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Employee Joining Bonus Agreement

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Employee Joining Bonus Agreement Powered By Docstoc
					This Employee Joining Bonus Agreement is signed along with an employment
agreement between an employer and an employee and provides a bonus to the
employee for joining the company. This document sets forth the material terms and
conditions of the agreement including the amount of the bonus, the deadline to accept
the offer, forfeiture of the bonus, and other requirements for receiving the bonus. It
contains numerous standard provisions and may be customized to fit the specific needs
of the contracting parties. This should be used by employers and employees when
offering a joining bonus.
                              JOINING BONUS AGREEMENT

This Joining Bonus Agreement (the “Agreement”) is entered into as of this _____ day of _____,
__________ [EFFECTIVE DATE] (the “Effective Date”) by _____________________ and
between ___________________ [NAME OF EMPLOYER’S REPRESENTATIVE] of
_________________________ [NAME OF COMPANY] (the “Company”) and
_________________________ [NAME OF EMPLOYEE] (“You,” “Your,” or “Employee”).
(Note: The reference names herein should be same as the names used in the employment
agreement)
                                       RECITALS

WHEREAS, Employee has joined Company with effect from _______________ (the “Joining
Date”) and is presently working as a _______________ [NAME OF EMPLOYEE’S POSITION]
for the Company; and

WHEREAS, in terms of a Human Resources Initiative taken up by Company, Company is
desirous of providing a special one-time “Joining Bonus Payment” to Employee on such terms
and conditions as hereunder appearing.

NOW, THEREFORE, the parties agree to the following terms and conditions.

                                                       TERMS

1.       Deadline for Acceptance of this Offer

In order to accept the offer set forth herein, You must sign and return this Agreement to
_____________ [NAME OF HR MANAGER] (“HR Manager”) no later than _______________
[DEADLINE DATE].

2.       Requirements for Receiving Joining Bonus

Company shall hereby pay you ________________ [AMOUNT IN WORDS] dollars
($__________ [AMOUNT IN NUMERALS]) as a special one-time bonus upon joining
Company (hereinafter “Joining Bonus”) payable after _______ [AMOUNT IN WORDS] (____)
[AMOUNT IN NUMERALS] months completion of employment with Company. [You will be
entitled to receive _____ percent (___ %) of the Joining Bonus on ___________ [DATE] and
____ percent (___ %) of the Joining Bonus on ___________ [DATE]].

3.       Forfeiture or Repayment of Joining Bonus

The aforesaid amount is given by Company for Your benefit. Notwithstanding the foregoing,
you shall be liable to return the aforesaid Joining Bonus if You resign from Company or Your
employment is terminated for “Cause” for any reason whatsoever during a one-year period
commencing on the Joining Date. Company shall be entitled to offset (partially/fully, as the case
may be) and deduct the Joining Bonus from the final payroll check to be payable to you.



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4.       Effect of Joining Bonus on Other Benefits

Payment of any Joining Bonus will not alter your entitlement to or the amount of any payment
you will entitled to under Your employment with Company. For purposes of clarification and
without limiting the preceding sentence, the Joining Bonus shall not be considered in the
computation of Your “Base Salary” (as defined in Your Employment Agreement), Your
severance payment (if any and applicable) or, more generally, in the determination of payments,
if any, that You may be entitled to pursuant to the terms of Your Employment Agreement.

5.       Confidentiality

You are required to keep confidential and may not discuss with anyone (other than Your spouse,
or as may be required by law or any court order, provided they also keep confidential) the fact
that You have been offered a Joining Bonus or any provisions of this Agreement, unless You
receive prior written consent from Company. If you violate this confidentiality requirement,
You will not receive any portion of the Joining Bonus which has not paid to You and You may
be subject to additional action by the Company.

6.       Offset of Amounts Owed; Withholding

Company shall be entitled to deduct or withhold from any Joining Bonus payment made to you
any federal, state, local, or foreign taxes imposed with respect to your compensation or other
payments from Company or any of its affiliates.

7.       No Change in Legal Employment Status

This Agreement and the Joining Bonus are not a contract or guarantee of employment with
Company and they are not intended to change in any way your status as an at-will employee
subject to all applicable terms and conditions of your employment.

8.       No Right to Assign

You may not sell or assign your right to receive the Joining Bonus or pledge it as security for a
loan or otherwise, and your creditors cannot garnish, attach, or levy on it prior to its payment.

9.       Successors

This Agreement is binding on Company and any direct corporate successor to Company or its
business, and on your estate, personal representative, guardian, or any other person acting in your
interest
				
DOCUMENT INFO
Description: This Employee Joining Bonus Agreement is signed along with an employment agreement between an employer and an employee and provides a bonus to the employee for joining the company. This document sets forth the material terms and conditions of the agreement including the amount of the bonus, the deadline to accept the offer, forfeiture of the bonus, and other requirements for receiving the bonus. It contains numerous standard provisions and may be customized to fit the specific needs of the contracting parties. This should be used by employers and employees when offering a joining bonus.
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This document is also part of a package Employee Hiring Documents for your Business 31 Documents Included