Contract Compensation For Breach 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 is designed to establish an agreement between an employer and a key employee regarding additional compensation upon retirement. This form outlines terms that ensure the employee remains committed to the employer until retirement while receiving a designated post-retirement income. Key features include the stipulation that the employee must not engage in competing services without employer consent, and provisions for payment distribution over time. The agreement also specifies a lump-sum payment to the employee's spouse or estate in the event of the employee's death before full payment. Filling and editing instructions involve clearly stating the names, addresses, and position titles of both parties, and clearly specifying the payment amounts and schedule. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who handle employment contracts or compensation agreements. It provides a structured way to enhance employee retention while ensuring compliance with legal obligations.
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