Compensation Agreement Example In Arizona

• Category: Employment - Compensation
• State: Multi-State
• Control #: US-00417BG
• Format: Word; Rich Text

Description

The Short Form of Deferred Compensation Agreement serves as a formal document between an employer and employee in Arizona, outlining the terms under which the employee will receive additional compensation post-retirement. Key features of this agreement include the specific obligations the employee must fulfill to access the deferred compensation, the total amount payable, and the payment schedule. If the employee does not engage in any competing services without the employer's consent, they will receive the amount in equal monthly installments until fully paid. Furthermore, in the event of the employee's death, the remaining balance is payable to the surviving spouse or the estate. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who are involved in drafting, reviewing, or executing employment agreements. It provides a clear structure for future compensation, ensuring compliance and protecting the interests of both parties involved. This agreement allows employers to incentivize key employees to remain with the company while securing their financial future, making it a crucial component of employment relationships.