Compensation Plan Forever Living In Cook
Category:
State:
Multi-State
County:
Cook
Control #:
US-00417BG
Format:
Word;
Rich Text
Instant download
Description
The Short Form of Deferred Compensation Agreement outlines an arrangement between an employer and a key employee, focusing on incentivizing the employee to remain with the company until retirement. The form specifies the payment structure, detailing a sum to be paid in equal monthly installments beginning from a specified date, contingent upon the employee fulfilling their duties. A significant aspect is the clause that terminates the employee's right to compensation if they engage in any outside work without the employer's consent. In the event of the employee's death, the remaining balance is payable to the spouse or the employee’s estate. This form is particularly useful for attorneys and legal professionals who draft employment agreements, as it provides a straightforward template for deferred compensation arrangements. Partners and owners can utilize this form to retain key employees and plan for their post-retirement benefits, while associates and paralegals can aid in its preparation and understanding. Legal assistants may also find this form beneficial for managing employee agreements and ensuring compliance with compensation laws.
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