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The concept of the psychological contract has been the subject of numerous studies, particularly in the UK and the US, but few have been interested in understanding its evolution among employees after a corporate reputation crisis. This research presents the results of a qualitative study on a company subject to a reputation crisis. The article complements the existing literature on the “psychological contract” by examining the way in which employees still working within the organization have integrated the corporate reputation crisis into their psychological contract. The research shows that the effects can be different depending on its relational or transactional nature. Our results also show the role played by organizational identification in the modification mechanism of the psychological contract.