Free Retention Bonus Contract HR Template
Retention Bonus Contract HR
This Relocation Allowance Agreement (the "Agreement") is entered into between [Your Company Name], a corporation organized and existing under the laws of [State], with its principal place of business at [Your Company Address] (hereinafter referred to as the "Company"), and [Employee Name], an individual with a principal address at [Employee Address] (hereinafter referred to as the "Employee").
In consideration of the mutual covenants contained herein, the Company and the Employee (collectively referred to as the "Parties") agree as follows:
I. Purpose
The Company recognizes the value and contributions of the Employee to the organization and desires to retain the Employee's services. In consideration of the Employee's commitment to remain employed with the Company, the Company agrees to provide a retention bonus as outlined in this Contract.
II. Retention Bonus
The Company agrees to pay the Employee a one-time retention bonus in the gross amount of [Retention Bonus Amount] (the "Bonus"). This Bonus will be paid subject to the terms and conditions outlined herein.
III. Payment Schedule
The Bonus will be paid to the Employee in a lump sum on [Payment Date], which will occur no later than [Payment Deadline]. The Bonus is subject to applicable taxes and withholdings.
IV. Eligibility Criteria
In order to be eligible to receive the Bonus, the Employee must meet the following criteria:
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Remain actively employed with the Company from the Effective Date of this Contract until the Payment Date.
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Be in good standing with the Company, without any pending disciplinary actions or performance issues at the time of Bonus payment.
V. Forfeiture
In the event that the Employee voluntarily resigns from their position with the Company, is terminated for cause, or violates any non-compete or non-solicitation agreements during the period of employment through the Payment Date, the Employee shall forfeit the right to receive the Bonus, and no payment will be made.
VI. Repayment Obligation
Should the Employee receive the Bonus but fail to fulfill their commitment to remain employed with the Company until the Payment Date, the Employee shall be obligated to repay the full amount of the Bonus to the Company within [Repayment Period] days from the date of separation from employment.
VII. No Modification
This Contract represents the entire understanding between the Company and the Employee regarding the retention bonus. No modification or amendment to this Contract shall be valid unless made in writing and signed by both parties.
VIII. Governing Law
This Contract shall be governed by and construed in accordance with the laws of [State/Country], without regard to its conflict of laws principles.
IX. Execution
This Contract shall be effective as of the Effective Date mentioned above and shall be binding upon the parties hereto.
[Employee Name]
[Employee Signature]
Date: [Date]
[Your Company Name]
Authorized Signatory:
[Your Name]
Date: [Date]
