Deferred Compensation Agreement HR
DEFERRED COMPENSATION AGREEMENT
THIS DEFERRED COMPENSATION AGREEMENT (“Agreement”), effective this ___ day of ___, 20__, by and between ABC, with its main office at 1234 Main Street, Anytown, Anystate 12345, otherwise known as the “Company,” and _____, residing at 4321 Oak Street, Anycity, Anystate 54321, henceforth mentioned as the "Employee".
PURPOSE OF THE AGREEMENT
The purpose of this Agreement is to formalize the terms and conditions related to the deferred compensation plan adopted by the Company for the benefit of the Employee, as per the stipulations outlined herein.
TERMS OF THE AGREEMENT
The terms of this Agreement are as follows:
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Eligibility: The Employee, a regular full-time active employee of the Company, is eligible to participate in the deferred compensation benefits as outlined in this Agreement.
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Deferred Compensation: The Company agrees to defer a portion of the Employee's compensation as agreed by both the parties and mentioned in Exhibit A attached hereto.
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Payout: The deferred compensation shall be paid to the Employee at the time and manner agreed upon by both the parties and depicted in Exhibit B attached hereto.
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Taxation: The taxation of the deferred compensation will be subject to the applicable federal and state laws.
TERMINATION CLAUSE
If the Employee terminates his/her employment before the payout date specified in Exhibit B, the Employee shall forfeit the deferred compensation under this Agreement unless otherwise agreed in writing by both parties.
CONFIDENTIALITY
The Employee agrees to keep the details of this Agreement confidential and shall not disclose any information related to this Agreement to any third-party unless required by law.
GOVERNING LAW
This Agreement shall be governed by and interpreted in accordance with the laws of the State of Anystate.
DISPUTE RESOLUTION
Any disputes arising out of this Agreement shall be settled by final and binding arbitration in Anystate under the then-existing arbitration rules.
This Agreement is signed below by the authorized representatives of the parties hereto.
ABC COMPANY:
___________________________
Date: ______
EMPLOYEE:
___________________________
Date: ______
