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Executive Retention Bonus Agreement

Executive Retention Bonus Agreement Template for United States

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Key Requirements PROMPT example:

Executive Retention Bonus Agreement

"I need an Executive Retention Bonus Agreement for our newly appointed CTO to ensure they stay with the company through our IPO planned for March 2025, with a $500,000 bonus to be paid in two installments."

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Document background
The Executive Retention Bonus Agreement is a crucial tool for organizations seeking to retain key leadership talent during critical periods such as mergers, acquisitions, restructuring, or high-growth phases. This document, governed by U.S. federal and state laws, establishes the terms and conditions for a special compensation arrangement designed to incentivize executives to remain with the organization for a specified period. It typically includes detailed provisions about payment timing, conditions for receiving the bonus, tax implications, and potential clawback scenarios.
Suggested Sections

1. Parties: Identifies the company and the executive receiving the retention bonus

2. Background/Recitals: States the purpose of the agreement and the company's desire to retain the executive

3. Definitions: Defines key terms such as 'Cause', 'Good Reason', 'Retention Period', 'Retention Bonus'

4. Retention Bonus Amount and Payment Terms: Specifies the bonus amount, payment schedule, and conditions for payment

5. Retention Period: Defines the duration of the retention period and any applicable milestones

6. Conditions for Payment: Details the requirements for receiving the bonus, including continued employment

7. Termination Provisions: Outlines what happens to the bonus in various termination scenarios

8. General Provisions: Standard contractual provisions including governing law, amendment process, and notices

Optional Sections

1. Confidentiality: Required when the agreement contains sensitive information and confidentiality isn't covered in a separate agreement

2. Non-Competition: Restricts executive's ability to work for competitors when not covered in a separate agreement and permitted by state law

3. Clawback Provisions: Allows company to recover bonus in certain circumstances, typically required by industry regulations or company policy

4. Tax Gross-Up: Provisions for company covering executive's tax liability when agreed as part of compensation package

Suggested Schedules

1. Schedule A - Bonus Calculation: Detailed formula or metrics for calculating the retention bonus

2. Schedule B - Payment Schedule: Timeline of installment payments if applicable

3. Schedule C - Performance Metrics: Any specific performance targets tied to the bonus

4. Exhibit A - Release Agreement: Form of release to be signed upon payment if required

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
Clauses






























Industries

Federal Tax Laws: Including Internal Revenue Code Section 409A (deferred compensation), tax implications for bonus payments, and IRS regulations on withholding requirements

Employment Laws: Including Fair Labor Standards Act (FLSA), Equal Pay Act, and Title VII of the Civil Rights Act to ensure non-discriminatory practices

Securities Laws: Including Securities Exchange Act, Sarbanes-Oxley Act requirements, and SEC disclosure requirements for high-ranking officers

State-Specific Laws: Including state wage and hour laws, state tax regulations, state-specific employment laws, and state contract laws

ERISA Considerations: Employee Retirement Income Security Act considerations if the bonus arrangement is part of a broader benefits package

Corporate Law: Including corporate governance requirements, board approval requirements, and fiduciary duty considerations

Contract Law: Including common law principles of contract formation, consideration requirements, and enforceability standards

Dodd-Frank Act: Including executive compensation provisions and clawback requirements

Industry-Specific Regulations: Including banking regulations, healthcare regulations, and other industry-specific requirements as applicable

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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