If an employer (''Employer'') wants an employee (''Employee'') to remain at their organization and not leave during a corporate transition or merger, they can have the employee sign an employee retention agreement. This agreement sets forth the terms and conditions for the employee remaining at the organization for a certain length of time.
The agreement may specify the amount of the employee retention bonus, plus the effective date the employee is eligible to receive the bonus. The contract may be legally binding and guarantees the employee a bonus, should they meet the terms and conditions contained within the contract. Determination of attorney fees and which party bears responsibility for any costs are often included in employee retention agreements.
The agreement will cover the terms of termination for the employee, and how the bonus shall be handled should the termination occur. Attorney fees and who shall be responsible for the costs are often included in these agreements.
A mobile phone service company merging with another mobile carrier might provide its valuable employees with an employee retention agreement. Employee retention agreements are often used when a company is undergoing a leadership change, buyout, or merger.
Employee Retention Agreement
These Employee Retention Agreements are actual legal documents drafted by top law firms for their clients. You will also find Retention Bonus Agreements, Employment Contracts and a variety of Employment Agreements