Compensation Agreement Example In Ohio

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

Description

The Short Form of Deferred Compensation Agreement serves as a crucial legal document in Ohio, outlining the terms between an employer and an employee regarding additional compensation upon retirement. This agreement is designed to encourage key employees to remain with the company until retirement by offering a post-retirement income that supplements regular pension benefits. Users of the form must fill in specific details, including names, addresses, and monetary values, ensuring clarity in the obligations agreed upon by both parties. Filling instructions emphasize the importance of providing accurate and complete information to avoid future disputes. The agreement includes provisions for termination of the compensation if the employee engages in outside business activities without prior consent, ensuring the employer's interests are protected. In the event of an employee's death before full payment, the document stipulates that the remaining balance will be paid to the spouse or estate, which adds a layer of security for the employee's family. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who handle employment agreements, as it provides a straightforward template that facilitates compliance with Ohio's employment laws and promotes retention of valuable employees.