Contract Compensation For Breach In Kings

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

Description

The Short Form of Deferred Compensation Agreement outlines an arrangement between an employer and an employee, specifically designed to retain key personnel until retirement. This agreement provides additional compensation in the form of post-retirement income, supplementing the employer's standard pension plan. Key features include stipulations regarding the payment of this deferred compensation, which is contingent upon the employee fulfilling their duties until a specified retirement date, as well as the termination of this right should the employee engage in outside work without the employer's permission. Furthermore, in the event of the employee's death before all payments are complete, the remaining balance is designated for the surviving spouse or estate. This form is particularly beneficial for legal professionals including attorneys, paralegals, and legal assistants, as it establishes a clear framework for contractual obligations and protections. It aids partners and owners in securing critical talent while providing associates and clerks with a concrete document to understand compensation complexities. Filling out this form is straightforward, requiring basic personal and corporate information, alongside clear instructions for ensuring compliance with compensation terms.