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Employee Retention Bonus Agreement

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Employee Retention Bonus Agreement Powered By Docstoc
					This Employee Retention Bonus Agreement is made between an employee and an
employer whereby the employer agrees to pay the employee a bonus as an incentive
for the employee to stay with the company. The agreement places terms and conditions
for receiving that bonus, namely that the employee must continue employment with the
company for a specified number of months, and the agreement also contains an
attorney's fee provision. The bonus amount, terms, and time periods can be
customized by the drafting party.
              EMPLOYEE RETENTION BONUS AGREEMENT

 This Employee Retention Bonus Agreement (the “Agreement”) is entered into as of ________
(“Effective Date”) by and between ___________________________________ (“Company”),
whose      offices     are   located   at   _________________________________,           and
___________________________________ (“Employee” and/or “You” or “Your”) whose
residence is located at _______________________________, hereinafter collectively referred to
as the “Parties.”
                                        RECITALS

WHEREAS, Employee was first employed by Company on [Insert Hire Date] (the “Hire Date”)
and is presently working in the position of [Insert Employee’s Title/Position] for the Company;

WHEREAS, Company desires to retain Employee and continue Employee’s employment with
Company; and

WHEREAS, Company desires to provide a special one-time bonus (“Bonus”) to Employee in
consideration for such retention and continued employment;

THEREFORE, the parties herby agree that Employer shall pay to Employee said Bonus on the
terms and conditions set forth below.

                                                       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
_____________ (“HR Manager”) not later than _______________.

2.       Requirements for Receiving Bonus

Company shall hereby pay you a Bonus in the amount of _____________ dollars ($_____),
which Bonus shall be payable after ___ (__) months of continued employment with Company.
The Bonus shall be paid as follows: [Insert how and when the Bonus payment will be made, for
example, 50% at the time of execution of this Agreement and the balance within a set period of
time following execution].

3.       Forfeiture or Repayment of Bonus

The Bonus is being paid to you by Company for Your benefit. Notwithstanding the foregoing,
You shall be liable to return the Bonus in the event You resign from Company or Your
employment is terminated for cause for any reason whatsoever during the _____ (__) year(s)
period following the Effective Date, in which case Company shall be entitled to offset
(partially/fully) and deduct the amount of the Bonus from the final payroll check to be payable to
you.

4.       Effect of Bonus on Other Benefits


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The payment of any Bonus will not alter the amount of any regular wage payments you are
entitled to receive in the course of your employment with Company. For purposes of
clarification and without limiting the preceding sentence, the Bonus shall not be considered in
computation of your “Base Salary” (as defined in Your Employment Agreement), your
severance payment (if any and applicable) and, more generally, in the determination of
payments, if any, 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,
provided they also keep confidential, or as may be required by law or court order) the fact that
You have been offered a Bonus, or any other 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 Bonus, which has not been paid to you and you may be subject to
additional action by Company, including a request for reimbursement of any portion of the
Bonus previously paid.

6.       Offset of Amounts Owed; Withholding

Company shall be entitled to deduct or withhold from any 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 payment of the 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 Agreement.

(OR)

7.       No Change in Legal Employment Status

This Agreement and the payment of the Bonus are not intended to otherwise change, modify, or
amend Your Employment Agreement or any of its terms, except as is specifically noted herein.

8.       No Right to Assign

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

10.      Governing Law/Dispute Resolution


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This Agreement shall be governed by and interpreted under the laws of the State of
______________. Each of the Parties in any suit, action, or proceeding arising out of or relating
to this Agreement, irrevocably: (i) submits to the 
				
DOCUMENT INFO
Description: This Employee Retention Bonus Agreement is made between an employee and an employer whereby the employer agrees to pay the employee a bonus as an incentive for the employee to stay with the company. The agreement places terms and conditions for receiving that bonus, namely that the employee must continue employment with the company for a specified number of months, and the agreement also contains an attorney's fee provision. The bonus amount, terms, and time periods can be customized by the drafting party.
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