Compensation Plan For Sales Manager In Minnesota
Category:
State:
Multi-State
Control #:
US-00417BG
Format:
Word;
Rich Text
Instant download
Description
The Short Form of Deferred Compensation Agreement outlines a compensation plan for a sales manager in Minnesota, aimed at retaining key employees until retirement by providing additional post-retirement income. The agreement highlights the need for the employee to remain with the employer until a specified date while performing their duties, in exchange for a sum payable in equal monthly installments. If the employee engages in outside services without consent, their right to this compensation terminates. Additionally, the agreement stipulates that in case of the employee's death prior to full payment, the remaining balance will be paid to the surviving spouse or the employee's estate. This form serves as a practical tool for legal professionals, employers, and employees alike, facilitating clear and enforceable deferred compensation arrangements. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this document useful in drafting employment contracts, ensuring compliance with state laws, and addressing compensation strategies tailored to retain talent.
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