Compensation Agreement For In Ohio

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

Description

The Short Form of Deferred Compensation Agreement in Ohio is designed to formalize a compensation arrangement between an employer and an employee, specifically a key employee. The agreement highlights the employer's intent to retain the employee until retirement by providing additional post-retirement income that exceeds the regular pension plan benefits. Key features include stipulations regarding the payment structure, which outlines a series of monthly installments contingent upon the employee fulfilling their duties without engaging in outside business activities without consent. In the event of the employee's death prior to full payment, the remaining compensation is to be paid in a lump sum to the surviving spouse or the employee's estate. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants dealing with employment agreements and retirement planning. It ensures clarity in compensation terms, thereby helping to prevent potential disputes regarding deferred payments and conditions. Users should fill in the blanks with specific employee and employer details and adhere to the outlined conditions to ensure legal enforceability.