Compensation Plan For Sales Team In Texas

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

Description

The Short Form of Deferred Compensation Agreement serves as a structured document that outlines a compensation plan for a sales team in Texas, facilitating the retention of key employees until retirement. This agreement is established between an employer and an employee, defining the terms under which the employee will receive additional post-retirement income beyond the standard pension plan. Key features include a specified dollar amount paid in monthly installments, contingent upon the employee's continued service and non-competition with the employer. In case of the employee's death before full payment, the remaining balance will be paid to the surviving spouse or the employee's estate. The form emphasizes the importance of obtaining written consent from the employer for any external business services rendered by the employee. This agreement is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants, as it helps ensure compliance with labor laws while providing a clear framework for employee compensation. Clear instructions for filling in personal and corporate information, along with signature lines, enhance its usability. Overall, this form provides a professional approach to structuring deferred compensation to safeguard both employer and employee interests.