Employee Referral Bonus Agreement HR
Employee Referral Bonus Agreement
This Employee Referral Bonus Agreement ("Agreement") is entered into as of [Date], by and between [Your Company Name] (hereafter referred to as the "Company"),
and
[Employee Referrer] (hereafter referred to as the "Employee").
I. AGREEMENT SCOPE AND PURPOSE
This Agreement sets forth the terms and conditions by which the Company will pay a referral bonus to the Employee in the event the Employee refers a candidate for employment who is eventually hired by the Company.
II. TERMS AND CONDITIONS
1. REFERRAL ELIGIBILITY
The Employee will be eligible for a referral bonus only when the referred candidate is hired within six months of the initial referral date and successfully completes a three-month probationary period.
2. REFERRAL BONUS PAYMENT
The referral bonus offered will be in the amount of 5% of the new employee's initial annual salary. The bonus will be paid out in a one-time lump sum and will be subject to applicable tax deductions.
3. TERMINATION OF AGREEMENT
This Agreement will cease to exist if the Employee's employment with the Company is terminated for any reason or if the Company's employee referral bonus program is discontinued.
4. CONFIDENTIALITY
The Employee agrees to maintain the confidentiality of any non-public information concerning referred candidates who are not hired.
III. ENTIRE AGREEMENT
This Agreement constitutes the entire agreement between the Company and the Employee pertaining to the subject matter herein and supersedes all prior and contemporaneous agreements, understandings, negotiations, and discussions between them.
By signing below, both parties acknowledge that they have read, understand, and agree to the terms and conditions of this Agreement.
Signature: ______________________________
Name: [Your Name]
Company Name: {Your Company Name]
Signature: ______________________________
Name: [Employee Referrer's Name]
