Deferred Agreement Sample For Contract In Illinois

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

Description

The Deferred Agreement Sample for Contract in Illinois is a concise legal document designed to establish a deferred compensation arrangement between an employer and a key employee. This agreement highlights the employer's intention to provide additional compensation to incentivize the employee to remain with the company until retirement. Key features include the conditions under which the compensation is granted, outlining that the employee must remain employed and fulfill their duties to receive the specified payments. The document also contains provisions concerning the payment structure, specifying the total amount to be paid in equal monthly installments and detailing the consequences if the employee engages in outside business activities. Additionally, it addresses the scenario of the employee's death, stipulating that the remaining balance will be paid to the employee's surviving spouse or estate. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants in structuring compensation packages that enhance employee retention. It allows for customization in terms of payment amounts and terms while serving as a reliable template for structuring similar agreements.