My first employee's sub-contracting trial phase has gone extremely well. They become a full employee (programmer) next week.

What are some non-obvious elements that should be included in the employment contract?

I want the agreement to be as fair as possible to both the company and the new employee.

Specific details:

• 40 hrs per week, except one 50 hour week per month
• Employee is Local
• Telecommuting allowed under certain circumstances already (as security allows)
• Benefits: 2 weeks paid vacation, full medical, year-end bonus

Thanks