Valid Employment Contract Law and Legal Definition
According to 31 CFR 30.1 [Title 31 -- Money And Finance: Treasury; Subtitle A -- Office Of The Secretary Of The Treasury; Part 30--Tarp Standards For Compensation And Corporate Governance], valid employment contract means “a written employment contract that is:
(1)(i) A material contract as determined pursuant to Item 601(b)(10)(iii)(A) of Regulation S-K under the Federal securities laws; or
(ii) A contract that would be deemed a material contract as determined pursuant to Item 601(b)(10)(iii) of Regulation S-K under the Federal securities laws, but for the fact that the material contract relates to one or more employee who is not an executive officer; and
(2) Is enforceable under the law of the applicable jurisdiction.”
