Compensation Agreement Meaning In Clark
Category:
State:
Multi-State
County:
Clark
Control #:
US-00417BG
Format:
Word;
Rich Text
Instant download
Description
The Short Form of Deferred Compensation Agreement is a legal document designed to outline the terms under which an employer agrees to provide additional compensation to a key employee upon their retirement. Specifically, it aims to encourage the employee to remain with the company until retirement by offering a post-retirement income that exceeds the amount available under the regular pension plan. Key features include stipulations regarding the payment amount, the schedule of payments, and conditions under which the payments may be forfeited if the employee engages in other employment without consent. It also addresses the procedure for payment in the event of the employee's death, ensuring that the remaining balance is paid to their surviving spouse or estate. This agreement is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in drafting, reviewing, or managing employee compensation matters. Its straightforward structure allows users with varying levels of legal experience to understand the obligations and rights established by the agreement.
Free preview
