Employee Retention Agreement

Summary

This precedent is an employee retention agreement between an employer and an employee for additional compensation, such as a bonus, should the employee remain employed for a specified period of time. This precedent includes practical guidance and drafting notes. An employee retention agreement is a contract between an employer and an employee which aims to encourage the employee's continued dedication to their duties and obligations to the company. These types of agreements can be greatly beneficial if well-executed, as employers can retain knowledgeable and skilled employees, while employees can receive recognition in the form of additional compensation, such as a bonus. For more information on bonus and incentive plans, see the practice note: Bonus and Incentive Plans. For more information on employment contracts, why they are important, and how they can be effective, see the practice note: Employment Contracts. For a precedent employment agreement, see: Employment Agreement. For ...