Deferred Compensation Agreements are essential legal instruments used in Ireland when an employer and employee agree to postpone payment of a portion of the employee's compensation until a future date. These agreements are particularly common in executive compensation packages, bonus arrangements, and long-term incentive plans. The document must comply with Irish employment law, tax regulations, and EU directives, making it crucial for both parties to carefully consider the terms and implications. Deferred Compensation Agreements typically address key aspects such as vesting schedules, payment triggers, tax treatment, and compliance with regulatory requirements. They are especially relevant in sectors where variable compensation is significant or where companies seek to align long-term employee interests with corporate objectives.
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1. Parties: Identifies the employer and employee entering into the agreement
2. Background: Sets out the context and purpose of the deferred compensation arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Eligibility and Participation: Establishes the criteria for participation in the deferred compensation arrangement
5. Deferred Compensation Amount: Specifies the amount of compensation to be deferred and calculation methods
6. Vesting Schedule: Details the vesting periods and conditions for the deferred compensation
7. Payment Terms: Outlines when and how deferred compensation will be paid
8. Tax Treatment: Addresses tax implications and responsibilities
9. Compliance with Code Section: Ensures compliance with relevant Irish tax and employment laws
10. Amendment and Termination: Procedures for modifying or terminating the agreement
11. Governing Law: Specifies Irish law as governing law and jurisdiction
1. Clawback Provisions: Include when requiring ability to recoup payments in certain circumstances (common in financial services)
2. Non-Competition Clause: Include when seeking to restrict employee's ability to work for competitors
3. Change in Control Provisions: Include when addressing impact of company ownership changes
4. Performance Metrics: Include when deferral is tied to specific performance targets
5. International Tax Provisions: Include when employee may be subject to multiple tax jurisdictions
6. Death and Disability Provisions: Include specific provisions for payment in case of death or disability
1. Schedule 1 - Calculation Method: Detailed methodology for calculating deferred amounts
2. Schedule 2 - Vesting Schedule: Detailed timetable showing vesting dates and percentages
3. Schedule 3 - Performance Criteria: Specific metrics and targets if compensation is performance-based
4. Appendix A - Tax Documentation: Required tax forms and declarations
5. Appendix B - Beneficiary Designation Form: Form for designating beneficiaries in case of death
6. Appendix C - Notice Requirements: Templates and procedures for required notifications
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