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Employee Deferred Compensation Agreement

Employee Deferred Compensation Agreement Template for United States

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Key Requirements PROMPT example:

Employee Deferred Compensation Agreement

"I need an Employee Deferred Compensation Agreement for our California-based tech company that allows senior executives to defer up to 75% of their annual bonus, with a 5-year vesting schedule starting January 2025 and includes rabbi trust provisions."

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Document background
The Employee Deferred Compensation Agreement is a crucial document used when companies wish to provide key employees with the option to defer compensation for tax planning and retirement purposes. This agreement, governed by U.S. federal and state laws, particularly IRC Section 409A, outlines the structure and operation of the deferred compensation arrangement, including election procedures, vesting requirements, and distribution terms. It's commonly used for executive compensation packages and must carefully address compliance requirements to avoid significant tax penalties. The agreement typically includes provisions for funding mechanisms, investment options, and change-in-control scenarios.
Suggested Sections

1. Parties: Identification of employer and employee

2. Background: Context of the agreement and employment relationship

3. Definitions: Key terms used throughout the agreement

4. Deferred Compensation Amount: Specification of compensation to be deferred and calculation methods

5. Deferral Elections: Timing and procedures for making deferral elections

6. Distribution Provisions: Terms and conditions for payment of deferred compensation

7. Vesting Schedule: Timeline and conditions for vesting of deferred compensation

8. Change in Control Provisions: Impact of ownership changes on deferred compensation

9. Term and Termination: Duration and termination conditions of the agreement

Optional Sections

1. Investment Options: Available investment choices for deferred amounts - include when employees have discretion over investment of deferred amounts

2. Rabbi Trust Provisions: Terms of trust arrangement for securing deferred compensation - include when employer establishes a rabbi trust

3. Non-Competition Provisions: Restrictions on competitive activities - include when agreement includes restrictive covenants

4. International Tax Provisions: Special provisions for international employees - include when agreement covers international employees

Suggested Schedules

1. Schedule A - Deferral Election Form: Standard form for making initial and subsequent deferral elections

2. Schedule B - Distribution Election Form: Form specifying timing and method of distribution

3. Schedule C - Vesting Schedule: Detailed vesting terms and conditions

4. Schedule D - Investment Options: List of available investment options and procedures

5. Appendix A - 409A Compliance Provisions: Detailed provisions ensuring compliance with IRC 409A

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

IRC Section 409A: Primary federal legislation governing nonqualified deferred compensation, establishing rules for timing of elections, distribution schedules, acceleration of payments, and deferral changes. Non-compliance results in significant tax penalties.

ERISA: Employee Retirement Income Security Act sets requirements for plan funding, vesting, fiduciary responsibilities, and reporting/disclosure obligations for certain types of deferred compensation arrangements.

FICA: Federal Insurance Contributions Act governs the timing of Social Security and Medicare tax obligations, including special timing rules specific to deferred compensation.

Securities Laws: Federal securities regulations that may apply if deferred compensation involves company stock, including SEC registration requirements and disclosure obligations.

State-Specific Laws: Various state-level regulations including state tax implications, wage and hour laws, and securities regulations that may affect deferred compensation arrangements.

American Jobs Creation Act of 2004: Federal legislation that modified rules for deferred compensation and enhanced reporting requirements for such arrangements.

Dodd-Frank Wall Street Reform: Federal legislation containing executive compensation provisions and corporate governance requirements that may impact deferred compensation arrangements.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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