Deferred Compensation Examples In New York
Category:
State:
Multi-State
Control #:
US-00417BG
Format:
Word;
Rich Text
Instant download
Description
The Short Form of Deferred Compensation Agreement is designed for employers and employees in New York, specifically providing a framework for key employees to receive post-retirement compensation. This agreement ensures that employees, typically in significant positions, are incentivized to remain with the employer until retirement by offering a defined sum as additional compensation, payable in monthly installments. Key features include the stipulation of payment conditions, including maintaining employment until a specified date and performing required duties. It also includes provisions for the termination of benefits if the employee engages in outside services without consent and addresses posthumous payouts to surviving spouses or estates. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this form to structure compensation plans that comply with relevant laws while clearly documenting the terms of deferred compensation for legal protection. The form requires careful filling of personal and corporate information, signatures from both parties, and date specifications to ensure proper execution and validity.
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