a fixed amount
and reimburse employer for any insurance paid for
by employer.
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EXPRESS, IMPLIED, OR OTHERWISE, INCLUDING AS TO THEIR LEGAL EFFECT AND
COMPLETENESS. They are for guidance and should be modified to meet your needs and the
Inc. of your state. Use at your own risk. Docstoc
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modifying any form is not creating or entering into an Attorney-Client relationship. Docstoc
does not provide legal advice. The information and forms are not a substitute for the advice of
your own attorney.
AGREEMENT
THIS AGREEMENT (the “Agreement”), made as of ___________ [Instruction: Insert Date],
by and between ___________ [Instruction: Insert Name of Employee], ___________
[Instruction: Insert Address] (“Employee”), ___________ [Instruction: Insert Name of
Lending Company], ___________ [Instruction: Insert Address] (“Employer”) and
___________ [Instruction: Insert Name of Borrowing Company], ___________ [Instruction:
Insert Address] (“Company”).
WHEREAS, Employer and Employee entered into an employment agreement dated
___________ [Instruction: Insert Date] (the “Employment Agreement”) and pursuant thereto
Employee is currently employed by Employer in the capacity of: ___________ [Instruction:
Insert Title];
WHEREAS, During the Term, as such term is defined herein, Company desires to utilize the
services of Employee;
WHEREAS, Employer desires to lend the services of Employee to Company for the duration of
the Term; and
WHEREAS, Employee desires to accept said lending arrangement for the duration of the Term;
NOW, THEREFORE, in consideration of the promises and other good and valuable
consideration set forth, the parties agree as follows:
1. Term. The Term of the Agreement shall commence upon the date hereof and conclude on
___________ [Instruction: Insert Date] (the “Term”), which Term may be extended upon the
execution of a written agreement of the parties hereto.
2. Employee Lend. During the duration of the Term, Employee shall be employed by Company
to serve as ___________ [Instruction: Insert Title] (the “Position”). Employee shall perform
for Company all duties that are usually performed, in the normal course of business, by persons
that hold the Position, as well as such other reasonable duties, as may be assigned from time to
time by Company. Throughout the Term, Employee shall devote the Employee’s full time and
attention to the affairs of Company and shall honestly, diligently and faithfully serve Company
and use the Employee’s best efforts to promote the interests of Company.
3. Employee’s Pay, Benefits and Rights. Through the duration of the Term, Employee shall
continue to receive from Employer the pay and all benefits and rights set forth in the
Employment Agreement.
4. Employer’s Remuneration. In consideration of the rights granted hereunder, Company shall
pay to Employer _______________ Dollars ($____) [Instruction: Insert Amount]. In addition,
Company shall pay for or reimburse Employer for all insurance costs expended specifically
relating to Employee.
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5. Miscellaneous.
A. In the event that any provision or part of this Agreement shall be deemed void or invalid
by a court of competent jurisdiction, the remaining provisions or parts shall be and remain in full
force and effect.
B. This Agreement constitutes the entire agreement between the parties hereto with respect
to the specific subject matter hereof and supersedes all prior agreements or understandings of any
kind with respect to the specific subject matter hereof.
C. Any modification to this Agreement must be in writing and signed by the parties or it
shall have no effect and shall be void.
D. This Agreement shall be governed in accordance with the laws of the State of
_____________, [Instruction: Insert State], applicable to agreements to be wholly performed
therein, with jurisdiction exclusive to the Federal and State courts located in the County of
_____________ [Instruction: Insert County], State of ______________ [Instruction: Insert
State].
IN WITNESS WHEREOF the parties have duly executed this Agreement as of the date first
written above.
EMPLOYEE:
________________________________ [Instruction: sign]
___________________________ [Instruction: Insert Name of Signatory]
EMPLOYER:
________________________________ [Instruction: sign]
By: ___________________________ [Instruction: Insert Name of Signatory]
Title: ___________________________ [Instruction: Insert Title of Signatory]
COMPANY:
________________________________ [Instruction: sign]
By: ___________________________ [Instruction: Insert Name of Signatory]
Title: ___________________________ [Instruction: Insert Title of Signatory]
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