Contract Compensation For Breach In Santa Clara

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

Description

The Short Form of Deferred Compensation Agreement is designed to outline the terms of deferred compensation for key employees within the jurisdiction of Santa Clara. This agreement emphasizes the importance of retaining key employees by offering a post-retirement income above the regular pension plan. It stipulates that the employee must remain with the employer until a specified retirement date and fulfill their duties to receive the additional compensation, paid in monthly installments. Importantly, the agreement includes a clause that terminates the employee's right to compensation if they engage in outside services without prior consent. In the event of the employee's death before full payment, it ensures that the remaining balance is payable to the surviving spouse or estate. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants, providing them a clear framework to negotiate and enforce deferred compensation agreements. It serves to protect the employer's interests while ensuring fair treatment of employees, making it valuable in drafting compensation packages or settling disputes related to employment contracts.